Along with macro tailwinds, companies' own strategic initiatives will contribute immensely. We are bullish on the Appliances space, given low category penetration, aspirational consumers, consumer financing, government's electrification drive and rising disposable incomes. We hosted a Consumer & Media Investor Forum in Mumbai which was participated by 14 corporates. The theme was around companies benefiting from acceleration in consumer discretionary spend. We believe as India steps into a high-growth phase, consumer discretionary spending is set to grow with a higher-than-normal multiplier effect (1.5-3x GDP growth vs. 1-1.5x of GDP rate in slower growth periods).