India

India's Congress-led government is firmly against the wall. A high-profile trial on the country's 2G telecoms scandal had just kicked off, and there is a chance that current government ministers may find themselves in the firing line as the hearing unfolds. Meanwhile, foreign investors are looking at the current parliamentary session as a final chance for the government to champion its reform credentials. In a worst-case scenario, we believe that a lack of policy reform, coupled with an enduring economic slowdown and potential mud-slinging in the 2G saga, could force Prime Minister Manmohan Singh to step down in 2012.

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