 And now it's accepted officially the last quarter, the growth has been just five percent. Down from eight percent in the first quarter of 2018, it was steadily coming down to five and there is no light at the end of the tunnel. The one way of getting out of taking hard decision is to say, is structural, problem is structural, long run. It's not a question of aggregate demand. That's what the union finance minister said. But everything points to, of course, there are structural problems. Many are structural problems of interpretation, our position regarding the structural problems that the economy faces may be very different from government of India, but there are structural problems. But within the broad framework of the structure, there is a cyclical downtrend that has occurred where aggregate demand has come down. You have the consumption, demand going down, right from automobiles to biscuits. Every, there is an inventory building up and layoffs taking place point to consumption demand going down. And also the latest number which came today regarding the industrial growth. The sharpest decline in July has been in the capital goods segment when compared to last year's July it is minus 7.1 percent. This shows how the investment demand has died. And therefore you have a situation of C and I declining and you'll have a deleterious impact upon Y. So simple truth is Y is equal to C plus I. And there's a third component, G, the government expenditure. So if you want to have your income grow or at least remain the same, you have to increase G because it's accepted today. Nobody can divide that C plus I is going down. So elementary macroeconomies will suggest that you have a fiscal stimulus to increase your G, government expenditure. That's what they refuse to do. You have to think about it. And to me, surprisingly, not only Nirmala Sridharaman, but also Dr. Manmohan Singh. Today's recipe 5.1 program came out. He has almost forgotten everything he did in 2009 and 10. Yeah, his prescriptions have been again structural. Streamlining, DST, agriculture. All this needs agriculture growth, etc., have to be done. But the simple thing, there is a collapse of aggregate demand. And the only way the economists can respond to it, the shorter, is by stimulating demand. So, no. Even industry very severely suggested as such a given memorandum say, 1 trillion rupees stimulus package, which is nothing, I think, 1 trillion. They have taken 1.76 lakh from the reserve bank, so what is 1 million? 1 trillion. But nevertheless, at least they suggested, you see, but it was just brushed aside. When 1.76 lakh rupees from the reserve bank reserves came, there is not going to be a stimulus package they are making, but no, they have different ideas. I think they are just going to fill up the gap in the revenue. It just fits the gap. I think when they made the budget, they had calculated how much money they would require from the reserve bank and just left that gap and just took the money for the gap. Whatever happens, they don't want the fiscal deficit to rise. That's a part of the story. We'll have to come at the end. So, I think, from my position, no, my position is that what we require is something like what we did in 2010, big stimulus package. And what are the components of this package? First and most important is putting money in the hands of people. Now, I don't say dwelling out to everybody, but double the expenditure on M.J. and R.E.G. That's a simple thing. You expand it to the urban sector. You increase the number of days to from 100 to 150 and you increase the wages by 50 rupees and your 70,000 crore rupees will go to 1.4 lakh crores. And that will immediately bring money into the hands of people. Also, now anyway they are concentrating on creation of assets. Assets will be built in the rural areas. Some steering will take place. Some stimulation. At least, discuss they will buy. They may not buy the cars. They will definitely discuss they will buy. Now, second would be, biscuits are taken care of. How do you take care of the cars? Now, the best and simplest would be, why are the cars sales down? Simply drying of the credit. Major part of the credit for car automobile purchase from not the banks, but NBFCs. And ILNFs, for whatever reason, Reserve Bank decided to make an example of that and therefore didn't come to the aid and therefore frondering. That is Boston and Diane non-banking financial institutions from aggressively lending. And they are covering the risk. Therefore, credit for the consumer-durable sub-trado. Now, we have a strange prescription given. Everybody is discussing the channels and everything. I am the only person standing again that humidity slash the GST rates for automobiles. First of all, one has to calculate the price elasticity of the automobiles. What will this small percentage decline decrease in the, 5% decrease in the tax rate will do? First of all, we have to accept that the slowdown in the automobile sector did not come because of high GST rates. Because free GST rate, if we include state VAT and central excise, I am not adding service tax. All ads are service tax component. And CST, well, it is about an average about 10% point higher than the existing GST. So it is not the GST rate which has created the issues. More than that, if at all I would argue, and that is the position I am going to take and go on, if you want to cut, you cut the sense. Compensation is us. Don't tamper with the GST. Why do I say that? Now this is only revenue of the states. See, you have a conservative fiscal policy which does not allow in the time of a great slowdown the fiscal deficit to rise, not only of the center, but also the states. Then you cut the revenue, all the states will be forced to have a contractory policy, which will be totally counterproductive. So then the question raised is, suppose you reduce the SESS, compensation SESS, then how will you compensate the states? I am saying very simple. Let government of India give a loan to this fund and extend the SESS for two more, three more years till this is recouped. It is supposed to end in fifth year. No, let it go on to seventh year. What does it matter? It is not of any fundamental constitutional principle that is involved. So if you want to reduce the price, well, don't tamper with this because there is a question of equity involved. Today, the economy times carries the headline, the five persons are taxed on necessities to be raised to eight persons so that you mobilize resources lost giving tax consistent to automobiles and consumer durables. Now this is the most iniquitous suggestion you can have. In a country like India, whether it's high level of inequality, the consumption pattern of rich and poor are so different, majority of the people are the elite. Here is GST itself, taxes on the consumer durables and elite consumption has been reduced. Now you want to make it one single tax for SUV and say, having property, it is obscene. That's what I say, it is obscene. You want to suggest that, single rate. They say it is so complicated, so many rates. See, think of the period, the pre-GST period. There were about 18 taxes which were sub-sumed. Rates of each of these taxes differed from state to state. See, the whole complex indirect tax system that existed. It has been simplified into four structure, same rates. Of course, you have to accept there is something more than ease of doing business in India. Just not ease of doing business. There is the question of equity. That's important. Revenue for the states. These are very important concerns. So, when the question issue of ease of doing business becomes paramount about everything, everything else is given by. So, they have been suggesting this. Then what is that? Then the question is raised, how do you then get rid of the present problem in the automobile sector. I would say, provide credit. If necessary, provide an interest submission. Anybody who purchases automobiles within the next six months can say interest submission. You will all friend-lord their purchases. If you look at the data on the purchase pattern or aspirations of the millennials, which has come out yesterday, you will find that as an age comes down, they don't want to purchase immediately, but the proportion of people who want to purchase say in the next two, three years, that goes on ballooning. In the credit industry, they will all purchase now. They will take care of your demand problem. Instead of that, what's the amount of energy being spent upon these tags? How to do that? How to take it? How to raise the 5% to 8% and so on going? So, I would say consumer durables provide liberal credit. If necessary to entice people to purchase now, that's the way for them. And third, have a big infrastructure spending. Use this as an opportunity to enhance your infrastructure spending. There are a whole lot of infrastructure halfway finished line. Nithin Karkari is being pulled up for thinking of too much of roads in India. Well, this is an occasion you can spend. This is an opportunity, I would say. The crisis. Every crisis provides an opportunity if you are willing to take it, take up the challenge. What is preventing Government of India from consuling these options? Each of these options I suggested would result in an increase in the fiscal deficit, something they can't. They'll fund the data totally. But they want this optics to be good at 3.3, 3.4 whom are they trying to show? And that's a big question of today's Indian economy.