For almost all of CY12 I have taken the view that the gloom and doom regarding India’s future is overdone. Just as the wild optimism regarding the country’s future in 2008-09 was unrealistic, so too is the current bout of pessimism. All free market economies move in cycles and, as I see it, we are in the early stages of a modest economic recovery in India that will generate a meaningful rally in the stockmarket (I have been quoted in various forums as saying that the Sensex will touch 23K a year hence).