 at the TV first conference speakers. Ladies and gentlemen, let us now begin with the first session of the evening. Well, this looks like an interesting chat that is going to go on now. The chat on the three ways of digital. Video, voice, and vernacular. The digital landscape of India is rapidly changing, dictating how the next billion users will interact with digital. India is rapidly changing. India has just seen the launch of the first voice agency, a company that will hand hold marketers into the voice era. 95% of new users coming online are not English speaking. Let's chart the marketers digital roadmap for the future. He joined Google in 2011 to lead Google's business in India. Prior to Google, he was the managing director of Microsoft India and built India's largest software business, before which he was a vice president with Dell, where he held several global leadership roles, including that of executive assistant to the chairman, Michael Dell. And before Dell, he was a partner with McKinsky and company in Chicago. He is currently the vice president of Google's Southeast and India, the vice president of Google's Southeast Asia and India. With over 2 billion consumers and 500 million internet users, it is the fasting growing network, user base in the world. Please put your hands together and welcome on stage Mr. Rajan Anandan, a huge round of applause for him. And also welcome our moderator for this session, chief executive officer of the Dan Performance Group. Please put your hands together for Vivek Bhargava. Over to you, Mr. Bhargava. Good afternoon, friends. I'm surprised that session starts at 4.15 and this whole house is full for the first session. I think only Rajan can do this. So Rajan, you know, like I think this topic's right. So I started the digital marketing company in 1997. And trust me, doing digital marketing when there were no internet users was slightly difficult. I was putting a CD-ROM into a brochure. But last few years, right, digital is the age we're living in. Vice, you know, vernacular and video is just exploded, right? Would love to know, have we sort of, what are the reasons that has caused this? And are we reaching sort of the saturation point or you think this is the still sort of the growth phase of these three things? Yeah. First of all, hi everyone. It's great to be back in Bombay and thanks Vivek for inviting me. So look, I think maybe first start with why this has happened, right? So I joined Google about eight years ago and when I joined Google, we had just about hit 100 million internet users in India. And at the time, you know, smartphones cost, you know, north of 10,000 rupees a device. And data was very expensive, right? And I remember sometime between 2011 and 12, smartphone pricing came below 10,000 rupees and then all of a sudden, boom, smartphones went from 10 million to 100 million users. And then again, about three and a half, four years ago, we had the first 6,000 rupees smartphone. And then boom, basically we went from about 100 million to about 300 million connected smartphone users. So the first reason is, you know, like cost of devices coming down, right? And I think we think the next big price barrier is going to be about 2,000 rupees, which will be crossed soon on the smartphone side, a full-fledged smartphone. The second is data, right? Actually, the reason for the growth, especially your video, is entirely triggered by mobile broadband becoming much more affordable, right? So if you look at, before Geo launched, a gigabyte was, call it 250 rupees a gigabyte. Today it's 10 rupees a gigabyte, right? In fact, if you ask Airtel and Geo and others, they say you can get it for five rupees a gigabyte. So you've gone from a data pricing of 250 rupees a gigabyte down to about 10 rupees a gigabyte. And depending on the package, it's really between five and 20, right? And so that's the other like amazing thing that has happened. So these two things have, so the cost of smartphones coming down got more Indians online, and the cost of data really coming down got Indians to spend more time online, right? And so where we are today is, you know, we have not the 400, 450 million internet users, but 400 million truly active sort of 30-day users if you include people who have, you know, not as often on the internet, numbers higher than that. And they are spending over 10 gigabytes per user per month on just mobile data in India today, right? Which is an enormous amount of data. So that's sort of what's happened up to this point. Look, India is just starting, right? Because the reality is, you know, country of 1.3 billion. So just by 2020, we should get to about 650 million internet users, so maybe add another 250 million truly 30-day active, right? And so that's about another 200 million 30-day active added in the next two years. And I'll tell you why that's gonna happen. But then, you know, somewhere between 2020 and 2025, you know, we'll probably end up with 800, 900 million users. China today has about 800 million users, right? So, and beyond that, you get into, you know, people in sort of truly, beyond that, it'll really depend on whether can we really get connectivity to true, remote, real parts of India, which is probably a few years away because traditional telco technology doesn't get there. So actually, what's gonna happen in the next five years is it's gonna double, right? So the user base is gonna double. And what is very interesting about these new users who are coming online, now, you know, like the seven, eight, 10 million users depending on the month who are coming online for the very first time every month, they are spending more time on the internet than the first 100 million. And it is a fascinating thing. So what you should expect in the next five years is that the user base will double from where we are today and the consumption will more than double, right? Because the first 400 million, they'll continue to spend more time online, you know, as use cases evolve, et cetera. And, but the next 400 million will actually spend a lot more time online. So I guess the time to be starting an internet company is right about now. 20 years too late for me. That's okay, you did pretty well, actually. And you could always start up again, Vivek. So actually, you know, oh, oh, oh, oh, oh, oh, oh, oh, oh. Not while my boss is sitting. It's a danger to invest right here. Not while my boss is sitting in the first row, yeah. So you know the interesting thing that happened in my house, we rented a house and our house held those been with us for 10 years, right? One of our key retention for him was to have, like, television in his quarters, right? So last year we were putting in television and he said, he took my old laptop and now basically, I think he consumes 30, 40 GB a month, which I didn't invent, he doesn't want television in his quarters, basically. So I think one of the things that is happening is right, I think in the agency world, this explosion of both voice, vernacular, as well as video, I think we're not geared up for it, most of the networks as well as agencies, right? Because the thing is that even like performance agencies like iProspect and Sukrati Merkel, we all have built our businesses based on tech search. Now with slightly limited advertising options, what do you think we need to do to future proof ourselves and what kind of capabilities we need to build as agencies and networks in order to make sure that we use this as an opportunity rather than it disrupts us as agencies? Yeah, I think it's a good question. So I think, so these three are quite different, right? So video, if you look at it, there were over 300 million Indians who unique Indians will watch online video today. And month of December, watch time grew like 100% year on year, right? I mean, it's crazy. I mean, at that scale, when you think about 100% year on year growth in watch time is just absolutely insane. Voice has emerged really, it was actually the trigger for the voice-driven internet, right? This is where you're accessing the internet on voice was really the geo-connected feature phone, right? Because the way you actually interact with the internet on the connected feature phone is actually through voice. That's actually the Google Assistant-powered phone. And that has really taught us that these new set of users that are coming online would much rather speak to the internet than tap or type or tap, right? And it's a very real thing. So you should expect that the next 400 million will speak to the internet. And actually over time, the internet will speak back to you as you said. And the third one is really vernacular. vernacular has been around now for a couple of years, but now the reality is every single Indian that's coming online is not proficient in English, right? So all the growth is coming from vernacular, by the way, is non-English, right? So Hindi, Tamil, Kannada, all the Indian languages. So I think now as brands and let's say advertisers as well as agency partners who work with brands, each of these actually means a different thing, right? So with video, I think video is easier because if you think about video as a brand-building medium, it's sort of similar to how you think about television. I think what is different about online video is it is also becoming a very, very powerful performance medium, right? I don't know how many of you know this, but we have formats, for instance, on YouTube, like YouTube performance. You look at things like app unified USC, app campaigns, unified app campaigns, unified shopping campaigns soon that actually make YouTube not just a brand-building medium, but also a performance media where you can drive app downloads, you can drive transactions on e-commerce and so on and so forth. So in that sense, actually, performance agency is my view, is especially if you're a really awesome performance agency, you're pretty well positioned to break into what would have traditionally been a very different kind of business, which is a brand business, and you can actually get into it by leveraging performance, right? So to give you a sense, I mean, we have now many examples in India where YouTube for performance, especially done with the right creative, is delivering CPAs that are better than search for transaction-driven businesses, right? And that's pretty amazing because when you've got close to 300 million people on a platform, and you can actually drive performance on that platform, that becomes very interesting. So that's video, right? And I think on videos, on the brand-building side, the reality is today, if you just look at YouTube, which is one of the platforms, the daily reach of YouTube is higher than any television network in any television channel in India, right? Networks obviously have more reach, but any given television channel can't even come close to where YouTube is. So the kind of scale that you can get, right? Both on reach and frequency is unparalleled, right? So, I mean, about six months ago, actually, one of your agencies, Maruti, right? One day, 150 million unique reach, 1.4 billion impressions on YouTube, right? I mean, that was six months ago, by the way. You know, it's grown dramatically since then. So I don't know what the latest number is. So that kind of scale being able to get. So that's video, right? So video, in my mind, is actually, you can get your arms around video. I think with voice, it's still evolving, right? So if you look at even our ad formats, today, you know, if you trigger a query on voice, let's say you get a response on text, you could show an ad on top of that, but eventually it'll be voice on voice. And I think that's something, you know, players like us will, you know, invent new models, right? And so I would say that'll happen over the next year or two. It'll begin to happen, it'll take some time. Now, the important thing you have to keep in mind about voice is, voice is very focused on actions, right? So I say, okay, Google, order me a taxi. And you know, maybe Google says, would you like Ola or Uber? But if I only have, let's say, Ola on my app, it'll just say, it'll just order from Ola and it's done, right? So what's the kind of ad format that works in that context? It's different. It's different from traditional search. And then on vernacular, I think there, in my mind, you know, what needs to be done is actually pretty straightforward. A massive amount of inventory now in vernacular, there's a massive number of users. So what really needs to happen is, number one, the asset needs to be, number one, the creative needs to be in the local language, right? It's very interesting where I see, I see lots of English ads on non-English content. You should assume that the people who are watching non-English content may don't understand English anymore. Because there are only 200 million people in India, which is less than half the internet population in India, that actually speaks or reads English. It's a very important point. 50% probability today, if you're showing an English ad, the person who's watching it doesn't understand what it is, right? Because they just don't either speak it, understand it, or read English, right? So I think it's very important for the creative to be in that language. I think the second is the asset, whether it's an app, whether it's a landing page, whether it's a website, whether it's a transactional page, has to be in that language, right? So we have now so much data that shows when you have a non, let's say, let's say I'm watching something in Tamil. I'm a Tamil user because you can tag the user now, and say you show me a creative in Tamil, I click on the ad, and then I go to a landing page that's in Tamil, and then I basically either give my lead, or enter all my data, or let's say I end up in a transactional page. If that whole chain is in Tamil, my conversion rates can more than double, versus showing an English creative, take me to an English landing page, which I don't understand, right? So that one actually is the easiest, but it is a work because you have to actually now create creatives in those languages and so on, right? So I would say that's how I think about all three of those. So I would say voice, users are there, it's happening. I think you'll have to wait a little while until these sort of new ad formats show up, but video and non-English is sort of now. And I'd say the last thing that cuts across all three of these, and actually quite frankly is the future is automation, right? I think all of you probably keep reading about AI and machines being smarter than humans. Well, actually it's already happened in some formats, right? So today, programmatic, let's say programmatic buying of display and video, right? You can actually get better results when the machine does the buying or when the machine does search optimization. And you look at something like smart display campaigns, right? This morning I was having a discussion with somebody about why is display now back to being really cool and delivering massive performance? Actually it's pretty simple, display became smart, right? Because the machine is now able to actually take signals from other places like search and so on and so forth and essentially use those signals to make display really smart. So display all of a sudden has become really smart and the machine is pretty smart and you can optimize, right? So I'd say automation is probably the layer that cuts across all of these. Now all of these actually is probably the one thing to keep in mind is these are next generation skills. And I think that is what every advertiser or every agency really should be focusing on, right? Do you have the skills to win in these new areas? Actually Rajan, that's where the challenge is, right? We don't know what skills they are, right? So what happens is let's say, I was listening to an interview of Sergey Brin and Dave Washington and he was saying that Google Brain needs to be Jeff Dean, one small project, you know, once in a while he would see what is happening and now it touches every single part of Google, right? So you may have a small thing in your company which is initiative with automation initiative and suddenly it can do things that thousands of people can do, right? Now how do you actually decide that okay? Let's say if you just take voice search as an example, right? Now just using my advertising brain, I thought to myself that okay, somebody searching for weather in New York and now it tells me 500 things that I can do with him from an advertiser point of view, right? If he's searching in Feb, then I can sell him winter clothes, I can sell him tickets, I can sell him hotel, I can sell him restaurants based on his past searches. So what happens is that the advertising options are very, very different, but it requires a very, very different person to conceptualize what are the things that you can advertise to this guy based on the search query of just weather in New York, right, in Feb. So I think the challenge for us is that as these disruptions happen and AI happens, right, what kind of skill sets we should build, even like moving from just media optimization, right? Because media optimization is something that has dominated our services, right? That's what we've done, like I've done over 20 years, right, so now what kind of skill sets should be sort of inculcate in talent who's joining us now as well as existing talent so that when these changes go from one to two to five to 10, we suddenly able to then train the skill sets. I think it's a good question. Look, I don't know your business Vivek, so I can't really, I won't even try to venture to guess what skill sets you need in your business. But what I can tell you is in this world of faster evolution cycles, right? Everything changes faster and faster. You want to hire really, really smart people who want to learn and you want to have them managed by people who are really, really smart, who learn even faster. Without those two things, you're toast. You know what I mean? Right? A lot of people get one right. They'll hire really, really smart people, but they're managed by people who don't kind of get it. Then those people leave, right? Or you can have people who lead who are really, really smart and you're not hiring people who are smarter than you, right? And then you need to just learn, right? Like for instance, right? Let's take, I mean, you mentioned, right? Let's take something that's a lot more basic, like YouTube performance, right? You know, any performance agents should be all over it, 100%. Why? It gives you better results. What are you waiting for, right? Now you need to have that people who kind of, you know, understand it, get on it, get on it very, very quickly, right? And then probably the other thing is, you know, from a leadership standpoint, you have to be willing to disrupt yourself, right? Because when these kinds of things, I mean, I still have so many discussions where, oh wow, if the machine's gonna decide what am I gonna do? That's a good question. If you don't figure that out quickly, you won't be here. Right? I mean, well, the machine has already figured it out, actually. Now the question is, you know, like, yeah. So the, yeah, the premium is on, the premium now is on learning. Learn very, very fast and keep relearning. So people who don't like to learn, toast. Toast. You may like it or not, but that's like the reality. I think that brings me to an interesting point. I think a lot of the explosion that happened in digital is because suddenly the leaders in different industries got actively involved in understanding what digital is, right? For me, my experience was, earlier I would meet a CEO. He would transfer me to the CMO, to the VP marketing, and I'd be in front of the management trainee in three months. Now the CEO and the board of directors themselves want to learn something, right? But what has been your experience in India? Means if you take majority of the boards, how many of those board members who would have probably hailed Ola or Uber or ordered something on e-commerce or made a pay, you know, TES or a pay team payment, what has been your experience at that board level where how digitally fit are they and are the initiatives that Google is doing so that that is the core, right? Because they are the ones who are decision makers. They are the ones who move the needle for the organization. So would love to know your experience dealing at that level. Yeah, I think, look, I think if the CEO gets it, the board gets it. If the CEO doesn't get it, the board is clueless. You know, and the reason is very simple, right? Because if you're a CEO that gets it, you want to surround yourself with board, number one, you want to get your board up to speed because the things you want to do, the board has to either agree or disagree or at least at a minimum engage in a dialogue, right? If you're a CEO that is sort of clueless, which is clueless, right? So you're like, you never have a discussion. So I find that, you know, when it comes to digital transformation, so first, most boards now, you know, have some sense, right? That like this is kind of important, digital. I'm not even talking about AI and machine learning and all of that. I'm just talking about digital, the digital on the agenda, right? So I think most boards, most CEOs will say, yeah, it's kind of important. But I am seeing a very, very big difference, right? Between companies and CEOs that really get it, that are truly committed, that understand it, that want to drive it, and the ones that don't, right? And what will happen is every day that goes by, every year that goes by, that separation actually keeps getting wider, not narrow. And that's sort of worrying, right? Because, you know, like three years from now, if you're not kind of on it, you know, might be a little challenging. So, I mean, there are, what excites me though is there are companies in India that really get it, that are sort of leading the world. I'm not talking about the Olas and the Flipkarts and whatnot, right? I'm talking about traditional brands and they just tend to have CEOs that really, again, goes back to, right? They really want to learn. They want to know what's new. They want to know the edge. They get a lot of mentoring. They're prone to take a little bit of risk, right? They'll do stuff just to kind of get going, get the organization to learn. And that's really what's sort of, you know, and they're constantly sort of pushing the edge. And then there are others that, you know, still want to know, you know, like, how to buy online video using GRPs, you know? And it's like, okay, I suppose you could do that if you'd like to. Yeah, that's not the whole point, but, you know, you could. That's not digital, really. Okay, so I think coming back to the topic, Rajan, like, Google has a lot of initiatives across these three voice, vernacular, and video. Would love to know any of the initiatives that are in liberty to share in the future of, I think, you know, sort of even executing the vision of connecting every Indian to the internet. And what kind of explosion do you think is going to happen and what is Google doing about this? Yeah, so I think maybe I'll talk about, you know, what is it going to take to get a billion Indians online, right? I mean, you've got to start with that because our mission is internet for every Indian, right? So we had 400 million. We'll be at 800 million in five years and then we still have to get to a billion at a minimum. So you have to solve a few things, right? You have to solve cost of device. So feature phone today is about 800 rupees, right? So ideally, you know, if I could close my eyes and, you know, have my digital India dream come true tomorrow morning, it would be I have an 800 rupee full-fledged Android phone. That's a few years away, right? So that's the first thing you have to solve. You have to bring the cost of, and that's why actually the geo-connected feature phone has been so successful, because it's got the right pricing, right? It's 1500 rupees and with all these subsidies, get one for 500 rupees. So that's the first thing you have to solve. Second is on connectivity, today mobile broadband is very affordable, right? Five rupees, 10 rupees, 20 rupees, a gigabyte. But if you go to a lot of rural India, you know, I would say, you know, India has 630,000 villages. Let's say the last 200,000 small villages, right? It's actually very difficult to get connectivity in those villages because they have too few people to actually afford cell economics. You know, the whole cell, tower economics don't work. I think that is gonna require really next generation telecom technology, right? So, you know, could be the Google balloon, could be, you know, could be drones, could be whatever, right? I mean, there are lots of things that could be- Need to be electricity too. Sorry. Some of the villages need electricity too. But you know, like, that's the only charge the phone, right? If you have balloons, then you know, like balloons, then you don't need electricity on the ground. You just need them to charge your phone and now there's some innovation around using solar to charge your phone. So that's the second thing, right? You have to really be able to connect every Indian in every small village and that's, I think, a few, that's quite a few years away, right? So those are basically affordable devices, pervasive connectivity. Today, actually for the, I'd say probably the 600, 700 million Indians, our connectivity is fine, right? I mean, obviously we'd like this piece to be better. Third is, you know, how do you make every single Indian language really work on voice, right? So today, if you look at, let's say the Google Assistant, it works in a couple languages, but you know, we need to get at least 11 languages and get every dialect in every, and that's a machine learning problem, right? So we've got a huge focus on Indian languages. So first we worked on the keyboards, now we're working on voice recognition, things like that. So I think that's really, really important. And then the last bit is really, you know, building locally relevant use cases, right? You know, you have to really build use cases that are relevant for every Indian, right? Because a lot of, you know, if you look at things like e-commerce, especially sort of e-commerce, the way we think about it today, or ride hailing, right, which is order a taxi. This is for the first 100 maybe 200 million Indians, right? I mean, you know, beyond 250 million Indians, they cannot afford taxis, even subsidized with soft bank money. They just can't afford it, right? Because they can only afford to pay like two rupees or three rupees. I mean, at that price, you know, you need to rate $10 billion, right? Not one billion. So how do you really, you know, build solutions, build app, you know, like internet-enabled, you know, solutions, right? Because India is really not gonna be the land of apps. I mean, we have a lot of apps and we have a lot of app downloads, right? The real power of the internet in India is gonna be when Indian entrepreneurs start building internet-enabled businesses that solve real needs of co-users, right? Let's take education. I mean, byjuice has been very, very successful, right? But somebody sometime over the next X number of years is gonna, you know, invent new education models, right? That really will be able to permeate, go down to the last village where, because we can never have enough schools, enough teachers, and so on and so forth. So I'd say that's the third thing, right? So each of these things, and Google, so if you look at low-cost phones, I mean, we've got Android, right? Huge focus on how do we bring affordability down? I think on connecting every village. We have a few technologies, but you know, those have regulatory challenges on them. And then local languages, we're very focused. And then finally on the ecosystem, that's why, as Google, we're very, very focused on the startup ecosystem, right? So we have a whole set of startup programs. One of them is Launchpad Accelerator where we take 10 or 15 startups every six months and we mentor them. And we are specifically now focused on startups that are solving for India, right? So if you're building this super cool app, gaming app for Americans, we are not interested. I mean, it's really cool, you should go do that. But that's not what we as Google are interested in because we wanna find entrepreneurs who are building for India. So those are the kinds of things that we're doing to really connect India. And then in terms of video and things like that, I mean, YouTube will grow from, you'll continue to grow on reach and so on and so forth. I think I'll ask the last question Rajan and then three couple of questions from the audience. I think one of the challenges that I've faced in the last 20 years as an agency is that, as we move into this digital age, the mindset that is needed in the leadership has to be for the digital age, right? So it could be how do we take data-driven decisions or take a compass in the hand and start walking instead of trying to build a blueprint or encourage failures in the organization, right? So this is a challenge that I've faced is that, how do we get this kind of mindset? Because I was talking to somebody who was a board member and he said, yeah, yeah, we encouraged leaders, like failures all the time. I said, okay, just tell me one failure that you are aware of your organization is done in the last three months and he was clueless, right? So the very fact is there's not a single mistake that he knew about that means they don't encourage failure. So this is something which we as Dan also would love to see because I think that moves the needle for us, right? Because at the board, at the CEO, if they create a digital mindset, then their investments on digital can significantly go up. So we'd love to know if you have done any initiatives on this and what do you think can be done to make this happen where the leadership develops sort of a digital age mindset? Yeah. You know, first is like if you still have people, like let's say in your business, right, who don't really understand digital, they should probably not be around. So I'm talking about our clients, I'm talking about our clients, large industry leaders, board members. You know, like, it's like 400 million Indians online, you know, spending four hours a day online. And if you have marketing people who don't quite understand that, that's like a real problem, right? Because like... Actually it's more of the board members and CEOs in many companies rather than marketing people. And I... Marketing people have all have got it now, that's good. To a certain extent, right? I think at least if they come and contact with us, we make sure they get it. Sometimes we don't get access. No, so I think, look, I think doing immersions with CEOs, I mean, you know, like doings, I think the first thing is to make sure the CEO really understands, right? Because it's hard to bring, like if you're talking about a real board, right? Board has executive directors and non-executive directors, right? The first step is to get the CEO on board, right? And I think the only way to really do that is deep immersion, right? Getting her or him to spend time understanding digital, to do field immersions, to talk to consumers. You know, I mean, the kinds of things that, you know, you would do for anybody who, you know, you need to drive change. So I would start with really, because my view is, look, until the CEO, he or she really gets it, it doesn't really, you know, it's some project somebody's driving, right? So I think that is really, really important, right? And then once the CEO gets it, I think they're getting the board, you know, especially the executive directors on the board, right? Because you don't really need the whole board. You know, unless it's a promoter-driven company and then actually what was really important, not the CEO, the promoter, right? Because the promoter decides everything. If it's that one of those kinds of companies. So I think, look, what's really, and we do this, right? So for instance, we take, you know, either like executive teams, let's say to Mountain View or to Singapore, we'll have them spend three, four days just learning about internet, but also what digital can do, what's happening to consumers around the world in India and so on and so forth. I think so this idea of immersion. And then I think, look, the reality is, as much as I'd like to think a lot of CEOs would take risk, reality is most CEOs don't like taking risk, which is okay. How do you take those small steps where you can show wins, right? Show some small, quick wins, build some confidence, and then you kind of go from there. But I think the good thing today is, you know, unless you're kind of living under a rock, you know, and there are people who still sort of underground. You know, like, it's pretty obvious you have to do something. I think what, actually I hear less of it here, but I hear, you know, because I cover Southeast Asia. I hear it in many Southeast Asia countries. A lot of companies now want to do something, just don't know how. What should I do? How should I do it, right? So actually we are now spending a lot more time on how can we help companies begin that journey, right? Not just digital advertising, but going to the cloud, using ML in their core businesses and so on and so forth. More around the how, right? How do you get going? What should you do? How do you run some experiments? How do you actually show some wins and things like that? Because I do think we've gone from, in many ways, you know, if you say, why digital? I think we are beyond the why digital. Now the question is really the how digital, right? And that's where I think a lot of work can be done. And, you know, we'd love to, and as we are partnering with you all to do that as well. So we will have a question or two from the audience. So anybody has any questions? There's a question over here. Good evening, Rajan and Vivek. My question is to you, Rajan. With the advent of digital marketing and the digital transformation that we are having, is it true that the population that we have in India is turning slowly as an advantage for India, rather than the kind of disadvantage that we were viewing it as? And secondly, with the growing penetration that we are having, is India an attractive economy for the tech companies that are out there in the other parts of the world? So, sorry, I don't, I think I understand your second question, but what's the first question? The first question is that with the kind of population that we have in India, the kind of youth segment that we have, with the penetration that we are having, the growth and the penetration that we are having, is the population explosion that we are having in the country turning to be an advantage slowly? Or does it have no impact on the digital transformation? I think it's a good question. Look, so whether it's an advantage or not depends a lot on whether we are able to provide high quality education, provide jobs, right? Whether the 10 to 12 million young Indians are coming into the workforce every month in India, right? Whether that becomes an advantage or disadvantage is entirely dependent on only on one thing. Can we create jobs, right? Doesn't have to be work for a company, but can there be things that they can do? That's really what it's gonna depend on, right? I think the internet can really help in many ways to leverage and capitalize, but it's not the only thing, right? The internet can't create 10 million jobs a month, 10 million jobs a year, sorry, it's 10 million a year. So the, but what the internet can do is it can create platforms, right? So if you look at Ola and Uber, right? They now have over a million people who are actually driving these vehicles. You look at e-commerce platforms at scale, like you look at a platform like Mishor, right? It's got 300, 400,000 now, work from home, women mostly, who are actually become social sellers, who are actually making a pretty good income. You look at YouTube, you can have hundreds of thousands of creators who over a period of time will actually start making some income. So I think the internet enables creating platforms that could lead to sort of self-employment at scale, right? So that's one part. I think the other thing that the internet can really do is become an enabler for things like high quality education, right? Because as you know, India will never be able to build enough schools, have enough high quality teachers to teach every single one of the 200 million plus kids who are in K through 12. But an internet-enabled model could become quite interesting or internet-enabled models could become very interesting for us to be able to deliver high quality education. You look at something like healthcare, right? Where AI and ML today can actually create diagnostic models that are as better than a lot of doctors in many spaces, right? There's a company called Nidamai, I don't know whether you've heard of it, but it's a breast cancer screening startup where very, very early stage detection of breast cancer using AI and ML, it's an Indian startup, right? So I think there's a lot of things that can be done to enable the core areas where India's large population needs, right? Education, healthcare, agriculture, and so on and so forth. And your second question, look, I mean, India with 400 million users is a very large user market. And as India's GDP grows, and therefore the addressable markets become bigger, it will become an even more important market, right? So I think the answer to your second question is much, much, much easier. I mean, it's an extremely important country, not just for tech companies, but for any industry around the world, right? Because you've got 1.3 billion people, and by 2030 it'll be the third largest economy in the world, so this is a very important market. Thank you. Thanks a lot Rajan, this is a lovely chat, and it's a very exciting future that we're looking forward to. Please may I ask everybody to give a round of applause to Rajan. Thank you so much gentlemen.