credit growth picking up definitely. We used to be 6-7% and we have already come to about 8-8.5%

 India is just about getting on to the credit cycle and therefore from here onwards, we are likely to see credit growth picking up definitely. We used to be 6-7% and we have already come to about 8-8.5%. From here, we should trend upwards as and when things start improving. But we also have to understand and appreciate that the full impact of a complete post Covid era is now getting unleashed. Offices are opening up, people are moving about. Once we have got done with Covid, we have conflict.

So in the post conflict era, India being a large crude importer, there is obviously implications for the margins but at the end of the day, in case the revenue line is good, margins over a period of time will tend to come back so it is a question of a timing. We are not so bothered about the timing aspect because it would be transitory and at the end of the day, on a two-year CAGR basis. Indian markets are still quite well positioned to deliver a 15-18% earnings CAGR.