For me, if India can grow at 5 per cent for next 10-20 years, that is a fantastic growth rate. But most Indians, they think their country should grow at 8-10 per cent. Forget it. Five per cent is a fantastic growth rate in a world burdened by high debt. For India, burdened by bad debts, 5 per cent is a fantastic growth rate.
India vs USA vs China
The sentiment about India is relatively optimistic. The market has relatively performed well. We are not interested in the next six months but next 20 years. US is not going to grow much. People will look more and more towards Asia as having a bright future, though not problem free. In terms of new industries, we have so many global companies out of India and China, which didn't exist 20 years ago. We have global players from Asia. The long term outlook is fine. Though, in my view, China's markets are relatively depressed.
Modi's demonitisation move
We all know demonetisation has been a catastrophe. It didn't achieve its objectives. It could have been done in a benign way, giving a period of six months wherein old notes could be exchanged so that nobody suffered.
