Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Macroeconomics

<ul>
<li>We still like the US dollar this year but medium to long-term the currency is challenged.</li>
<li>The share of the dollar in international reserves is declining steadily.</li>
<li>The biggest threat is not renminbi internationalisation by mBridge and other multi central bank digital currency platforms. </li>
</ul>


We still like the US dollar this year but medium to long-term the currency is challenged.
The share of the dollar in international reserves is declining steadily.
The biggest threat is not renminbi internationalisation by mBridge and other multi central bank digital currency platforms. 


Challenges To The Dollar - Make For A Sell

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.</li>
<li>This modernizes India's financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.</li>
<li>PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.</li>
</ul>


RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.
This modernizes India's financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.
PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.


RBI’s Overhaul of India’s Priority Sector Lending Norms

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.</li>
<li>The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all</li>
<li>With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO</li>
</ul>


On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.
The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all
With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO


Silicon Box. A Sad Development & Sadly, Still A Black Box

<ul>
<li>India has lifted major rice export restrictions, ending duties and price caps, triggering a sharp global price correction in rice markets.</li>
<li>Global rice prices have dropped 40% since January 2024, providing relief to importing countries and reopening volumes for Indian exporters like  <a href="https://www.smartkarma.com/entities/chaman-lal-setia-exports" target="_blank" data-smartkarma-citation="entities:19024:1" rel="noopener">Chaman Lal Setia Exports (CMLTX IN)</a>.</li>
<li>Expect stronger earnings momentum for Indian rice exporters in FY26 as volumes rebound, margins expand, and India reasserts global dominance.</li>
</ul>


India has lifted major rice export restrictions, ending duties and price caps, triggering a sharp global price correction in rice markets.
Global rice prices have dropped 40% since January 2024, providing relief to importing countries and reopening volumes for Indian exporters like  Chaman Lal Setia Exports (CMLTX IN).
Expect stronger earnings momentum for Indian rice exporters in FY26 as volumes rebound, margins expand, and India reasserts global dominance.


India’s Rice Policy Reversal: Opportunity for Exporters

Cross Asset Strategy

<ul>
<li>We are overweight US equities and forecast one 25bp rate cut in 2025. Bias is towards growth and momentum stocks - industrials, tech hardware, banks and traditional energy.</li>
<li>US inflation is picking up but won’t spike upwards, even with US import tariffs  rates rising.</li>
<li>While recent macro data have been weak, the business cycle is intact and talk of a recession overblown. The on-going stock market correct is an opportunity to buy on dip.</li>
</ul>


We are overweight US equities and forecast one 25bp rate cut in 2025. Bias is towards growth and momentum stocks - industrials, tech hardware, banks and traditional energy.
US inflation is picking up but won’t spike upwards, even with US import tariffs  rates rising.
While recent macro data have been weak, the business cycle is intact and talk of a recession overblown. The on-going stock market correct is an opportunity to buy on dip.


US Inflation & Recessions Concerns Overdone

Cayman Islands
Insights on Cayman Islands

Challenges To The Dollar - Make For A Sell

The US dollar remains strong in the short term, but faces challenges. The biggest threat comes from multi central bank digital currency platforms,...

Sharmila Whelan

RBI’s Overhaul of India’s Priority Sector Lending Norms

RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

Nimish Maheshwari

Silicon Box. A Sad Development & Sadly, Still A Black Box

With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies...

William Keating

India’s Rice Policy Reversal: Opportunity for Exporters

India's removal of rice export restrictions leads to global price drop, benefiting importers and boosting earnings for Indian exporters like...

Nimish Maheshwari

US Inflation & Recessions Concerns Overdone

Overweight US equities - industrials, tech hardware, banks, energy, and defense. Inflation rising but not spiking. Business cycle intact,...

Sharmila Whelan

Challenges To The Dollar - Make For A Sell

​The US dollar remains strong in the short term, but faces challenges. The biggest threat comes from multi central bank digital currency platforms,...

Sharmila Whelan

RBI’s Overhaul of India’s Priority Sector Lending Norms

​RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

Nimish Maheshwari

Silicon Box. A Sad Development & Sadly, Still A Black Box

With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies...

William Keating

India’s Rice Policy Reversal: Opportunity for Exporters

​India's removal of rice export restrictions leads to global price drop, benefiting importers and boosting earnings for Indian exporters like...

Nimish Maheshwari

US Inflation & Recessions Concerns Overdone

​Overweight US equities - industrials, tech hardware, banks, energy, and defense. Inflation rising but not spiking. Business cycle intact,...

Sharmila Whelan

The US dollar remains strong in the short term, but faces challenges. The biggest threat comes from multi central bank digital currency platforms,...

RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

India's removal of rice export restrictions leads to global price drop, benefiting importers and boosting earnings for Indian exporters like...

Overweight US equities - industrials, tech hardware, banks, energy, and defense. Inflation rising but not spiking. Business cycle intact,...