Darren Aw

Darren joined the Singapore office in 2019 as an Economist for Asia. Previously, Darren worked in Continuum Economics as an Economist for Australia and South Korea. Darren holds a degree in Economics from the National University of Singapore.

India Data Response

Wholesale Prices (Feb.)

Indian wholesale price inflation remained near historic highs in February, and it is likely to stay elevated in the near term given the recent surge in commodity prices.

14th March 2022 2 mins read

India Data Response

PMI Surveys (Feb.)

The rebound in India’s February PMIs suggests that activity is bouncing back as the Omicron outbreak subsides. And we think that there’s still significant scope for the economy to grow rapidly over...

4th March 2022 2 mins read

India Data Response

Manufacturing PMI (Feb.)

India’s manufacturing PMI rebounded in February as the Omicron outbreak subsided and containment measures were scaled back. But the threat of a continued rise in commodity prices as a result of the...

2nd March 2022 2 mins read

India Chart Pack

Capital outflows no major macro concern

Net portfolio outflows from Indian financial markets have picked up over recent weeks as the growing prospects of war between Ukraine and Russia and tighter global monetary policy have caused risk...

23rd February 2022 9 mins read

India Data Response

PMI Surveys (Jan.)

The drop in India’s PMIs in January suggest that activity weakened as the Omicron variant spread across the country. But the impact appears to be much less severe than that of the last two virus waves...

3rd February 2022 2 mins read

India Chart Pack

Activity holds up as Omicron peaks

The rapid spread of the Omicron variant in India has caused economic activity to weaken so far in 2022. But the damage has been much less severe than during the previous two outbreaks. Perhaps...

27th January 2022 9 mins read

India Economics Weekly

Encouraging signs in state-level virus data

COVID infections have been falling in parts of India over the past week, particularly in those areas that were first to report Omicron waves. We’re hopeful that this is a sign of things to come, and...

21st January 2022 3 mins read

India Economic Outlook

On the cusp of policy tightening

India’s Omicron wave should only be a temporary setback to the economic recovery. As long as recurrent large waves of COVID are avoided, we think that economic growth will be faster this year than...

19th January 2022 18 mins read

India Economics Weekly

Omicron surging, asset sales progressing

COVID-19 cases in India are still surging. But the early indications are that healthcare systems are not under significant pressure, and we’re hopeful that India’s third wave will peak before long...

14th January 2022 3 mins read

India Data Response

Consumer Prices (Dec.) & Industrial Production (Nov.)

Indian consumer price inflation took a big step towards the 6% ceiling of the RBI’s target range in December. We think it will breach the ceiling soon and that the RBI will remove some policy support...

12th January 2022 2 mins read

India Economics Weekly

Cautious optimism despite oncoming Omicron wave

India is about to be hit by a huge Omicron wave. New COVID infections have surged fifteen-fold in the last two weeks. But we’re optimistic that the economy will prove more resilient than it has in the...

7th January 2022 5 mins read

India Data Response

PMI Surveys (Dec.)

India’s PMIs remained buoyant in December, suggesting that activity continued picking up towards the end of 2021. We think the recovery will gain momentum this year but a recent sharp jump in...

5th January 2022 2 mins read

India Chart Pack

Inflation risks stacked on the upside in 2022

Upside inflation risks are building in India. Damage to crops from bad weather has caused spikes in vegetable prices recently. And base effects aren’t helpful: food inflation will accelerate in year...

20th December 2021 9 mins read

India Data Response

Wholesale Prices (Nov.)

Indian wholesale price inflation unexpectedly jumped to a record high in November. And given the mounting upside risks to the inflation outlook, there is a growing chance that the RBI brings forward...

14th December 2021 2 mins read

India Economics Weekly

Inflation risks growing, vaccine production cuts

The RBI delivered no surprises this week. If a hike does materialise in the next few months, a shock from food prices would be the most likely trigger. Meanwhile, although the Serum Institute is...

10th December 2021 5 mins read

India Economics Update

RBI still taking baby steps towards tightening

The MPC voted to keep policy rates on hold today, opting only to introduce further small measures to withdraw liquidity from the banking sector. With the RBI still focusing primarily on supporting the...

8th December 2021 3 mins read