I can't comment on the short term situation. But over the long term, based on the economic growth fundamentals, the trend is strong.

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.

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.

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.

India has moved from being a small car to a Ferrari.

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).