India’s impressive upswing to stay on track

India’s Q3 GDP, published today, surprised on the upside with manufacturing and services leading the way. The upswing will almost certainly stay strong and, as we have long signposted, policy rates will move up soon. This should be bad for government bonds but good for the rupee. India stocks are likely to slip back over the next few months, but should end 2010 close to current levels.

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