very good to you well the marathon two years weve got to set the inflation picture what kind of a portrait is being paid to date of the economy yes actually well i think the first thing we have to recognize is that a lot of this data is being influenced by these facts so you know you talk about data inflation coming down four point seventy percent a large part of this modest it is being driven by a very high v sweep through 2022 inflation was you know id be a point eight percent that being said i think what we are also beginning to see that on a sequential basis i think that there is evidence that inflationary pressures are coming down in the economy and i think being that in jihye lee the core inflation big with the rbi has been tracking very closely over the last couple of months that fed has also started coming down in fact in the month of april i think after almost 10 months quarter inflation dropped below 6 percent for the first time so i think the overall inflation picture is turning out to be a bit more positive and ive seen that going on from years for the next three or four months i think things are going to just be lower than what we have seen even in april i think on the growth front and what we are seeing on the flip it back on yes i think the growth story still yes im so sorry to interrupt you but i wanted your specific response to how you see demand turning out for the rest of the year christie pointed out you know how mixed the data is and concern around whether that a small recovery we were seeing in rural demand in lets say the end of march and april might be petering out now in the downside risks to that on account of weather right the demand story still is very very uneven right we are beginning to see some signs of a pickup on the good side that i can give them the on beans well we have this look how the monsoon is going to pan out i think the debate on the ground is still very fragile and they back on the other hand if you look at all them could do was in one demand i think that has been the dominant demand that has been waiting for you know over the last year primarily driven by services not so much goods but what we are beginning to see now that even open demand is beginning to moderate and this is visible in the number of data points that are coming out i think going forward over the next twelve months i think the story on the demand side is going to be one way you will stop seeing when you look at mine what do they think i can a little bit of pop up on the good side but that story still remains very fragile on the open side we are going to see some patients and i think whats really happening on the open side is that you know i think that the interest rate increases as well as the fact that services inflation has been very high for the last couple of months i think thats beginning to kind of put pressure on us to do was you know disposable income ended his brad stone spending sasha i was going to ask you about just producer price inflation thats a negative territory you have cpi slowing down but youre seeing sort of a bit of a a widening wedge between the two why do you think thats the case are our manufacturers not really passing on these sort of input costs benefits well see when you look at me see or the producer price index split india we have a very heavy component of commodity influenced rice and fed so as youve seen input costs globally as those commodity prices come down i think that theres been a bigger reaction on the whole and see inside that plane now youre absolutely right that with that is perhaps an element to all you know now do want more and therefore having an impact on pricing fine but at this stage i think the dominant factor seems to be the reduction in rome would be the cost and input plus commodity prices globally thats really playing out and moves in lebanon remember that theres a huge base effect that were looking at because weve seen inflation was in double digits last year so i think for euro and for the next up until july of this we are actually going to see a contraction on the same side consistently because of the essentially producer prices actually does this mean that the job of the rbi in terms of hawkishness is done well i think the inflation you know i forget i said it seems to be a little bit better now going forward the ought to be i think you know is going to remain on an extended pause however we dont have that communication i think they will remain very cautious know there as i said uncertainty about how the monsoon situation is going to pan out and what that could mean for inflation putting them to the floor to see the you know i wouldnt expect the rbi hike rates for those low this year in any sort of one to the tightening would perhaps come from you know keeping the liquidity situation tight in the system so that you fast interest rate hikes keep transmitting you know across the economy so youre going to see monetary conditions remaining like the rbi is communication being somewhat cautious but no rate hikes well you know from nodal sanctuary where do you see the political discourse in india headed from here on given that we have other big state elections coming up over the course of the next few months what do you think is going to dominate the conversation you know as you said you know after the knockout elections i think from now many many forward election it is going to be all markets it is going to be about you know kind of deciding whether theres going to be a continuity of the covid government of whether there are you know thats becoming less and less silicon and if we start seeing evidence of the latter i think that would cause a bit of volatility across markets i think in terms of macro policy the real important sticking point now is going to be employment and growth so i mean especially on the environment front because you know some of the indicators that we dax seem to suggest that a piece on the open side and so in sectors we have started seeing layoffs and i think the global slowdown is having an impact on you providing inventions and sort of maybe i can choose a conversation where the central bank lies that you mentioned about maybe this pause how soon could you actually cut rates well i guess its just too soon to be talking about cutting rates i mean we have to remember that the you know the headline inflation on average would still remain above 4 percent which is the central banks target of 15 you dont make clear it is communicating that they would want inflation to moderate towards 4 percent on a sustainable basis and you know the monsoon situation is a you know we dont know how thats going to pan out and if in the next three months you actually see a lot of what ability food inflation again headline inflation would put up 6 percent again so thats a big risk i dont think that we are expecting the central bank to really look at it at this stage and i would id expect them to remain on board and each one of two conditions until they have visibility or this disinflationary thing becoming very broad based as well as the steam