We should not forget about the growing dynamism of banks in getting resources through the international capital market. We have seen several institutions (not only the bigger but also the medium and small) gain access to medium- and long-term funding in capital markets with Argentine peso-denominated, fixed-rate instruments, unlike the case of the past decade.
The composition of aggregate demand would broadly suggest three types of demand, i.e. government demand, private consumption demand and private investment demand. Government demand is generally not very sensitive to higher policy rates. Private consumption demand in India also is not financed by credit to the extent we see in advanced economies.