In an exclusive interview withof, President GMI ( Global Markets Institute) ,, says in 2017-2018 what will emerge will be an India that seems to have a greater transparency in terms of what is happening in the economy.Edited excerptsThat is a very interesting point that you raised. Clearly, my colleagues who focus on the emerging markets believe that on an intermediate to longer term basis. India represents extraordinarily good opportunity.Some of this has to do with things that are not looking so good now getting much better. So for example, in forthcoming years, we do expect that there will be within the what is called the legal sphere, a less bureaucratic entanglement the court reforms are helpful, accounting reforms are helpful and so on.Secondly, in a world in which labour force growth has slowed dramatically and in some countries including emerging economies such as China -- it is funny to refer to it, world’s second largest economy is an emerging economy -- there is no labour force growth or population is actually shrinking as it is in Japan and in some places in Europe.India does really standout in that regard. Now long term economic growth is related to a host of factors but very importantly growth in the labour force is critical. We also think there will be an improvement in the literacy rate in India. So my colleagues remain quite optimistic about India. We see an equilibrium growth rate, let us call it in a range of 7-8% contrast that to 1% for Europe, 2-2.5% for the United states . That represents attractive opportunity.In the short term, many non-Indian investors are looking at the demonetisation effort with great interest. It is something that most of us are not familiar with because it has not happened all that frequently in world economic history but the data thus far suggests that things are going about as planned and we think in 2017-2018 what will emerge will be an India that seems to have a greater transparency in terms of what is happening in the economy and this is just one of the several reforms that have been discussed by Mr Modi.Let us keep in mind that what happens in the United States may be unsynchronised with what happens elsewhere. The United States economy has grown faster and for longer than others. Capacity utilisation rates in factories and in our labour markets are far different than they are in Europe. For example, our unemployment rate is closer to 4.5% as opposed to the 9.5% that we see throughout much of Europe.So the rise in interest rates that we expect in the United States is something that I would not describe as a contractionary but rather less stimulative than it was previously because we are coming from interest rates that the vice chair of our Federal Reserve has referred to as very, very low and with the rise in rates we have seen they are still very low. We do not think they will impede economic activity and we do not think that it will afflict the United States in its role as a very significant importer of goods from other nations.I think it is so important to recognise that while it is easy to say emerging markets and assume that the average EMs tells you something, it really does not. There are such extraordinary differences between the various economies, you know, we spoke a little bit about India and what we see in India is dramatically different from what we see in East Asia and what we see in Latin America and so on.And so number one, we need to look at each economy and each market separately. Number two, even if I break my first rule I do think that emerging markets can have a reasonably good year if the United States has a reasonable good year. If the world’s largest importer continues to grow, if Europe enjoys a somewhat average 2017, this is good news for many of the emerging markets but we have to be careful to separate them in terms of those that grow because they are commodity producers, those that grow because they have significant cost advantages in manufacturing and others that benefit because of where they are located geographically.There are so many disparities between emerging markets that I hesitate to discuss them all as one large group other than to say that if investors are not risk averse, if investors globally are willing to take on risk by looking at areas of economic growth, then emerging economies and emerging markets should do well.