The market entered 2015 with great enthusiasm of improved policy momentum and expectation of economic revival through the year. The government has opted for delayed gratification to invest in structural reforms. India has shifted to fiscal tightening and higher real rates when the rest of the world is happy to prop up asset prices. The economic template has improved, with clearer policies on resource allocation, ease-to-do business, inflation control and incentivising financialisation of assets. The RBI, too, participated with 125 bps cuts through the year and a defined policy mechanism.