Previously, I had expressed a view that in the next 5-10 years the Indian market would outperform the S&P 500. I still maintain that. We do not know exactly how far the market will move. The Indian market is also dependent on the exchange rate. If the rupee weakens significantly, then the Indian market adjusts upwards.
If the Indian rupee would strengthen against the dollar, then the market is less attractive in rupee terms. So, these are all factors, but in general, the Indian economy [will outperform] -- and we can debate, will really grow at 6 percent per annum for the next five years or only at 4 percent, it does not really matter.
Compared to the US, that has 1 percent growth, at probably best, maybe even less. And to Europe that has no growth, the Indian economy is performing reasonably well and that equities are reasonably attractive.
