The budget undertone will be positive ... and there will be an upbeat message to aim for 10 percent growth in three years.

The economic growth prospects is what is exciting people because this is what will flow to corporate earnings.

The second phase of development has started in India with GDP rate being ratcheted up to 7%-8% a year versus the 5.9% average of the last 10 years.

The second phase of development has started in India with GDP rate being ratcheted up to 7-8pc a year versus the 5.9pc average of the last 10 years.

The trend is for higher yields given the outlook for economic growth. Consumer prices will probably turn positive after October.

We also generated significant positive cash flow, which we will leverage to fuel the profitable growth of our business going forward.