 And one person who has already been introduced yet needs some special words for the kind of work he has done. Mr. Heymanth Malik, Divisional Chief Executive of ITC Food Business since 2016. Someone who has been a lifer at ITC joined the organization in 1989 from the campus. That is after completing his MBA from IM Kolkata and has been in ITC ever since and has done major stuff for brands like Bingo, Sunfeast, Ashirvath kitchens of India and what have you. I have great pleasure in inviting Heymanth Malik now onto the stage and he will address a question on has India opened up to the world of investment led growth with GST and Digital India Initiatives. Ladies and gentlemen, give it up for Heymanth. A very good afternoon ladies and gentlemen. Thanks for being here on a Friday afternoon. Thank you Anurag and Nabil for insisting that I be here and it's impossible to say no to you guys. And it's really a pleasure to be here for the first enclave in the southern, in South. I think I must thank all these sponsors because you know as a sponsor in various events, it's important sponsors make the event happen and I'm very grateful to all the various sponsors and the film that you showed. The keynote address has already been done by Anurag. So I don't have a keynote which is around the media. I'm a marketing background person, been with ITC for a long time. And I have a short story to share with you in terms of managing consumer sentiments during times of uncertainty. And if you look at consumer sentiment, we talk about the individual because consumer is the individual, what is their feeling toward his or her own current financial health. Which kind of reflects into the economy in the short term. And of course has implications in terms of long term economic growth. So consumer sentiment is very, very important and media obviously plays a significant role in terms of how the consumer sentiment moves. Because when the consumers look at information, they don't really, they look at the latest information and they kind of project from there. And I think the opinion of professionals play a large role in influencing this consumer sentiment and perception. Just to take an example, how many of you would like to go for a surgery? If I tell you that the mortality rate is 10%. Versus, if I tell you that the chance of survival is 90%. So it's just a question in terms of how you frame the question. Obviously if you had the likelihood of many more people agreeing to the surgery is in the second option because 90% chance of survival. But it is the same number. Even therefore when we look at the Indian economy and in terms of what frame we want to look at it. India GDP growth rate is at a three year low of 5.7%. The slide was not updated yesterday because we've got the latest coming in. And it's 5.7% or if you were to look at it, in form of India will remain one of the fastest growing major economies in 2017. This biases of consumer sentiments and Daniel Kaufman had kind of done it and shared in terms of whether you look at it in terms of anchor bias or availability bias or framing bias. So there are various biases that you can look at and I'll talk a couple of them just now. I'm a genius, I'm a pen lover. So if you tell me what is the price of this pen? Is it like more than 3000 or less than 3000? Any guesses? Anybody would like to just take? I'm not selling it to you, but sorry. Chop in, yeah. Less than, so about how much? Yeah, it's less than, yeah, you're right. So it's a question in terms of how you frame the question. If I had said it's about anywhere around 500, people would have been closer to say 350. If it is 3000, you might have said it's about 2500 and therefore in terms of where you start from, it kind of makes a difference. Similar thing we see is in terms of availability bias. And there have been a lot of experiments in terms of you go to shopping aisle and it says that if you're buying soup, you can't buy more than 12 at a time. And the other aisle has no such information. And what you see the difference is that in the one aisle, you get about three cans being bought. But in the other aisle, almost eight cans are getting bought. Because the moment you're kind of limited saying you can't buy more than 12, and that's how the biases happen. And for us, we've got some very interesting experience that we had, which was in the noodles category. This is in 2015, and here I'm talking about again sentiments. And there was a huge negative sentiment which we saw getting impacted both by the anchoring bias as well as in terms of availability bias. And we found that consumers actually leave the category because of ban on the market leader, leading to confusion amongst all the brands. So Nestle got impacted, but every noodle brand, which used to be about a three and a half thousand crore category, came down to just about a thousand crores. So consumers actually, and Yipi, which is our brand, we had to fight this battle and we had to bite the battles at two level in terms of how do you manage this information that is being played out in the consumer's mind based upon whatever the various news items that they keep on seeing. And today, actually, in the world of WhatsApp or social media, I think this aspect of false information is something that we all are grappling with because just the other day, we saw a video being floated around on one of our brands, Ashir Vadaata, saying that it has got plastic in it. And we were completely shocked and somebody just finds out and you've watched the art and there is a gluten, which is a protein. And that protein will obviously any protein kind of stretches. And then now there's a whole news channel which is making kind of claims around that. So how do you battle the disinformation about the category? And I think we have a good learning in terms of what happened because these are the kind of headlines that we're contributing to negativity. MSG, the fact of the matter is MSG is naturally occurring in a lot of products like onion powder, for instance. It impacted both Maggie, it impacted GP as well as a lot of other noodles. So how did we deal with such a thing? Because human beings look for positive news and the task in front of us was to put out the message from what we saw in three idiot, all is well. And the way we went about is saying you ask, we answer. So transparency became a very, very key feature of giving information both through television commercial as well as through website. I'll just, you know, if you can run this ad. So as you see, the information was given at all levels in terms of trying to be as transparent as possible. Is if he's safe for me, how do you ensure your ingredients are free from contamination? What are the laboratory test report? And actually we shared all the reports and we were, you know, probably the only noodle brand which actually did not get, you know, stopped from being sold in the market. This is an example, but the fact is that the market completely dropped and I think the reassurance communication made a difference in terms of, you know, you'd be going to shares which are higher than what it was. So what is this session about? It is to how do we manage consumer sentiment in the times of uncertainty, which like now, and there are right strategies for uncertain time. The last one year has not been easy for the economy. We had the demonetization. We've had the, and all of us have been kind of affected by that. We know it is great in the long term, but in the short term when we look at it, there was an impact in terms of the business. The moment we were about recovering, we've had the implementation of GST. That has taken a little couple of months to kind of stabilize, but I think we are seeing how the future is looking good. But when you look at what happened at this point of time, is you can see that the consumer sentiment index actually came down. And when the consumer sentiment index comes down, they stop kind of, the only thing that probably gets a little less expensive is media. Sorry, I had to take the dig. So yeah, but I think it impacts the, it impacts our factories, it impacts our production, it impacts the entire supply chain. The same thing if you see in terms of Nielsen captures this global consumer confidence index, and India has always had been at the number one position. But this is one time when you find that actually India slips to the second position and there is a slip which has happened. And this is also impacted from an FMCG perspective. These are data in terms of FMCG growth rates. And if you look at September over September, you can see that there is a decent growth rate from 6%, it has moved to 14%. But if you see the journey over the last five quarters, there was a drop which took place. In fact, there was a good growth story happening in quarter two, quarter three of last year. But after that, the growth could not, the momentum could not continue. And we find that even in the quarter three post GST, there has been an impact. And this impact is both in rural as well as in the urban set of the consumer set. And therefore, the question that we need to ask ourselves is that, is there an economic slowdown ahead or is it the start of exciting times? And I think in either case, more important it is to identify the right strategies to deal with consumer sentiments. And if I were to look at it, what are these strategies that we have pursued, and which a lot of others would have also pursued, is to actually increase in marketing efforts. This is the wrong time to actually pull back on investment. This is the wrong time to pull back on spends. And the brand is what people look for, and the trust mark becomes very important. We have made sure that during this entire period, we've kind of looked at communications on a, we've actually been launching new products at this point of time. To look at the sentiment, but actually say that this is an opportunity, because a lot of other competitors may be actually pulling out on investment. The second area is in terms of innovation. And one of the things that we had looked at in terms of, when hippie noodles went through a challenging time, was in terms of what new can we bring to the market so that we can continue to innovate and bring some new news to the consumer. That is what we launched, the new product development continued. And immediately after that, we have launched a version of mood masala. This is a, we've got two sashes in it to take to your mood. Stay close to your customers, that is understand them more, see what the behavior are and see how your propositions are going to address the concerns. We found that at the time of demonetization, smaller SKUs were an opportunity area. And we started to look at driving the growth of business by pushing smaller SKUs because people were buying, they had less cash, so they could buy less amount, less at a particular point of time. People, your own team, is most important, because the negativity actually has a method of spreading within the entire organization. So what is it that you can do? How do you make sure that you continue to focus on employees through thick and thin? You know, we recruited about 270 new people. We found that our attrition has actually dropped dramatically. And we continue to focus in terms of workshops across our people. I think cost cutting is a very interesting thing that happens and all CEOs are guilty of that, including myself. Because every time there is a crisis, we say we must cut cost. And then we start, and finally the only cost that gets cut is in terms of photocopying paper and things like that. So cost cutting, of course, is very, very important. But let's not take knee-jerk reactions because cost is about strategic cost cutting rather than tactical cost cutting. And the thing that makes a difference and kind of works very well with cost is in terms of driving efficiencies. And I think there is always opportunity to improve operational efficiencies. And whatever we do, I think you can always improve it 10% year on year. And that 10% can continue every year, whether it is in terms of productivity or whether it's in terms of efficiencies. Keep an eye on competition. All of us do that. The various forums happen. And I think being focused on competition, learning from them, benchmarking your products, and quality of communication is all very, very critical. So how is the future likely to unfold for India? How do we see that? We believe the future looks bright. We believe the economy will, is bouncing back. And if I were to look at just two factors, one is in terms of how the FMCG consumption per capita is across emerging peers. And we believe that India as a percentage of GDP is just about 2%. And we believe that that can, we can assume that that share will increase. We believe that this space particularly should grow at a cager of about 15% over the next 14 years, which is 40 billion to 270 billion opportunity. Frankly, when you look at these size of the opportunity, and in fact for ITC, we have said we want to be a 100,000 crore business from our non-tobacco other FMCG business, which means that we need to grow at about 15, 15.5%. But are you ready for the growth? Are you gearing up for the growth? Are you investing enough into the future? Are you investing in capacity to make sure that you can grow? These are the questions that we have to ask and we have to actually put the money where the mouth is. Because otherwise, these will just be numbers. There are great factors that will provide the required boost to the Indian economy. We are the third largest, we are the fastest growing, we are a consumption market, one-sixth of the humanity. Recently, I was at the World Food India when we had people from across the world who had come to India and it was a great initiative by the Ministry of Food Processing to actually put the process food sector into like an industrial scale. And I think the impression in terms of the mood was very, very, very vibrant. We believe that the rule of consumption will grow. The normal range will boost both agriculture produce and food inflation has been steady over the last one year. The positive signs are around the corner. We can see the FMCG growth over the last couple of months improving. We digitization, of course, and there will be more people who will be talking about it later in the day in terms of how it is going to drive the next level of growth for India. So while last five quarters, India did witness a downward trend. But so now, as you can see, my flight is updated. Revival of Indian economy has just begun with 6.3 GDP growth in quarter two. Therefore, along with what we communicate, it is important to ensure how we communicate and where we communicate. And all this will help to build the consumer sentiments. But above all, I think it's important to integrate your economic progress with India's prosperity. Because a lot of, when I'm talking about this growth story, we are all looking at it in terms of how my business will grow. But it's very important for us. And I think the later part of the day, we are talking about purpose. And here I would like to share, in terms of ITC's approach, in terms of linking, our corporate philosophy has been that it is country first, followed by the corporate, and followed by yourself. And I'll share a few examples in terms of how we have approached this. And I'm just going to take a couple of slides in terms of what are the sustainability challenges that we face. We have, at the same time, we talked about prosperity, but we also have one third of the world's poor who live in India. 70% of India live in rural India, which is home to most of the India's poor. 12 million youths will join the workforce every year, and are they going to have jobs, will they have the security or is it going to, and therefore the onus on all of us here and organizations like ourselves, is in terms of what is it that we are doing? What are we doing in terms of both the sustainability as well as the job creation? 54% of India is water stressed. The climate change impacting on to India's agriculture. And therefore, businesses we believe cannot succeed in societies that fail. We cannot afford to continue doing business as usual. And we have to be extreme competitive. We're talking about growth with jobs, but growth that enriches and not plunders the environment. And which is what we in ITC called responsible competitiveness. And I'll just share with you what it means. So we're talking about enabling inclusive growth. This is ITC strategy. Impact at scale by integrating environmental and societal outcomes in business models. And I'll talk, I'll take two examples of this in terms of how it has been done. And it's about integrating local communities around the catchment areas of where we have our institutions and infrastructure and factories. We are very proud to share that we are the only company of our size in the world, and since we are an Indian company, you all can share in this aspect of pride. We have been carbon positive for 12 years. And you have to remember, we are also very large paper, thank you. We are a very large paper and packaging producing company, which therefore consumes a huge amount of water as well as energy. But despite that, we have been water positive for 15 years. And we are solid waste recycling positive for 10 years. We have through our various endeavors provided sustainable livelihoods for 6 million people and 47% of the total energy consumed across various factories and we have about 200 of them is from renewable sources. Our hotel chain are the world's greenest luxury hotel chain. So I'll take two examples. One is in terms of the social and farm forestry initiative, which is about creating a green cover. It's about giving sustainable livelihoods. And it also has an impact in terms of ITC's bottom line. And the numbers that you see down below, which is in terms of no power D number one, zero hunger number two, decent. This is all from the sustainable direction from the way the UN is looking at it. And these are the various areas that they're talking about. And for each of the activity that we do, we are looking at in terms of which are these areas that actually help in achieving the global objectives. So we are in the paper business. We have a factory in Andhra Pradesh in Badrachalam. And one of the key requirements of any paper plant is the raw material is wood pulp. And where do you get the wood pulp from? You get the wood pulp from trees. And therefore, when we were starting in this mission, we realized that either we are going to impact the wood pulp, therefore the green cover as far as India is concerned. Or we will have to import it. And if you're going to import it, that means there is going to be a drain of foreign exchange from here. So what is the solution that we could actually think of? And through our scientists, there is a lot of area in Andhra where our factory is, which is where tribals live. And these land is not very conducive to grow a fair amount of agriculture. And through our clonal sapling genetic program that we did, we developed those saplings which could actually grow in these areas. So we went to the farmers or to the tribals and said, listen, you get only one crop in a year. You hardly, it's a subsistence farming as far as you're concerned. Why don't you put up these trees? And we guarantee that after four years these trees will be ready, and we will buy the trees back from you. And you can sell it to us in the market prices. You can either sell it to us, or you can sell it to whoever you want to. It required a little bit of convincing, but sure, some people that are early adapters who went in, and they found that actually it's great, because now it became like a farming practice. Some more people joined. And I remember seeing a video many years back. This was a video of the first farmer, first tribal who became a farmer and who had planted the trees. And the question asked to him was, what are you going to do with this money now that you have got? And he said I'm going to do two things. First is I'm going to invest and buy some more land so that I can grow more trees. And the second is I'm going to send my daughter to school. So that was fundamental in terms of, because here you're talking about social transformation. At the same time, now when these trees have come and now we have a huge acreage which is more than 600,000 acres of green cover, that also delivers in terms of carbon sequestering and therefore the carbon positivity. At the same time, the life of so many farmers is getting transformed, and we are getting the wood pulp that we need. And so our model always has been that you cannot focus on any of the development until it is linked to your own business model. Because then only we'll continue to sustain that initiative. So as I mentioned, about 600,000 acres. So there is a social contribution which I talked about. A livelihood to about 100 million person there and employment. Environmental impact in terms of carbon sequestering, top soil retention, water recharge, and economic benefit to the organization. Which is a competitive source of pulp food for ITC's paper mill. We had a similar story which is in terms of our each opal. This is the world's largest rural digital infrastructure. And here the whole thought was in terms of how do you empower the small and marginal farmer? Because typically the small farmer, he is in the hands of the trader. Because he produces the product, he has to go to the Monday to sell. And when he goes to the Monday to sell, whatever is the price prevailing on that day, that is the price he has to sell. Because otherwise he has to carry the whole thing back. And therefore he has no opportunity to actually look at what the market prices are, and which day should he go, because the information was not available. And here I know the digital world has completely transformed the last couple of years. But this is the initiative we started almost 10 to 15 years back, where you still had to put up dish antennas and do it. And we have also evolved and now we are in the phase of what we call each opal 4.0 and being able to use the new technologies that have come in. So low productivity because there's a fragmented land holding, people have poor knowledge in terms of how they can improve productivity. There are furious agri inputs, which they are probably using, inadequate infrastructure and access to markets. And our solution was to create a digital infrastructure, to create a physical infrastructure at the same time, because now what we did was we created, in every set of five villages, we created somebody called a Sanchalak, who was, so the farmer would come to the Sanchalak and would get a certificate from him saying, okay, the Sanchalak could actually decide what the price is. And he can decide based upon the quality. So we started actually paying for quality and for the first time, the farmer, if he invests in better seed, if he invests in better technology, and if he gets better quality, he can actually get, he can command a superior price point. This is the example in terms of how do we set up the digital infrastructure, connectivity through Chaupals, we cover 35,000 villages. This is a very interesting example in terms of the lead farmer, the Sanchalak that I talked about, he has to, he cannot become a middleman. So how does, how do you make sure that he actually commits to the people of his villages, that he is like their partner? And therefore he takes a public pledge. It was the learning is from the Indian wedding, because Indian weddings don't need marriage certificate, is because 300, 500 people are there, who are the people who have kind of seen the wedding take place. And the same model was that he takes a public oath in terms of taking a pledge, saying that I'm going to look after this. Interesting model that you have to work with when you're working in the rural India. Best practices, and you can see a laptop with so many people working in terms, learning in terms of what the best practices are. We developed demonstration farms where people, we actually demonstrate what we are talking about if we are saying this particular product will increase the quality of wheat, then you have to pick up a small plot of land, you have to demonstrate, otherwise nobody wants to take a risk, because if the one season is gone, the entire output for the farmer is gone. Sustainable agricultural practices in terms of what is the distance between, how you sow it and how you kind of use the water. And apart from that information in terms of weather and price discovery. And this is the model that we've used for Ashirwal Aata, wherein we've kind of looked at the sourcing and supply and today Ashirwal is India's number one Aata. The fundamental has been in terms of our ability to actually source. What is it that we have given, this is from the farmer perspective. The second comes in terms of consumer perspective, because consumer wants a high quality product, and how do you give him that high quality product, because it's a agriculture produce. Every year the quality of, or the produce from a particular geography may be different, but you have to learn how to blend it together. And therefore, since we are able to source it straight from the farm, we are looking at every year what the quality of the particular geography is, how do you actually blend it together and actually make the product which the consumer can like, and we've been thankful to the consumer because they've continued to be the, it is the single largest brand in India. And in fact, after Food Corporation of India, we are the second largest buyer of wheat in the country. So this was the problem from the consumer perspective was, they want their Aata to be fresh, and in terms of supply chain, was how do I give them what they look at? From the farmer perspective, it was important in terms of that, are they getting the right price for the right produce? Are they getting better productivity? And therefore, how do we deliver on that? And finally, that is how the brand was created. I will run a short film. So in terms of our CSR, CSR programs, we cover about 6,100 shawpals. We do a lot of work in terms of watershed development. That's another story for some other day. We do a work with improving cattle productivity for milk. We work with education. We look at sustainable livelihoods for rural women and about vocational training program. So that's what I had to share in terms of, from an organization mission, you should have a passion for profitable growth, but in a way that is sustainable and inclusive. Thank you. I've stuck to my 30 minutes. That is why you are talking about being future ready, and what does it take to be the long game? Thank you so much. Very interesting. Many, many best practices shared. In fact, this is something that's also going to turn into a longer conversation because we are going to have Mr. Dwivedi here. But meanwhile, can I request the organizers to have the chairs for our two guests? Also have great pleasure in inviting along with Mr. Hemant Malik as soon as we have the chairs up on stage. Mr. Dwivedi. Chief corporate sales he used to be at the Denig Bhaskar Group, prior to joining the Sakal Group, one of the most respected voices who comes with a very deep understanding of the media industry. And we really look forward to this conversation between the two of you. So Mr. Malik at the outset, what an inspiring address. I think taking a global perspective of what's happening across the world into an Indian economy, and then narrowing it down to how ITC is leveraging these opportunities to really do some transformational work on the ground. I think your address covered a lot of ground. I think I had, well, practically a million questions popping through my head as I went along, but I want to be fair to the audience as well. So I will take the liberty of asking you a couple of questions. And then perhaps if time permits, open it up for the floor in case there are any other questions. I think one of the points that I picked up from your address, the early part was that brands have a responsibility to be transparent and honest in their communication to the audiences. I think going back to the Maggie controversy which somehow spilled over into IP and ITC also had a big challenge in the category itself. When you look at some of the challenges for brands such as Indigo Airlines or Zomato between the last few days, how would you advise these brands to address their marketing challenges and this communication fiasco that they have faced and recover from this and come back on solid ground because you have like a master in it. I think if I can make sure that I can protect my brands from these issues, I would have done a great job. Right? It's unfair to, because one doesn't have the full story of what the organization goes through. And I believe that no organization wants a brand to get impacted by any act of any individual or anything that has happened which has been a little out of control. How people can address it, I think hindsight is always 20-20. The principles I can only say what we follow, what we would like to follow is to be as transparent as possible to make sure that you have very, and we are in the food business and hygiene and quality is extremely important because this is something that gets ingested. So over the years, in fact, we are moving more and more to having our own factories so that we can, so we are investing in the future so that we can make sure that we can control the entire supply chain from a quality and hygiene aspect. Having said that, whatever you do in terms of control, some things may go out of way. In fact, the challenge today is fake news. And I think between real news and fake news is a big problem. And in terms of how do you handle fake news? And I think I did mention about something which we experienced briefly. And in terms of WhatsApp, it just kind of goes so fast that no media system can also handle it. So yeah, you have to be careful and keep your ears to the ground and be consistent with what you do. I think as you're rightly pointing out, I think to prevent any kind of a backlash from such a communication issue, I think it is highly incumbent on media companies to really work very closely with brands in making sure that the right messages is going out. Moving on to the inspiring part around the ECHOPAL and the social initiatives that ITC has done. When you look at the food value chain in India, I mean, farmers traditionally have been shortchanged because of middlemen over a period of time. In spite of all the digital information that ECHOPAL and other sources have provided to them, including government sources, the whole farm to folk concept still continues to remain challenged. So what role do you see organizations such as ITC and other large organizations to play beyond going beyond their own brief of doing what they can do to actually influence the public policy? So how do you take it up to a larger agenda? I think you're right, and I'll give you an example which we are going through right now. In the month of May, there were news articles which says that the farmers' potato, for instance, and we use potato for our brand of bingo chips, are being sold for like three rupees a kilo. There was so much of production that had taken place that nobody, it was just being thrown away. And in fact, governments were calling up and saying, why can't you buy? Come to, we are now in November, there is no potato in the market. And potato chips, what we typically buy for about 12 to 13 rupees a kilo to make, potato chips is available for 30 rupees. My cost of production, in fact, is a good time to buy potato chips because potatoes are very expensive and we can't change the prices. But I think what I'm trying to say is that, and we've seen this from crop after crop. One year, the price is very high, and we've seen that in pulses. You know, we've all heard about pulses for 150, 200 rupees a kilo, what is the price now? So everybody goes to make more pulses and the price. So what we miss is actually infrastructure, cold chain, which can actually make sure that the shelf life of these products can become larger so that the variation that take place in price points and therefore, always the farmer is the sufferer. So that's a challenge. And I think there's a lot of work which the Ministry of Food Processing is also doing, but that is a key area. But would you say that this is an area where there is a significant scope for public-private partnership and not just incumbent on the government? Of course there is, and I did briefly mention about World Food India, and a lot of action is happening. There is a lot of incentives being given in terms of how you can improve. I think the government initiative is strong, and you know, when you can see the kind of opportunity, I think the middle layer of infrastructure, and people like us are also doing a lot of investment in backward integration to make sure that we can look at the same thing. I think that's a great initiative. So moving on a little bit to, you know, there is this old saying, I think it comes from one of the IBM CEOs saying business is all about marketing. And marketing continues to evolve and become challenging over a period of time. In today's day and age, where there is proliferation of various kinds of media, there is an audience span of attention challenge. There is a continuous partial attention challenge, which plagues almost every brand that is trying to make a meaningful communication to the audiences. So how do you engage your consumers, both current and potential, in a meaningful and a sustainable manner through your communication? You know, the next session, I think is from Shini, and he's the head who runs my media thing. So I think he'll be the guy who'll give the better answer than I can give. So well, perhaps Shini has the answers for this one, so we'll let this one go. But just to sort of take your view on this, how do you engage your audience? How do you have a sustainable communication going? What's the mantra? I don't know what, you know, whether there can be any mantra. And I think if there is any one mantra, everybody would have copied that, and then there would have been no longer that mantra. Then you would have to look at another mantra for that, because, you know, the creativity, I think there is no limit to where you can push the creativity. But from a simplistic perspective, do you have the right insights? Have you made the right products to deliver on the insights? Because it cannot only work only on communication, you need to have something which is solid on the product, and therefore you can actually claim why you are different. Audience want to be entertained, so please make sure that your communication, in the media that you use, is entertaining, because as you also said, there are so many screens available for the audience. I think better targeting would be important. And I think, see if you can, you know, enjoy doing what you do, right? And I think if my teams can enjoy what they do, they'll produce the best results. I think that's a fantastic response. I just have one more question before I'll open it up to the floor, and as you know, Batra Jain's opening address itself spoke about exchange for media. So there are a lot of media practitioners in this room, and I'm obligated to ask you one question on media. Just bear with me on that one. Now globally, obviously, the mix of media is changing significantly. Digital is gaining a lot of stronghold, and I don't think India is any different from that. Even in India, it continues to grow. Television has a very strong presence in India. But I think surprisingly, India remains one market where print medium not only continues to sustain, but grow very significantly, and is a meaningful means of communication. So as a large organization like ITC, which is into multiple sectors, how do you really leverage or see the future for print medium as a medium for communication in your plans and in your go forward agenda? You know, for many years, I've been part of the board of Audit Bureau of Circulation, and which is representative of the print industry. And I believe that for some reason, the print industry itself feels too shy about the fact, because I think they have a great product, right? Because that's finally, you know, and it's not only the English, it's also the vernacular. We are a country where education is very, very important, and people are getting more and more educated, and therefore they are going to read. I believe that the clutter that you encounter on any other media is very much higher than what you encounter in the print space. The data that I have seen is that it shows that it over the last cagger or itself is about five to six percent over the last 10 years. And I think in this whole sexy digital, you know, you have to make sure that you have a right to play. So I take the learning loud and clear. I mean, we need to market ourselves better. I mean, I come from a print major media group, so I think that that's learning for us. At this stage, I'd like to open up the floor for any questions if there are from the audience. I know that we are a little constrained on time, so perhaps we will allow two questions. So, fastest finger first. Please go ahead. Can we get a mic over there, please? Hi, Hemant. Thank you for that wonderful session. I have actually two questions, but I think one is seriously pertinent here. I want to know, you mentioned about backward integration and, you know, things like that, and you're doing a lot of stuff with the farmers. Is there, do you really see a future where we'll be in a situation in this country where we can completely do away with this trading section of the supply chain, where the farmer can actually come to a place? Because, you know, as a consumer today, prices are just going through the roof as far as I'm concerned. You know, I'm a mother, I'm a housewife, and as well, you know, I also cook food for my kids. So, it's that, those things are just going through the roof, but like you're saying, the farmer who's actually producing any of these, and you interact more so with the farmer. So, do you think there are any immediate things that, you know, as people, as a community, we can actually do to get farmers closer to us, so that we protect their livelihood, and as well, get the benefit of, you know, the best product? I think, no, no, you're absolutely right. This whole middle men, which we typically call. But I don't think that, you know, it is, it's not correct to brand traders as something wrong, because a lot of us are traders in many things that we do. And there is a role that it is required in terms of, because there are million farmers and million consumers, how are you going to connect them? There has to be certain platforms. And we've seen platforms change, and you had a platform for taxis, and you've seen how Airbnb or Uber has changed those platforms. So, platforms can change. A lot of work is happening in terms of actually, in terms, particularly when it comes to buying and selling, and there are platforms like APMC, which at time have been constraining platforms, and a lot of government have now allowed that to be kind of opened up. And so that anybody can go and buy from the farmer. And, you know, when we, when modern trade stores came in, and now a lot of them are buying, there are people who are, but you have to remember it's a very large country. You know, you can't be able to say that from one village in Guna in Madhya Pradesh, you'll be able to find a buyer. So there will be a, but I think the difference will happen is in terms of visibility of information. And earlier the visibility of information was not there. So whatever the person told him, he or she had to believe. But today the visibility has made a difference. And I think that the digitization is going to make a difference to every farmer of the country. Thanks, I think that was a failure. So we have time for just one more question. Can I see if there are any hands or anybody needs a mic? There's one hand now. I see, I think that section has not really had anyone. So let's grant them one. Could we get a mic over there? That corner please, second row. But they need a mic, I guess. Hello. Yeah, you're audible. Could you just identify yourself, your name and organization before asking the question? That would be nice. Thank you. Yeah, hi, I'm Niranjan Prakash from Red FM. And I had a question. I've actually written it down so that I can ask it properly. Mr. Malik, thank you for some very important points. Like entertaining, sustainable and inclusive. That's what brands really need to be. I want to ask this question more as a learning and not as a score. But what is your strategic point when you get combated by brands which look ultra sagacious, quasi-religious, extra patriotic? They call upon the conscience of the common man. Well, you actually have examples on ground. And how do you, from a strategic point of view, how do you combat market forces? Which examples are you talking about? Could you elaborate your question with an example? Yeah, we're more specific. Patanjali. Yeah. Patanjali. I am talking about Patanjali. You can't escape a Q&A session without Patanjali. No, that's why, you know, because he was couching it in so many words. If you ask me a direct question, you'll get a direct answer. If you couch it, you'll get a couched answer. So I wanted to know what kind of answer you want me. So brace yourself. I think like any brand, Patanjali is also a brand which is marketing itself in many categories. It has got a value proposition which appeals to a certain set of consumers. Finally, the consumers will try the product. It has to deliver. Finally, the product also has to perform. And if their product continues to perform, they will continue to get the audience. I think there are a few very good learnings that we have as marketers. And I think one of the key learning for me is being the simplicity of communication, right? It's a single message. At times, you know, with our creative agencies and our whole thing, we try to make too much who-ha about something which is very simple. And I think that has been done very well. But it's, you know, so you learn from each other. It's another competitor in the market. Seems to have done very well. We'll have to keep on watching. And, you know, so we will also complete in the market. So there's, as I said, the market is huge. Many more players can come in. This is not the first, it won't be the last. We just heard this morning that there is another brand which is getting launched with 1,300 stores if you read today's Times of India, right? That's a very good answer. That's very wonderful. Thank you so much, Mr. Malik, for a really exciting address and with the Q&A. Thanks again. From Potatoes to Ultra National Brands, I request you gentlemen to both please stay back for a moment.