Call it good luck rather than good management. The Indian economy and stock markets could be on course to an excellent 2013-14.
The favourable portents are many and seem to be poised to coalesce.
First is the positive forecast for the monsoon. While the full-fledged official prognosis is still in the works, indications, such as the El Nino and sea temperature patterns, which are highly correlated to monsoon performance, are that rains will set in early and be normal to excess.
That will be a big shot in the arm for rural demand. The importance of rising agricultural incomes to the economy has been somewhat understated ever since the mantras of liberalisation and foreign investment cast an unshakeable spell on our rulers.
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