1. Notwithstanding the several positives - oil prices continue to be weak and a sustained price recovery is not expected till late 2015-early 2016 - when output from existing fracked wells in the US will start to fall and is not offset by enough new ones. 2. The beneficial impact on our external account from lower oil prices is enormous. 3. Over the last decade in India - good demand and price conditions - and public and private expenditure on rural roads and farm infrastructure made rural India a success story - both economic and social. 4. The current account hovers close to balance and even if net capital inflows are low - the overall balance of payments is set to run a large surplus in 2015-16. 5. To that extent - the economy is much better equippedto deal as US monetary policy shifts towards a more normal stance than it was in 2013 when we had gaping wounds from large trade deficits on account of highpriced oil and large gold imports.