The markets are back on a steroid-run and the rally has more legs, says Arshad Zakaria of New Vernon Capital. Zakaria is one of the most influential voices and he has served as the executive of Merrill Lynch. In an exclusive conversation with CNBC-TV18’s Latha Venkatesh, he explained why sky is the limit for Indian equities. Excerpts from the interview. Q: What makes this run different from the 2004-2007 boom? A: 2004 was probably the first time that India got popular on the global stage. However in my view this is almost a better time for India. There are two or three reasons. The first reason is you had a huge mandate in the election, you have a strong prime minister who has chief executive abilities and ran a state successfully for several years. You have a central banker who is reputed and respected as a world-class central banker and with luck to some extent you have this combination with global commodity prices coming down. That is the big difference between now and in 2004. Although 2004 was a huge boom and it was a global boom, it was a global infrastructure-led boom which caused commodity prices to skyrocket. At that point it was everyone benefitted but the high commodity prices were putting a strain in the commodity consumers. You are now in a position where if we do stuff right you could really be in a golden spot because you are in a position where commodity prices don’t seem to be going up in fact they are coming down with the amount of liquidity being put in by Europe and Japan. Still you can get a good view on the markets, the markets could be quite buoyant without the commodity prices going and that is very good for commodity consumers particularly India.