 Well, good evening. Thank you very much for gifting us a full haul in what could be the last session of the day, unless you're working with night oil. This is perhaps the most important subject today, infrastructure, because the big challenge in India is infrastructure, and the big opportunity in India is infrastructure. Because if you want to look at India's economy, you don't have to look at anything else, but look at all the unbuilt roads, unbuilt railways, unbuilt ports, unbuilt hospitals, unbuilt medical colleges, unbuilt engineering colleges, a lot of India will be built in the years to come. So I have a stellar panel. I should not speak more and take away their time. Fred Hochberg, my very old acquaintance, US Export and Port Bank, we were pulling his leg the other day that how come Airbus is beating Boeing in India? So, roundly, Mr. Nitin Gadkari. Not that roundly. No, not roundly. Nitin Gadkari, all of you know. He's the friendliest minister. And he's a bit like, it's a wrong mention, but anyway, cricket is cricket. There was a Pakistani cricketer called Insamamul Haq. So it was said that he plays the ball with the most time. So he plays the ball with the most time. He always has, he's always relaxed. So he's never rushed into anything. Just a man for crisis. Nick Chisholm, that little whisper that I exchanged with him was to figure out how to correctly pronounce his name. I think I got it right, of KPMG. They are the ones who tell you how to do everything their way and then tell you also how this was wrong and get paid both ways. Sunil Kanodia is a money man. He is also remarkable in that. He runs his business out of Kolkata and the business is profitable and he's liquid. So liquid he can give money to others. And Rana Kapoor, Rana Kapoor founded India's most successful, young and the most forward looking and fastest growing private bank. Yes bank, although I don't know that sometimes they say no to borrowers who they don't trust. I asked once and he said, we just say we can't say yes. We can't say yes. So I think to get us all started, let's start with the Nitin Gadkari because he's made a big difference ever since he's come in and if you take a poll anywhere, I think even Congress people, I know Gaurav Gogo is sitting here, they will tell you that one area that's moving, Gaurav Gogo is a member of parliament from Assam in Congress, they will tell you that one area that has really started to move is highways. Nitin is in charge of highways, ports. Now it's new dream project, which is the Indian river waterways project on which I am sure there'll be questions. So Nitin, go ahead. Sir, we have the National Highway length of 96,000 kilometer. Total length of roads in India is 52 lakh kilometers. Out of which, National Highway was only 96,000 kilometer. Every year, 5 lakhs accidents and 1,50,000 deaths. So we have taken a decision to convert the National Highway from 96,000 kilometer to 2,00,000 kilometer. Already we have reached up to 1,75,000 kilometer. And after converting National Highway into 2,00,000 kilometer, 80% of traffic of India will be on National Highway. There is a huge potential is available. We have already decided to make a four-lane road when the traffic is more than 10,000 PCUs. So we have a lot of projects now economically viable, where we're converting four lanes. And the most important thing is for this year, we have decided to start the major express highways. The first express highway, access control express highway of the country is Delhi, Easterly and Westerly bypass. It was awarded already. Prime Minister giving us the target of complete within 400 days. Now 100 days already over. But I am confident that this road is, which is going to reduce the 50% pollution and 50% traffic jam of Delhi will be completed within 400 days. We will inaugurate that. And that will be a success story. The access control highway of Delhi. The second is from Delhi to Jaipur and Delhi to Katra up to Srinagar. And the most important today, probably within three months we will start the express highway from Badruda to Mumbai. The first package we will go for the tender. So in the highways now, National Highway, we don't have any problem. We are in hybrid mode also. And road construction at the time when our government was, at that time it was something two to three kilometers per day. It is not 22 kilometers per day. Our target is 42 kilometers per day for end of March. But today the highway project are moving fast. And we have a new innovative model named as hybrid NUT. The land acquisition, forest environment clearance, utility shifting will be the response with the government. And at the same time, we are already giving 40% as a grant in aid to the project. And 60% is from investor. Out of 60%, 30% is his capital. And other loan will be given by the bank. And already we have sanctioned the projects more than 1 lakh crores in this NUT mode. And toll will be collected by NHI. And interest cost plus 3% profits. We will return him back on NUT basis. This is a very success story now. Because of in Indian situation, previously the investors position was not that much good. They are not in position to invest in it. So we formulate a new policy of hybrid NUT and already we have a good response for that. The second thing is our most important and priority sector is now inland waterways. And for this year, today, we have already started work in Ganga. We are making three multimodal arm. One is at Varanasi, Haldia and Saibganj. We are making 40 water ports, five rural services. And one, we are changing the water gate in Farakka and maintaining the draft of three meter from Varanasi to Haldia, 1,680 kilometers. Already the work's more than cost for 4,000 crore. We have already sanctioned and majority work is already work order is given. We have started now the rural services at the same time in Brahmaputra, five places. Our plan is to start rural services. We are making passenger terminals in our major ports to increasing cruise tourism. And we are also very much positive and supporting for new investment in this waterways and Sagar Mala. Our all ports are in profits. The previous year, our profit was more than 6,000 crore. All ports, all organizations are in profit. We are investing that money in waterways. And for this year, we are going to start the work of 36 waterways where already the DPI is ready. We'll go for the tender process. So I feel that the waterways can be a game changer because the logistic cost is very important. And by waterways, we can reduce the logistic cost, which will really very helpful for the industry. So these are the important, but if you want to ask anything to me, I will try to do the answer of all. Before others, who I'll ask you a question. Because your waterways project is now under sort of environmental questioning and attack, not just from activists, but also the Chief Minister of Bihar has said that you will convert Ganga into a series of ponds. Actually, unfortunately, the misimpression in the mind of some people. Probably, technical point of view, from Varanasi to Haldia, we don't need any marriages in Ganga, probably. Either one place it may be there, but technically as far as the expert of World Bank, they say probably we don't need. And already Farakka, there is a marriage is there. So we will maintain the three meter of draft. So there will no problem for we are not going to convert it. It's a misimple in the mind of the Chief Minister. He suggests me that even the Farakka marriage, you should destroy and I can't understand what is the logic behind it. But we will convince him and give him the information about it. So Nick Chisholm, if I may ask you, you think some of the things that India is doing and some of the things that Mr. Gadkari is doing, are these good enough to convince investors globally who should be careful about their money? Oh yes. So you started by saying, this is the most important topic we'll be talking about today. And to put some context around that, for me, the defining narrative of our lifetimes is many more people worldwide living on average longer, better lives. And all the challenges that we're discussing for like this, whether they be sustainability and development, urbanization, global interconnectedness and public trust and all the issues that hang off that, infrastructure underpins all those challenges. And if we envision a world we want to live in with sustainable, affordable mobility, water, power, housing, healthcare, education for everybody, then the decisions that we are taking today, that the minister is taking and will be taking over the next five years are absolutely critical to how the future of our lifetimes and our children's plays out. The center of gravity in the infrastructure world has undoubtedly and inevitably shifted eastwards in the last couple of decades, initially towards China and now towards India. And any global company has to have a strategy on India, otherwise it can't call itself a global company. So is there something more that you would like India to do to make those investors comfortable? Well, in terms of India's place in the world in the global infrastructure market where countries are essentially competing for investment money, India is a magnet at the moment because it has a great story to tell and there is the political will there to get things done. The great story, of course, is around demographics, around innovation and technology and around progress. I flew here from Chennai last night and that is a far more pleasurable experience these days than it would be Fred, forgive me, flying from, say, Chicago to New York midweek. And that just, I pains you, I know. So that reflects the progress that is being made. And people want to invest in infrastructure but India is at a bit of a crossroads. Progress has been made, there are great opportunities there but of course there are challenges too which I can expand on now or later depending on your preference. So since you're on the subject of global investors and global money, I think Fred, right time for you to comment. When do you bring the big mega billions into India? Well, thank you for that very generous introduction. The Export Input Bank of the United States is our trade bank. What we can finance and have financed is exports of US goods and services. So whether it's aircrafts for commercial airlines, whether it's power generation, petrochemical plants, rail, those are the types of projects that we can finance. But our role is really in providing debt for those not equity and it has to be attached to US exports. So India has been a very strong market for a long time, was second only to Mexico. There's a bit, we've had a little less activity in the last year or two but partly that's because I think there is more localization. You might be building the wall next year, financing the wall next year. Depends if it's an export. Mexico will borrow money from you to build a wall. I'll leave that alone. So I think that we can see, I'm making me choke with a comment like that. We can finance a number of US projects here. To the extent that US equipment is used, US infrastructure is used to do so. Because from whatever impression I have, the US has not done very well in infrastructure sector in India. Well, most, I mean, when it comes to roads, there's not a lot that's really imported to build a road. So that is largely local. So whether it's in India, I was last week, two weeks ago in Columbia, which has a giant road building project, there's not a lot that outside and that may be outside investors, but in terms of equipment, except for some basic earth moving, there's not a lot of imports that are needed to really put a road structure into place. Though it's certainly critical. Rail, we've been active, though GE did a large project that did not need our financing. And we're probably different from other export banks as we actually would prefer the private sector to do the financing. And I think that interest rates have come down in India. Tenor is longer. So in some ways and renewable and so forth, there's been a lot of local funding, which is not needed as much of export finance funding as in the past. However, with the Prime Minister's ambitious and frankly admirable plan of 175 gigawatts of renewable power by 2022, my hunch would be that it's going to, India will need to attract as much capital to fulfill that ambitious and much bigger plan. Rana, you have, are you financing large infrastructure projects? Do you have money stuck anywhere? I know, I am leaving Sunil for last because he's the one who gets people out when they get stuck. But Shekhar, I must confess, and you rightly and the honorable minister pointed this out that the biggest opportunity, actually if you see is an adversity. India's infrastructure sector, which was painted like red, now has become green. I'm very deeply convinced that infrastructure with the right leadership in place is creating the augmentation, it is creating the de-risking, it is creating the debulking and in a way making sure the banking system and the financial institutions, Indian and some overseas as well, have a soft landing. And I think the minister elucidated that very, very well that the opportunity in itself in the future is going to make a very significant difference. And I will take my little time here to highlight to the benefit of the panel and this team here who's here. Number one, if you see India's urban infrastructure, I start with that, is probably the biggest opportunity in the world. You know why? Today we have approximately 31, 32% of our people living in urban and metro centers. This will potentially gravitate to minimum 40% before 2030 or sooner. What does that mean? What is urban infrastructure? Urban infrastructure, smart infrastructure, hotels, hospitals, educational platforms, building affordable housing and creating an ecosystem which today we define as smart cities. To me, this is the single biggest opportunity in India. Number two, when you look at transportation and logistics, the honorable minister's portfolio which is a very comprehensive and very in-depth portfolio. When you look at the surrounding system around this portfolio, and I will give you some data points. 64,000 kilometers is the minister's objective. 55,000 crores, which is approximately $9 billion of investment in the current budget. Today, 90% of India's passenger traffic is on roads. And approximately, sir, correct me, 60 to 65% of the freight is going on roads. It's the biggest opportunity in the world. Now, you dovetail that with the 7,500 kilometers. And I do not wish to be very general, but the ports, the manner time and the minister very intelligently articulated the seven rivers opportunity. I call it the seven rivers. India has seven majestic rivers. And the seven rivers opportunity in terms of maritime, in terms of transportation, low-cost, sustainable, clean energy, those are opportunities that our honorable minister is highlighting. And if I move on to the railways. Railways, sir, Shikharji and the honorable minister and the panel was mothballed in India for 20 years. For 20 years, it was being mothballed, not one inch has moved. In fact, we've gone probably backwards, not forward. And all of a sudden, after some new, let's say positive energy has been invoked, the railways is becoming almost like a $100 billion opportunity over the next, at least 10 years or sooner, much sooner in my assessment. I can add to that because airports, there are 120 defunct airports in the country. If they're energized in 12 to 18 months, they get the movement going low-cost aviation. And if you build, in my opinion, tier two and tier three airports in India, it is by far the most colossal opportunity in the whole world. And what it means in terms of growth, every 1% investment incrementally in our 1% investment in infrastructure as a percentage of GDP, and please, ladies and gentlemen, our GDP is only two trillion, right? So if we invest 1%, it creates 3.4 million jobs in India. In America, it creates 1.5 million jobs. In Brazil, it creates 1.3 million jobs. So I think infrastructure as a catalyst, as the honorable minister has pointed out, is probably the biggest economic growth job multiplier. And naturally, we have to reduce the economic cost of funds by creating an Indian monetary policy of which I'm a very strong advocate. So, Sunil, how do you create that Indian monetary fund? So you start lending without charging any interest. And second, tell us also your experience of stressed assets, because you have the MRI scans of every stressed asset in India. Right, yeah. Fortunately, unfortunately, in my career in the last 28 years, since we started, we have been just involved in infrastructure right from 89.90. And I've seen this journey. I think India started its journey on infrastructure in a focused way in 96.97 with the National Highway Program. And I think that was what Atal Bihari Bajpeji had driven. I was very closely associated that time because I was a member of the Planning Commission in the infra space. And we saw the change which happened. I think in this last 20 years, India, the amount of PPP India has done, I think globally no other country has ever done that. So when you do something, then only you will make mistakes. So why did PPPs fail? So I'll tell you. So therefore, what happened best when you really look at what is PPP? It is a public-private partnership. When you talk about a partnership, you have to get the strengths of both the partners. The private sector brings in expertise, skills, a certain capability, et cetera. The public sector, which is the government. And capital. Capital, no. That's where my question is. And that's where I think a lot of models which now it is getting evolved as Gathgiriji also said, on the minister in terms of the hybrid model, et cetera, that you need to, when you create a PPP model, you need to look at the strength of each partner. How people come together. We create a lot of partnerships and businesses and all. You always look at the strength of each partner and then you bring in. The strength of the government is capital. That no one can borrow as cheap as the government. Therefore, by bringing in capital on a longer term at a higher cost in infra is criminal because you're loading the system, loading the economy. And that's what had happened in, I would say, more so in the late 90s till about 2011-12 where there was a huge pressure that PPP will work. Everyone jumped into it. Capital came in. Huge interest costs of 12, 14, 15, 16% also. People borrowed and was building up the infra. It was not sustainable because you did not have long-term capital virtually available in the country. The banking system started to get choked. And then when the crisis happened and the crisis happened due to poor governance, in 2010, 11, when we had various scams and various Supreme Court pronouncements, governance went for a song because of delay in projects of clearances of environment and land issues. So that shock shook the entire system. And that has been, I would say, the greatest learning also. If we look back now, the amount of learning which India has had, no other country has. I think India can teach the world how infrastructure to be built and how it can be developed. My sense is that at this juncture where we stand today with the government committed to bringing the reforms and the change, there are two kinds of opportunities. One, the opportunities for investors. They are in the brownfield assets. There's been a lot of asset which has been created or partly created, partly stuck. With the way the government has worked out to clear up a lot of these projects and the problems which are there, many of the investments can come into that to revive it, complete it, you have much lesser risk because in an infra mind you, there are two kinds of risk. One is a risk during construction and one is post-construction. The construction risk in India is very, very high and in the last seven, eight years, it has increased a lot more. Having been in that space for the last 28 years, virtually financed every contractor in the country and infra project, we have seen that challenges. People went in for short term. So I think that is where there's one opportunity where investors can look at brownfield assets where the construction risk has been virtually minimized or has almost gone. And that's where I think India today stands with a great position because globally there is a huge capital sitting there with virtually most countries having negative interest or very low interest rates. And if we can get our act together which is happening now, we can very well attract that capital into that. We need to correct our financial system. Today, the challenge in the last few years which we have not been able to, that how do you unlock the banking system to be able to take decisions, cut loss and move forward. And that's where the process has got stuck and has been a little slow in the journey. I'm sure with the efforts of all, it will start to get unlocked. The second area, I believe where the infra opportunity would be there in the green field, I would say would be a little different. There the private sectors focus during construction period should be to develop and build the infra. The financing part, handholding has to be done by the government for the next sometime. Once the asset is created, the government as a partner would be in a best position to then attract investors globally into an asset class which will be long-term, which is required for pensioners to get their returns and which will be safer. So Nithinji, you agree with the idea of changing the concept of TPP in such a way that capital is actually brought by the government? The ground-related, what he says is absolutely correct. Because of last five, six years, the Indian investors and contractors, they are facing a lot of problems. But they also find a solution. As a government, no, we don't have any problem for investment. You are all welcome, but I am telling you about my financial, we don't have constraints. Even we construct in Mumbai, the Mumbai Baroda High Express highway of 42,000 crores, we have decided to make it in EPC mode. Today, up till now, we have signed the contracts more than 3,50,000 crores. The NHS stole income is more than 10,000 crores with the triple A rating. Government has already given me the permission to raise 70,000 crores from the market. Already LIC, the pension fund is with me. Now my problem is, this is the time for India, what he says is absolutely correct. That our majority invest in the road sector, their position is not good. And I really admit that. It is not because of their mistakes. The 80% mistakes from the government side. Land acquisition problem, forest environment clearance problem, utility shifting, litigations. Now we have taken a decision that without 80% of land acquisition, we will not give appointment date. So today, whatever the new project we are giving work order, where 80% of land acquisition is the response to the government. After that we are giving appointment date. Our response to take the environmentalist and forest clearance. And now that is the reason still, we are also the, this hybrid entity is only because of the situation. Because in PPP, people don't have that much investment capacity. And even today, in my department by its own financial strength, there will be no problem for me to give more construction of more than three lakhs crore to five lakh crores, even in EPC mode. By which I'm going to strengthen the Indian investor, Indian contractors. And after that they will be in position because banks are not also in good position. And I am also telling you one thing. At the time when I taken charge as a minister, Mr. Rana, at least his bank, people coming to my office 10 times for every project with every banker, either in any bank in India, there was a meeting at night, 12 o'clock. And every time we discuss the issue, government has taken 21 cabinet decisions. And out of 403 projects, where the investment involved three lakh 85,000 crores out of which 95% problem already we have solved. Just a difficult task like Delhi, Jaipur. It's such a problematic project. And now we are in position that we don't have stole project. So would it be fair to say that under your leadership that I and my team made sure that at least 90% of the projects, not only yes bank but other projects came back on the track? Yes, yes. That's exactly I want to give the creative confidence project to you. At this point please, we can go on till 6.30. Even Shikhar Ji, I am in every forum I ask the people a question. Can you tell me the name of the project? Where is the problem is there? And suppose because of four, five years, CXR problems, there is a concept, perception in the mind of the people that there are a lot of problems, no project or facing problem. But after a two and a half years, the situation is changed. And everywhere in Delhi, Deradun project, Delhi Jaipur project, Delhi Ludhiana project, all are moving fast. So my request or all of you, presently what are the problem, previously problem, our government has taken 21 decisions by which we have already improved the situation at 95% of problem already we have solved. So now that this is not a situation, it can be a positive situation for you to invest in it. Please raise your hands and ask a question. Just introduce yourself and ask a question as briefly as possible. My question is for the Honorable Minister. It's always so a pleasure some to hear you, you're on top of all the numbers, it gives us the confidence that things work out. Your account on the highway projects, enhancement of the total kilometers, enhancement or de-bottlenecking sounds great. But what about within the city roads? The quality is so poor, I know it doesn't come under your ministry directly, you can take the shelter there, but you know, Minister, I'll give you one small illustration. People from Gurgaon, if they have a meeting in the morning in Delhi, they check into the hotel previous day. Sir, he's absolutely correct, but I'm kidding you. Just front of this hotel, the road is here. It is not with me. But I have to face the problem every day. I am coming from Nagpur and after airport, it takes one hour, 20 minutes for me come from Nagpur to Delhi and from Delhi airport to my house, take it one and a half hours, somewhere, two hours. So, without, I already decided to make it road national highway from that 13 Murthy Lane, declared it, and now I am making all this road winding, I'm taking the land from the defense ministry also, and also up to Gurgaon, we have already started four flyers there. You have to come to Mumbai also. You know, you people forget that he built India's first private road, public-private partnership road. No, no. You and I construct 55 flyers, Verli Mandara ceiling project, and Mumbai Pune Express. So, all without, in fact, he founded the idea of privately funded infrastructure. Question there? My question is also for the minister. I've had the privilege of working for him when he was at the PWD minister in Maharashtra. So, my question is, at that point, you were dealing with a certain scale of problems and a certain scale of city, in fact, 17 flyers in Bombay as well as in the state. What have you found that is similar at the national level and what has been different? What have you had to do differently at the scale? In all metro cities, we are facing serious problem as per the transport is concerned. Bangalore is the worst. Aziz Premji and Kiran Bajamdar come to me everywhere. But my problem is my mandate is only for national highway. So, only if you want to improve Bangalore, we need 60,000 crores. If you want Mumbai's coastal road, it needs something 40,000 crores. And is a somewhere we are requesting to a planning commission and the PMO that we have to look because these are the serious problem. And somewhere you have to think about it. Everyone want to start his industry in Mumbai. Everyone want to go in Bangalore. Everyone want to go in Chennai. How this can be, how we can solve this problem? Somewhere we need decentralization of the industries. Decentralization of development. And other sites are also equally good. One of the best things happening in India right now is that a whole new capital city is being constructed. Amravati in Andhra. It will be the first city India will build after Chennai got in the 50s. Yes. Full city, it's not just a capital. Gaurav Gobi, a young member of parliament from the most infrastructure-starved region of India. Well, Shekhar, it is without a doubt that Honorable Minister enjoys a popularity which is across political parties. And representing the state of northeast, representing the region of northeast, connectivity is very important for its economic growth. How what is the ministry's view of connecting rest of India with northeast via Bangladesh through the old road, rail and waterways route? Because it would reduce logistic costs and of course bring people closer together. Already we have signed the agreement between the BNN, Bangladesh, Nepal, and Bharat and Bhutan. So the ADB is already ready to finance more than 30,000 crores for that project. My most problem is regarding northeast, we have already formed NHIDCL, a special organization for northeast and ill area. We have already given the mandate of constructing the road construction more than 1 lakh crores. And today already we have signed the contracts more than 40,000 crores. But unfortunately I'm telling you about Assam, I'm very much unhappy about Assam. The land equation problem, somewhere the forest problem, we need the cooperation from the state government also. And our projects are facing the problem. But related with Bangladesh, what my suggestion is, in Sagar Mala we have a meeting with the minister of Bangladesh. Our 95% of trade with Bangladesh is on the road. So our idea is now by these waterways, Saib guns will be the multimodal hub and we will take material from Saib guns to Chidgao. And by Chidgao it will go to northeast. It can save the cost. So that highway from Agartala to Chidgao. Yes, yes. And even Bangladesh is ready for the, Bangladesh is having, we have got a very good cooperation from Bangladesh. We have signed all the agreement related with Brahmaputra. Already I'm not exactly, but there are some 15 to 16 places in the, there we have started bus service to Bangladesh. And even we are going up to the Myanmar. And even in Nepal side in Bihar and Uttar Pradesh we are constructing the roads. The situation was not very bad at that time. But we are giving priority for that. But my request is, which I need cooperation from the, your organizations here, that we want to organize a conference in Dhaka and Calcutta with a cooperation of Bangladesh. And the minister has already promised me, we will Bangladesh government and Indian government do it work. And we want to divert diversify this 95% traffic on the road to the waterways. It can be a cost effective, pollution free and it can be very useful. It will increase the trade between the two countries. And already Bangladesh is ready for that. Today also we have taken the Maruti car from Varanasi to North East and Assam is going on. Four days before I was in Cochin. Really a good project starts. They have taken some 3,000 cars from Chennai and come into Cochin after it work on land. And at the same time the nano has given them 400 cars. They're taking with it and now they're taking it to Chennai. And now Mahindra and Honda is also interested to transport their car, even fertilizer, steel. It can be a really logistic point to where it's going. It's true in India, we've never used our own coastline for. Yes. Nick, all the stuff that India is doing now or India has been doing for the past few years. You think it now impresses global investors or you think they still have concerns? Yes, I think so. And going back to an earlier point, the scale of PPPs done in India is truly impressive. And we talked about learning as well. And I agree it's a two-way learning process. The rest of the world can learn from what India has done as well as of course India learning from best practice around the world. And also India has much to teach neighboring markets like Bangladesh, Central Asia, the Middle East, Africa, and Asia. I facilitated a workshop, first thing this morning, on accelerating India's infrastructure. And the discussion was very good and wide-ranging over a couple of hours. But broadly, the conclusions were, and I summarized them as two ABCs and we've touched on some of these points already, ambition, building trust, and capacity at the strategic level. I think in terms of vision, India does this as well as any country in the world. It's a master at investment promotion. Projects like Make in India have a global profile these days. But I would urge you all to continue to publicize your pipelines and your plans because there are a lot of decision-makers, sat in investors around the world, who maybe only come to India once a year and maybe don't leave an environment like this. So I would use every opportunity to continue promoting what you're trying to do here. And I don't know if someone in this room is already thinking about the potential of virtual reality. But I wouldn't be surprised if the first national infrastructure plan I see on a virtual reality headset might be one from India. The theme of building trust was also a recurring theme throughout the day, asking the public sector to put itself in the shoes of private investors to understand the commercial perspective. And then on capabilities, the need to build skills, and there was strong support for the idea of a central agency. Then at the more mundane project level, there was debate around the allocation, the allocation of risks, bankability, and continuity of policy. Thank you. Rana, before you Sunil, after you Sunil talked about defreezing the banks because banks are frozen. You think that situation is beginning to thaw or not yet? And if not, what can be done? I think there are more than two compartments. There's a compartment which is going through compression and maybe some introspection in India, which is the public sector banking system. But nevertheless, I must confess with the very proactive leadership, it's getting out of inertia. I think the wheels are moving all over again. I must say that with the proactive efforts of the government, the wheels of the public sector banks which were stuck for about the last two years are beginning to move. They're in first gear. If I have to put some illustration to that. At the same time, please remember the private banking sector in India, which is also part of the Indian banking sector, is reasonably okay. So the fundamental point is that today, if you have to finance new projects, this fundamental debt capital available, locally available, there is a capital available internationally where India is just about 0.8% of the global investments in infrastructure. 0.8%, right? And it's a 1.5, I think the subject of this discussion is a 1.5 trillion market by 2030. And it's giving returns, pension fund returns, it's giving returns on profit and funds, insurance funds, which are gonna be far in excess, even currency adjusted of seven to 8% in the world. When the rest of the world is going through negative returns. I think we need to evangelize this cause. We need to promote this cause. We need to bring in investments multiple into our country. The banking system shaker on its own, on standalone basis is not enough. And which is why the presence of Fred from the Exim Bank, the presence of KPMG infrastructure global leader becomes very important because India's today infrastructure opportunity and its resultant benefits and most of all returns to international investors is potentially the most attractive market in the whole world. Indian banks will keep the momentum going, right? But we alone cannot handle it, right? That's the fundamental point. I think Nick wants to come in very briefly. Just to make one quick point to agree with you, there is more than a hundred trillion dollars of assets in institutional investors around the world. 65% of whom are looking to increase their allocation in infrastructure and most of whom say to me, our problem is finding bankable deals around the world. And everything that's being done in this country, like people like the minister, is absolutely correct to fix the problems of the past and make projects more bankable. So I agree with you. There is a wall of money out there waiting to find bankable projects in this country. But sir, if you just allow me just one more minute. If you see fundamentally, India needs because you got a lot of capital locked in. But that doesn't mean all the projects are like good bad and ugly. So there are good projects also. If we unlock them through takeout finance, if we unleash those projects through post completion investment trust, real estate trust, and I think the regulation becoming more and more enabling, we will create a lot more capital capacity in our economy. Second point related to that. Ram, I think there's a question if you don't mind. Don't know, I'd love to answer any question. But sir, it's an important point to be fundamentally right, that this opportunity is the single biggest in the world. And right now the entire, let's say the stars, all the infrastructure stars in India have come together. And therefore to me, building the economic model, unleashing the capital which is locked in, which is possible through takeout finance, through bonds, as we are done green bonds, as we are doing municipal bonds, we want to do affordable housing bonds. So there are ample opportunities. Question here and then question in the back after that. Okay, so we have talked about the machine, different kind of vehicles and the roads. I just tried to add a human element to it. We may have roads and we may have vehicles, but one of the serious challenge India is facing is in terms of truck drivers, because I work with the truck drivers and- If you would introduce yourself. Yeah, okay, I'm Vishal and I work for the tech startup in logistic space. So one of the things that we face, the problem is that when we go to hire truck drivers, people are ready to do maybe a 5,000 rupees job and work at a computer. But in trucking, even if you pay them 25,000 rupees, 30,000 rupees, there are like, people are just not ready to take this job. And it's a statistic that India needs a million drivers every year. And we are just sometimes worried that from where they are going to come, who are going to be these people who will drive on these roads. So my question to the panel and maybe to the minister is how we can, there are a lot of innovation that is happening in this space where we are doing a driver relay model through which trucking is a day job now. There is truck aggregation on all those things that are happening, but how we can work with the government to make trucking sexy again where people take this job as a matter of pride. We have already shortage of 22% of drivers. So our idea is we are opening now the driving training centers, those who are authorized to give fitness certificate and pollution certificate. And a company like Mahindra, Tata, Ashok, Leyland, already we have opened 22 centers where computer is taking the exam, the driving test, and declare pass and fail. And giving it this impression to the minister, to the transport ministry by satellite. And after that, within three days, it is mandatory for the officer to give him the license. But presently you are absolutely correct, we have shortage of 22%. And our plan is in next two and a half year, we will at least want to open more than 3000 driving training centers, not in the city urban area, big Delhi, Mumbai. It is in the rural sector, tribal sector, our plan is to open. And I will request you to the automobile manufacturer, I already, a lot of centers are open by them, but the companies are ready to open these driving training centers, fitness certificate, and other thing. We are open and we will give them opportunity for that. And what your problem is, it's a joint problem. And after two and a half year, somewhere within four, five years, it will be solved. There will be surplus. Question there. So my name is Pratik Agarwal. I'm from Aranthi infrastructure business at Vidanta Group. There's no doubt that the core investment in PPP, in infrastructure in India through PPP, has done a fantastic job barring a few projects. But so what about basic utilities of water, broadband, and gas, and electricity, which continues to be completely in government hands, except for a few cases. And of course, this is a state subject, possibly not a central subject, but can there be competition in those sectors where people compete to provide water to each of us? And then maybe we'll get good quality in that space. And it's for anyone in the panel. It's not with my department. I'm telling you because I'm from Nagpur. And the first person in India, we are sailing our municipal sewage water to government of Maharashtra, getting 18 crore rupees royalty. After this experience with Umabhartiji and Dharmendra Pradhan, we have started one project in Mathura by taking 20 MLD of sewage water of Mathura, making recycling of it, and giving it to Indian oil refinery in Mathura. Now we have 70 projects. And I'm telling you, this is also the one of the important sector. We can create the economy of 10 lakh crores in this liquid waste and solid waste. We have taken a decision, this Ghazipur is a big fountain of this all garbage of Delhi. We have taken a decision to segregate that garbage. And now we have decided to use in it a Delhi Merit Express Highway. So the conversion of waste into wealth. It can be a good thing for the CIA. And I am confident that this can be economy of 10 lakh crores. And on PPP basis, it is viable. At the same time, even government approaches for the gas and power everywhere, approaches to create a private care, to give opportunity to the private people for investment in this project. Fred, would any of this interest you and your investors? Well, again, we at XMAC don't really work with investors, we've got to work with companies here that are going to be purchasing those tools. One thing I would say earlier, but having a balanced plan, because to the extent that the rail system gets built up, it takes pressure off the road system. I was just recently in Egypt where it's much more extreme. 99% of the freight travels on highways in Egypt. So they're much more clogged even than here. But they are also recognized by investing in rail. They will actually relieve the congestion on the roads and waterways are another point. So having that balance, and what I admire about the government is even laying out the infrastructure plan on renewable power attracts investors and attracts people. When they see a very clear plan, I've been in many countries in my time as chairman of the XM Bank, and those countries that have good rule of law, a clear contracting path, and clear plans will attract the best products and the best infrastructure firms globally. But when it's somewhat modeled or people don't think it's a level playing field, is actually going to discourage that from coming here. Question there? Yeah. So we've talked about the... If you would introduce yourself. So I am Monica. I run a construction company called GPB Interprojects. So we've talked about the hurdles here. I guess the major hurdle which I face is the sexism in the field. I'm not surprised to see all the women, all the men sitting out. It's a manil. It's a manil. So it's not a panel. It's manil, I would say. Of course, I'd agree to you. So how about taking on sexism in the field? We're talking about problems that Intra is facing. I guess the biggest problem that I am facing being running an Intra company is the sexism in the field. We don't have... Would you allow me to sit on this? Sure. Yes, sir. But is your question complete? You may answer, sir. But as the manil or panel, right? I'm very proud as a father of three daughters that today's new age infrastructure that my three daughters and all reasonably educated are building a new age infrastructure. Building a innovation district in Mumbai, in Mahalakshmi Innovation District. It's been actually called the Lower Parail Innovation District. I think the opportunity for women entrepreneurship in India, and I speak as a father of three daughters, not only as a Spank Boss, you know. But I promise you that it is by far the most attractive opportunity to invest. And today the support system, the mechanisms by the government, international support, private entrepreneurship as in like private equity support, venture capital support. And I would like to believe some board, not subsidized, even capital market support is like tremendous. And I think it should not be any complex. It should be today a very positive energy factor. Do you still have the microphone? No. What exactly do you mean by sexism infrastructure? Or probably in the offices to the clients that I go. Oh, ma'am. Oh, she's a female civil engineer. Dude, I can be a civil engineer only. Why do I need to have my gender? At least I'm not an un-civil engineer. Why do my gender has to be emphasized when talked about my degree? So that's the entire thing I want to bring upon here as well. I think you got somebody interested. And I think we'll have to take one more question. Somebody's been... I hear you. I think we'll have time only for one more. If it gives you any measure of support, my mother was the first woman civil engineer in the country. She ran a construction company for 35 years. And at one point, I think commanded about 1500 men. So I think the industry's okay. I hear you on statistics and numbers, though. Shekhar, I'll just add one area which will be important for potential investors and all. The change which has happened in India in the last recent time, which is going to have a cascading figure is two. One, when you have a PPP, they would be disputes. The key is how do you create a mechanism to address those costs? Dispute resolution. Dispute resolution. More particularly in infra, it is very... And that a lot of work has happened. I must compliment the government and the Honorable Minister on that. And that is a major when I go globally. People say that you get into contract for 25, 30, 40 years of concession. You will have challenges and you don't know. You can't visualize what will happen in 15 or 20, 25 years. But there must be a mechanism to address that. And that I think is now getting set in place through arbitration to dispute resolution. And I think that can be a great comfort for potential investors. And the second is the bankruptcy code, which has been law, which has been now passed. We hope that in the next couple of months the implementation would happen. These are things when you create a mechanism in an environment in the economy which gives confidence to investors that, okay, if there's a problem, there is a methodology there which can solve it. I just thought of sharing that. But I think you should give one point at the three P's now. We might not have time for more than one question, but please do. And then you can... Three P's have become four P's now. Sir. Yeah, hi. I'm Raghu Ram from the Indian Institute of Management, Ahmadabad. Well, I had a couple of comments actually. One is, I think I'm really happy to see that the way the different PPP projects, the problems have been unlocked. But really the future, I think in road projects now seems to be that we should... The construction risk is just too vulnerable for private parties. And therefore, I think the EPC route, and that's what seems to be happening. And I think that's a good step forward. You asked, the minister asked about, are there problem projects? One project I've been studying in the past two years is the Kishangar Udaypur Ahmadabad Six-Clanning Project, which of course got caught into a lot of knots. I hope we will see. But today, the project first was taken by one company. Now the matter was sub-judice. I just called them. We make the compromise. Problem is solved. We divided project into five parts packages. And already the three packages in a position that we are going to give in the work order for that. Probably today, I discussed with this issue with my project director. Within two, three days, we are also going to find the Udaypur to some city that package of some 1,500 crore or 2,000 crore. It's in no problem. Just another point on safety. You started with that. And I really think there's a lot that we can do irrespective of the safety bill having got stuck. Even in national highways, which I guess have a larger share of accidents just because of the traffic, improving road engineering, better shoulders, the median cuts, the signages. I think we are running out of time. So maybe you can talk a bit later. I think that. But I think the minister has been working on some of that. Road safety and better signages. Actually, for major accidents in government, there is a practice that driver is responsible for the accident. First of all, the DPR, defective DPR, and road engineering is responsible for maximum accidents. I am accepting as our fault. And unfortunately, in a public press conference, I accept that after taking charge of the minister, there are a lot of good things. But unfortunately, the accident increased by 4%. And it is only because there are maximum problems because of road engineering. So now we have taken a decision. We have identified 786 black spots. We are spending 11,000 crores on it. And at the same time, we are making 100% CRF fund to the state government for that. And we are making traffic signal system, crash barriers, signals, the marking system of international standards. Just one month before I was in the USA, we are just taking, adopting all of your rules, regulations with that. And within two years, we will have a, we will think about it and we will show the life of the people. A final point. Like other ministries compare states, why don't we have an inter-RTO ranking? Because RTOs are really at the core. I think in fact, he has an answer and after that I have to close it. But since you are a professor, we've got an extra minute. You have a point of view on Indian RTOs, what Professor Saab is suggesting is not possible. Because the RTO and the Road Safety Act is a concurrent list. And I'm facing a lot of problems now. He used a particular objective for all RTOs in India. Actually, we appoint a committee on the chairmanship of Yunus Khan and 18 minister from all political party. Now they are recommended. Now parliament have joint selection committee. They arrange a meeting with the joint selection committee and the ministeral committee. Now at 27 something they were meeting was finalized. Now next parliament session, probably I'm confident that we'll be in position the past. In fact, he described road transport officers as decoyed ones, got himself into trouble. So I think we have to close it on that note. You know, the sign of a successful session is which overshoots its time, particularly when it's the last session of the day when everybody wants to go home. So thank you very much. Great panel and even better audience.