The second quarter stock selloff has to be seen as a sales deferral to the current quarter that will also be reflected in the next IIP. The monsoon is performing very well, with rainfall now running 5% above normal. Kharif sowing is 3% ahead of last year and the area under cropping is already at nearly 80% of the previous year. Reservoir capacity is 4% ahead of a year earlier. All of this adds up to a significant boost to consumer demand and production in the current quarter. Record low inflation may add a rate cut to the mix this month.