Mr. Suyog Kotecha

If you plot all the public listed companies in last 16 years versus the returns that their shareholders got, chemical sector comes right at the top in terms of total return to the shareholders. And this is true for last 15 years. This is a clear indication that this industry gives better return compared to their feedstock suppliers or in terms of their consumer industries. China is going through its own problems with environment norms and with the government’s push to move from industrial to more consumer facing industries. Going from manufacturing to services, there is a bit concern for chemical industry. Japan and Korea are the case of block structuring. Even though we don’t know much from outside, it’s much protected; and in the overall global scheme of things, India has come out as a very bright spot for a sector in the world, which has given very high returns historically.