Everyone was wrong on how much liquidity there is in the market. |
I can't comment on the short term situation. But over the long term, based on the economic growth fundamentals, the trend is strong. |
India has moved from being a small car to a Ferrari. |
The markets could correct up to 20 percent over the long-term. I'm not looking at any more levels. There is enough risk on the downside. |
This phase happens every 10 years. For instance, in the 90's, Japan was the happening market and a Japan strategy had to be in place. With the high inflation levels and saturated markets abroad, India's consumption story is real and comforting. |
We feel all the ingredients are in place for (rapid) economic growth. We are confident of India achieving growth of 8-9 per cent in (the year to March 2007). |
With several swift acquisitions in a short span it will have to start to deliver results, which means using the India advantage on technical capability to show value. |
You get a good taste of the whole economy. You are capturing all the growth areas, whether it is investment in real estate or [capital expenditures] or credit-card growth. |