With the US housing and labour markets on the mend, the healing looks more durable, say RBS's Sanjay Mathur and Louis Kuijs.
As regards India, market valuations already reflect most positives.
Despite no change in interest rates, India's largest lender, State Bank of India, last week became among the latest to lower deposit rates, often a precursor to lower lending rates, something some banks have already done for certain consumer loans.
Sanjay Mathur, managing director and head of economics research for Asia Pacific (ex-Japan), Royal Bank of Scotland, tells Business Standard that in the emerging market pack, India needs to learn lessons from Korea and Taiwan, which have managed their economic situations well.
The implications aren't too significant, given the size of Ukraine and its role in the global economy.
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