 Thank you so much Punita and Entrepreneurship Awards for inviting me. As Punita mentioned, I'm just in the midst of releasing my book around the speeches and the various discussions I had as a deputy governor at the Reserve Bank of India until July of last year. What I thought I would do is touch upon a theme that is very close to my heart. It's not the central theme of the book. The book is titled Quest for Restoring Financial Stability in India. It is a broader discussion in the book on how the central bank, the government, the markets, the firms, the banks all need to strike the right balance in helping India grow well on a sustainable basis. But there is a portion of the book that is focused on how we can create the new set of micro entrepreneurs in India. What role can bank credit play in achieving this? And in particular, how do we democratize credit? How do we secetize credit so that all individuals in the country with bright ideas might be able to create their credit histories swiftly and get access to formal credit, which is so crucial in the early stages of entrepreneurship to actually evolve into young successful budding entrepreneurs of the type that many attending today are. And if I could start on a slightly different theme before I give my main remarks. I've been very closely associated with a charity in India called Pratham. Pratham is an NGO that is focused on large scale replicable delivery, low cost delivery of education for underprivileged children all over India. And I've been associated with Pratham for over 20 years now. And there are two remarkable things that I have learned about the grassroots of Indian realities, which are very uplifting, in my view. The first is that even in the poorest neighborhoods of India, you go to slums of Dharavi, you go to some of the poorest villages in India. When you visit Pratham's programs and meet some of the parents, what you hear is that even the parents at the last mile, at the last doorsteps, they are keen to get their children educated. Now that's one side of it. That's that Indians have an overarching focus on education. They want their children, regardless of where they are in the economic strata to study well. I think it is deeply ingrained in our sanskriti, in our culture. You know, there's a Saraswati Ma, as you see at the back of me. And that, you know, education is the way out. That is the light. And in case of poor people, that's your ticket out of poverty. But second, and more importantly, what I discovered was that a large number of women in India are actually the true micro entrepreneurs. They take on the most fascinating services jobs at the last mile. They start off with very small working capital, sometimes extremely small loans, if they are lucky from formal system, if micro finance institutions or small finance banks or some of our larger banks are there. And in other cases, they might be borrowing informally, but they start out very small, then they gradually increase the sizes of their loans, they increase the terms of their maturity. And what is fascinating is that many of these micro entrepreneurs, the women that I'm talking about, they're all moms. And they are doing this because they want to send their children to schools. In some cases, they want them to go to English medium schools, because that's going to be necessary when the kids go to college. Or in other cases, they want to do this because they want them to be trained in computer science, where there is an increase in creation of jobs and further entrepreneurship opportunities. In my view, every entrepreneur starts out small, every entrepreneur starts out in their study in their garage in their in their bedroom with a small idea. They have very limited capital to start with. And then the question is, can these bright ideas be allowed to be explored? Not every idea of an entrepreneur leads to success. But the way thriving economies grow is that a large amount of innovation and entrepreneurship takes place. And formal finance through micro finance credit or bank credit has a key role to play in this. Let me just also throw in that at least my share of all the proceeds from the book will go to Pratham, the charity that does work on education. It's also doing work during the COVID for providing digital content to children all over the country in over 14 states working with a large number of NGOs. And I would urge all of you, if you have time and the bandwidth, not just to support Pratham directly or indirectly, but also explore the excellent work being done by other NGOs to support education, entrepreneurship, skilling of the youth in the country. Let me then turn back to what I wanted to really talk about, which is, can India's banking system support these kinds of micro entrepreneurs by learning from the shampoo seche revolution? Okay, so what do I mean by this? If you recall, you go to a small hotel, any in any part of India, usually when you go for a shower, there is a very small shampoo seche. It's not that easy to open, but what is remarkable about it is its size. It is packaged in a way that its price is very low, and almost anyone in India can afford it. And this to me is the is really the way that Indian banking system can support the budding micro entrepreneurs of the country. Even seasoned statisticians, of course, can be thrown off by India scale. India's GDP is currently just short of $2.9 trillion. Therefore, we are the world's fifth biggest economy in nominal terms and the third in purchasing power parity. On purchasing power parity terms, we are now only behind China and the United States. But there is another way to look at these numbers. We have a population of 1.3 billion, and the average Indian makes only $2,100 a year in nominal terms and $6,900 in PPP terms. Now on this per capita basis, India ranks 142nd in the world rankings. So there's a long way to go before everyone shares in the nation's prosperity. And as I've been saying, what is the way out? I believe that education, micro entrepreneurship, support of this micro entrepreneurship through the formal banking system is the way out in my view. Now among the first to realize that India is one of the world's most paradoxical markets, both simultaneously large in scale but small on a per capita basis was the fast-moving consumer goods or the FMCJ industry. Up to the late 1970s, most Indians were not even buying shampoo. This was not because they didn't have hair like me. This was because they did not want to. But the average bottle of shampoo cost more than most Indians were willing or were able to pay. In other words, the delivery of shampoo was not in a manner that everyone in India could consume it. In response, what did the FMCJ industry do? An ingenious entrepreneur put single-use quantities into a small sachet that could be sold for one rupee each. And the sales just took off. They had a meteoric rise soon after. Customers were offered a first rung on the ladder of consumption and this encouraged them to take the next step of consumption. FMCJ companies in this manner showed that big problems in India can be addressed by providing small, clever, innovative solutions. The act of making affordable bite-sized packets out of regular products came to be known as Sachetization. Sachetization of everything from biscuits to body creams changed the FMCJ industry in India forever. Indians wanted the same things as everyone else, but they could only afford it one sachet at a time. Think about the ongoing COVID episode in the country. Clearly, the hinterlands, the migrant labourers, rural India is being served by the FMCJ industry very well, even in the midst of this problem, one they have the delivery at the last mile, but also they are selling things in sizes that the average Indian can afford. And unsurprisingly, the FMCJ industry is showing signs of actually robust maintenance of this, of its sales, even during the pandemic. As a central banker for India, when I was there during January 17 through July 2019 and an account of which is summarized in my book, during that time I wondered if we could Sachetize finance, we could democratize credit to lift people out of poverty. India remains one of the most financially under penetrated large economies in the world. On the one hand, we have a big non-performing asset problem with our large industrial credits. And yet on the other hand, we have an under penetration of credit at the last mile. An estimated 50% of the people are employed informally in India. Many of these, in my view, are the true micro entrepreneurs like the women I was talking to you about. They may earn as much as those in formal employment sometimes, but they remain invisible to the banking system. So when they want to loan, the bank denies them credit unless they can offer a hard asset such as a collateral. But of course, collateral is not that easy to come by if you are at the last mile, if you are below the poverty line. The average Indian cannot provide collateral and therefore ends up resorting to informal finance at usurious, extraordinarily high rates and often onerous terms, not to mention the very inhuman collection policies that are sometimes put in place by these informal money lenders. The underserved Indians are like square pecs. The banking system of India is around whole. It is no surprise therefore that India's credit to GDP ratio stands just around 56% compared to the advanced economies or even China where it is in the range of 150 to 200%. When I was at the Reserve Bank of India, we took two important measures to make Sachetization in Finance, the democratization of credit habit. The first was to initiate steps towards the creation of a public credit registry. The public credit registry aims to be a comprehensive database of information for all credit relationships in the country from the point of origination of credit to its termination. It would include information about whether a loan is being repaid, whether a loan is being restructured, has there been a default, has the default been resolved and so on. It's a complete chronological history from origination to the termination of credit and the public credit registry is meant to be comprehensive. It would cover all lender borrower accounts without any size threshold. The primary reason for building a public credit registry or a PCR is to remove the information asymmetry, the lack of transparency that small borrowers face. It would provide the lenders with a 360 degree view of the borrower's liabilities. The secondary reason for creating the public credit registry is to provide bankers with up-to-date information on the quality of their credit portfolio. So this is the first measure, the creation of a public credit registry. The second measure is the creation of the account aggregator, a new financial institution that manages how other financial institutions access your data based on the consent of the borrower. It enables users to demand their data from their financial service providers in real time in a machine-readable format. Now what's potentially beautiful about the account aggregators is that they can gather data from all financial institutions and the concept can possibly be expanded even to your tax receipts, your utility bill payments, perhaps even to your mobile usage and the internet fees for data calls that you are paying on your mobile phone. But the idea is that a lender should be able to see the sum total of all the financial transactions you are doing, credit, non-credit, immediate payments, future payments, etc. So this would cover banks, non-bank finance companies, mobile money wallets, mutual funds, tax receipts and others who are willing to offer their data over mobile apps. Regulations would ensure that the business model of the account aggregators does not encourage reckless collection of data and of course the privacy of the data would have to be respected. So the account aggregators would have fiduciary responsibility to each individual submitting data to them and they would not just be data brokers for the bank. The account aggregators would simply manage the flow of encrypted data and not actually read it. Together, the public credit registry and the account aggregator can allow financial intermediaries to see in near real time the complex patterns of financial cash flows of individuals and businesses. As I mentioned, this could include your utility payments for small businesses, this could include even their GST invoices if they are above the GST net. But even at the most micro level of the entrepreneur, the history can be contained in the public credit registry and the account aggregator based on any financial transactions they are doing. This could be your mobile wallet payments, this could be your phone payments, data payments and so on. When these systems kick in, banks will be able to lend judiciously to India's underserved population in terms of credit. By employing the power of big data analytics and machine learning, banks can then create individualized financial products. They can create credit scores for even the last mile borrowers of India, the last mile fresh young micro entrepreneurs of India and for each such user out there. Now to get back to shampoo seshes, financial services provide us must, in my view, reduce the size of the packaging and rethink the formula itself. What is the point of a one year loan repaid in monthly installments to a micro entrepreneur who earns only once the investments actually come to fruition or a farmer who only earns during harvest? If the formal financing system can observe the cash flow patterns of these micro entrepreneurs through other transactions that they are doing, they can start doing cash flow based lending. They can start serving the unique needs of Indian customers based on the specific maturity profile of their cash flows. This way, with the aid of smarter technology, there's no reason why we can't raise India's credit to GDP ratio over a period of time and bring it in line with those of more high income nations. To summarize, making cash flow based credit available to every Indian could be a small solution to India's big problem of financial inclusion. It is my view and conviction that actually if we have more micro credit, if we have more credit for micro entrepreneurs of the country who eventually will become, some of them will become the big entrepreneurs of the country, that not only do we push India's growth agenda forward, not only do we create skilled jobs, but as I was saying, a lot of the micro entrepreneurs are often doing it to meet their household's needs. Some of these needs relate to the education of their children and therefore access to formal credit for these micro entrepreneurs will also actually keep our young, our youth educated, skilled, even in the most underprivileged parts of the country. I wish to congratulate all the award winners today. I'm sure you have bright ideas and businesses that are being recognized by the Entrepreneurship Awards and I also wish all the other entrepreneurs who did not make it to the awards, they're the very best because entrepreneurship is inherently about exploration. It need not be the first idea that pays off, but as they say in entrepreneurship, if you fail, fail fast and restart again, all the way best to all of you. Thank you very much, Dr. Acharya. As I was listening to your talk right now, can you see me? Yes, I can. So you made some really valuable points out there when you mentioned that if entrepreneurs fail, they have to sort of rejake, but in today's time, when the pandemic is probably going to put multiple businesses out of business, so to say, how can banks be coming in support of such entrepreneurs? I was asking this earlier also that digital transformation is something that is the need of the R today, but for an SME, it's very hard to prioritize that kind of digital transformation and put aside funds for it. So do you think there could be some innovation loans that can be extended to SMEs who can then probably find their way much easily than what they are facing in current situation? Certainly. I think that's a great question. COVID, of course, throws many of our traditional wisdoms on its head. And if I could make an interesting point here, perhaps somewhat contradicting myself, but only in the context of COVID, my former advisor and my colleague now at NYU Stern, Professor Marthi Subramaniam, he has been arguing that during COVID, what entrepreneurs need is more longer-term finance. They need more equity-style finance. It may not exactly be equity. If it has to be credit, then it can't be the typical very short-term credit. It has to be longer-term credit because we are in a fog of uncertainty, as you rightly pointed out. Now, what would give banks the confidence to be able to make these types of loans? There are two possibilities that are on the table. First and foremost, banks need to be well-capitalized. They need to have capital on their balance sheets to be able to absorb losses. What has happened, unfortunately, in the country is that a large number of banks over the last decade have just been fighting their past loan or legacy problems. And that has prevented them from having the right risk return attitude and approach towards newer loans to potentially healthy ideas. So that's one. I think the banking sector and the non-banking financial sector needs to be in great shape. But the second thing I would stress is that the Reserve Bank of India, in fact, prior to my joining, started recognizing that we need different classes of financial institutions in the country. We need small payments banks. We need small finance banks. We need micro-credit institutions. And I think we need to ensure that this whole range of financial institutions are in good health to allow the entrepreneurs, as you mentioned, who are right now undergoing massive transformation perhaps in the midst of COVID, to be able to take up these opportunities. Sure. And you mentioned that today the banks need to think in a more equity style way. From where I'm looking at things, I think five years down the line, right now we have a difference between a startup and an SME, where there is more innovation and then SME is more about production and selling. But I do see these worlds collapsing together in some way because there is going to be a lot of digitization happening for SMEs. So do you think the financial structure is also going to change? If SME and startup becomes one in the coming years, then do you think venture debt and venture capital is also likely to see some kind of fusion in the coming years? I think absolutely. In fact, if I could push my former advisor, Marty Subramaniam's idea a bit further, their idea is that once this long-term finance or equity style investments are made, they could actually be all collected. At the level of India's typical small entrepreneur, again, these are going to be relatively small sized loans. And it is not going to be the case that you can get a large investor directly into each of these loans. But you can pool a large number of these loans together and create some sort of a fund. So the underlying cash flows will still have credit. But once you pool them together, a lot of the individual risk of each entrepreneurship loan would be far reduced in the portfolio of loans which is out there. And now you can basically try to securitize that there could be a safe tranche of this SME portfolio and there could be a riskier tranche. The safe tranche could be bought by those who like to hold debt style paper and the risky tranche could be invested in by venture capitalists and private equity investors. So while the venture capitalists and the private equity would not be directly lending to each small micro entrepreneur, this could be an interesting vehicle through which we could potentially make this possible. So I think the innovations in finance that take small loans and pool them and securitize them to raise larger financing in markets, it's already out there. We need to figure out a way to put it to good use in the midst of the pandemic. So according to you, this is probably the new semantic of investment banking of the 90s. Absolutely. I think finance always evolves organically to meet the needs of the economy as it's changing. I think this has always been a property of finance, financial institutions, newer forms of intermediation all through its history. And in my view, given the challenges I mentioned for India, what better time to do it than in the midst of the pandemic? Sure. We'll quickly ask, I'll take a couple of questions that have come up on the screen from some of our delegates. There's somebody who's asking, do you think that the shape that I, do you think that the shape that IBC is in today will suffice to help businesses given that they are battered by the pandemic? You know, so see the pandemic has two features to it. In some ways, the pandemic is accelerating some of the trends that are already happening. Would we have been switching towards e-commerce in five years time? Of course, we would have been. That is the trend that is happening the world over, including in India. The pandemic is going to accelerate some of these trends. But at the same time, the pandemic is creating difficulties for some of the services sector entrepreneurs. You know, they could be in hospitality, they could be in travel agencies and so on. So there's a combination of two kinds of bankruptcies that are likely to happen in my view. One is a natural creative destruction as we reorient the productive capacity of the economy from old technology to new technology. And second, where the technologies are going to be needed in future as well. But temporarily there is some sort of a protracted slowdown. Now, clearly for the first transformation, we have to use bankruptcy. Bankruptcy is not punishment as Raghuram Rajan keeps pointing out. It is a way to restructure debts and that has to happen. In the second set, there is a scope for some temporary accommodation, the debt moratorium, etc. have been announced. I'm personally not in favor of the suspension of the bankruptcy code for fresh bankruptcies that has been announced for a whole year. I think that's too long. It could have been at best been three months, maybe push it a little bit further. But firms have to restructure their debts. This is the nature of financial engineering that firms have to do to ensure that the right hand side of their balance sheet is always rightly positioned for the operational side or the left hand side of the balance sheet. Now, if we don't have any debt restructuring possibilities and prepackaged bankruptcies are not that common in India as of now. Banks are not that willing to actually restructure debts just because of violation of certain thresholds, etc. So if debt restructuring doesn't take place, there is no possibility to resolve debts in bankruptcy and debt burdens keep rising. I see this as a potential problem for allowing both the cleaning up of the old sectors as well as financial restructuring of those who have temporarily got into trouble. So in my view, we should position banks with adequate capital so that they are willing to take losses and help firms restructure and perhaps we should consider reopening of the insolvency and bankruptcy code in the next two, three months in my view. Sure. We'll take one final question where Shanu says that a major problem in India is of non-institutionalised transactions for SMEs and MSMEs leading to black money creation, which is inherent to the way Indian economy works. So how can we approach this problem from a long-term impact on the way India transacts? I think that's a deep insight. I didn't touch upon this directly in my remarks, but one reason why formalisation helps, one reason why sachetisation of credit helps, one reason why a public credit registry might help is precisely because it's going to make the informal borrowers, it's going to make the informal credit formalised. I always think about e-commerce as a great example. Anyone can go buy and sell something on eBay as long as they have a decent transaction registry. I don't know most people from whom I'm purchasing items, but once they have a transaction registry, once they are rated by their past transactions and the counterparties there, it gives me sufficient confidence to do transactions with relatively anonymised parties. The same way formalisation of credit is about being able to lend to people based on formal or hard-coded aspects of their activity, rather than having to rely exclusively on informal relationship-based item. It has to be a combination. At the last mile, relationships are very important, informality is important, but what the hard-coding of transactions that these borrowers do would help is that it would formalise credit. See what we need and the former Niti Ayok Chairman, Arvind Panagaria, has made this point many times. We want that we create a lot of small businesses, but that eventually some of these small businesses become very large. What is not happening in India much is that small businesses are remaining just small businesses. Not many of them are migrating into becoming large mega firms. There is not as much churn as we would like in this space. How can we make this happen? We have to make small business, we have to make it attractive for small businesses to become large. Access to finance is one of the primary reasons why small businesses in other parts of the country want to become large. They start paying taxes precisely because they want it on their records when they are going to access credit that, oh, I have paid taxes and this is my transaction, these are my tax records of the last three years. Once they are in the credit net, once they are in the formal credit system, once they are on the public credit registry, once they can use the account aggregator to show the sum total of their financial activity, I believe that it will be an indirect and I think a more nuanced way of actually dealing with black credit rather than trying to simply say, oh, I must collect taxes from everyone at all costs because there is no way out. They will always find clever ways to actually get around the tax system. Absolutely. No, I think that is very well said and I think that you mentioned about credit registry and I think now in India when we are getting digital with small businesses, platforms like Facebook or Flipkart or other such digital platforms where people are going to sell their merchandise or products or services would actually find it much easier to be able to qualify their merchants, which is otherwise very hard for them. So I mean, I'm sure you've seen such examples in the US. You know, it's like, like, you know, Amazon score for my book, the score of someone who's wanting to auction items on eBay, these are no different than what credit score should be. Ideally, getting credit score should be as easy as seeing the Amazon score of a book or seeing the scoring of a counterparty on eBay. And I think that is the direction we want bank and microcredit to move towards. Sure. So I'm now going to ask Kavya to read out the award for us as we congratulate the winners now and over to you, Kavya. Thank you very much. Thank you very much, Dr. Ajwarya, for beautifully sharing your thoughts. I think it was a very pertinent question that was on people's minds and thank you so much for joining us and sharing your thoughts. I'm going to request you to please be with us for the next couple of minutes as we also go about to congratulate our award winners for this fabulous edition of The Entrepreneur idea 2020. So let's begin with our category here. Entrepreneur of the Year in Service, Business, SEM and Logistics. And the award goes to Mr. Anjani Mandal, who's the co-founder and chief executor of Fortigo. So let's all come together and probably have a round of applause as well. Okay, I think there's a little bit of sound there from the team side. I'm just going to correct it. Let's quickly move on to our next category. Before that, let me quickly share Fortigo for that matter during the 28 years of their experience in the ITBP of the country. Mr. Anjani, in fact, has led businesses through transformation and various stages of growth. So very, very befitting award there. Moving on to Entrepreneur of the Year in Service, Business, Financial. And the award goes to Atul Shingal, who's the founder and CEO of Scriptbox Advisors, Pivot Limited. Mighty congratulations indeed because they believe in providing peace of mind by always being available to work along with you as well. So let's move on to Entrepreneur of the Year in Service, Business, Security. Mr. Trishmeen Arora, Founder and CEO, TAC Security. Congratulations. Trishmeen, I think I just, yes, I'm going to request to Ishaan to please put yourself on mute so that I'll quickly announce him in the rest of the winners, all the enterprising winners here. Moving on from Security, let's move on quickly to Entrepreneur of the Year in the Service, Business. At this time, we're talking about food and the award goes to Mr. Jairdeep Barman and Mr. Kalol Banerjee, who are the co-founders of Rebel Foods. So congratulations indeed. Time for our next category quickly. From Food, let's now move on to Beverage. We're talking about Entrepreneur of the Year in Service, Business, Beverage and the award goes to, may I please say also one of our favorites, we're talking about Mr. Ankur Jain, who's the founder of BEERA. Well, congratulations indeed. I'm sure a lot of people are busy saying cheers to themselves in this era with BEERA and BEERA as we all know is a refreshingly modern beer brand and I think the way they've scaled, the way they've transformed the entire beer industry is amazing. So congratulations. Moving on, we're now moving on to another important sector, Entrepreneur of the Year in Service, Business, Education and the award goes to Mr. Ashutosh Kumar, who's the co-founder and CEO of Testbook.com. So congratulations, very pioneering sector out there in the field of education, Mr. Ashutosh Kumar of Testbook.com. Quickly, our next category is Emerging Entrepreneur of the Year in Product or Manufacturing Business, Healthcare. Again, a very, very patterned sector here and the award goes to Mr. Amebe Sharma, the co-founder and Mr. Shrey Badani, co-founders of Kapiva. In fact, as many of us know, Kapiva is backed by the iconic Baidhanath group and combines Ayurveda with latest technologies to create quality product range. So congratulations to Kapiva. Congratulations to the co-founders. Moving on to our penultimate category very quickly, Entrepreneur of the Year in Service, Business, SaaS and IT Services and the award goes to Mr. Vishwas Patel, who's the Executive Director of InfiBean Avenues. Congratulations. So Mike is on mute. I believe you have something to share. Yes. Yeah, no, I was just saying I was reading the awards that are going on. I see how many of these companies have actually pivoted where they started from and today, you know, how they are conducting their business. It tells a very different story of their persistence and, you know, able to foresee opportunities. So, yeah, I think whether it's logistics or probably, you know, a brand that everybody loves and how they sort of first went to the restaurants before they went to people to make sure that the business was all set and people knew about their products. So I think some great stories over there. Please carry on. Absolutely. In fact, you beautifully shared that, Ritu, about some of these pioneering examples that we've seen that also brings us to our final category, the final category ladies and gentlemen, Entrepreneur of the Real Estate. That's right. Real Estate it is. And let's quickly have the award winner as well. The award in the Entrepreneur of the Real Estate goes to Mr. Kamal Khetan, Chairman and Manager Director. Something Realty Limited. Well, I, you know, I do see, you know, these award winners and Sir, thank you very much for doing the honest Dr. Acharya. You know, they're some of the most emerging companies in India. They're already sort of grown big and become sizable, whether it's Cloud Kitchens or whether it's a beer brand, which is very own Indian started from India or a logistics company like Portico, which has been there and have time and again sort of gone back to their roots to figure out how they can improve the business model through technology and lots of other areas. Or even a real estate company like Suntech, which is providing quality real estate, particularly in the western part of the country. So, you know, I think for me, the entrepreneur awards have always been special. It's the 10th year we are doing it. And, you know, we never knew that in the 10th year, we're going to want to have to come virtual with them. We were thinking of like a big bang and going into an auditorium this year from a hotel. And there we are. And how types have changed. But you know, that's the way it is that we learn to live with new realities and learn new ways of doing things. And as I say, you know, when five years back, five years down when we actually sit down and look back and we'll say 2020 was a blessing in disguise because it made us learn so many things. It made us do so much fresh thinking, which we would never have done otherwise with our business. Sir, Dr. Acharya, some final parting thoughts from you. Thank you, Ritu. I just want to thank once again, Entrepreneurship Awards, but more importantly, congratulate all these budding entrepreneurs. I wish your firms the very best. And if I could end where I started, I think to me, a country becomes great. Society becomes great. It becomes lasting in terms of the value it creates for the last mile consumer, the citizen of the country, if we can somehow make the whole more than the sum of the parts. Clearly, entrepreneurship is about innovation. It is about the specific interests of each idea creating agents. But while you push on your own ideas, I would urge all of you to keep in mind that in the end, we have to make the whole add up to more than the sum of the parts. On these lines, I would strongly recommend that you consider supporting other fellow entrepreneurs along the line. I think it's not so much about competition as creation that makes society sort of reach the consumer in the last mile and create more value for everyone at the end of the day. I think skilling, education, I think these are the primary ingredients that we need. And I stress both education and skilling because sometimes education is very geared towards traditional jobs. It's not always adapting to where the new jobs are. But therefore, vocational training and skilling can actually, and maybe one should be thinking about entrepreneurship schools, how do we make face some of the entrepreneurship challenges? So just my last consideration for all of you, give back to the society as and when you make it really big. And if along the way you can actually carry some people along, I think your enterprises would be so much even more worth and value to the Indian diaspora.