 Hello and welcome back to the Sanada room to discuss the most important issue that I have been asked in my two days here at the forum, can India seize this moment? And this is in the backdrop of 2023, which was significant. India became the fastest growing large economy, or rather retained its status as the fastest growing large economy. It hosted a very successful G20 summit where it proposed a number of path-breaking new initiatives, economic initiatives on the digital sphere, on the gender domain, energy alliance, and of course a number of other plethora of ideas for all of us to benefit from. Now in the backdrop of 2023, as we enter this crucial year, crucial because there are big elections all over the world which are going to implicate geographies around. There is also the whole expectation around AI and new technologies and how they are going to implicate our lives. And of course there is always pessimism from Europe on the future which also infects all of us. So this is the room for celebrating progress. This is the room to discuss the India story. It is the bright spark. And to discuss this we have five fantastic speakers. We have Minister Smriti Zubinirani in charge of women and child development in India and leading the Indian delegation here. We have Minister Hardeep Sengpuri, Minister for Petroleum and Natural Gas and Housing and Urban Affairs, Minister Ashwini Vaishnav, Minister for Railways and Communications. And of course the Jani Ghosh who will bring in the software and the services element from India. She heads NASCARM. And finally the outsider and insider, James Quincy who is going to make this conversation honest. So while we will have four of them celebrating India, he is going to probably problematise India. So I am going to defend the new James to do that. But let me start with Minister Puri. Minister Puri, Urban Affairs and Energy. Two of the most important bellwethers to ascertain health of an economy. From where you sit, how do you assess the India moment? You started by introducing a celebratory note in your introductory remarks. I endorse that much of what I have seen in Davos in the last three, three and a half days or so. And I have seen many of my friends who have been participating in literally hundreds of meetings echoing that sentiment. Therefore I don't want to do any semantic quibbling. But I would say can India seize the moment nahi? India has seized the moment. Why do I say that? I say that because you are not just transitioning from the 10th largest economy to the fifth largest economy. You're growing at 7.2% last three quarters, the coming quarter and the next year. All the forecasters and all those who make it their professional duty to assess evolving situations are pointing a good picture. I don't like using words like bright spot, but that is subjective. Let me give you some hard statistics on the energy front. Some of you may be surprised, but 60 million people go to the petrol bank or the retail outlet every morning to fill up. These are two-wheelers, three-wheelers, four-wheelers. We consume five million barrels of crude, which are refiners used to refine, produce petrol, diesel, and whatever. During the last few years where the global uncertainties, and I'm choosing my words very carefully, have required some navigation. The government of Prime Minister Modi has addressed all three challenges, availability, there was no shortage at any point of time anywhere. Affordability, India, and perhaps along with Japan, has had a situation where in the last two years prices at the bunk have actually come down, whilst global prices were escalating. But my real, and I say this with a great degree of humility, we have not allowed this appetite and hunger for more energy. Consuming five million barrels, your consumption is three times the global average in the next 20 years, a quarter, 25% of the global demand is going to come from India, more than all the developed countries. Because it's a country, $4 trillion economy, with a lot of appetite because a young population, more consumption. And yet the commitment to sustainability green energy has not been diluted a bit. We were blending 1.4 or 1.5% of our fuel with biofuels in 2014, when the Prime Minister assumed responsibility. We are already blending 12% today. When the announcement was made in April 2023 that we were going to go into E20, a 20% blended fuel, we're already retailing E20 at 9,300 or so bunks. Our target for 20% blending, which was for 2030, we brought forward to 2025. Some submission I make to use, whether it's biofuels or green hydrogen, the India story stands out. And on green hydrogen, just to fast forward, what is really happening is that you require clean solar energy, and you must demonstrate that you can do it economically, and you need electrolyzers. We've already demonstrated that we can produce solar energy, bringing the cost of production down from 23, 25 cents to 3 cents. And electrolyzer, every possible manufacturer of the world is India. I think the 5 million metric tons per annum target by 2030 is grossly underestimated. We will do more. Why? And I'm going to conclude this part of my presentation because for the simple reason, green hydrogen, or for that matter, any gas does not lend itself to transportation. You can manufacture and export green ammonia, but green hydrogen will succeed in countries where there is a local demand, there's local production, and there is local consumption. And India stands out. I fast forward half a minute to housing, or do you want me to come back to on that later? Very quick. A snapshot of housing? All right, very quickly. What we've done on the urban side, electricity in every village, all water, clean water, in every tap. But I'll give you one figure and conclude. There was an estimate by a global consulting firm. I'll name it if you need to. They said between 2020 and 2030, India will be building between 700 and 900 million square meters of urban space every year, which is the equivalent of a Chicago. So you'll be adding a Chicago every year? Well, that is what is being done. Don't bring the gangsters with them. OK. Let me turn to Minister Ashwini Beshnath. Minister Beshnath, those are numbers. India is consuming. India is consuming green energy. India is growing in a manner that, in many ways, is reflected by its growth of cities, as well as its appetite for fuel. 7.2% growth. What are the undergirdings of this growth that make this sustainable, that make this a moment that might outlast previous promises that we may have made a decade ago? George Bush bet on India in 2002. And God bless his soul. It was 20 years, hence that we are actually living that moment. So what is different about the growth now, the structural changes, the undergirdings that we are working on? The last decade has seen a significant structural shift in India's economy. This is basically underpinned by four major pillars. The first important pillar is to improve productivity, to improve efficiency in the economy. Major investments have happened in the physical as well as digital infrastructure. If you look at the investments made in infrastructure from a base of about $30 billion, in this fiscal year, India is investing $120 billion in infrastructure. That has multiple impacts. The impact on productivity is very good. The impact on overall economic activity is a multiplier of 3.6. So you invest $100. The economic activity is actually of $360. The positivity it brings in close to 240 industries, the steel industry, cement industry, construction machinery, paint industry, lighting industry, cable industry, practically every major industry in any economy is getting a boost because of the physical infrastructure. On the digital side, in the last 10 years, from something around 600,000 telecom towers, we have reached something like 2.4 million telecom towers. More than 600,000 kilometers of optical fiber cable has been laid. A completely digital public infrastructure which does practically every transaction, whether it is payment, digital insurance, digital credit, digital document verification, it's a very, very good structure which has been put in place. So major investments in physical and digital infrastructure. The second big structural thing which has happened is the entire growth under Prime Minister Narendra Modiji is a growth which is very inclusive. He has always kept the people at the bottom of the pyramid as the focus of his growth story. I'll give a few numbers. In the last decade, 510 million bank accounts have been opened, 510 million bank accounts. Please absorb that number. That's the amount of, that's the number of people who have been brought into the financial system, into the formal financial system. If you look at the number of houses constructed, 40 million houses constructed for rural and urban poor. That's like completely changing the landscape of a size of a continent. Look at the number of tap water connections, gas connections, gas connections, 110 million gas connections given. So change the entire cooking habits from wood-based to gas-based. Multiple number of factors which are basically bringing a transformational change in the people at the bottom of the pyramid. The third big pillar, third most important pillar is focus on manufacturing. Manufacturing, whether it is electronics manufacturing, whether it is defense manufacturing, pharmaceuticals, chemicals, textiles. Practically every sector of the economy very clearly focused incentives. Lots and lots of interventions which the industry asked for. It's a government which is listening. It's a government which responds positively to ideas. Open-minded government. And manufacturing has, again, given very good impetus in terms of job creation. In 2019, per month, every month, formal jobs that were created were of the order of 600,000. Today, it is of the order of 1.5 million formal job opportunities created every month. That's the positive impact which has come. And that helps the entire economy in multiple ways. The fourth big pillar is huge amount of simplification which has happened. More than 1,500 archaic laws on the statute book have been repealed. Many of the colonial era laws and procedures have been totally removed. More than 30,000 compliances have been removed. It's a government which listens with absolute open mind. I'll give one example. Telecom sector. Some friends from the telecom sector are sitting here. 10 years ago, the time it would take to get a permit for setting up a telecom tower was an average of 230 days. Today, that 230 days average has come down to seven days because so much simplification has happened. And out of that, if you look at 85% of the permissions for telecom tower, they are instantaneous. You press the Enter button and you get your permit out, except for the towers which are close to defense and aviation establishments. Everything else is practically instantaneous. That's the level of simplification which is happening. These four pillars, investment in infrastructure, both physical as well as digital, inclusive growth, focus on manufacturing, and immense amount of simplification. That is what has given us this growth. And with 95% confidence interval, we can all make an assessment that whole of the next decade we'll be growing, India will be growing at 6% to 8% mostly on the upper side of this band with a moderate inflation of 4% to 6% in a very consistent way. So this is what I would like you to take away from this. Thank you, Minister. Let me come to you, Minister Hirani. What makes this moment special compared to the earlier ones? What is different about the India story now? I think Minister Puri said it right, that India has seized the moment. And let me elaborate a little on that. You spoke about India from the prospects of being a bright spark. And I agree. This is a bright spark that will fire up global growth. IMF says that we will contribute 16% of global growth. But how do we grow? If you look at internationalization of our engagement with India at the center, we have seen in the G20 presidency, inclusion not only of gender becoming mainstream, but also the African Union now finding a voice. If you look at BRICS, there is an expanded engagement, which is over 46% of the world's population. India has emerged as a minister of external affairs. Jaishankar says very proudly, the voice of the global south. But today, we become a reflected voice of 85% of the global growth story. Now, while we speak about the internationalization of our capacities and our engagements, as Minister Vaishnav says, and predictions about how we see the fiscal future of India. Let me take you back a decade ago, where there have been moments consistently of 14 to 16 months of double-digit inflation. So when we talk about today inflation, India is doing much better, however we are doing it, in the shadow. And as an aftermath of the pandemic, which shows Prime Minister Modi's not only fiscal prudence, but also fiscal discipline. Because I think India has grown in terms of business and opportunities, found new opportunities, reformed its structures, apart from the obsolete laws that Minister Vaishnav spoke of, 1,000-plus obsolete laws taken out of the system. But for businesses across the world and in India, one of the greatest challenges for expanding their manufacturing bases were everyday compliance issues. India has done away with 63,000 compliance issues. Now, James here is supposed to be the troublemaker, but if you ask me, if you ask me, Coca-Cola came to Uttar Pradesh, one of the largest states in India, signed up for investment. I'm happy to hear disclosed that the investment is in my parliamentary constituency today. That investment, from the day of signing to getting on clearances, to it be open for manufacturing, all it took was one year. And today, it's the largest bottling plant in South Asia. And hopefully, if James' strategies work right, it will become one of the top bottling plants in the world. In the future, that's an aspiration every Indian has for businesses in India. Now, let me take you to another industry expert who's on the panel, Devjani Ghosh, who exhibits the IT prowess of India. This year in India, data sciences and IT professionals will add one million more job opportunities and subject to correction with regards to how Devjani projects it. But ladies and gentlemen, I would appeal to you to look at Devjani's fingers. Devani, your fingers please. She's very gubber. They say diamonds are a girl's best friend, but they're better friends when they're live mid. That one industry alone, which is an emerging industry, an opportunity new, will create 2.5 million jobs in India. That's a lab-made diamond. There you go. OK, so we are looking. Sorry, minister, but I just want to add one more thing. Diamonds are a girl's best friend. And when they are lab-made, and when they are given to you by the most awesome woman that you happen to know. So thank you for that. Now, so that the audience doesn't think I'm handing out free lab diamonds, I would like to say, Sameer, you spoke about, we are talking about India's moment at a time where half the world is going into an election mode. 945 million Indians are eligible to vote. Everybody who turns up to vote will have a digital identity. After the last vote is cast, computation of it, of that big voter chunk, will take not more than three to four days, given the past experiences with our election commission. As Minister Vaishnav says that Prime Minister Modi looks at growth not only from the perspective of business, but how do we leverage digital growth for ensuring that we implement social justice? In the past nine years, 240 million Indians have been taken out of multi-dimensional poverty. We have grown. We have reformed. We have expanded our business engagements. We have enlarged our alliance bases, be it not only BRICS, not only G20, but the International Solar Alliance, also the BioFuel Alliance. Also, many such engagements, no matter what the region, we have become one of the most dependable partners not only for business, but also inclusion. Thank you. James, let me turn to you. Look, no pressure, OK? Have a coke. OK. Certainly will. So sitting in a company that is betting on certain regions, India being clearly one of the bigger ones that you have placed your future hopes on, how do you assess the last few years, and how do you look ahead and structure your businesses for a country like India? Yeah, let's start with where are we now? I mean, India is already the fifth biggest country for us volumetrically, and we have 54 plants in India and 50,000 direct employees. So it's not starting at zero. And actually, I think the question that is posed on the panel of seizing the moment, actually, the answer can be broken in two parts. The Indian government has seized the moment. The government, the Prime Minister, the work that has been done, I think the ministers described it fantastically on the regulatory framework and the simplifications, the physical infrastructure starting to come in place, and the digital infrastructure is not just laying the foundation. In some areas, actually, they've jumped to the cutting edge of what's possible, particularly in some of the digital stuff. So really, the question is actually a private sector question, not a governmental question. I think the framework and the platform is there for growth. And so I think it's about the private sector seizing the moment. And for us, for example, over the last few years, we've been investing at the rate of about $750 million a year. We are upping it to $1 billion a year for the next five years. So that's a 30% increase in the rate of investment. And we think that particularly for the consumer industries, this really is going to be the moment. You can study economic growth across the world and the GDP per capita point that India is at with the sort of packages the government have in place. It has tended to go along with a big acceleration in consumer-related industries, over and above the growth rate of the general economy. So our business has been growing faster than the 6% to 8% from a volume point of view plus the revenue, and we see that extending. So we think this is India's moment for the private sector to see if the government has done a lot of what they need to do or put in place the programs that will roll out over the coming years. And it's certainly for the consumer businesses. And that's going to roll through. And I think the other thing that's important about India that the ministers and the government is very clear on is make sure you drive some inclusive growth. So it's not just about investing capital and creating the jobs and kind of the well-paying jobs. We deeply depend on the infrastructure of the country, not just the physical and the digital but the farming infrastructure. Our brands, we buy a tremendous amount of agricultural ingredients, whether for our global brands like Coke and Sprite or our Indian brands like Thumbs Up and Limca and Masa, which is a big mango-based drink. So we have a deep objective, have a circular, vibrant, sustainable, agricultural supply base. So we work with like 350,000 mango farmers to make sure what we're getting, they drive up their yields, they make more money, we get security of supply. So it has to drive down into the business. And the last thing I think is really important for businesses like ours and a number of other sectors, especially as the country pushes into technology and electric vehicles, of which we're a big buyer of electric vehicles, is water. It's got a lot of growth potential, but we do need to make sure we focus on water resiliency and we're very obviously invested in that and we've got a lot of projects going on in India to support that. So seize the moment. So James. Okay, everything is great. Now tell me, two or three areas that you think India needs to sharpen its game? Look, firstly, let me again emphasize, I think the government has done an extraordinary job over the last 10 years of laying the foundations. I mean, it's almost like, how could you possibly identify that many laws you wanted to get rid of? I mean, there are other countries that could do well to see how much red tape has been removed in India and how the digital platforms in India are really powerful. I think the, if there are some areas, it'll be like every CEO. No CEO ever said, I wish I went slower. It'll be like, okay, can we do things faster? Now that you know where you wanna go, can you build one and a half Chicago's a year? I mean, that's, which is a very positive space to get into. So it's the additionality of aspirations. It's additionality, it's speed and implementation. I think also in the laying out of the new frameworks, of course, nothing will be perfect. I mean, I would say something like GST, it's implemented, it's been very effective, but there are ways it can be broadened and further simplified, but it would be to be expected that if you made that much change, there would need to be some continuous improvements and some tweaks. And I think that's where the focus will end up. It'll be acceleration of the stuff that's working at scale and tweaking the things that were 95% right, but actually will unlock more if it can be pushed forward and really make the case that foreign investment is not gonna face uncertainty. There'll, of course, be a competitive marketplace, but it's not the uncertainty that should stop them. Minister Veshanov, can I turn to you on the same question? You mentioned a framework of those four system changes. I'm sure you've also thought about the three or four areas that require greater attention if we are to sustain this kind of momentum. Absolutely, and we are very open-minded on where else we need to put our energy and efforts on. For example, some of the foundational industries, for example, semiconductor, that's one of the foundational industries. That's one item on which we need to put huge amount of focus in the years ahead. We have had some very good success. Micron, when they announced the first plant, and again, I would like to give this an example of simplification and how fast the government responds. The plant was announced in June, 2023. Within 90 days, within 90 days flat, it got all the permissions which were required, all the agreements which were to happen, and it started the construction work. That's the pace at which the country is responding. So these foundational industries, we need to put more focus on. We certainly need to put more focus on many other colonial era laws, which still needs to be fully, fully revamped, and our prime minister has given us a very clear target that every such law needs to be modernized, and we are putting new frameworks, totally new frameworks, for example, in the digital world. We have had a law which was of 1885 vintage. We replaced it with a totally new brand, new absolutely in line with today's telecom sector. We have put a framework for privacy, which is very different from other geographies, where there are geographies which put too much focus on regulation, I won't take any names. They don't put equal importance on innovation, but we have been able to bring out that balance between innovation and regulation, and that's a good template. So these kind of changes we continuously need to put focus on. Divyani, let me turn to you, and let me, since you're also a private sector voice here, let me pose two questions to you. We spoke about jobs here, and I really want to understand that a country which is going to be a median age of under 30 for the next two decades, how are we seizing the digital age or the age of the fourth industrial revolution to make them employable, to make them part of, not only serving India's growth story that we have heard, but also the global deficits for labor that exist everywhere. So how are we preparing a global workforce in your sector is that a challenge in terms of at scale, building it up at scale, and second would be AI. Are we going to board the bus or are we going to be consumers of AI products produced elsewhere? Can I just ask one more? Are we the bus? Can I reverse the question? Please, please go ahead. I'll send the reverse a lot, okay. To understand India's AI potential and AI story, I think it's also important to understand India's tech mantra as I call it. Ministers already talked about the foundation and the structural foundation. I'm going to try and paint you a little picture just to understand what's happening with technology in India. And this is everyday India life. Imagine a woman coming from a small city, tier two, tier three city, selling vegetables maybe on the road, street vendor. When you go to her, she will not accept cash. She will have a little QR code. It's a little thing, all of you know QR code. So she'll have a little board displaying a QR code. You will take your phone out, you will scan the QR code, and the payment is made. She is not going to look at papers and go to Mondays to figure out the price of the vegetables. She's going to get SMS on her phone, which will give her all the details that she needs. So this is the power of technology in India where it is truly changing lives and livelihood at the last mile. So if we as an industry, as the tech industry, we look at it as technology for inclusion, technology for trust. And I'll come to the AI story with that angle. Because today, when we look at the global AI narrative, and I'm sure a lot of you will agree with me, it is not being built for trust. It is definitely not being built for inclusion. The narrative around models and the size of models and AGI is what is being heard today when you talk about AI. And I think there is a tremendous lesson that the world can learn from India's approach to technology, that it has to be about scale, population level scale. And population level scale only happens when you trust the technology. You will trust the technology only when it is ecosystem led, open, and not closed, and consolidated to a few countries and a few companies. Everyone has to participate. The big guys, the small guys, the startups, everyone has to participate. And that is the foundational piece of India's tech mantra. It is completely ecosystem led. It's an open ecosystem which allows for innovation and collaboration and brings out the best. I mean, government is creating the building blocks. You compete by innovating. Who innovates the best will win. And I think this is really the change that we need to see in the unfolding AI narrative today. Because remember, the promise of AI was higher productivity. And that only happens when you see at-scale deployment in sectors like manufacturing, agriculture. Where are we seeing it today? According to IBM, only 30 or 35% of companies are seriously deploying AI. Isn't that too less a number? So I guess in AI, the biggest question is what will it take to scale? And I think that's where the world will benefit by looking at India and what India is doing with technology. Now, crucial to the success, to our success, is talent, going back to your skills question. We cannot do this without talent. Talent is also India's biggest differentiator. It's our biggest competitive advantage because of the young population that you talked about. And this is where, again, we are competing, right? We are competing with the pace of technology change. And the pace of technology change is just mind-boggling. So how do you compete with that? One, you have to collaborate. India has one of the largest public-private partnerships on skilling. And I'm very proud to say that as NASCARM, we work with the government to skill millions and millions of Indian youth on emerging technologies like AI, cybersecurity, data analytics, et cetera, and also cognitive skills, which, by the way, are more important than the technical skills in today's world. So this is a huge opportunity for us. And I think as long as India is able to grow a population that is truly digitally native, India is not scared of technology. We are not scared of technology. Not just the young people. Even my 85-year-old mother is not scared of technology. Even she'll use technology. So if we can grow that digital native mindset in every Indian, we can build in them the basics of responsible build and use of technology, because we are building technology to solve problems. We are obsessing with problems. We are not obsessing with technology. And I think that's the beauty of India. Thank you. Mr. Puri, you wanted to come in. But let me also ask you to talk about the farm side, the hinterlands in that story as well. Yeah. Just a short point, there's an example that Devyani mentioned, the street vending lady who accepts payment on this. Now, when we talk about the India story and India seizing the movement, I think the point that is perhaps not being made as upfront focus manner is the Prime Minister's extreme sensitivity to those who are the most vulnerable parts of our society. And the straight vendor scheme, or swanidhi, as we call it, this was conceptualized during the pandemic, during the lockdown. Because people who are involved in agriculture or industry or in other forms of employment, it has kept receiving some form of payment which could sustain them. But the street vendors went, as in some other developing countries, to moneylenders who charge them exorbitant rates of interest. And they had to sell their wares and go at the end of the day to return that money. So the scheme was conceptualized, rolled out in record time. In three days, we got that. First day. So we have something like 58 lakh. A lakh is 100,000 for those of you who are. Street vendors have benefited this. First loan, no collateral required, 10,000 rupees. So they were in deep debt during the pandemic, used it to repay part of the debt. You'd pay that back in time. No questions asked, no interest. Another loan, 20,000. And you do that, your third loan, 50,000. So they became, your technology was used to integrate this most vulnerable section of our society into the formal economy. They became beneficiaries of all the prime minister's schemes. They became micro entrepreneurs in the process. And I think this is one end of it. Now you come to other vulnerability. I think Smritiji mentioned the number of, or I think Ashwiniji mentioned the number of gas cylinders to economically weaker sections. We had 14 crore connections in 2014. We got 332 crores, 320 million. But the beauty is in 2016, when we discovered, and we talk about transition, I just came from a meeting where the main focus was that capital only responds to situations where there are good returns. But here, we provided 110 million gas connections to wean our sisters away from firewood, coal, et cetera. And today, the country is nearly saturated. When we go to talk about what has happened in the next 10 years, I invariably ask my audience or my participant, is there anyone without an ojuelas cylinder? And somebody only how hands which come up are those who are going to get it on that day. And the prime minister a few days ago delivered the 10 crore, the 100 million cylinder. And so now I come to energy very quickly, only one part. Very short. Look, when we go to biofuels, we are saving on the import bill, yes. But we are also sustaining and boosting our agricultural sector. We saved 41,000 crores on the import bill when we had the 10% and those prices. And we were able to pay our agricultural, our agriculture is 42,400 crores back. Then you go up to 20%. And I think one of my colleagues made a brilliant point this morning. This whole strategy is also designed to re-enrich the soil as to what has been happening. And that is what the whole biomass, bioenergy story is. But that would require more time. It requires lots of time. And we'll come back to that, I'm sure, in another setting. But let me ask Mr. Vaishnav, as we start winding up the panel, final thoughts. Mr. Vaishnav, James made an interesting point that the private sector needs to seize the moment. And I would ask you, how is that happening? We see government being the big infrastructure investor today. Are you seeing the private sector co-join you and co-partner in with Equal gusto? Is that something that's happening as well? That has started. And the way it always happens is when public investment comes, the first few sectors which get the boost are the sectors which are directly connected with the infrastructure. Then the second order implications, the second order impacts start showing. For example, when we started this policy, our prime minister gave a very clearly thought through strategy. And the initial boost was in purely in construction machinery and steel and cement, these industries. As the cycle moved, we started seeing uptake in four wheeler demand, in housing demand, in demand for consumables, that thing started. And as the third order starts, the third order impact starts, that is the time when we see a major uptake in practically every sector of the economy. That has started today. And economy's structure, the investment used to be something around 28% of the total GDP, that has now come up to 31%, moving towards 32% of the total economy. So that's coming both from the government sector, as well as from the public sector, as well as the private sector. James, the young workforce, how is Coca-Cola as a global enterprise viewing this opportunity here? Or do you see this as also a way of building up your own capabilities within the country? It's both of the above. And more, it's clearly the demographic dividend in India is going to last a long time. It's a huge source of very highly trained talent, and therefore it's going to be a catalyst and an enabler for us to be able to grow. It's also for us being a source of talent to export outside of India. So we've had India's goal and run businesses all over the globe. So I think there's also an opportunity as a platform to contribute to the talent elsewhere. And I think the other thing that I would underline about the opportunity within the entire talent is because it's not so tied to what we've done this way for 50 years, the rate of creativity and innovation is much higher. Some of the most cutting edge, most innovative marketing, digital marketing is actually coming from India, not the traditional countries of the world. So I think there's this opportunity to actually get on the front edge. I mean, the government got on the front edge for some of the digital programs. And actually, the talent can take India to the front edge rather than having them to go somewhere else to do the cutting edge stuff. Actually, it's starting to come from India. And I think that's an exciting next wave of growth. Minister Hirani, I will come to you for the last word as we close this panel, the India moment, and perhaps some reflections on key attributes and key directions as we close this conversation. This panel has predominantly spoken about the ease of doing business in India. Prime Minister Modi says we are building businesses, but we are also in the business of saving lives. And I think that's what makes the India story distinct on the global map. To take from what Minister Puri said, that when you deploy clean fuel to 110 million poor women, you not only engage them in a sustainable way of life, but you've saved 400,000 deaths. And I think that's where India stands out. When Dave Johnny speaks about the fact that we are hungry to learn in India, we have one of the largest skill sets in India. Not only in technology, six million Indian women are frontline healthcare professionals in India who serve not only Indian families, but also Indian administrations at the time of the pandemic. But today we have 265 million kids in our K-12 systems, and only those kids are using close to 12 billion plus QR codes for learning. If Johnny just March 23, the learning lessons for these kids online was 5.5 billion learning sessions on the government-made educational platform. Now, look at James saying he wants to also focus on inclusive businesses and look after the farming population in India. Well, James, we've even built that where the Prime Minister ensures that input support to 110 million farmers are given directly into their bank accounts. But also farmers now in India are digitally equipped to receive weather forecasting, to receive technology support from farm-based technology center that the Prime Minister has set up in every district of India. So I think what the India story is to the world is that we are in the business of building businesses, but we are also in the businesses of saving lives. And anybody in the audience, if you want to talk about the prowess of India, it's not only in the whopper that Deepjani is now wearing. If you want to send a mission to space on a budget, we can do it on a budget courtesy ISRO, which is less than the amount of money it takes to produce a Tom Cruise film. That's India. You know, I think Tom Cruise is a good note to end this conversation. But let me just make a serious reflection. 14 years ago, maybe 15 years now, we had it in 2024, 15 years ago, there was an economy of a similar size with a similar per capita income. That was in a world where the financial crisis was ravaging economies. That economy in the next 14 years became the single most important partner to over 100 countries worldwide. It had the same GDP and the same per capita income as India has today. The world needed additionality. It needed alternatives. It needed places it could invest in. This is India's moment. India is now, at that moment when the world seeks additionality, it seeks alternatives and it seeks places it can invest in. At our GDP and our per capita income, as James mentioned, we are going to benefit from both exponential growth and the momentum of a billion aspirations. So please join me in applauding this panel for their intervention. Thanks so much. Love you.