< The 2014 All-India Research TeamSonal VarmaNomuraFirst-place appearances: 0
Total appearances: 3
Analyst debut: 2011For a second year running, Sonal Varma of Nomura earns the No. 2 spot on this roster. “She has had good calls, based on her strong knowledge and familiarity with the [Reserve Bank of India],” asserts one portfolio manager. In April, Varma correctly predicted that India’s National Democratic Alliance, anchored by now Prime Minister Narendra Modi’s Bharatiya Janata Party, would win a majority in the country’s spring general elections. The new government will deliver “prudent monetary policy,” she added, including “reforms in areas such as building infrastructure, promoting urbanization and consolidating fiscal finances.” In turn, inflation will moderate, spurring the central bank to “hold the course on rates in 2014–’15, and thereafter, cut rates,” she forecast. Varma is “close to the action and always available to answer questions,” attests another admirer.