PMI Services (58.8) remain expansionary indicating positive demand expectations by the producers. WPI (0.39%) and CPI (2.82%) hit multi year lows indicating a significant cool down in prices while core inflation remained stable at 4.3%. We see there has been some cool down in many metrics but I expect economic activity to pick up soon supported by monetary transmission mechanisms of the RBI and impact created by key FTA signings supporting some global demand stability.