 For a while, it appeared that countries like India and China and so on were insulated against the impact of the world capitalist crisis. That's no longer the case. We know for quite some time now that this crisis was beginning to hit them. You look at all the individual components. I mean, if consumption is more or less endogenous, then you look at investment, you look at net exports, you look at government expenditure. All of them were showing symptoms of slowing down. Government expenditure as a matter of fact increased because of the pay commission recommendations. But despite the pay commission recommendation which added to government expenditure and through the multiplier to the consumption of the ordinary people, nonetheless slowing down was evident. So, I have been arguing that you take away that stimulus that may have slightly kept you above the economies face above the water. But the moment you take that away because you are not going to have this stimulus now all the time, slowly its impact is going to win. Then you would find that the recession would become much more pronounced and that's exactly what is happening. De-monetization has added to that.