 2016 is actually a very peculiar year from the point of view of economic policy because it has been a year which is marked with high optics, very high sound, but actually on the ground a lot of things that are anti-people which have been happening. I'll give you the example of make in India. The Prime Minister claims that now we're going to generate employment, generate a high rate of growth through this policy of his. In fact what he's doing is diluting the land law. The land law is being diluted in every single BJP rule state so that lands of farmers can be grabbed from them. Similarly, the Forest Rights Act is just not being implemented anywhere and land diversion is happening at such a massive pace that actually it's not make in India, it's take from India. There's been a lot of hype about the Indian economy that it's the fastest growing and all that, but even before the demonetization led that such a body blow to economic growth, this is not a good year. Our exports have been falling or stagnating in many sectors, imports have fallen but not to the same extent so our trade deficit has grown and at the same time many of our sectors are becoming less competitive even while the exchange rate is actually depreciating. As you know that large part of the export sector is served by the small and medium enterprises. We all know how badly the small and medium enterprises have been hit by the demonetization. Though this government has been talking a lot about supporting the SME sector and creating jobs but this one thing that they have done about demonetization clearly shows that they have absolutely no regard for jobs and they have no interest in supporting the SME sector. So I would say that this is a kind of a double whammy because exports have been on a decline from almost for two years or exports have been down and the main reason has been the sluggishness of the global economy. So we can go sector by sector, essentially we get a picture of serious difficulty in the productive sectors and even with reference to the services sector things seem to be much worse than what they were let's say about one year ago and real wages of workers in the organized sector and organized sector as you know is the most sought after sector for workers. Real wages there have been stagnant. In fact there has been a marginal decline. If you go by then it says Jetta and so on. The most vulnerable section of the workforce, the daily wage earners, they are not getting any job for last one, one and half months time, they are poor people if they don't get income then obviously they would not have money to spend and if they can't spend money since they spend larger proportion of their income on consumption expenditure. The consumption expenditure would come down even for the richer section of people because of shortage of cash because of inconvenience. Now demonetization has primarily had created two problems for farmers. One farmers who had just harvested their crops were unable to sell them, in particular farmers in areas where public procurement doesn't happen, small farmers, marginal farmers who are forced to normally sell their crop to private traders. These farmers face the problem because private traders were not buying the crop. This immediately resulted in a massive fall in agricultural prices, farmers lost their incomes. Of course one of the biggest tax reforms in independent India has been pushed through parliament in a way where the constitution has been amended to facilitate the goods and services tax. And this in my opinion has gone through without much thinking, if you look at the VAT pattern what you find is that most of the commodities that are taxed a large proportion of that if you just take do a calculation you find that almost 50 percent is commodities like petrol and gas and utilities which are going to be outside the ambit of GSD. Now even the most generous estimate that has been worked out is worked on a 30 percent assumption that these kind of goods account for just 30 percent. So what you can see is a huge underestimation of the proportion of consumption that is going to be outside the ambit of GSD. Finally another very very important and disturbing intervention which has happened in this year has been the dependence on biometrics for food distribution. You take the case of Gujarat and I give you Gujarat as an example because it is a much doubted example by the present regime. But in Gujarat what they have actually done is that they are using biometrics and the failure of identification because of a problem in the technology itself has meant that vast sections have not got their rations. So there's been a big drop in rations and offtake in Gujarat under the public distribution system. Therefore 2016 has actually meant a lot of hardships for the people. It has meant that the government has made big promises and delivered absolutely nothing. In fact it has taken away from the people. The Indian economy needs a big push otherwise as of now it is looking like the future is very big. The future situation is horrifying in the sense that in the next year most likely the unemployment, the poverty, the inequality would rise further and the Indian growth story is virtually over. Next month somewhere in the middle of January you will get an advance estimate from the CSO of what has happened to the economy or at least to the GDP in the whole year. Unfortunately the CSO would be operating also with data at best till the end of November. Most of that data will really be at the end of October. So you will get a rather funny projection of the economy which is much of it is from the first two months a little bit of October added on maybe a slight bit of November added on but then projecting the next three or four months on the basis of that rather than what has happened after the demonetization. So expect that to be saying that not much has happened maybe come down by 0.2, 0.3, 0.5 percent but from all accounts that would be wrong.