What of impact will the floods have on the current months numbers?
Our first quarter average is over 11 per cent and this is actually above trend growth and has its own connotations therefore. As far as the flood situation is concerned, one doesn’t really know since the floods sometimes looks more damaging at the time of the floods than what eventually turns out to be. But sometimes it is the reverse. So unless we have harder information on what has been affected, I don’t think I would give an answer on that. We have seen industry growing above 10 per cent in double-digits now for quite sometime. Do you expect higher interest rates to start catching up at some point of time? Moran: I think that is the case inevitably. Across the whole spectrum of the Indian economy, we are seeing fairly good growth and we will see high levels of credit growth. The inflation picture is also deteriorating. I think we will see tighter interest rates especially towards the end of the curve. We are looking at RBI probably tightening by another 25-50 bps over the course of
