OB: Rajesh, do you agree that there is a structural shift away from real estate into equities?
Saluja: Investment demand right now has come down but there is a big demand for mid-income housing. How many people in India have their first house? That class is not the younger generation of today who is going to buy a car and wants to Uber it. We are quite some time away from that. The fact is that a lot of Indians still don't have their first home and that supply-demand mismatch will be exist. But that’s from a consumption point of view. From an investment point of view, there are clearly lesser opportunities. I don't know whether it will change again over a period of wealth cycle, but over the next 5 to 7 years, people will start buying real estate. However, there is no denying that because of financial inclusion, because of technology, and because of distribution, there is much more information on financial products getting disseminated across the country. These are long-term structural changes. My personal belief is that the 4% number [percentage of equity of overall household saving] will easily touch 8-10% over the next 5 to 7 years.
OB: Given that the economy hasn't really gone anywhere compared to the rosy picture that we were all given to see, do you see the government, if I may say, talking up the market, from hereon to the next year?
Saluja: What has gone wrong?
OB: How many quarters of great growth have you seen?
Saluja: Look at the reforms that the government has put in place.
OB: Is that something that the business is also feeling?<