 Have a round of applause while we will be welcoming our esteemed keynote speaker, the Honourable Paul Fletcher, MP Australian Parliament. May I kindly invite Mr. Puneet Jain, CEO of Hindustan Times, for a conversation with Mr. Fletcher, please. Ladies and gentlemen, we request you to kindly put your hands together as the two gentlemen join us here on stage for a quick conversation, which I promise you will be very interesting. Thank you. Over to you. Hello. Thank you, Mr. Fletcher. It was a very insightful conversation. Actually, I have answered all the questions at least I had in my mind. But it's a privilege speaking to you, somebody who is a key architect behind this pioneering legislation, which has brought just all for the economic imbalance between platform and news publishers in Australia. I had a couple of questions for you, which our audience perhaps also have. You spoke about how unfair competition between platforms and news publishers in Australia was one of the reasons which prompted the government to, let's say, come up with a draft legislation and convert into a bill, which as you mentioned has now generated the success it aimed out for. Do you think those tenets of unfair competition are there in other large markets as well? And does it mean that perhaps legislation is one of the most clear way of solving for this problem? We were very clear, as I mentioned, that we saw this as a competition policy issue, which is why we asked our competition regulator to take the lead on it. Competition is a very good thing. Competition drives innovation, delivers better outcomes for consumers. So we were emphatically not against competition. But of course, unfair competition is a problem. And that's why anti-trust legislation was introduced in the US from the early 1900s and why most countries around the world have a competition law regime. It will depend, in answer to your question, as to whether it's a competition problem in other markets on all the factors and realities in those markets. What, if any, are the commercial deals between the digital platforms and other news media businesses? What are the market shares? What are the revenues? Those are all things that need to be analysed. But certainly, I think one of the lessons from our experience is have a look at this in competition policy terms in arriving at your policy response if you determine that a policy response is justified. What about the challenges you and the entire associated members had to go through to be able to come up with this legislation? You spoke about how Google and Facebook perhaps threatened, and in some cases in case of Facebook, they even withdrew new services. So what, apart from these, what are the other challenges, slash, processes you follow to be able to come up with a very comprehensive bill which addresses the various standards of this problem in a sustainable manner. So that not only in case of the platform we see now, but in the future, we might see more platform, we might see more such tech coming, I mean, chat, GPT is already talk of the town. So which addresses not just the challenges today, but of future as well? Certainly, as we were doing this, one of the challenges was that 2020 was the year in which COVID hit in Australia as it did in most countries around the world. And I know it created great challenges here in India and it created great challenges in Australia. Certainly for media businesses, advertising revenues dropped very sharply during that period. We were worried that we would see news media businesses collapse and at a time when our population was already very concerned about the impact of COVID, the impact on public confidence. If we'd seen a significant news media business cease to operate was also something we were troubled about. But at the same time, we needed to take the time to make sure that we had a carefully designed code and that we had properly given all stakeholders, including Google and Facebook, the opportunity to put their case, to have that considered. And it was very important that the rule of law applied at all times. These are significant private interests and it is very important that investors have confidence that their interest will be properly considered and they have the opportunity to make their case, including ultimately through a court process. And it's important to be clear that if Google or Facebook were unhappy with the application of the code, it's embodied through legislation of the Australian Parliament. They have the right to challenge that in a court and a judge will assess it independently. Interesting, interesting. Thank you. I think one last question from our side. I understand that you mentioned you wouldn't want to advise the Indian government, right? What would be your advice to Indian news publishers as well as Big Tech, both of them are in audience today in on this event? Again, I'm very conscious that the Indian market is distinctly different to the Australian market, much, much, much bigger. We're 25 million people. It's a tiny fraction of 1.4 billion. And the complexities of publishing in multiple languages and having populations in particular languages that are bigger than the populations of most countries. The very different economics that apply, as I understand it in this market, competitive Australian markets. I'm very conscious of the differences. I think the one message I would want to leave you with is that when commercial people from the digital platforms have sat down and negotiated with commercial people from news media businesses, they have been able to find ways in which both sides get commercial value. And one of the difficulties that the news media businesses consistently raised with the Australian government was they found it very hard to sit down and have those negotiations. They found it very hard to get a human being to talk to. And once those negotiations have happened, the feedback has been that there have been ways found to identify some win-win approaches. Now, I don't want to overstate that. It's clear that it took this mechanism to get the parties to the table. And of course, if you can run a business and get inputs and not have to pay for them, that's great. But ultimately, this framework has now got those negotiations to occur. And so I think that is perhaps an observation that could be drawn. Wonderful, wonderful. Thank you. Thank you, Mr. Fletcher. So in simple terms, you're saying sit and talk, that's the way forward. Great. Thank you. Thank you, Mr. Fletcher for such a wonderful conversation. Thank you very much. Can you have a round of applause for the two gentlemen on stage, please? And Mr. Jain, can I request you to kindly present a moment to Mr. Fletcher as a token of appreciation. Keep tweeting about everything that's happening and you can catch on to the tweets which are there on the platform as well, please. Thank you. It was a pleasure having you here.