Your SlideShare is downloading. ×
Macro Economic and Banking
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Macro Economic and Banking

300
views

Published on

Macro Economic and Banking

Macro Economic and Banking

Published in: Economy & Finance, Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
300
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
9
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Macro Economic Overview and Banking Research April 2013 CA Kajal Gandhi
  • 2. Strong, Stable Growth Your Service Deal Team – At • India’s medium term growth prospects remain strong on account of − Favourable demographics − Resilient economic structure − Stable democratic institutions − Continued infrastructure • While growth has averaged at 8.5% between FY06 – 11, even in the face of a severe and persistent global slowdown, GDP growth is expected to be around 5.0% in 2012-13. • The private sector plays a key role in driving investment. Economic growth is largely domestically generated by high savings / investment, making it less vulnerable to adverse external developments CA Kajal Gandhi 2
  • 3. Commitment to fiscal consolidation and reforms Deal Team – At Your Service • The finance ministry has been diligently following the fiscal consolidation path. Fiscal deficit has been restricted to 5.2% of GDP in 2012-13 below the revised estimate of 5.3%. • Finance minister has set a target of fiscal deficit of 4.8% for 2013 - 14 and reduce it to 3.0% by 2017. • Several structural reforms marks a shift in governments approach towards fiscal consolidation, including − reduction in fuel subsidy − targeted cash delivery of subsidies − proposed introduction of Goods & Services Tax − further PSU divestment − liberalized FDI regime for multi-brand retail, insurance, pensions, domestic airlines and broadcasting − amendment in Banking Regulation Act and Companies Act. − setting up of Cabinet Committee on Investments − increase in rail haulage rates and passenger fares after 10 years CA Kajal Gandhi 3
  • 4. Macroeconomic Performance Service Deal Team – At Your Favourable Change in Macroeconomic Variables since FY06 Key Parameters 2005-06 2011-12 Change 32,542 52,220 60% higher 33,548 46,221 38% higher Investment / GDP (%)2 35.8 37.6** 5% higher Exports (US $ bn)1 103 303 194 % higher General Government Gross Debt (% GDP) 1 77.4 64.9** 16% lower Workers Remittances (US$ bn) 2 28.0+ 63.7++ 127% higher Gross International Reserves (US$ bn) 1 151# 294 ## 94% higher Foreign Direct Investment inflow (US $ bn) 9.1 46.8 414 % higher Foreign Direct Investment outflow (US $ bn) 6.1 25.8** 323% higher Real GDP (INR billion)1 Real Per Capita GDP (INR) 1 Sources: 1 Reserve Bank of India data (as on March 2012) 2 IMF WEO Database April 2012 ** For FY 2010-11 + for calendar year 2006 ++ for calendar year 2011 # As on 31 March 2006 ## As on 30 March 2012 CA Kajal Gandhi 4
  • 5. Macro Deal Team – At Your Service Indicators - GDP 5.5 5.3 Jun-12 Sep-12 4 4.5 5.3 Mar-12 6.0 3.5 6.5 7.5 9.2 8.2 5.9 5.8 % 8 6 8.5 9.6 Dec-07 7.7 9.5 Sep-07 9.3 9.7 Jun-07 8.5 9.8 Mar-07 9.8 9.4 Dec-06 8.6 9.8 Sep-06 9.9 Mar-06 9.3 9.6 Dec-05 8.9 10 9.4 12 7.6 11.4 GDP growth has averaged at 8.5% between FY06 – 11 , 2 Dec-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Jun-06 Sep-05 Jun-05 0 Source: RBI, CSO The Indian economy has been decelerating since March 2011. GDP growth reached mere 4.5% in Q3FY13 with moderation in all three sectors of economy. Weak monsoon impacted agricultural performance Policy constraints, supply and infrastructure bottlenecks, reduced govt. spending impacted industrial growth. Subdued growth in other sectors and weak external demand pulled down growth in services sector as well CA Kajal Gandhi 5
  • 6. Macro Deal Team – At Your Service Indicators – GDP breakup Services constituting close to 66% of GDP 16 ) YoY (% 12 8 4 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -4 FY06 FY07 FY08 Agri FY09 Services FY10 Industry FY11 FY12 FY13 Source: RBI, CSO It continues to drive growth in GDP, while both Manufacturing and Agricultural growth have been under pressure due to various reasons CA Kajal Gandhi 6
  • 7. Macro Deal Team – At Your Service Indicators – Channelising savings to investments Gross Domestic Savings as % of GDP 32 35 % 30 25 24 25 26 29 33 35 37 35 35 32 28 29 30 31 25 % 40 Gross Fixed Capital Formation as % of GDP 20 23 25 24 25 30 31 33 32 30 29 26 20 15 15 10 10 5 5 0 0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Source: RBI, CSO Source: RBI, CSO Savings rate continue to be greater than 30%, far higher than other emerging economies The private sector, comprising households and corporates, remains the main contributor to saving. To mobilize savings for the huge plan expenditure target, the FM has tried to incentivise households to invest in financial instruments, rather than investing in physical assets like gold. The liberalization of RGESS and proposal to introduce inflation linked bonds or saving certificates are steps in the right direction CA Kajal Gandhi 7
  • 8. Capital Flows facilitating financing of CAD Deal Team – At Your Service Robust FDI and FII inflow 40.0 32.4 30.0 22.4 $ billion 7.7 22.1 18.0 15.9 20.0 10.0 30.3 27.4 17.2 9.4 7.1 0.0 -10.0 FY 07 -20.0 FY 08 FY 09 FY 10 -14.0 FDI Source: RBI CA Kajal Gandhi 8 FII FY 11 FY 12
  • 9. Focus Deal Team – At Your Service on Infrastructure spending Infrastructure investment has grown massively since 2007 supported by increased private sector participation 12 DP %to G 10 8 6 4 1.3 2.2 2.4 2.6 2.9 3.3 5 3.9 4.2 4.8 4.9 5 5.1 5 10Th plan actual 2 FY08 FY09 FY10 FY11 FY12E 12th Plan Projected 0 Public Private Source: Secretariat for Infrastructure 12th 5 Year Plan: Emphasis on Infrastructure Investment Infrastructure Debt Funds (IDFs) – a new step to fund long term projects Promoting Public-Private Partnerships (PPPs) for funding and execution CA Kajal Gandhi 9
  • 10. Financial Markets – At Your Service Deal Team Key Statistics of Indian Financial Services Industries Industry Life Insurance Annual Premiums - New Business - Renewals Unit FY 12 Y FY TD 13 Rs Crore Rs Crore 113,699 169,616 69,184 111,000 MF Industry - AUM - Annual Inflow Rs Crore Rs Crore 587,217 -22,023 813,530 184,585 Banking Industry - Credit - Credit G rowth - Deposit - Deposit G rowth Rs Crore % Rs Crore % 4,700,000 19.0 6,100,000 14.2 5,126,000 16.3 6,560,000 12.8 Source: Life Insurance Council, AMFI, RBI Asset class wise allocation of financial savings trend Rs Crore Y ear FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 Currency Bank deposits Non- banking deposits Life insurance fund Provident and pension fund Shares & debentures 28,160 113,030 -350 41,240 44,220 9,830 28,630 122,700 12,500 52,010 45,950 7,120 42,680 155,930 1,950 52,240 48,950 9,080 36,980 175,050 80 67,990 55,790 8,110 52,150 265,720 520 83,490 61,950 33,860 67,190 429,280 4,580 114,850 72,500 50,850 81,280 389,010 1,290 169,850 71,540 74,310 92,190 417,830 14,740 152,860 73,400 -2,330 96,940 398,140 18,520 259,820 129,850 44,840 137,130 440,470 4,390 220,730 138,980 1,730 109,020 492,670 14,850 223,430 151,610 -6,510 Source: RBI Handbook CA Kajal Gandhi 10 O thers Change in Financial Savings assets 49,904 286,034 54,462 323,372 78,643 389,473 103,165 447,165 86,502 584,192 25,421 764,671 -14,895 772,385 -21,801 726,889 41,688 989,798 47,878 991,308 -15,991 969,079
  • 11. Companies – At Your Service Deal Team Market share in Insurance NBP and MF AUM MF AUM market share (Avg Dec’12) – (|793000 crore) H FC D 13% O thers 22% R eliance 12% ID FC 4% D Blackrock SP K otak 4% IC I IC 10% Birla 10% U TI 9% 4% Franklin SBI 5% 7% Life Insurance NBP market share (Q3FY13) SBI Life 18% O thers 29% HDFC Standard 14% Birla Sunlife 6% K otak Mahindra O ld Mutual 3% Reliance Life Source: RBI Handbook Source: Life Insurance Council, AMFI, RBI CA Kajal Gandhi Bajaj Allianz 10% ICICI Prudential 17% 5% 11
  • 12. Credit to GDP ratio 20.0 10.0 Credit growth Deposit growth 3.0 2.0 2.9 1.0 13* FY 12 FY 11 FY 10 FY 09 FY 08 FY 07 FY 0.0 4.0 (X) 80.0 78.0 76.0 74.0 72.0 70.0 68.0 ) (% ) (% 30.0 2.4 2.6 FY08 FY09 2.5 2.6 FY11 FY12 2.1 0.0 FY07 FY10 CD ratio Credit multiplier Historically, it has been observed that credit has grown at ~2.5x the GDP growth of India. Considering GDP growth is estimated to remain modest at 6% for FY14E and 7%, thereafter, we believe credit to grow at ~16% for the next year and then may pick up some pace CA Kajal Gandhi 12
  • 13. Banking sector – aggregate B/S (20% CAGR over FY06-12) 2006 2007 2008 2009 2010 2011 2012 06-12 CAGR 25206.51 29559.4 39965 44038 48648 59243 63700 16.7% Reserves & surplus 157974.64 189619.15 275524 324219 381477 450648 544900 22.9% Deposit 2164681.7 2696936.5 3320061 4063203 4752455 5616431 6453800 20.0% Demand deposit 292945.21 354895.9 442055 472578 571019 641938 630400 13.6% Saving 542874.82 631651.95 744052 874540 1109914 1351781 1528900 18.8% Term deposit 1328861.7 1710388.7 2133954 2716085 3071522 3622712 4294500 21.6% Borrowing 203147.83 243010.07 302629 323185 524763 673925 840100 26.7% Other Liabilities & provisions 234852.53 300836.7 387987 486686 317797.91 383274 397000 9.1% 2785863 3459962 4326166 5241331 6025141 7183521 8299500 20.0% 144475.42 195265.66 322971 297264 365813 458783 373700 17.2% with banks 116443.7 158302.53 109109 198581 183456 191206 243800 13.1% Investment 866508.35 950981.92 1177330 1449474.6 1719185 1916050 2230481 17.1% 690421.28 754446.48 925724 1164444.6 1367056 1457655 1742860 16.7% 1516811.4 1981236.4 2476934 3000905 3497053.4 4298705 5074600 22.3% 103657.7 124292.64 150987 173910 189585 241600 292100 18.8% Cash credit & overdraft 565001.16 709803.04 888882 1113557 1299142 1692042 2004400 23.5% Term loan 848152.57 1147140.7 1437065 1713438 2008326.4 2365063 2778100 21.9% Fixed asset 25081.57 31362.83 42395 48362 49564 54093 56700 14.6% Other asset 116542.79 142812.56 197426 246743 210070 264682 320100 18.3% Total asset 2785863 3459962 4326165 5241330 6025141 7183519 8299381 20.0% Liabilities Capital Total Liabilities Assets Cash & balances with RBI Government sec. Loans & advances net adv Bills purchased & discounted CA Kajal Gandhi 13
  • 14. Banking sector – aggregate P&L (22% CAGR over FY06-12) 2006 2007 Interest income 185388 231675 Interest exp. 107161 142420 Net Interest Income78227 89255 Other income 35368 43041 Total income 113595 132296 Operating exp. 59201 66319 Wage 33461 36148 Other cost 25740 30171 Provision 29812 34775 Net profit 24582 31202 CA Kajal Gandhi 2008 309570 208001 101569 59315 160884 77220 39806 37414 40939 42725 2009 388482 263223 125259 75220 200479 89581 47974 41607 58148 52750 14 2010 415752 272084 143668 78519 222187 99769 55164 44605 65310 57108 2011 491667 298891 192776 79564 272340 123129 71950 51179 78879 70332 2012 06-12 CAGR 655100 23% 430500 26% 224600 19% 85700 16% 310300 18% 137100 15% 78000 15% 59100 15% 91500 21% 81700 22%
  • 15. Banking sector – Dupont Analysis (% of average assets) 2007 Net Interest Income Other income Total income Operating exp. Wage Other cost Provision Net profit 2008 2009 2010 2011 2012 2.86 1.38 4.24 2.12 1.16 0.97 1.11 1.00 2.61 1.52 4.13 1.98 1.02 0.96 1.05 1.10 2.62 1.57 4.19 1.87 1.00 0.87 1.22 1.10 2.55 1.39 3.94 1.77 0.98 0.79 1.16 1.01 2.92 1.20 4.12 1.86 1.09 0.77 1.19 1.06 2.90 1.11 4.01 1.77 1.01 0.76 1.18 1.06 Fee based income and trading gains have seen declining trend Cost rationalisation with growing assets but wage provisions to be high PCR – provisions have been rising due to NPAs CA Kajal Gandhi 15
  • 16. Banking sector – Key Ratios Further breakup of RoA depicts private Sector Banks more profitable Public sector banks 1.1 Nationalised banks 1.2 SBI G roup Private sector banks 2.1 O private sector banks ld 2.2 New private sector banks Foreign banks All SCBs CA Kajal Gandhi RoA (% ) 2010-11 2011-12 0.96 0.88 1.03 0.88 0.79 0.89 1.43 1.53 1.12 1.2 1.51 1.63 1.75 1.76 1.1 1.08 16 RoE (% ) 2010-11 2011-12 16.9 15.33 18.19 15.05 14.11 16 13.7 15.25 14.11 15.18 13.62 15.27 10.28 10.79 14.96 14.6
  • 17. Banking sector – Asset quality pressures surging Exhibit 1: Stressed assets (SA) including NNPA & RA increase significantly 2.9 2.5 2.4 100000 1.8 1.2 FY09 0 183000 94360 1.0 137102 61500 1.1 97922 41813 1.1 84747 38723 50000 2.4 68973 31424 (| crore) 150000 FY10 FY11 FY12 500000 6.5 300000 200000 100000 10.0 7.9 400000 (| crore) 3.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 ) (% 200000 3.2 2.2 91803 4.1 8.0 5.3 3.6 6.1 6.0 4.0 3.0 2.7 136557 148672 311500 ) (% Exhibit 1: NPA trend over the years 2.0 414360 0.0 9MFY13 0 FY09 RA GNPA NNPA Source: RBI, Capitaline, ICICIdirect.com Research GNPA ratio SA FY10 FY11 FY12E 9MFY13 RA as %of advances SA as %of advances NNPA ratio Source: RBI, Capitaline, ICICIdirect.com Research For the past couple of years, the asset quality deterioration has been creating a lot of uncertainties in the bottomline of banks. The absolute gross NPA of the industry has increased from | 97,922 crore in FY11 to | 137102 crore in FY12 and further to | 1,83,000 crore in Q3FY13. Similarly, restructured assets (RA) have increased from | 1,06,859 crore in FY11 to | 2,57,000 crore in FY12 and further to ~| 3,20,000 crore as on Q3FY13. Going forward, we believe the economic slowdown will continue to keep the trend of slippages and restructuring at elevated levels. Albeit, the pace may reduce as most of the pain seems to be taken in the books. CA Kajal Gandhi 17
  • 18. Basel III requirement estimates The domestic banking industry will require | 2.7 lakh crore capital by March 2018 to meet its tier-I capital requirement under Basel III framework as per Crisil estimates. The tier-I capital of most PSU banks is on the lower side at ~8-9% in FY13. They will be required to raise significant capital for funding their future growth two years down the line. A challenge for government and need for more capital instruments. Basel III requires total capital of 9% +2.5% countercyclical Buffer Tier I capital required at 7% by 2018 (as per RBI) Basel II Capital funds (i+ ii) i) Tier I capital ii) Tier II capital Risk-weighted assets CRAR (A as %of of which: Tier I Tier II CA Kajal Gandhi Rs. Crore 2010-11 2011-12 6,703 7,780 4,745 5,672 1,958 2,109 47,249 54,623 14.2 14.2 10 10.4 4.1 3.9 18 Tier I capital accounted for more than 70 % of the total capital of Indian banks both under Basel I and II, reflecting the sound capital position of banks.
  • 19. Banking sector – Key statistics (FY12) Balance Sheet operations Total Liabilities/Assets Deposits Borrowings Loans and Advances Investments O ff-balance Sheet E xposure (As percentage Total C onsolidated International C laims Profitability Net Profit R eturn on Asset (R oA) (Per cent) R eturn on E quity (R ) (Per cent) oE Net Interest Margin (NIM) (Per cent) Asset Q uality G ross NPAs Net NPAs Total Provisions made G ross NPA R atio (G ross NPAs as percentage of G ross Advances) Net NPA R atio (Net NPAs as percentage of Net Advances) Provisioning C overage R atio (Per cent) Slippage R atio (Per cent) Written-off R atio (Per cent) Sectoral Deployment of Bank C redit Total Non-food G ross Bank C redit Agriculture and Allied Activities Industry Services Personal Loans CA Kajal Gandhi 19 82,994 64,537 8,401 50,746 22,305 175.9 2,809 817 1.08 14.6 2.9 1,423 649 747 3.1 1.4 53 3 4 42,897 5,226 19,659 10,330 7,683
  • 20. Incremental Non Food Credit growth Incremental nonfood credit growth (% ) Agriculture Industry Services R etail loan Housing loan (including Priority Sector Housing) CA Kajal Gandhi Mar-10 17.68 58.67 18.37 5.28 Mar-11 7.05 49.32 25.78 17.85 4.92 9.16 20 Mar-12 Jan-13 9.99 10.4 55.69 48.5 20.61 12 13.71 29 7.12 16.6
  • 21. Bank NIMs NIM (%) Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 PSU coverage Bank of India 2.9 2.8 3.1 2.9 2.2 2.4 2.6 2.9 2.3 2.4 2.4 Bank of Baroda 2.9 3.0 3.2 3.5 2.9 3.1 3.0 3.0 2.7 2.7 2.7 Dena Bank 2.8 3.5 3.3 3.1 2.9 3.2 3.3 3.2 3.1 2.9 2.9 Indian Overseas Bank 2.9 3.0 3.3 3.2 2.9 2.9 2.6 2.7 2.6 2.3 2.5 IDBI Bank 1.6 2.3 2.3 2.1 2.1 2.0 1.9 2.1 2.1 2.1 2.3 Punjab National Bank 3.9 4.1 3.9 3.9 3.8 4.0 3.9 3.5 3.6 3.5 3.5 State Bank of India 3.2 3.4 3.4(Q3-3.61) 3.32(Q4-3.07) 3.6 3.8 4.1 3.9 3.6 3.3 3.3 Syndicate Bank 3.1 3.6 3.4 3.4 3.2 3.4 3.5 3.6 3.2 3.3 3.3 Private coverage Axis Bank 3.7 City Union Bank 3.6 Development Credit Bank 3.1 Dhanlaxmi bank 2.6 Federal Bank 4.2 HDFC Bank 4.3 Jammu & Kashmir Bank Kotak Mahindra Bank 5.4 South Indian Bank 2.8 Yes Bank 3.1 CA Kajal Gandhi 3.7 3.7 3.1 2.4 4.4 4.2 3.7 5.2 3.0 3.0 3.8 3.5 3.1 2.6 4.3 4.2 3.7 5.4 3.0 2.8 3.4 3.8 3.2 3.0 4.0 4.2 3.7 5.3 2.8 2.8 3.3 3.6 3.1 2.0 3.9 4.2 3.8 5.0 2.8 2.8 21 3.8 3.4 3.4 2.2 3.8 4.1 3.8 4.8 3.0 2.9 3.8 3.2 3.4 1.8 3.9 4.1 3.6 4.7 3.1 2.8 3.6 3.4 3.1 1.8 3.6 4.2 3.9 4.8 3.1 2.8 3.4 3.2 3.2 2.5 3.4 4.3 3.8 4.7 3.2 2.8 3.5 3.3 3.2 2.0 3.6 4.2 3.9 4.7 3.1 2.9 3.6 3.5 3.4 ~2.54 3.5 4.1 4.1 4.6 3.2 3.0
  • 22. Market Share Deal Team – At Your Service Market Share in Advances FY06 Public Sector Banks BO B BO I Dena IO B O BC PNB SBI Syndicate Bank UBI Private Sector Banks Axis City Union Bank DCB Dhanlaxmi Federal Bank HDFC Bank Kotak Bank SIB Yes CA Kajal Gandhi FY07 FY08 FY09 FY10 FY11 FY12 FY13E 3.3 3.5 0.9 2.2 2.2 5.0 15.6 2.4 3.5 3.5 3.5 0.9 2.3 2.3 5.0 15.5 2.7 3.2 3.6 3.8 1.0 2.4 2.3 5.1 15.3 2.7 3.1 3.9 4.1 1.0 2.4 2.5 5.4 16.5 2.9 3.5 4.1 4.1 1.1 2.2 2.6 5.5 16.5 2.8 3.7 4.3 4.1 1.1 2.6 2.4 5.8 16.5 2.7 3.8 4.4 3.8 1.2 2.7 2.4 5.9 15.9 2.7 3.9 4.3 3.9 1.2 2.8 2.4 6.1 16.2 2.7 3.9 1.5 0.2 0.1 0.1 0.8 2.3 0.4 0.4 0.2 1.9 0.2 0.1 0.1 0.8 2.4 0.6 0.4 0.3 2.5 0.2 0.2 0.1 0.8 2.7 0.7 0.4 0.4 2.9 0.2 0.1 0.1 0.8 3.6 0.6 0.4 0.4 3.2 0.2 0.1 0.2 0.8 3.9 0.6 0.5 0.7 3.6 0.2 0.1 0.2 0.8 4.1 0.7 0.5 0.9 3.7 0.3 0.1 0.2 0.8 4.2 0.8 0.6 0.8 3.8 0.3 0.1 0.3 0.8 4.3 0.9 0.6 0.8 22
  • 23. Indian Deal Team – At–Your Service Capital Markets some key statistics • • • India has 21 stock exchanges with NSE and BSE as premier exchanges with combined daily average turnover of over Rs 1662 billion. FII investment of $24.8 billion in Equities and $4.7 billion in debt in YTD FY13 Market Regulators − Reserve Bank of India (RBI) − Securities and Exchange Board of India (SEBI) Key Statistics • Market Capitalization − BSE: $ 1176 billion − NSE: $ 1153 billion − Corporate Debt: $ 200 billion − Government Securities: $ 722 billion CA Kajal Gandhi 23
  • 24. Indian Deal Team – At Your Service Capital Markets Participation in Markets Average daily turnover of Rs 1662 billion 1% 8% 18% 17% 6% 50% 25% DII FII Prop 75% Retail BSE cash Source: BSE, NSE Source: BSE, NSE BSE derivatives NSE cash NSE derivatives Net Investment by the FIIs in India (US$ billion) 40.0 USD Billion 30.0 20.0 10.0 0.0 -10.0 FY02 FY03 FY04 FY05 FY06 FY07 FY08 -20.0 Source: Bloomberg FII Debt CA Kajal Gandhi 24 FII Equity FY09 FY10 FY11 FY12 FY13 YTD
  • 25. Thank You April 2013