Very happy that Modi’s government is bringing in more accountability and reforms for credit ratings and boosting the municipal bond market. Pune municipal had raised about INR 300 Cr/$46.2M by today’s exchange rate. India needs to pump up the bond market, and listing of muni bonds will bring in more accountability and liquidity. One point to be of caution is not to encourage a lot of buyback among companies. We can learn from the mistake in the US. Companies need to focus on creating intrinsic shareholder value esp. through increased expenditure on research & development, innovation, etc. for boosting both topline and bottom line.