 GDPR is general data protection regulation. Now this came into existence on the 25th of May 2018, which is like a few weeks back only. This is a regulation which basically takes the interest of the consumer and data attached to a consumer. Important thing for the consumer now for the first time they have an ability to protect their data and have control of the data as well. So in case that any of the platform who was taking data from you till this time now has to compulsorily ask for permission before they actually take it outside. So now you have an ability to take care of your own data and probably protect it yourself. I'll give in a consumer language what are we talking about. In a consumer language let's say for example that you had a picture in a layman's perspective I'm talking about. You had a picture which you had taken when you were a kid. Now that picture you used it ten years back on a social media platform. Now you suddenly come across that picture and you probably felt that this picture is not appropriate for me. Now you have an ability to actually get deleted and ask for deletion which will not appear in any of your pieces also. Now this gives you an ability to protect your own data and take action as per your own choice. That's the GDPR in nutshell about right now. So basically what you're trying to tell me is that GDPR is protecting the right to privacy of citizens and government union. But then why everybody else around the world is over here. So let me just clarify this. GDPR has been introduced in European Union and UK to start with. Now this is where they have started with. But it's going to be spread across the world and of course the first thing which is going to happen is that GDPR although it has been constrained to those geographies. But those geographies are also sharing data across the world. It's a global village. Now anybody who's communicating with those countries or has business in those countries have also to comply with it. Now let me tell you what happens in GDPR. If in case an organization has not complied to the GDPR thing then there are huge fines related to that. The fines are to the extent of 4% of your global revenue can be taken out. And to the extent of 25 or 20 million pounds is what is the minimum. So whatever is higher is what will be fine for you. So people or companies have to be cautious in terms of what they are now giving it and what access they are giving it to people and what data are they collecting it. So they are more responsible right now. Okay so coming to the third question, what is the impact of GDPR on digital advertising marketing and data supported agencies? Well so the fact is that this GDPR education from all of these big advertising spenders do work in the European Union market, the EU market. So they will take a lot of time ensuring that their products are compliant with the entire GDPR. Now this is not an easy exercise. This is going to take a while. Because this will include automation, artificial intelligence, machine learning. Because the known that have been created by the GDPR is quite stringent. And because of the fact that they are working those EU nations they cannot just take it easy. Though it probably was for this given to me. So why does this happen though revenues that are sorry, the spends that are half monetizing are going to take a hit till the time everything is in place and they are going to be compliant. So I think this is going to affect the advertising pie to a certain extent for a while. So was there no regulation earlier? I mean consent has always been something that everybody has been talking about around the world. Then why are companies suddenly scared of having presence in the European Union, not being compliant to GDPR. I think the first thing that comes to mind that why is everybody scared is because I just said science. We are talking about 20 million pounds and 4% of annual global turnover. Now coming back to the question that you just mentioned that were there not norms in place earlier before the GDPR came into being. That's not entirely true. The fact is India why it may not have a separate sort of bill for data privacy. However the IT acts section 43A. It protects the data privacy of citizens of our country. And the fines that have been put in under those sections are quite huge. In fact up to five crores which I believe are among the highest even across ITC. So it's just that because most of the big players across the world are going to be impacted with GDPR and India. Because we have been on this huge monumental journey where we are talking about 25 billion digital transactions in the coming financial year. So obviously this is going to be like all the big players that's why everybody is talking about it to make sure that nothing goes wrong. Because these players are not only working in India but also working in the EU sphere. And so a joy if you would like to answer this. Many Indian publications including if you know economic times, ET Prime like they just want the subscription based total. As soon as GDPR was enforced even they stopped their subscription in the European Union. So is it something that they are doing wrong and I mean something that's grossly wrong in how they are collecting data. That's first point and second is how big is the impact of the GDPR compliance in Indian media industry. See it is not that they were not compliant earlier. It is not that they were not doing anything to protect the data of people as well. It is just that there was a deadline set which was 25th of May and there is too much of stake. So it is a cautious approach which not just Indian companies across the world people are taking. Now what they are doing is very simple for the timing they are taking off a few things just to ensure that whatever other see it's a new thing. So they need to take time to understand and then accordingly act. They don't want to make mistakes which will actually put them into trouble. So what they are trying to do is basically taking more time to understand what are the requirements make it compliant. Ensuring that the data team talks to the compliance team. They come up with a solution and then solution is something which will be given. So in the interest of longer run they are taking a hit currently to ensure that they are not available. But over a period of time when they are already compliant with GDPR they will come back again and probably do that. Now that's an opportunity as well remember the opportunities like this if there are GDPR compliant companies who are actually now able to take care of the compliance issues completely. And they are confident about it. That actually will be preferred in European markets all across the world as well. That gives you a positive thing as well. So I am hoping that all the Indian companies are now looking for to get GDPR compliant and then come back and then release it. So basically what you are trying to tell me is that although the companies are sort of afraid of huge penalties right now. But this might actually turn out to be a big opportunity for the Indian market. Absolutely. Pankaj, what's your thought on this one? Right. So there are a couple of conditions. I mean as Jay rightly took us into the line direction that this is not only a huge risk but it also can turn out to be a big advantage. However I want to first touch base. I want the first question that you answered that why are suddenly companies slightly more cautious or have taken down certain things that are already dealing with the European market. Now the biggest challenge is to understand for any of the CXOs of these organizations is that they have been collecting data because they have been working in those spheres for the longest time. But now with the GDPR coming in and the fines being so huge and the penalties being so steep. They have to first do an assessment of the data that they have been collecting so far. Because the flow of data is huge now which is in terms of numbers but the entire transit of data within the organization is quite complex. So if you ask this AACXO that can you tell me where this data of this ecosystem is there. I do think AACXO would be able to answer that because the enough flow of data within any organization is quite complex. So these people why they have taken down is because to buy time to understand what is for doing an assessment. Where is the data that they have been collecting? What is happening to that data? Where is it? And what is that organization currently doing with it? So once they have done this assessment then they can figure out a way to structure it within the north of the GDPR. Now this I have said it from the two lines but you also understand this is not as easy as it sounds. This is quite complex so this is going to take a while. And the fact is that the repercussion of not taking this, during this exercise the result of that could end up in huge fines. This is the reason why all these companies have taken this cautious approach and rightly so. It makes sense. Now coming back to the opportunity as Jay mentioned that if you are complying what can it do for you. Now just a little while ago I mentioned that India is a digitally enabled economy. At least that's where we are talking about a huge number of digital transactions in the financial year. And now obviously it's pretty good ruling that privacy is also fundamental. But it's important in India as well. It's not only because of GDPR. Our idea also talks about the same. Now how is this not the right? Right so I think well I would talk about that now India is obviously working towards being a digitally enabled economy. We are talking about aiming at billions of digital transactions in the financial year. And also on top of that Supreme Court recently you know when the entire bar here was happening. Supreme Court ruled that privacy is a fundamental by its citizens in India as well. So it is not only GDPR that is making Tampu's look out for data privacy and its related bonus also. Because India has broken up more and broken up more because the IPR has always been there. But it's not the importance of the entire data and how it is being dealt with. Now why is this an opportunity? I think this is where I was going for the work out. Now look at data is like the new oil. Data is the biggest currency and that is how we are looking at it. And in India the biggest organizations or sectors like IT acting, services. All companies working in the entire outsourcing sphere. All sectors data and whatever it is. They are working very closely with the entire EU space. Along with the telecom, banking, life sciences. All of these companies have invested a huge amount of money so that they can get some sort of run by working with the EU. Now with the GDPR coming in they won't want to work with organizations who are GDPR from behind. Because they are not so stringent. They have created lots of data. They will ensure that they work with the best of the people. Now this presents a huge opportunity for Indian organizations who are already working with the few citizens of all of India. Whatever manner. If they are able to become GDPR that could provide like a... First we have to work with them so to speak. In that space which could give them competitive advantage in the space. Because this is going to come up especially in the EU. Because they won't want to work with countries who are GDPR from behind. So yeah this presents a huge opportunity for Indian organizations. So while I understand what you are trying to say is that ok now European Union would be looking for companies that are GDPR compliant. And therefore companies would be making themselves compliant with GDPR. But what about other governments of other nations? How do you think other countries are going to wake up to it? Are they going to come up with their own regulations? How is it going to work out for other countries? Because like you said data is new oil. Everybody wants more and more data. It has made things so easy for everybody. How do you think it is going to affect other countries? Do you think they are going to wake up to it? Mishra see this GDPR is like a benchmark that a European Union has set. Now you are right that I think most of the countries would. How does it work? Because data has been something which has been with minds and economies are affected. By even past 5 to 7 years for sure. Even small economy. Now let's say in India for example as I said we might not have a separate IT Act. Sorry IT Bill but we have an IT Act 43A which accounts very quickly about data. But on top of that we look at within India itself. There has been a huge debate about the IT Bill so to speak. What should we include? What should not be included? A lot of it would be taken from the GDPR to ensure that if these are... Because European Union comes up with the most urgent program in terms of data privacy. It's all with setting the benchmark for that. So other guidelines could be taken from that. This is how they are protecting the data rights of their citizens. I am sure that Indian laws in other countries new law could also be created or just created. Based on similar sort of guidelines to ensure that. Sir would you like to add something on how important protection of data is and where do we stand in terms of protection of data as a nation? See it's very simple. We are a country of 1 billion people which is like a good percentage of the world population. And we are a democratic country. You need to ensure as a country the data needs to be protected for an individual. It's important for us to have laws where individual data is completely taken care of. I have the opinion that yes GDPR is first in a good step towards that direction. And we should have India coming up with probably the similar regulations where it is difficult for people to go away when they are able to take the data. Now there should not be any leakage at all. Because understand that if in case the data is misused that can lead to a lot of complex situations as well. So to ensure that we protect the interests of individuals and citizens of the country we have to come up with regulations or things which are going to ensure that people believe in what they are giving it to you is going to be protected. Do you think there is a long way to go as a country? I think we are a country which is very pro IT. We understand this better. In fact as Pankaj rightly pointed out that there are already laws available which protects the interests of individuals as well. I don't think we are very far. It is a matter of now the country coming together to put a framework in place in executing it. I am not sure it's too far. I think we are very close to coming close to the GDPR as well. Thank you so much.