View on GST reform in India: it would be very important to see how GST is implemented. I would say that is very, very critical. Each of the states has to approve it.

Take on Indian equities: In relation to the level of interest rates, I don’t think stocks look that expensive. Interest rates globally are coming down and when they come down, it becomes more feasible to have higher valuations. In global funds, India is now after China. In our small-cap funds, the Indian market is big and ranks pretty high.

Impact of Brexit: I think Brexit was not really a global event. Also, the process of (UK) actually separating from the EU is not in place yet, and of course, UK Parliament is yet to pass the approval of the article to separate from the EU. So, this will take time. Of course, there will be an impact in the UK.

New RBI governor: Raghuram Rajan was quite independent. Also, the new gentleman (Patel) will be able to do a good job, due to the fact that he has worked as a deputy governor when Rajan was the governor. He may not be outspoken, but I think he will do a good job.

Sectoral bets in India: I’m looking at a five-year time frame. I would say software services. Over the long-term, they should do very well. I am not too concerned about the short-term picture. Another area we are looking at is the consumer sector.

State Run banks and their efficiency: I think one of the important things is to accelerate the identification system. They can do a pretty good job in getting the ID cards, and for the people who open bank accounts, a direct transfer can be made. I would say they will have to accelerate that program to make sure that all Indians are covered. There could also be somewhat lower rates for small and medium-sized business. Right now, the interest rates for these businesses is really high. If these rates come down, it would be very good for the economy.