Dear Reader, This weekend marks the start of festival season in India - season’s greetings from our team. GoI has cut GST rates and the expectation is that this season will see increased household consumption expenditure. Estimates peg the impact at 0.16% boost to GDP - this has already been baked into the market levels and hence we did not see significant up move on the actual announcement. One big surprise was India’s Q1 GDP growth coming in at 7.8%. While Indian macros are