Thank you for your wonderful service once again. My day starts every morning with listening in to your Video Commentary of the Day along with my tea. All other comments and blogs are seen much later after I reach office.

As I recall, from our first meeting in 2012 you have always had a strong positive view on governance in India. At a closer range the warts are more visible to us.

You may find a different viewpoint from your stance on the going-ons in India. This is an article published in the Times of India, the foremost newspaper in India and traditionally and currently pro- the current regime. You may find it interesting.

https://timesofindia.indiatimes.com/blogs/Swaminomics/how-bjp-is-fast-becoming-like-congress-in-graft/

Hope all is well at your end.

Eoin Treacy's view

Thank you for your kind email and article on corruption in India. The issues of graft in Indian society did not evaporate with the election of Narendra Modi and might even be expected to increase because checks and balances are reduced when there is single party government.

The challenge is to ensure the trajectory of governance improves. It is unreasonable to expect graft to disappear, however the efforts to streamline the economy are incredibly important from the perspective of a long-term investor.

India is it is prone to occasional bouts of volatility and the slowdown in growth currently being seen in one of the motivating factors in the willingness of the Modi administration to push through reform, run a fiscal deficit and in the RBI cutting interest rates.

The continued stability of the Rupee is an important sign that investors are still reasonably sanguine with the market.