The falling off of inflation in India means that the Monetary Policy Committee should not raise interest rates any further
Modi's announcement on November 8 that he was withdrawing 500 and 1,000 rupee bank notes in an attempt to curb corruption and tax evasion made it much harder for consumers to make purchases in the predominantly cash-based economy.
CNBC-TV18 catches up with Arvind Virmani, India's representative to the International Monetary Fund (IMF) to understand what he makes of the market situation in India and globally.