In an interview toat, says Indian economy has been more resilient towards demonetisation . Edited Excerpts.So we are seeing slight improvements in the global growth outlook and so for the G-20 , they are the largest economies which account for nearly 80% of the global economy.We are not expecting GDP growth of more than 3% in 2017 and 2018, that includes a pickup in growth in the US on the back of some easing. And as far as emerging market is concerned, there is a wide variety of growth outlook there but in general some slight improvement in some emerging markets.We continue to expect demonetisation has led to indeed a temporary slowdown in economic activity but the indicators that we have such as that the economy has been more resilient than we previously expected.So there are aspects here. So we would expect the impact of demonetisation to be probably most visible in this quarter that will be probably shortly.At the same time, the statistics are being revised. Methodology behind them is being revised and that seems to point towards higher growth rates. In this kind of situation what really is most relevant to the credit profile is really the trend, the changes in growth maybe more than the actual growth levels. So we will be looking here as to whether the revisions reveal this impacting the growth and whether that informs then something different for forecast.For now we expect really going forward that growth will be sustained at high levels and that is supportive to India’s growth profile.So at least two factors are very important and are probably related and we expect that the resolution of nonperforming assets in banks will take some time, it will be really a gradual process and I think there has been recognition of bad assets and now we are moving towards a resolution phase but we would not expect that to happen very fast. And I think that during this time banks will be constrained in their ability to lend to the economy including to businesses willing to invest.At the same time the willingness to invest seems to be weak here and so the constraints on investments in India seem to still binding for a lot of businesses including infrastructure, the quality of infrastructure and the need for exports growth into export markets investments. Again we do not expect that to change materially over the near term. It could be that with the reforms that the government is implementing then the willingness to invest by Indian businesses does pick up and does strengthen and that would be a positive for assessment of India’s credit profile.7.5% growth in this fiscal year and then 7.7% growth in fiscal 2018 we forecast a gradual rise in GDP growth towards 8% and we at this stage we would think that is probably kind of a steady medium term growth rate for India, that growth rate should be higher if we see greater effectiveness of some of the measures that are being implemented in promoting productivity and for instance the implementation of GST in July could over time boost productivity growth and overall GDP growth on a sustained basis.