And the last point is that the dollar is not king any more. In other words. the dollar has been so strong that it's kind of peaking.

"Post 1973, ever since we have been in this feely, floaty exchange rates, the dollar has really moved in a band," Ruchir Sharma says.

Every time the dollar hits the peak, the upper band breaks it, it comes plummeting down again. So based on past evidence, its likely to drop again once it passes the band.

"This could in general be good for India and other emerging economies that typically if we have a weaker dollar, we tend to do more and more money comes into our country and so that sort of helps. On the other hand, when you have a strong dollar, that means a lot of money gets sucked out of the country. So generally a weaker dollar is better," Ruchir Sharma says.