Around this time last year, the mood was upbeat. GDP numbers were good, and there was no talk of any kind of slowdown. A year later, we have literally come full circle. After a clear slowdown in earnings, we are back to hoping that the GST rate rationalisation, lower interest rates, and more money in the pocket of consumers will bring back growth. One thing remains constant, though: Valuations were high then, and they are still high in a large part of the market. But then, valuations have been high for a long time, and they are likely to remain so if growth makes a comeback.