Delicately Poised: Indian economy is delicately poised with mixed signs of post 2nd wave recovery with strong tailwinds from 1) IT services with record hiring and salary hikes 2) expected gains from China+1 supply chain realignment in Pharma, Chemicals, Textiles etc. 3) rising visibility of private sector capex to kick start led by cement, steel, Oil and Gas, Textiles, Data centres etc. 4) PLI schemes amounting to Rs1600bn over coming 3-4 years and 5) huge Govt led Infra capex amounting to USD1400bn. However, slowdown in rural demand, increase in inflation, firm crude prices, disruption in global supply chain are headwinds. 3rd Covid wave with lower...