A Wall Street brokerage has downplayed the slowdown fears arising after the poor December quarter data prints, saying the moderate numbers are due to the base effect and that the January data clearly show that domestic demand drivers are intact. According to Morgan Stanley India chief economist Upasana Chachra and her deputy Bani Gambhir, the apparent deceleration in the December quarter number come from the mixed trends in high-frequency domestic demand indicators coupled with a slowdown in external demand as visible from shrinking exports, creating fears of an impending growth slowdown.