Deals still get done, but at lower valuations.

This is good news for private equity in India. It shows large deals can get done and will attract other buy-out firms to the country. However, we fully expect the volume of deals to continue to mainly come from smaller growth-oriented transactions.

So the emphasis on employment, emphasis on agriculture, on infrastructure, will generate that.

The election was won by this grouping because they went out and campaigned on issues of employment and the issue of crisis in agriculture.

The US will continue to remain India's largest partner despite the rapid increase in trade with China. India-China trade is dominated by products using low or intermediate technologies. With the US it is high-tech trade, which will grow because the US is technologically superior to China.

There's a cost associated with properly accounting for all of your income and personal dealings, and most people don't want to pay it.