The country is witnessing a gradual tempering of expectations with reality moving gradually up and expectations becoming more realistic, says UDAY KOTAK, executive vice chairman and MD of Kotak Mahindra Bank. In an interview with GEORGE MATHEW, Kotak says, "some parts of the corporate sector are having excessive leverage and relatively low equity. That's what's creating pressure. We need to fundamentally correct the balance sheets of some section of corporate India." Excerpts: