2 October 2025 Emerging Asia Monitor Still a matter of when, not if, the RBI will cut again; we look for December

The RBI stayed on hold yesterday, but two members called for more dovish implied forward guidance…
…Its latest GDP forecasts reveal no real faith in the stimulative impact of GST 2.0; we concur.
Bank on ASEAN’s robust September PMI at your own risk, as underlying it is a very skewed picture.

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence