«I think in insurance there are a couple of things going on. One, obviously the two main drivers there will be, one was the large overhang for the last I think six-eight months around the surrender values I think that largely is behind us now with the ruling now,» says Sunil Koul, Goldman Sachs.
Is the base case assumption a meaningful rural recovery or is it placed purely on valuation comfort, some of those pockets that you talked about?
Sunil Koul: Look it is not a strong rural recovery we are baking in our numbers because I think the fact remains as we know that numbers have kind of bottomed out to a large extent. The FMCG volume growth was kind of negative for many quarters.
In the last few quarters it has turned kind of positive, in low single digit up right so fundamentals have bottomed.
We are not expecting a huge recovery from here but I think at the margin slightly higher spending towards welfare schemes and subsidies should help rural recovery, obviously we are carefully watching how the monsoons play out and how the sowing season happens and I think a lot depends on that as well, but broadly speaking directionally we do think the rural segment should somewhat look slightly better than they have been in previous quarters.
Is that you overweight insurance why