Category
🗞
NewsTranscript
00:00We also have Dr. Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare now joining in.
00:04Dr. Raghuvanshi, thank you very much for joining us today. Dr. Raghuvanshi,
00:08key takeaways from this budget, what stood out for you and what disappointed you?
00:15For the healthcare sector, I think it was very disappointing. The fact that this
00:21budget did not include healthcare as a priority itself is something very disappointing. None of
00:30the long-standing demands have been addressed. The overall allocation though has been increased
00:37by about 12.5%, but that was on a low base. I think what is required is much higher.
00:45So those were the sort of negatives. I mean, there are a few positives as well.
00:52Some of the custom duties on import of x-ray tubes, for example, will
01:02also help the local manufacturers to increase their production. Cancer drugs, there are only
01:09three cancer drugs though, which have been included, but nevertheless, that is going to
01:13have an impact. Some of the other schemes which have been announced for the employment side on
01:20the internship and on the women's development, I think those would have indirect effect on the
01:28entire industry and healthcare would also be included in that.
01:32Raghuvanshi, I guess this is more of a long-term plan, right? If you create employment,
01:36you improve earning capacity for a large part of this country, which then of course enables them
01:42to go on and spend on healthcare if and when there is a need. But we'll talk about that in a minute.
01:47These three cancer drugs, which have got a little bit of waiver on custom duty,
01:52how does it impact a company like yourself? And we don't know much about these cancer drugs,
01:57but if you can walk us through it, it'd be interesting to understand what it means to
02:00the healthcare sector, if it does at all. Yeah, no, it definitely means a lot for the patients.
02:07And as you know, the cancer therapies are generally expensive. These three drugs are
02:12essentially imported and hence they are even more expensive. There are no equivalents available in
02:18the country and it would benefit the patients directly. As far as the industry is concerned,
02:26it will not have an impact because these are mainly pass-through costs.
02:31Right. Thank you, sir. Stay tuned. Of course, with us, we also have Mr. Rajan Bharti Mittal,
02:38past president FICCI and vice chairman at Bharti. Sir, let me first come to you with regard to your
02:46three key takeaways, three key positives and three key negatives from the budget,
02:50which you found for this particular budget 2024.
02:54You know, I think the three top things, if I were to say, manufacturing, especially the SMS
03:04and MSMEs have been taken care of, job employment and agriculture. I think any growth path that this
03:12country has to move towards Vixit Bharat, manufacturing and agriculture have to play a
03:17very, very key role. So I think that I would say is probably the top tier for us to say how this
03:25budget has been panned out. Of course, the Mudra scheme, the women empowerment that also has been
03:30kept in mind, especially manufacturing on the electronic side. That's heartwarming because
03:38I think India can become a manufacturing base more and more for the electrical electronics,
03:45which should happen now. All the PLI schemes have shown that the growth can happen in this country.
03:52So I think these are the good areas, of course, keeping in mind that fiscal prudence still be
03:57kept in mind. If I have to say that is there something which the industry, especially telecom
04:04industry wanted, which has not been met this budget, and we hope that in future some course
04:09correction should happen, is on the telecom levies. We believe that telecom levies are
04:15far too outstretched. They need some rationalization over a period of time.
04:19Of course, the space industry has been spoken about, the small nuclear industry has been spoken
04:25about. We will have to see the fine print on that. Lastly, the finance minister spoke about
04:33the less of litigation and ease of doing business and taxation being part of that.
04:39That's, I would say, a good note and I hope that when we see the fine print,
04:45it starts working towards lesser and lesser litigation.
04:49Sumitra, I'm just going to ask you to step out of the telecom space and talk to me as an
04:53industry representative. There were lots of corridors in the industry that were expecting
04:59PLI schemes to be either extended or more sectors to be added because this is one scheme that's
05:05worked really well in our country. And of course, there's also expectation that the sunset clause
05:10for new manufacturing facilities would be extended. There has been nothing said on both those fronts.
05:16Is there a disappointment from the industry that none of these two clauses have been fulfilled,
05:21because this is what you need to do to encourage pre-avid capex, right?
05:28No, I fully agree. As I said, two sectors which have to add to the growth,
05:33agriculture and manufacturing. There is no doubt in my mind, if GDP has to grow,
05:37India is already stressed on the services side. So these two pillars have to contribute.
05:43And my belief is, as we're going to see budget six, seven months down the road,
05:49the course correction will happen, maybe more PLIs are added. But I think the government also
05:54wants to make sure that the PLIs which have been given to the manufacturing sectors are fully
06:00utilized. They are probably also going to be watching which all industries who have
06:05utilized the PLIs have functioned well, what course correction needs to be done.
06:10So I would say this would be a work in progress rather than saying that
06:13it's coming to fruition either way. So we'll have to watch this space.
06:21Mr. Ashutosh, if I can come back to you, just with regard to health care, as well as
06:28expanding health care for all, what more needs to be done in coming budgets, maybe over the
06:34next two to three years? We've of course, built a good base, but from here, where can we go?
06:44Of health care in this country, which needs to be addressed parallelly, the public health care
06:51system and the private health care system. The private health care can never become a substitute
06:56for public health in the larger context of the nation. And there, we would have expected that
07:05there were significantly more allocations made for the purpose of the Ayushman Bharat scheme
07:11and the digital health mission. There was no specific mention to those.
07:16On the other hand, as far as private health care industry is concerned, there are several aspects
07:22which need to be addressed, which have been longstanding demands of the health care sector.
07:27One of them is the rationalization of the GST structure, because it being exempt, we do not
07:34get any input credit. And that actually results in the higher costs for the patient. So that is
07:42very important factor which needs to be addressed. And there are also several other measures which
07:50the government can take to promote the infrastructure being created in tier two and
07:56tier three cities where the availability of adequate infrastructure is not there. And for
08:02that, certain schemes of PLI, et cetera, could be tailored, which the private sector can
08:11sort of catalyze and use them as basis to create further infrastructure in those areas.
08:18Mr. Jayakumar, talk to us. You are constructive on pharma.
08:23And just first give us your views with regard to the budget itself.
08:34Any kind of disappointment about taxes, et cetera, is I think, frankly, too small to
08:42even mention. The fact is taxes have gone up a little bit. But those who are making the kind
08:47of money that they are making in the markets, if there is in some sense a redistribution of that
08:52wealth to the government, which means you pay higher taxes and the government then channelizes
08:56to a whole bunch of, whether it's social security, first-time employment program to generate
09:02employment in the country, addressing youths, I think it's an extremely noble way to do it.
09:08And I think the fact that it is finally tax on gains. Let's not forget there is a heightened
09:17higher income or on income that you generate that you're paying this tax. So I personally have
09:24absolutely no votes to pick on this. We can go down to the fine printer to say that,
09:31you know, whether, for instance, buyback is the same as dividends, et cetera. Those may be
09:36fine prints that we need to wait for before the end of the day to get clarity on. But the fact
09:41that tax rates have been moved up slightly, I absolutely have no issues on this. It's a
09:47different matter that nobody expected it, but it doesn't mean that everything that you expect must
09:51come through. And let's be very clear, the markets have been very kind to a lot of people and to all
09:56the people who've done their SIPs, et cetera. So they have to pay two and a half percent, which is
10:01a 25% higher taxation on long-term and 15 going to 20 in the short run. I do not believe,
10:09I repeat, I do not believe it's a problem. I think the distribution of that from the
10:15government to the hands of the necessary and the needy, I mean, to the needy is absolutely
10:21necessary because really what we must see is a far more inclusive growth than just South Bombay,
10:29South Delhi, and a few pockets making money as a result of market movement. I think this has to be
10:35more inclusive growth, and I think the foundation stones have been laid for it, whether in terms of
10:42a slew of these programs for first-time employers, for promoting employment amongst youths.
10:49Ultimately, you don't want the demographic dividend or the demographic boon to become a
10:54demographic bane if you can't give employment where it is needed. And to generate employment
11:01and to foster that, if any schemes have come through and it means that certain rungs of the
11:06population have to pay, I am absolutely okay with it, number one. Number two,
11:12excuse me, I think there's a substantial emphasis on infrastructure. There's substantial emphasis
11:20on public investments, and they're hoping that the public sector investments, they're hoping
11:25the private sector also keeps pace. I, for one, believe that the collections through
11:31taxation will be far higher than what have been the estimates in the budget.
11:35So overall, I'm very happy with the budget, largely because nothing much has been tinkered,
11:40and you could argue that the taxation increase would have been avoided, but I think a signaling
11:46had to be given that for more inclusive growth, different sections of the society need to
11:51contribute. And from that signaling perspective, I believe there's nothing wrong with this, and too
11:56much airtime and PRP has been spent by channels on the fine print about taxation aspects and what
12:06the base etc is. That's something that we can always figure out later. But the broad direction
12:11about what this government wants to do in the next five years has been well laid out, and I'm
12:15delighted for it. Right. We also have with us Motilal Oswal, MD and CEO of Motilal Oswal Group,
12:21joining in. Hi, Mr. Oswal, this is Samina. Sorry to have kept you waiting, but it's just
12:26turning out to be a very busy afternoon. What have you made of the budget? Capital gains has
12:32been increased, but that translates into 35 basis points of gains, additional gains or earnings that
12:39an individual now needs to make to accommodate for that increase in capital gains. Are you
12:45impressed with the budget? The fiscal consolidation was better than expected. The budget did not tilt
12:51too much towards populism. And of course, it fixed the capital gain situation at a time when we're
12:56pretty much in a Goldilocks scenario. Yeah, so if I have to, I think, summarize about the overall
13:10budget, I would say that there are very minimum changes overall. And of course, I think there's a
13:17fiscal discipline, absolutely. Numbers are far better budgeted, which is good for the country.
13:24And overall, I don't see really, I think, many changes, really, except few changes on the
13:30capital market side. So capital market gains, short term, long term, and STT, of course,
13:37I would call it absolutely that there can't be any gains without any pains. So it's a capital
13:46pain budget in that sense from long term, short term, and STT perspective. But I think it was
13:51more on the expected line. But I think more important will be that how the whole regulatory
14:00changes comes in next few weeks about the overall, any new restrictions or any kind of new changes
14:06happens, the way the future and options, really, the volumes are happening. So market definitely
14:13will look forward to those changes. And these, in any case, more or less, I think not big change,
14:20but to the extent, really, I think it is a change. And global investors, domestic investors would
14:27like to see the continuity of policy on this side. Because if you have to look at the overall,
14:33just the huge number of people are coming in. But still, if you look at the percentage of
14:40household savings coming to the market is less than 5%. So if you want to encourage more and
14:46more people to come here and invest for long term, especially their savings, then definitely
14:51there should be stable policies. And there should be some kind of encouragements for the investors
14:59who actually invest for long term. I have nothing really to say about STT on the future option.
15:07That's okay. But I think for long term investors, especially capital gains tax, I wish
15:12they should not have any changes. Sir, Mr. Oswal, just with regard to STT,
15:17I want to try and cap this tax angle off. Do you believe that this will dissuade investors
15:25from engaging in F&O? Of course, you head and lead Motilal Oswal Group, and therefore,
15:31maybe in the most relevant position to answer this.
15:34Yeah. It will, okay. Yeah, it would, because the cost of transition will definitely go up.
15:43Right. So in that sense,
15:45definitely it will make an impact. Because people trade for very small gains or small amount of
15:53gains, and that's where it is going to impact them.
15:57Right. And, sir, do you believe on the policy side of things,
16:00enough has been done in this budget to push consumption?
16:10No, I think the way things are happening, if I have to look at medium to long term,
16:15budget actually is becoming more and non-event, except few cosmetic schemes, which is the right
16:20thing to do, because it brings predictability to the whole kind of, I think, policy environment.
16:25So I think we are on the right time.
16:29Mr. Jayakumar, I'll come to you now on what you made of the budget as whole. While you did say
16:35that it's pretty much ticked all the boxes, from a portfolio standpoint, do you feel like it's back
16:40to business pretty much now, and the markets will have digested the change in capital gains,
16:46and of course, the focus will be once again on earnings and fundamentals, and most importantly,
16:50valuations given how stretched we are right now?
16:54You know, my budget take usually is budgets are nothing but a speed breaker on a highway.
17:00On a highway, you don't expect speed breakers. But if you do get it, you need to take the bump
17:05and move forward. I think in every which way the direction is clear, direction has already
17:11been laid out. I don't believe the budget has, to that extent, delivered anything dramatically
17:18different. Tinkering around here or there, you know, making changes in customs duties, etc.
17:23That's something that they do every year, which is digested well before even the markets shut.
17:30Sometimes you wait till the end of the day to read the fine print. So from my perspective,
17:34nothing much has changed. If it's business, that is back to business, business as usual.
17:40We go back to trying to make investments, you know, by reading balance sheets or understanding
17:48businesses. So the entire thing about, you know, whether, for instance, the F&O trading will get
17:53impacted as a result of retail not participating, I certainly hope that that's what happens.
17:58People don't understand the risks associated with F&O. And to the extent they don't,
18:03and they continue to participate, they've been losing money. My own assessment is that
18:07anything that deters this, in fact, greater deterrence should have been put in place.
18:12And any F&O trading that needs to be done either needs to be done through professionally
18:16or through mutual funds who should be offering these schemes. So I don't, for one,
18:19have, you know, will lose my night's sleep on any of these. I think the right deterrents are
18:24in place. And more importantly, the direction that the government has laid out has not changed over
18:30the years and continues to be as robust, but it's far, far more inclusive than it's ever been,
18:35or at least the pronouncements are making it far more inclusive. We expressed similar sentiments
18:40when EBT, etc. came in. But the fact that direct benefit transfers have made the kind of difference
18:45through the JM, Trinity, etc., indicates clearly that this part of the government, you know,
18:51giving to, of going down the path of, you know, inclusivity, I think is a great step forward.
18:57And I for one welcome it. I mean, just look at the kind of social unrest in different parts of
19:01the world. I mean, clearly you don't want disparity to widen to such extents that this
19:06becomes something that the Indian, you know, Indian folks also get to see. So given all that,
19:12I'm very happy with the budget and I have, you know, I think we'll move on to business as usual
19:16and speak less about the budget starting tomorrow. Right. Jay, on that note, from the start of this
19:21year, it was all about Modi stocks, PSB, so railway, fertilizer, defense, expectations of
19:27big bang announcements coming in the budget once again for them. And those stocks have run up,
19:32they've doubled down in the last six to eight months. From where we stand today, and because
19:37it's back to business, would you still, were you ever overweight on these sectors? And if you were,
19:42would you remain overweight? Could PSBs continue to gain only on back of fundamentals from year on?
19:48Well, I think the easy phase of the bull market is over. Now we need to go back to basics. We
19:52need to identify sectors that are materially benefiting. The fact that the overall market
19:57is a buy on dips still remains the thesis as we speak. The fact that the overall market still
20:02affords opportunities is true, but I think we need to be far more nimble in terms of the sectors we
20:08choose. And most importantly, it goes back to basics. So whether it's PSU stocks or non-PSU
20:14stocks, I think I don't want to talk specifically, but sectorally, every sector affords opportunities
20:21that people should look at. So I, you know, as I said, this is something I don't want to talk about,
20:25which is stocks, but am I bullish on the markets? Yes. And there are enough sectors and stocks that
20:32I kind of look forward to continuing to own over the next several years.
20:37All right. Also have Gautam Trivedi joining us, founder, managing partner, Nepian Capital.
20:42Gautam, first off, welcome. It's, how do you assess the budget?
20:48Yeah, I actually liked the budget and frankly, the fact that it was not populist,
20:53strong emphasis on agricultural, rural, strong emphasis on infrastructure, urban housing,
20:59etc. So frankly, I like the budget. Okay. And what changes in terms of thesis,
21:06yesterday versus today and going forward for the next two years in your view?
21:11Yeah. So I think the short-term capital gains tax being increased to 20% was indeed a surprise.
21:17There was a lot of chatter in the market about long-term capital gains tax being increased from
21:2212 months to 36. That thankfully has not happened. I think a 10 to 12 and a half percent or a two and
21:29a half percent increase really is not going to move the needle. But the fact that they've kept
21:34it at 12 months actually is very good. And as far as short-term capital gains tax is concerned,
21:40I'm actually not too disappointed with that either, because that in a sense will bring down
21:46hopefully the speculation. That alone, of course, may not necessarily bring down all of the
21:51speculation, but the fact is the SEBI will have to bring in some other curves and make sure that
21:57people don't get hurt, because there are a whole bunch of new investors from tier three,
22:02tier four towns who are new to the equity markets, have never seen a correction,
22:06and you don't want these people to have a disastrous experience in the equity markets.
22:10So staying course with what the SEBI chief has said over the past few weeks,
22:16that the incremental money coming into the equity markets should be focused on not speculation,
22:22but investment. I think if the SEBI does a bunch of things to control and curb the speculation,
22:29will be actually a big longer-term positive for the equity markets.
22:34Radham, what else do you make of the budget in this case in terms of impetus? As far as
22:39consumption is concerned, we've been talking about weakness in rural demand. Do you think
22:44anything changes at this point in time? No, I think the government has stayed focused,
22:51and hats off to Prime Minister Modi for this, has stayed on course and focused on basically
22:56doing the basic things, which is housing, infrastructure rollout, obviously electrification
23:02is part of that infrastructure rollout, and job creation. So I think these are things which
23:08the government has been talking about and doing for the past 10 years, and they seem to be on the
23:14momentum. So I think from that standpoint, the market was not at all surprised that these were
23:23the core tenets of the budget. There were tweaks. I think, for example, the lack of indexation going
23:30forward on real estate has taken a lot of people by surprise. But my personal view is that that is
23:36for legacy properties, does not impact future properties. If you were to buy an apartment today,
23:41let's say in midtown Mumbai, and looking at selling it five or 10 years from now,
23:46I don't think that's going to be a concern that's going to weigh on your mind on buying the property
23:51itself today. But if you've inherited a property or your grandfather bought something for a
23:56crore of rupees, and the value of that today is 30 crores as an example, so you have to then pay
24:0212.5% on that 29 crores of capital gains. So those are issues for legacy properties,
24:09but not so much going forward. Right, Gautam, interesting there, because we just did some
24:14quick math on that just before we came here. And on that, you know, just about 40 lakh rupees,
24:21if that was your cost of acquisition in 2002, then as of today, you're at a no profit,
24:27no loss in terms of tax, the tax cost is neutral. If you sell your property at three crore, of
24:34course, if the numbers change, this may also change. But basically, essentially, I think that
24:40the intention has been to keep parity in terms of the absolute tax amount that you're bearing,
24:47despite the 20% to 12.5% cut and despite indexation going away. And this is, of course,
24:53for real estate, gold, as well as non financial assets. Of course, we'll try and dive deeper into
24:59that. But let me come back to Mr. Jay Kumar, if I may, Mr. Jay Kumar, talk to us about what you
25:07believe are the key misses in this budget, because you've spoken about so many positives.
25:13What's the possible one or two things which have been missed?
25:18We do talk about divestments once in a while, we do, you know, maybe greater clarity on that
25:23could have come through. Maybe there could have been some more measures on, you know,
25:30steps taken for PLI, especially because your manufacturing thrust is so heavy, that the PLI
25:37could have been looked at as a tool for getting there, because you then facilitate and foster
25:42domestic manufacturing. I think, especially in the context of employment creation, etc,
25:48this could have been definitely one further step taken. Other than that, you know, my own
25:54assessment is there are a lot more things they want to do, they can do it outside the budget.
25:58So we expect a lot more than what has already been covered, maybe a little, you know,
26:03uncharitable to them. So I'm, you know, as I said, broadly, okay, there aren't too many misses from
26:09my perspective, one or two which I pointed out. Gautam, the other big number from the budget is
26:154.9% fiscal deficit target, and with an aim to reduce this number further. But this comes
26:22with costs, right, going down. Your assessment on this as well? You know, to Jake's point about
26:30the one point that I thought also stood out, which, you know, I wouldn't use the word negative,
26:37but that we need to actually assess, the government needs to address, is the lack of
26:42divestment privatization slash asset monetization. And frankly, if you want to get from 5.1 to 4.9,
26:494.9 to four and a half, either your tax collections need to significantly go up,
26:55or you should be able to achieve a significant amount of divestment of PSUs. And, you know,
27:02unlike a lot of Western countries who don't have a portfolio of companies to monetize or sell,
27:08or land to monetize, we have, in our country, the government of India has so many PSUs that
27:15they can sell, especially in a market where the valuations of these PSUs have gone up,
27:21you know, stock prices have gone up significantly. And we are in the middle of, you know, one of the
27:25biggest bull markets in the history of the world. So it's a little odd that the government has
27:32desisted from monetizing assets at this point of time. And frankly, if the government would move in
27:38that direction, I'm sure a host of investment bankers, including Jay Kumar here, would help
27:44them sell these assets at a significant profit, and which could further reduce the fiscal deficit.
27:50We have Gautam with us, but let me also welcome on board KK Mistry, Chairperson,
27:55Chairman, rather, HDFC Life. So, Mr. Mistry, give us your first take with regard to the budget,
28:03please. Well, in my view, the budget is very progressive when you look at it from a long-term
28:08point of view. There are many, many positive features of the budget, which I'll highlight.
28:13I think the one reason why the market reacted negatively initially was the capital gains tax
28:19increase. But I think that is something which the market will pull aside. And I think in the
28:24course of time, things will bounce back. Now, what are the positives of the budget? I think
28:29at the very beginning, I'd said that there would be six pillars around which the budget would revolve.
28:34The first will be growth. And we have seen enough items or enough indications in the budget
28:42that the growth momentum will continue, whether it's in terms of interest spending at 11 lakh
28:47crores, 3.4% of GDP, and so many other measures which have been announced. Second, I said in the
28:54beginning, was employment generation and skilling. And I think that there has been so much of focus
28:59in the budget on employment generation and skilling. And in a country like India, where we
29:03have a young population, this is, to my mind, an extremely critical and extremely important
29:09thing that needs to be done. There are many measures announced. There are incentives given
29:14to sectors which are job machines, which create jobs like infrastructure, housing. There are so
29:20many things which have been announced for the housing sector. You have one, three crore new
29:24houses under the PMA scheme. You have the CLSS scheme, which has been broadly talked about, and I'm
29:30sure the details will be in public domain in the not too distant future. And there are many other
29:35steps for the housing sector. Encouragement to the states to reduce the standard duty rate.
29:41Then there is enough for consumption, to encourage consumption. There's more money kept
29:46in the hands of people. Standard deduction, for example, has been increased. And various
29:51other measures have been announced to put money in the hands of people. This will lead to more
29:55consumption. Consumption will lead to more demand, and demand will lead to manufacturers and service
30:01providers increasing their capacity and therefore being able to provide more, which in turn will
30:06create enough jobs on its own. Then there are incentives for the rural economy, agriculture,
30:12a number of measures to improve productivity in agriculture. Then there are measures for the
30:18manufacturing sector. And last but not the least, I think extremely important is fiscal discipline.
30:23And we've seen that there has been a consistent decrease in the fiscal deficit every time we
30:29look at the budget. This time the fiscal deficit is kept at 4.9% against the 5.1%, which was
30:36mentioned in the interim budget. And for next year, the target is brought down to 4.5%. So I
30:42think these are all extremely positive measures when you look at it from a medium to long-term
30:47perspective. Okay, KK Mistry with us. Sir, stay on with us. I just want to get a quick word from
30:54Mr. Anish Shah as well, FICCI president who now joins us. Mr. Anand Goenka also with us. So we
30:59are getting a great panel of corporate voices on right now, even as we speak. Welcome, gentlemen,
31:06to NDTV Profits. So good to hear from you on what is a big, big day. Mr. Anish Shah,
31:11let me begin with you. A lot of push on employment generation and some of it now
31:17becomes the responsibility of the private sector to take forward as well. I want to get your first
31:22take on that, the internship scheme, the incentives for hiring new employees. How do you look at all
31:30of that? These are all steps in the right direction because the budget really focuses on
31:39short-term and long-term growth for the economy. The short-term comes in through various
31:44measures around consumption. The reduction in taxes at the income tax level is a positive in
31:50that aspect. And long-term through skilling, through infrastructure spend, Catholic spend.
31:57It is right that the private sector has to now step up and partner with the government to drive
32:02this growth. This is also on the lines of the Vixit Bharat agenda that the government has laid out.
32:08That is a very positive one because it really talks about making India and India being the
32:13manufacturing hub for the world. These are all steps that are headed in that direction.
32:20It is the government and private sector that has to partner, work closely together to make this
32:24happen. I will take a quick view from Ananth Goenka as well. On the budget,
32:30what would you say, Mr. Goenka, was one positive surprise and one negative one?
32:40I would say one positive surprise was certainly the focus on skilling and job creation.
32:44That has been the need and I think the fact that there has been so much of impetus and focus on
32:49that, that is extremely positive. I think one area that we hope to hear a little bit more on
32:54was on the PLI scheme. But I do also believe that the PLI could possibly run on its own and there
33:03could be announcements separately over time. So that would have been nice to hear from the
33:07government on. So PLI schemes leaves more to be desired. Mr. Anish, not just on PLI schemes,
33:16not too much there, but the fact that CAPEX didn't really move up post the interim budget,
33:22was that something that you were hoping for? Along with that, the 15% corporate tax rate
33:27sunset clause not being moved forward, were those a couple of things which I think were
33:32on your wish list and didn't come through? So if I look at it overall, CAPEX is still 3.4%
33:41of GDP. And I think the message is that private sector has to step up, which is in many ways a
33:47fair message. If I look at aspects overall in the budget, the focus on infrastructure on roads
33:54and the focus on skilling, I think all of that is positive in terms of an economic
34:00growth focused budget. And therefore, on balance, I would look at that as very positive.