The mood with regards to India continues to be positive. People are looking forward to participating more and putting incremental money to work in Indian equities. If you look at numbers year-till date, emerging markets have already seen flows of about $31 billion. Within that, incremental assets under management for the people who manage dedicated India money has gone up by $10 billion in the year-till-date. Overall, India and China will continue to attract capital.

Foreign investors’ watch list in India: Flows are robust, they are willing to buy the India growth story, but commensurate to that you are not really seeing supply of paper. They would like more equity coming out of India. The challenge is that you yet haven’t seen sizeable large IPOs (initial public offerings) or followons coming in. They are happy that this year we have now started seeing some large follow-ons coming.

There are some large IPOs which have already been announced, so clearly, the outlook looks very good. The capex cycle is turning so corporates will also come in for fund raising to fund their growth which could be capex-led. You are going to see some IPOs from renewables, insurance etc. When I say insurance, I mean not just life insurance but even general insurance companies will come to the IPO market. In renewables, we have already seen lot of high quality private capital getting attracted by this sector in the last 12-24 months. These are primarily backed by some very high quality sovereign wealth funds. Most of the IPOs that are coming are good quality ones, which promise solid growth, good margin trajectory and return profile.

On disinvestment target of Rs 72,500 crore in FY18: The government has done phenomenally well. There is a lot of method going behind the numbers and the projections that finally go into the Budget. They have done their thorough excercise and unlike what you saw in the past where it was largely offer for sales, government is now embarking on IPOs. IPOs have opened up as an avenue for monetisation and the government is now even looking to go in for strategic sales. The government is also seeing success with CPSE ETFs which have done very well in terms of delivering returns. The government is conscious that they need to achieve those targets and if you look at the track record of last year when they ended up exceeding, this year should not be any different.