 Well, good morning ladies and gentlemen. Thank you very much for joining us here for what promises to be a very exciting conversation If the size of the room is anything to go by there is already a lot of interest in the India story It's a packed audience here at the world Economic Forum's 53rd annual meeting where India is certainly making its presence felt on the promenade I don't know how many of you have taken that walk, but the promenade basically dominated by of course India and Indian companies Just for context the conversation that we intend to have here is to really understand the India opportunity While at the World Economic Forum in Davos a lot of the conversations around global growths And there is no consensus yet on whether the global economy is going to head into a recession If it is will it be a mild one? Will it be a hard landing? I think there is consensus on one story and that is the India story and that is what we're here to talk about From resilience which has been the story over the past 12 months to resurgence What is the roadmap for that going to look like? We are proud here on seen DC TV 18 to partner with the World Economic Forum to bring to you this conversation here We've got a very special set of guests joining us the IT and telecom minister Mr. Ashbani Veshnav Miss Mithi Irani the minister for child's women development in minority affairs and of course the chief of Tata sons and Chandrasekharan. Thank you very much for joining us before I get started again for context What are the big mega trends that global investors and domestic investors are looking at when they look at India? Consumption it is going to be perhaps the largest market on the strength of the fact that we are today The world's most populous country it could perhaps also be the workforce of the world because we have a very young Population at this point in time and that's the expectation and the assumption and the estimates that many are making and of course the other Big trends that India could capitalize on Digitalization and we've made inroads on that on the back of the India stack What will that mean not just for the domestic market? But also in terms of taking this global is going to be the question and also how Digitalization opens up the market in terms of access to credit access to finance the spending and borrowing behavior of the Indian Consumer and finally the big energy transition India has also Put together fairly ambitious goals as far as energy transition is concerned It has its challenges, but it also throws up opportunities So those are going to be the areas of conversation that I intend to take forward here with the ministers Minister Veshna, let me start by talking to you as I said There is no consensus on where global growth is headed and where the global economy is headed where there is consensus is that? Globalization as we knew it has changed There is a reshaping of the world that's taking place driven largely by Geopolitics, which is now dictating how geo economics is going to work. So I want to understand from you How is the Indian government looking at the multipolar world today India's role in it and specifically? In terms of a roadmap to be able to get to whether it's five trillion or ten trillion Where do we where do you believe we stand on the reform roadmap? How much more work needs to be done? Thank you, Shereen India has approached this entire transition, which is happening in the world in multiple on multiple dimensions One the first dimension is to make sure that India's economy is resilient There is a good consistent six to eight percent growth rate for a complete decade It's not just one year or two year kind of thing. The thought process is to The thought process and the policy framework which follows is for a complete decade six to eight percent growth with very moderate inflation the second dimension is when the world is looking for resilient supply chains and As you said in your opening statement, India has a very young population. So how do we attract large number of? Supply chain participants to India. How do we make it resilient? How do we use our research and development capabilities and third part? Of course the energy transition as well as the digital stack, so I'll cover all the three points When the pandemic hit and the whole world was going through a very big crisis Which was humanitarian crisis as well as it as well as an economic crisis There were two approaches followed by various governments The first approach was followed by so many countries was send out checks make sure people get money in their hands They consume and that consumption will lift the market There was whole lot of liquidity pumped in the combined balance sheets of US Fed European ignore my European Bank and Japanese Central Bank The combined increase in balance sheet was about 9 trillion US dollars That created a very quick sugar rush kind of growth but it also brought with it unprecedented inflation and That inflation is not going to go away so easily it takes a time because pushing liquidities easy Taking it out is very difficult and it's always very painful on the contrary India adopted a very pragmatic approach Fiscal space that any country would have is always limited. It's always constrained. There is no unlimited capital in the world Anybody can give those MMT theories, but that's bunkum. Don't believe that capital is always scarce capital is always limited How do you use the capital that you have? That's the choice that Prime Minister Modiji made He made a choice that very focused consumption consumption and support to the most vulnerable groups Vulnerable sections of the population. So about 800 billion 800 million people got limited financial aid plus Free food for almost third year now So that was one very important part vaccination free vaccination program again 1.2 billion 1.3 billion doses in the first 14 months by now We have crossed 2.1 billion doses and completely done on a digital platform The most important piece of this decision making that Prime Minister Modiji made was With limited and focused consumption focused on the vulnerable sections He put entire capital of the country into investment in infrastructure now investment in railways last year the capex was 23 billion us this year the capex is this fiscal which ends on 31st March The capex is going to be of the order of 26 billion us Same is the story in railway in highway in power transmission that increases the productivity of the country and gives us the Long-term growth potential of the country improves. It's it's resulting into huge Employment generation today the country is adding on a on an average 1.5 million people into formal Jobs every month. So that kind of store those decisions have shaped the country's destiny over the last few years and that has put us on a very Consistent growth path of six to eight percent India is used to inflation rate of five to seven percent because large part of energy is imported So having inflation today at five point eight five point nine percent. That's the latest print. That's very moderate So high growth moderate inflation this we were able to achieve because Prime Minister took very Pragmatic and a very focused approach. So I just want to come in on the point that you made as far as the divergent As far as the fiscal approach was concerned while we did see the world move towards great degree of stimulus And that has led to as you now point out a high inflation in flight Inflation at multi decadal highs and now a new era of high interest rates as well Posing a big challenge for central bankers across the world leave of course seen in India interest rates move up as well So fiscal consolidation is going to continue to be a key priority for the Indian government going forward One very important part of this entire decision-making was Prime Minister Ensured that the fiscal policy and monetary policy they work in tandem. There are so many examples in the world I wouldn't take any names where the fiscal policy was going in one direction and the monetary policy was going in another We our central bank didn't have to reduce drop the interest rates like a brick Didn't have to increase the interest rate like a balloon. It was a very Moderate very balanced view of things so our central bank today is in a very good position with a good balance sheet of the central of the central government our Central government's liabilities are just about 52 percent of the GDP and GDP growing nominal at 11 12 percent Is a very good situation to be in so I think yes fiscal consolidation is a very important priority But what is important is we have to look at growth as the primary driver moderate inflation as the primary decision point and combined Combined the fiscal and monetary policy to create continue that momentum for next ten years Well, I'll come back to you in just a second sir And I will get to miss Irani as well But I want to get the private sector's voice in so let me come to end Chandrasekharan Chandra, you know Mr. Veshnav spoke here about CapEx and for the last several years now It has been the heavy lifting that the government has done in terms of pushing infrastructure Pushing government CapEx and that really has provided the Philip as far as growth is concerned The big question is when is private CapEx going to take off? I'll be at that inflection point at this point Is it another six months out 12 months out? I mean, you know, you have from the House of Tatas a view from steel to to Consumption to digitization at this point in time What's the indication that you get in terms of the heavy lifting that the private sector is likely to do in CapEx to push growth? I think I'll make a couple of more comments to Support the view expressed by the minister Not only the data GDP is currently at 52 percent Just after the pandemic it is 52 percent from Decade ago of 78 percent So we are in a much much better position today than 10 years ago so overall I think our balance sheet and our Even if you take the Private sector overall private sector debt equity ratio is 0.5 So we are in a very very strong picket now coming to the investments We run a large group with portfolio across B2B B2C industrial businesses consumer businesses tech businesses traditional businesses and The consumption that we are seeing is just fantastic actually. We're not only seeing it in the Urban areas we are seeing it in rural areas. In fact The consumption we are seeing in tier 4 towns For even discretionary items like electronics and jewelry Is higher than what we see in tier 1 towns. So the consumption is very very strong We have been seeing that for the last few years and we have seen it in the first half of the year last year We delivered a growth of 25% on a group-wide basis and This year that is the year ending March the first half We have already seen 19% growth in all likelihood will be 20 to 23 percent growth. So I Think the consumption at growth is very strong and with the infrastructure spending that's Being done by the government will definitely add to this as a tailwind coming to the business Investments capital I can talk for our group to start with I think we have a very very huge CapEx outlay between steel auto electric vehicles renewable energy batteries electronics And a host of other businesses are capital commitment for the next five years is 90 billion dollars so I Don't know where this fear that private sector will not come in is coming from But at the end of the day private sector takes time because we can't just announce an outlay Common can decide that we are going to make an outlay of 20 billion dollars towards this and then they can work out the plan We can't do that. We had to make a business case. You've got to go to the board We've got to get a spreadsheet. We've got to see what is the IRR? What is the ROE? What is the ROC? Okay, all of this takes time, but I think the opportunity is huge opportunity is huge And I think the 68% growth At the low end at 6% we will achieve 20 trillion dollars by 2047 at the high end at 8% you'll achieve 30 trillion dollars. So the number will be somewhere in between and So I think the opportunity is is real and Private sector will come in definitely, you know, since you talk about the opportunity I want to connect what we heard from Minister Veshnav and link that back to you in this era where one of the mega trends that Everyone here in Davos is talking about is the change as far as globalization is concerned also how geopolitics is reshaping globalization Ensuring near-shoring. These are terms that are coming up practically in every conversation I know you believe firmly that we should not Follow the argument of China plus one it must be an India plus one strategy that we must adopt and take forward What does that mean exactly? Can it take a couple of minutes? Yes, please? Please? See I believe I just want to make this one clearly there are Three global transitions that are happening. This is for every country developed or developing First one is a digital or a I try call it a transition a digital transition is is you know is a very broad term second is the energy transition and the third is Supply chain transition geopolitical transition, whatever it is all the rebalancing we are talking about and Everything else we talk is all within these three India is Uniquely positioned in all the three on the digital transition the reason we are uniquely positioned is because we've got a fantastic tech sector We've got a huge talent pool. I mean the number of tech graduates pass out in India is the highest And not comparable to any other country in the world. We can combine multiple countries still they won't match the number of graduates we pass out third in the last Five six or a decade we have demonstrated that we can leverage technology And do developmental projects and public delivery at scale And you know this Was most exemplified in the Covid handling this has to be seen not only as a technology transition. I Call it an attitude transition. What has happened in India? The mindset and attitude has changed Every other country went for a covid or a for a covid a Pfizer or a Madonna India in the past Would have run a helter-skelter and see how to get a Pfizer or a Madonna But in this situation in the peak of coven the country had the guts To say that we will do it alone and there is something to be said about that and that attitude combined with The example of large-scale digital transformation projects, I mean we built the whole app on the fly To to to vaccinate 1.3 billion people. We were all in a call every Monday evening 78 o'clock business and and Government so that's why the digital transition. We are extremely well-placed energy transition We're well-placed because we are probably the only nation of scale Where two-thirds of our growth for the next 25 years is going to come? So all our energy per capita is the lowest in the world So it will increase the amount of energy we're going to consume is so much and all of this is new energy So we are not replacing the the the bad energy. We are creating new energy for development And to do this transition in when there is growth all of us who are in business? No growth fixes every problem You can have any problem it'll all be fixed by growth I always say the priority should be three priority should be growth growth growth And I think we have that opportunity to make the transition Beautifully than any other nation The third one the question that she didn't asked is India plus. I think it is not about replacing somebody The world needs resilience Resilience has to Take precedence over efficiency Over the last 50 years we have driven efficiency Beyond belief so now we have to go back to being effective first Then put efficiency second So the India plus Is for India to take the lead to build the supply chain is ecosystem. It's not one one person's game Nobody can do it alone. We need partners. We need to work with other countries We need to work with companies US companies Western companies other companies who are willing to work with you on a transparent basis so India plus When I say that I mean India takes the lead and builds this ecosystem So that we become an alternate resilient supply chain for the world. It is not about replacing somebody Well, thank you. Thank you for explaining what you mean by India plus And I think this again is an issue that is being debated at this point in time that as more and more countries like India Move towards creating these ecosystems move towards creating their own supply chains Will it have an impact on inflation in the long term? But that's matter for another debate at another time Minister Rani Let me address the issue of Inclusive growth with you because as Mr. Chandrasekhar and pointed out growth addresses many problems But the point of inclusion also needs deliberate choices to be made and that's what I want to understand from you The work that's already been done. What more can we expect now on being able to create a social protection net on being able to ensure That the widening income inequality that gap reduces is bridged as well I think if I am permitted to reflect in the eloquence of Chandra, there are two three things that I would like to take forward from what he said Firstly, what happened in the pandemic is that tenacity of tech met the audacity of administration And that is what India has said to the rest of the world And when you talk about inclusive growth when you talk about social security What the Prime Minister has done is that he has re-strategized how you look at welfare and Through his policies and the only part that I'll differ from The eloquence of Chandra is that there is no shotgun pronouncement of outlays There is a strategic pathway that is designated before the money is put to the number of the plan So when I talk about social security as you've so pronounced it Prime Minister Modi looked at it from a social investment point of view and that is a Reorientation in governance that hasn't happened before. How did it play out Chandra speaks about the consumption levels entire for Levels of our country. How did that consumption get fueled? You have doorstep delivery of free food to 800 million people thereby Somewhere conserving their consumption capacity and their Purchasing power then gets either conserved or repurposed somewhere else Apart from food what you have done for a billion plus of your populace and specially for those who are marginalized those who are poor is Protect their pharmacological needs in a pandemic you have delivered to billion doses of vaccine And that is why I said that the tenacity of tech met the audacity of administration as he said the easiest thing for India to do would have been Somewhere a victim of the compulsion of the electorate with which the pandemic was spreading that there would have been many a pressures that a government faces that import that vaccine and it takes a lot of political strength to withstand that pressure and Belief in the capacity of Indian industry to rise to that occasion Knowing well that in an time when global supply chains are choked or shut down Your industry has the capacity to fulfill your need Domestically and not only fulfill a need but also ensure that jobs are kept secure And that is what the India story is and again extending from what Chandra says Why do I believe in the India plus one story? Usurain began this entire discussion about how globalization is getting Redefined and now when we talk about the India story we say we now reflect the Modi ethos of Human-centered globalization That when many our countries were devoid of Political help when they were struggling to get their needs of PPE suits or vaccines met India knew that there are many countries with their back to the wall We did not commercially exploit that urgency of many a societies We were still humane enough to supply pharmacy needs of many a countries at times at no cost and At times at just about the cost of production and we did it not only out of a governance plan We did it out of an Indian plan as Chandra said there are many industry captains in this very room Who are on call 24-7? We've told the world especially at Davos. We never closed for business But we were at business both of governance and manufacturing especially when the world had shut down And that is the potential of India that needs to be pronounced from every corner We did not profit from your misery. We were humane in our approach We were resilient in protecting our supply chains and we still served a common global cause Well, thank you very much for for that very eloquent insight into the audacity of administration and of course the the convergence with technology, but mr. Veshnav, let me address the issue of opportunity and the roadmap ahead One of the big things that everyone here is talking about is the PLI schemes The government is announced and rolled out PLI schemes across 13 different sectors There are different stages of evolution at this point in time because the dates of rollout were different the question now is In light of the success of the schemes that have already been rolled out Does the government feel more emboldened and confident to do more to include more sectors? Under the PLI schemes and for existing schemes for instance like the famed scheme for the benefit of our viewers who don't know the scheme that was brought in to try and Accelerate the growth of electric mobility the sun sets on many of those schemes in the next year or so Will the government like to continue because investors investing will also want predictability and a roadmap of what? Incentives will look like are we likely to see an extension of the existing subsidies? And are we also likely to see new PLI schemes and new incentives being brought in So PLI scheme has proved out to be very successful both for the government as well as for the industry In terms of government to what mr. Chandra said we don't put money just like that We do have our calculations. We do economic IRR you do financial IRR. So it's Of course So I will just take PLI as an example the outlay for PLI was about 24 billion US The additional taxes that we are going to get just from the mobile PLI Is going to be of that order. So just one mobile PLI pays for the entire PLI that we have for all the sectors combined together the actual tax contribution additional incremental GST And incremental income tax is going to be significantly more than the outlay that we put for it What has happened is PLI has PLI first brought the assembly to country right over a period of time over a period of last one and a half years The assembly is now going deeper and wider component supply chain is shifting to India Indian homegrown companies are coming up with components as well as many critical parts of the supply chain And that is what is very very Encouraging that is what is really good We believe that for example this iphone 14 is made in India Right and now Quite a few parts of it for quite a few components of it are now getting made in India So that makes a huge difference. It is adding jobs It is creating new economic opportunities Are we likely to do more plis? Yes, there are many more pli items in the work for example hardware it For servers for laptops for PCs that is another piece to be Still in works there would be this approach has worked well So there would be more sectors that we consider There will be more sectors and you know you brought up that iphone and yes We have seen apple through its partner foxcon shift a large part of its manufacturing now to india including Assembling the ipad which is now likely to take place in india as well Is there also a recalibration in position and strategy? In the context of what we heard from chandra and i know that just today apparently The the government has cleared investments from 13 companies that are linked to the apple ecosystem So that they can assemble the ipad in india Is there also a recalibration of strategy to say it doesn't matter if the money comes in from china or anywhere else As long as it is creating jobs in india Of course, we do follow the trusted supply chain concept in multiple sectors including electronics and telecom But what I would like to say is that People today as mr. Chandra said People want effective and resilient supply chains the cost efficiency Which was driving the entire globalization that is no long the sole factor today's supply chains have to be antifragile supply chains have to Work whatever be the magnitude of magnitude of global disruption So combine all those factors and the experience that we have had in the last few years There would be many more Supply chain partners who are looking at alternate geographies alternate places and india is of course a very important destination There is a stability of laws prime minister modi has shifted Has deleted about 1500 archaic laws from the statute book About 20 000 Compliances have been removed from the compliance Framework that we have and a lot more simplification is happening The reforms that prime minister did in the telecom sector today a telecom tower Which used to take seven eight months for a permission 80 70 80 percent of the cases it happens instantaneously As an instant as in zero zero times. So it's like you press your enter button make the payment and You get your permission. It's as simple as that So things are improving on a sector after sector. There is simplification space has been open to private investment There are young startups who are now launching satellites. It's it's it's a totally totally new story in the country Green hydrogen hub the hydrogen mission, which has been approved a couple of weeks back Already, we have 174 gigawatt capacity from Non-fossil fuels, which is 42 percent of india's total energy come. So it's a it's a very consistent multidimensional very resilient very Well thought through approach towards economy Chandra, if I can address the issue we talked a lot about the domestic opportunity And what that means both for domestic investors like yourselves as well as global investors But I want to shift the focus to talk about india's export ambitions because for us to be able to get to the kind of growth That we are talking about whether it's 26 trillion or 30 trillion Exports will need to be a significant growth driver. Of course the global macros are more challenging at this point in time But what do you believe the road ahead needs to be and I ask you this also in the context of You being in charge of the business 20 as part of the g20 and india, of course is taken on the presidency of the g20 How crucial will it be for india to ink more fta is for india to ink more bilateral agreements To really push and accelerate exports going forward I think Exports is a huge potential for us to really realize the full potential of the country We need the domestic consumption continue to fire. We need the rural to fire urban to fire. We need the exports to fire and Our opportunities are Frankly speaking is mind-bogglingly broad Sector by sector we can create huge opportunities if you take exports if we get the Manufacturing story right for which there are a lot of steps being taken the government pli the Unique opportunity of the global supply chain presenting itself For india to take the lead for the india plus one opportunity We'll play out in every sector. It'll play in electronics. It can potentially play in semiconductors. It can play in Um pharmaceuticals it can fame it can play in food it can play across sectors it'll play So I think the export opportunity is huge and it's a natural Natural success that will come once we create the capacity see even if we take for example We decide to put a semiconductor fund India will not go into the have you decided by the way have you made that decision? Are you are you going to do it or not? It's not as I said No, this is a process we're going through the process semiconductor is not about capital alone semiconductor is about ecosystem We had to worry about the material. We had to worry about all the ecosystem players. You have to bring the entire entire Group together. So that's where the that's where it is complex But once the first one is set up automatically second third one fourth one So you're not going to be the first thing No headlines Shirin you are paid to ask questions. I'm paid not to answer I'm just doing my job So I think export is a huge opportunity it'll play out and I'll tell you there are two or three other opportunities What India will do in healthcare potentially Between the government programs and the way the private private sector can follow the I call it digital Uh methods to skill no skill low skill people To completely transform the healthcare services delivery, especially in primary care I think we will be the example for the rest of the world Both developed and developing if we pull it off we have the potential to pull it off But we are not there. We've got to we've got to pull it off the second sector care sector We are going to need tremendous amount of focus on the care sector. It creates so much jobs And so many adult population we're going to have And that's going to be a huge business and that Actually using the digital technology will be again an opportunity to serve the world We take tourism sector We hardly get 10 million tourists India should be at least getting 100 million tourists and you do the math if 100 million tourists one week $1,000 spend per day $5,000 you do the math That's the potential but all that will come once the infrastructure gets developed And the government's program and their airports I think 26 airports are I don't know what the number is so many airports are coming in and investment in rail investment in the Surface transportation shipping all of these things Will play out. So I think we should not see it as the next five years ten years, but if you take it the Amrit call The 25 years we take the next 25 years I think lord is going to happen and we are we are going to be fortunate to play a part and witness all of this Happened. I am very confident, but we're going to execute. We're going to execute execute execute Minister Rani, I want you to build on that some of the opportunities that chandra spoke of as well as some of the unrealized potential And that gap is fairly large and that is what the aspiration is that we will be able to Bridge that gap on areas like health care on areas like the care economy in the context of can India actually Deliver on the aspiration of becoming the workforce for the world. What next can we expect? What are what are the priorities? I think that if you just take one tenant of what chandra professed With regards to our export potential And if as he says we fire off and execute from a rural perspective, what are our prospects? So let me apart from health dip into one very basic work ethic We have seen in the history of our country that when you do a rural employment guarantee program There is a work ethic which says you show up you sign and you'll get that money What prime minister moody did was you show up you build capital assets for the rural infrastructure story You get the money and you keep showing up. We keep building that infrastructure at the grass root and the story goes on Apart from health and let me just bring your attention to a ministry called the cooperative affairs ministry the cooperative ministry Just a week and a half ago pronounced three very ambitious plans But as you know prime minister moody once he announces it he ensures that he meets the goals that have been set What are those plans about they are a reflection of exactly what chandra says How do you fire up the export potential of your agronomic society? Where you're not focused only on agro processing But you also take it a bit earlier than that and look at pre processing opportunities Which means what you're telling the world is in india investment opportunities exist Not only amongst the big players, but we are creating opportunities at the grass roots also What is the work ethic apart from building capital assets that we have seen Again apart from health. Let me give you the story of the self-help groups Now people would presume that this is a coalition and a congregation of 87 million women Who possibly don't know how to torture around financial services? But the reality is that they are managing a credit fund worth Between 32 to 35 billion dollars every year And they are bringing a unique skill set by becoming part of the rural supply chain Can we fire that up and complement it with our export potential in agriculture? Absolutely we can they say data is the new oil What is the reserve that india's sitting on if I again reflect on chandra's health care potential Ayushman Bharat services 100 million families if there is four persons per family that means Just our very rudimentary health plan services 400 million indians And services them through physical infrastructure and bridgital services We are the one nation which can if I talk about the gender perspective while we are talking vaccines What is that silent revolution that is happening which can be complemented by investments from pharmaceutical companies We've had in the past one and a half years Over 100 million women from poor stratas of society Go to a medical institution brick-and-mortar across the country Get themselves tested for cancer of the cervix and breast cancer unimaginable Because people presume that culturally this is not an acceptable term of conversation Especially publicly amongst indian women, but what we have Expressed is that when we have an access to a service And when that access is also economical, we know how to use that service So we've created that case for the world to reflect on there is consumers Irrespective of whether you think our rural landscape has the potential or not We have the intelligence to use the bridgital services or the health care more brick-and-mortar services And bring about a huge chan So when we talk about delivery of free food to 800 million people What we never reflect on is that for the past two and a half years There has been a consistent administrative performance of going to the doorstep of 800 million people Which has not happened in any part of the world That shows not only tech prowess But it shows the human potential of india We have the potential and chandra is right that one of the big transition strategies is based on skill In india, is it only based on dissemination of skill to a segment of population? Or is it that tenacity the audacity of the average indian to repurpose their skill To address a challenge short story In india by february When we were hit by the pandemic india had only an import supply 55,000 pp suits We did not have raw material. We did not have machinery and we had zero companies March when who had just pronounced the standards industry got together with government and said We do not have a single lab to test it. How do we work? global supply chains had shut down And pp suits were at premium people were literally fighting on every one shipment What did india do in one month? Indian industry and government turned around 11 labs in the country with high technology and Service by the bridge tool. I think part of the industry capacity 11 labs in one month. We did not dilute who standards And we repurposed our manufacturing in the apparel sector And suddenly from zero companies in just one and a half months. We went to 1100 companies And in three months we became the second largest exporters of pp suits in the world and at frugal costs And that is why I say why do I support what chandra says about the india plus one story? We knew there is an economics to the pandemic, but we did not profit from it We repurposed our skills our manufacturing base and we did things that nobody in decades thought possible That is the india story Well, I think you you've made that very impassioned plea about telling the india story So let me throw it open to the audience here. I'm sure many have questions. Yes, sir. Go ahead There's a microphone coming to you Hi, I'm in lindsay an advisor to the prime minister of the kingdom of bacharim I actually led an investment mission into india in june of this year Visiting deli mumbai and hydrabad and the splendidly named cyberabad in hydrabad Ministers you've talked earlier about potential huge potential, but also india is already there You know the fifth largest economy in the world You're the largest democracy in the world and of course you're cheering the g20 this year And we heard earlier from chandra to ci i deloitte's breakfast That you've got your b20 what I think would be quite good to hear Is you've talked about exports, but what does india bring to the table to quote you your excellency minister earlier What does india bring to the table on international business now that you are up there? As having achieved an economic strength That's I think what I'd like very much to hear from the panel. Thank you. Thank you very much Both of you why won't you start and so One thing that we would definitely like to offer to the world is the india stack Now india stack if we understand it There is there was one approach where government was doing everything. I won't take any names Government would like to control everything government would like to do everything in that particular geography There is another approach where a few big tech They monopolized everything We in india in 2016 launched a totally new concept which is public digital platforms where the government invested in creating the platform And then anybody can join it for example the payment platform More than 300 banks have joined it more than 1.2 over 1.2 billion people are using it Hundreds and hundreds of startups are using it So that kind of concept and it's all open source to to the point. What can india offer to the international Business, this is an open source available to everybody already 13 countries have signed mo use with us And we'd be very happy to offer it to the world And again as minister irani said This is not for profit. This is purely our soft contribution to the world I just want to just compliment what my colleague says I think that when you talk about the g20 presidency especially as prime minister modi has enunciated What is it that we seek to contribute to there's a difference between saying what do we seek to lead and what do we seek to contribute to And that is why the theme is one world one future and a part of that future is also climate change Do you look at climate change from our responsibility perspective or do you look at it from an investment perspective? We have in india pronounced the largest hydrogen mission in the world But also we are home to the international solar alliance We are home to the coalition of disaster resilient infrastructure till now the disaster resilient infrastructure in india is domestically funded But as minister veshanov says, we are also using our technology to help Give that support to mitigate climate climate change to nations which cannot afford that technology prime minister modi has opened up the space sector, but now we Lead is true and it's collaborative efforts with many our countries who cannot afford that kind of a space program To specially combat climate change. Is that a humanitarian opportunity? Yes, but it's also an investment opportunity I think this one has to be seen slightly differently from my point of view You said india is already up there. I think yes, we are a fifth largest economy, but we are Not there yet because we We have a long way to go We will have to address the per capita income to a different level from where we are now and I can give you 100 other metrics But having said that what india brings to the table and can offer the world is Please look at the way india is solving its problems Whether it's a vaccination problem or whether it is digitally connecting every citizen By doing this what we have done is We have enabled the formalization of economy what this is going to result in is Almost 200 to 300 million additional people coming into the formal economy People always ask if the technology is going is going to come in such a way we will take our jobs No, because technology is going to enable so many people come into the market And participate in in the market And that is going to drive phenomenal growth. So our solutions You have to see india as Building solutions to solve a problem. It is not technology. It is not one policy. It is a policy Technology And other private sector participation ecosystem development. That's how it has gone about it. Whether it is i'm connecting the dots Backwards if you had asked me three years ago four years ago I couldn't have articulated it and that india can offer and it it may be tech stacks Originally, we created a simple horizontal stack, which was other Unique identifier, then we had the payment stack. Now we are getting into vertical stacks There is a healthcare stack that is getting developed and all this is open architecture People can build business models on top of it but the advantage of doing this is the big ticket cost of creating the backbone infrastructure be it software or Whatever it is it is done once If every private sector company is building it First of all you will put a lot of money first of all right second thing is systems won't talk to each other And it'll take a lot of time So I think there are many examples, but for the want of time I'll I'll leave it at that Well, unfortunately, we're completely out of time. I know you have a question. Can we take one last question? Yes, ma'am go ahead. Please. Yes Federation you've got a microphone, please I have quite a loud voice there We are a federation of 110 primary Collective businesses of women very much appreciate what the honorable ministers and chandra said and very much support our government's efforts But I would also like to ask what we can do more or whether we can work together Government private sector and those of us working at the grassroots To develop a fund Which will support women's collective enterprises and unleash their full potential And the second if we can recognize the care economy and the huge Inputs and significant impact That we are giving in fact the informal economy as we know is 90 percent of the indian workforce and we're 55 percent of indian gdp Right So how can we develop the care economy more so that women's full economic potential is unleashed Thank you very much for asking that question And I think that is the perfect conclusion that we could have hoped for so minister rani. I'm going to give you the final say I'll just be very short in my response The indian government every year gives an outlay of 1 lakh crore plus To only those coalitions of women across the country These are the 87 million women I speak of and that money is given to manage credit But also economic activity and as chandra says, where is the skill opportunity? Not only upskilling re-skilling, but the entry level skill opportunity If today I would look at the investment prospects and need as a woman. I'm not speaking as a minister What is the future like which is better for indian women? We have had a lot of entry level excitement in the SME segment with regards to women led businesses Mudra Yojna when it was pronounced was not a gendered financial service 320 million business loans given out for SME and 70 percent of the offtake has been by women And that is what shocked many people that means that in the rural landscape in the urban poor areas It was the woman who drew up a business plan Went to a bank convinced that bank of her business plan not only took that credit But returned it because our NPAs for women led businesses is less than 1 percent or about less less Less than 2 percent What is my ask as a woman of indian funds or international funds? Help transition women who are in the SME segment to mid-sized companies Or who are doing well in mid-sized companies not leading Administratively but owning that business help them transition into large corporation Because every time you enhance a woman's economic power. She spends more on health care She spends more in education and she fuels those aspects of the economy But chandra is very gung-ho about but if you make sure that that transition happens from the SME segment To not only big corporation, but even mid-sized that is the revolution india is waiting for Absolutely that is clearly one of the very important revolutions that we must ensure Is unleashed because to truly unlock the power of the economy We need to unlock the power of india's women as well minister veshna minister irani Enchan the shakron many many thanks for joining us here to give us your Insights on what the india story looks like and more importantly where the india story is headed ladies and gentlemen Thank you very much for joining us here