we believe that IP will now pick up and not be a drag on GDP like in the past few years. Among other tailwinds is the significant control over fiscal and current account defi- cits achieved in recent times, so much so that these twin deficits are unlikely to impact the market in the foreseeable future. Forex reserves are slated to improve given the strong FII and FDI flows. No wonder, S&P has upgraded India's outlook to stable. After the formative delay, the monsoon staged a recovery from mid-July: thereby sowing caught up.