Although there were fewer private equity deals completed during 2011 than in 2012, the overall value of these deals was over $4.5 billion greater in 2011. Bain & Company partner, Arpan Sheth, explains that “All this has been driven by the fact that 2012 was an uncertain year in India both politically and economically." However, his outlook for 2013 is positive. Sheth predicts that "deal activity will see moderate growth in 2013 throughout the industry."