Sonal Varma

Iran conflict and India There are multiple channels that will impact inflation even if pump prices are kept unchanged, but growth impact should not be as negative as countercyclical policy easing has already sown the seeds of a cyclical recovery. indianexpress.com/article/busine…

#WATCH | The world may be heading toward a stagflation shock, warns Sonal Varma (@SonalVarma10), Managing Director and Chief Economist for India and Asia ex-Japan at Nomura. Varma says Asian economies are at the centre of the ongoing energy shock, which could push inflation higher across the region. Watch full video with @SurabhiUpadhyay 👇 youtu.be/a-tnA9frkMQ #Economy #Inflation

Shipping traffic through the Strait of Hormuz has ground to a halt as Iran war continues, pushing prices up across the energy supply chain. In our latest Asia outlook, we discuss the stagflationary shock faced by Asia and policymakers’ contingency plans: ow.ly/IcWn50YsHqr

Asia's Hormuz Exposure Scorecard The region is at the epicenter of the energy security shock and faces potential stagflation, if disruptions persist beyond a month. Thailand, South Korea and India are most exposed @Nomura lnkd.in/g5NnZUsU

#Crude near $100 is a macro shock for India. Sonal Varma of Nomura unpacks the ripple effects on inflation, fiscal deficit and growth. @TamannaInamdar @SonalVarma10 Watch Live: x.com/i/broadcasts/1…

Following US-Israel strikes on Iranian sites, Iran retaliated with attacks at Israel and US bases in multiple Gulf states, causing an oil price shock. Nomura analysts examine its economic impact on Asia in a recent article: ow.ly/kUyx50Yq0Eh

Iran War, Oil Price Shock Negative for Asia * Thailand, India, Korea and the Philippines are the most vulnerable to higher oil prices, due to their high import dependence, while Malaysia would be a relative beneficiary as an energy exporter. @Nomura lnkd.in/gwK3KNAw

Iran, oil, and India The Iran conflict may be a short-term risk, but policies are needed to tackle the new reality of geopolitical fragmentation @bsindia @Nomura business-standard.com/amp/opinion/co…

India’s energy exposure under the spotlight due to global uncertainty. Sonal Varma of Nomura explains the risks from oil dependence, supply chain spillovers, and rising uncertainty. @SonalVarma10 @TamannaInamdar Watch Live: x.com/i/broadcasts/1…

How will AI impact India’s IT services @Nomura youtu.be/4msLjFznWD0?si…

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How much has rising AI demand contributed to Asia’s GDP growth? In 2024, AI added 0.26pp to Asia’s growth, but that rose to 2pp in 2025, suggesting half of Asia’s growth was AI-driven. Taiwan leads, followed by Singapore and Malaysia. ow.ly/8X5A50Yglkv

Rising AI demand has been a key driver for Asia since 2025, but how much has it contributed to the region’s GDP growth? Read Nomura economists' analysis here: ow.ly/8X5A50Yglkv

How will the trade deal with the US impact RBI's upcoming monetary policy on Feb 6? ‘There will be a significant impact on growth, currency & money market liquidity’, the #Citizens' MPC comprising Sonal Verma, Samiran Chakraborty, Soumya Kanti Ghosh, Sajjid Chinoy & Pronab Sen tell @latha_venkatesh. Hear out a detailed discussion #CNBCTV18Market Watch Here: youtu.be/8bBJTnlZVG4

India and EU Sign “The Mother of All Deals” The deal underscores how global economies are deepening trade and strategic ties even as the US turns more inward. In that context, is it really surprising that India–US trade negotiations have also accelerated?

Following roughly two decades of efforts, India and the EU concluded negotiations for a free trade agreement, which both parties describe as "the mother of all deals". Read here for Nomura economists' thoughts on what the deal implies for the two regions: ow.ly/3ra550Y8C5N

India Budget 2026: Evolution over revolution economictimes.indiatimes.com/opinion/et-com…

With #US #tariffs now as high as 50% on more than half of India’s exports, #banks are re-evaluating trade and currency risk as prolonged uncertainty reshapes export financing. @RBI @Citibank @ArvindMayaram @SonalVarma10 @EU_Commission thebanker.com/content/9d4bd6…

Economic Survey Decoded | Growth, Reforms & Viksit Bharat Vision | #Modinomics #Budget2026 Watch: youtu.be/57Sa2HUqJX4 | #BusinessToday #EconomicSurvey #Modinomics2026 @szarabi | @jpmorgan | @SonalVarma10 | @StanChartIN

🎙️ In this podcast, we speak with Nomura's Chief Economist for India, Sonal Varma, who decodes in numbers the exact impact of the India-EU FTA both in terms of trade, investments & the Indian economy. Watch the full interview here! youtube.com/watch?v=U9OIqu… @sana_mb | @SonalVarma10