Nomura says oil’s drop from around $100 to nearly $80 a barrel and $55 billion NRI deposits could lift India’s macro outlook

Nomura’s head of global macro research Robert Subbaraman said crude’s slide from around $100 per barrel to nearly $80 per barrel, alongside an Indian government initiative to attract nonresident Indian (NRI) deposits, could improve the country’s external position. He said Nomura expects the deposit measures to draw nearly $55 billion in overseas inflows, easing pressure on the balance of payments. Subbaraman said the combination could cool inflation, support growth and strengthen the rupee, according to his comments in an interview.