India youth unemployment, fiscal deficit and Agnipath protests
Violent protests over new military policy for young recruits; no guarantee of ongoing service or pension after 4 years
India military spend as % of GDP is higher than average in large EM (ex-Saudi) but 60% is on salaries and pensions
Focus on military staff costs (1.5% GDP) may be driven by 10% fiscal deficit, but youth unemployment is also high at 20%

Strategy & Head of Equity Research @ Tellimer Research
