Emerging markets have different dynamics at play and they are rather dispersed across the spectrum than being a homogeneous group. Therefore, it is a bit difficult to discuss them as a class. Let me, however, use this opportunity to talk about India - how we are placed in the current environment and what the specific issues/challenges are that we are faced with.While generally sharing the problem of high corporate leverage with most emerging markets as well as with the developed world, India presents some exceptions. These exceptions are in the form of moderately higher growth, favourable demographics and persistent inflation. The accommodating policy stance and other conventional and unconventional monetary and fiscal measures taken in the immediate aftermath of Global Financial Crisis have been long unwound. We have been fighting a battle against high inflation and have been on a tight monetary policy regime for some time. You may be aware that we have moved to a CPI-based inflation

S S Mundra

S S Mundra

S S Mundra

There can't be room for complacency