SINGAPORE (Jan 23): The Tantallon India Fund closed up +1.82% in December with markets remaining volatile into the year-end with civil protests against the introduction of the new Citizenship Law, and muted consumption and manufacturing data raising questions on the structural growth narrative.

The Citizenship Amendment Act, approved by India’s Parliament on Dec 11, 2019, creates an expedited path to citizenship for minorities — meaning non-Muslim refugees — fleeing to India from religious persecution in Pakistan, Bangladesh and Afghanistan, prior to 2014.

The controversy centres around the Act’s rejection of guaranteed "safe harbour” for Muslim refugees who might have fled to India, and concerns in the North Eastern states bordering Bangladesh, China and Myanmar that the law would make it easier for refugees to become citizens, potentially marginalising the native ethnic communities in those states.

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