Like in the case of the public stock markets, we are witnessing historically high investment levels in the PE (private equity) industry as well.

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.

The average private equity deal size has gone up to about $20 million from $14 million during the same period last year.

Falling margins, which is really investment in customers, is very much a part of turning the company around,

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.

Today's package actually tells players to put away any major investment plans and rely on regulation instead.