Page 33 - Banking Finance December 2016

ARTICLE

Positive impacts from a bond market perspec-
tive

Improvement in bank deposit base leads to higher SLR
(statutory liquidity ratio) demand. On the supply side, with
tax buoyancy seeing an improvement, supply of g-secs is
likely to get more rationalized due to gradual reduction in
fiscal deficit over time as the impact of FRBMA (Fiscal Re-
sponsibility and Budget Management Act) is underway. The
nomic efficiency and structural moderation in currency in fact is that anticipation of monetary easing to further sup-
circulation, there is likely to be a greater room for the RBI port bonds.
to ease monetary policy rate further.
Rise in GDP growth potential
Support government finances Rise in GDP growth is certain, as there are short-term im-
With some part of unaccounted money making it's way into plications for growth in cash-intensive sectors such as real
the formal channel, the government no doubt stands to estate, construction, and discretionary household consump-
benefit from higher income tax collections. This should tion in general; I believe that long-term benefits for GDP
help cushion the government's FY17 fiscal deficit target, growth will outweigh the short term transitional impact. We
especially post the shortfall in anticipated spectrum are now surely heading towards a 9% GDP growth by
revenues. FY2018-19. T

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BANKING FINANCE | DECEMBER | 2016 | 33

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