WEBVTT 1 00:00:00.640 --> 00:00:02.359 Namaste and good morning. 2 00:00:03.279 --> 00:00:06.919 I'm so privileged to be leading a discussion on the 3 00:00:06.919 --> 00:00:10.960 future of India with those that have been deeply engaged 4 00:00:11.000 --> 00:00:15.599 with the India story and continue to drive it. Ashini 5 00:00:15.640 --> 00:00:20.920 Weshnev Minister of Information and Broadcasting, Minister of Railways, Minister 6 00:00:21.079 --> 00:00:26.600 of Electronics and Information. He truly wears many hats at 7 00:00:26.600 --> 00:00:31.280 the same time, modernizing its modernizing India's railway, shaping the 8 00:00:31.280 --> 00:00:35.960 country's information and broadcasting, and also working on its digital ambitions. 9 00:00:36.679 --> 00:00:40.719 Get A Gopinath, Gregory and Anya Coffee, Professor of Economics 10 00:00:40.719 --> 00:00:44.719 at Howard. Geta is someone who has shaped global economic 11 00:00:44.759 --> 00:00:47.719 thinking on growth and risk from her leadership at the 12 00:00:47.759 --> 00:00:53.640 IMF to now at Howard. Sunil Bharti mythel Chairman of 13 00:00:53.679 --> 00:00:57.920 Party Enterprises. Sunil Barti Mitil is an entrepreneur who has 14 00:00:58.000 --> 00:01:00.439 helped define modern Indian and enterprise. 15 00:01:00.880 --> 00:01:03.840 Baharti Airtel is a. 16 00:01:03.399 --> 00:01:08.400 Global communication giant and is responsible for India's mobile revolution. 17 00:01:09.519 --> 00:01:14.239 Mister Herrera, CEO and President IR Group, one of Wolf's 18 00:01:14.319 --> 00:01:17.200 most recognizable brand. I'm sure all of us here have 19 00:01:17.319 --> 00:01:19.480 one piece of Ia at some point in our life. 20 00:01:20.000 --> 00:01:22.359 As a CEO of the Itica Group, you're looking at 21 00:01:22.359 --> 00:01:26.519 a deeper engagement in India. Welcome all of you. At 22 00:01:26.560 --> 00:01:30.879 a time when much of the global economy is grappling 23 00:01:31.000 --> 00:01:35.640 with uncertainty, India stands out as a rare bright spot. 24 00:01:36.319 --> 00:01:41.239 On Monday, in its World Economic Outlook Report, IMF revised 25 00:01:41.400 --> 00:01:45.239 upwards it's estimate for India's economic growth for twenty twenty 26 00:01:45.280 --> 00:01:49.920 six from six percent to seven point three. The Fund 27 00:01:49.959 --> 00:01:55.280 projected global growth at three point three while describing India 28 00:01:55.439 --> 00:01:59.680 as a key growth engine for the world. In fact, 29 00:01:59.760 --> 00:02:04.640 many describe India as having a Goldilocks phase, strong growth 30 00:02:04.760 --> 00:02:09.960 and moderate inflation. Many projections suggest India could overtake Japan 31 00:02:10.159 --> 00:02:13.680 and Germany over the next few years and move into 32 00:02:13.680 --> 00:02:19.000 the global top three. But momentum is not destiny. The 33 00:02:19.039 --> 00:02:23.479 real question is about timing, execution, and choices and what 34 00:02:23.560 --> 00:02:26.560 does India need to do to convert this moment of 35 00:02:26.639 --> 00:02:29.960 opportunity into economic transformation. 36 00:02:30.400 --> 00:02:31.879 I'm going to start with you, minister. 37 00:02:32.759 --> 00:02:36.280 When you hear this framing, can India become the third 38 00:02:36.400 --> 00:02:39.919 largest economy? Do you feel we're asking the wrong question? 39 00:02:40.360 --> 00:02:44.280 Should it really be? When will India get there? And 40 00:02:44.360 --> 00:02:46.599 if so, how will we get there? What are the 41 00:02:46.599 --> 00:02:48.960 two things that will help us, and what are the 42 00:02:49.000 --> 00:02:50.759 two things that could halt us. 43 00:02:51.599 --> 00:02:54.159 India will become the third largest economy in the coming 44 00:02:54.599 --> 00:02:57.960 few years itself. It's not a question of will it 45 00:02:58.039 --> 00:03:01.520 become it certainly, that's a certainty that will happen. Is 46 00:03:01.560 --> 00:03:04.319 a question of within the next few years, we will 47 00:03:04.360 --> 00:03:07.360 definitely become the third largest economy. What's working very well 48 00:03:07.919 --> 00:03:12.120 is the last decade of very transformational change which has 49 00:03:12.120 --> 00:03:15.319 happened in a country, and it's a very well thought through, 50 00:03:16.039 --> 00:03:18.280 well defined and very focused execution. 51 00:03:18.719 --> 00:03:20.120 It's built on four pillars. 52 00:03:20.159 --> 00:03:24.919 The pillar of public investment in physical, digital and social infra. 53 00:03:25.479 --> 00:03:29.719 The pillar of making sure that the entire society grows 54 00:03:30.039 --> 00:03:34.080 along with the growth of the country, so very inclusive growth. Third, 55 00:03:34.120 --> 00:03:37.919 the pillar of manufacturing and innovation. Fourth the pillar of simplification. 56 00:03:38.479 --> 00:03:40.919 All this combined with the base of technology that we 57 00:03:41.000 --> 00:03:43.759 have put we can very clearly say that India is 58 00:03:43.800 --> 00:03:47.560 going to grow with six to eight percent real growth 59 00:03:48.080 --> 00:03:51.479 and a moderate two to four percent inflation and a 60 00:03:51.520 --> 00:03:54.719 nominal growth of ten to thirteen percent with ninety five 61 00:03:54.719 --> 00:03:58.080 percent confidence interval in the next five years. So that's 62 00:03:58.120 --> 00:04:00.800 the kind of growth journey which is there. We can 63 00:04:00.800 --> 00:04:05.639 say with a lot of confidence, and what's working very 64 00:04:05.639 --> 00:04:07.960 well is that the entire society is seeing the benefit 65 00:04:08.000 --> 00:04:11.560 of it. When we look at five hundred forty million 66 00:04:11.719 --> 00:04:14.360 new bank accounts opened, when we see one hundred and 67 00:04:14.400 --> 00:04:18.079 thirty million toilets getting constructed, when we see eight hundred 68 00:04:18.160 --> 00:04:22.959 million people getting ration every month, month after month. That 69 00:04:23.120 --> 00:04:27.560 shows that the security of the poorest comes as a 70 00:04:27.560 --> 00:04:30.959 priority for our government, for Prime Minister Mordigi, and that 71 00:04:31.040 --> 00:04:33.519 has helped us bring two hundred and fifty million people 72 00:04:33.519 --> 00:04:36.920 out of poverty. So these two factors are very well 73 00:04:37.000 --> 00:04:42.120 thought through growth path, very inclusive growth are going to 74 00:04:42.160 --> 00:04:43.199 be very good for our country. 75 00:04:43.920 --> 00:04:46.439 What's really a. 76 00:04:46.439 --> 00:04:50.399 Matter of concern on our minds is the global debt 77 00:04:51.240 --> 00:04:54.079 which is there in the rich world, the huge amount 78 00:04:54.079 --> 00:04:57.439 of debt, the mountains of debt in the rich world. 79 00:04:57.920 --> 00:05:01.199 How that debt will unable, What will be the impact 80 00:05:01.279 --> 00:05:03.399 We saw yesterday in Japan there was a run on 81 00:05:03.439 --> 00:05:06.560 the bonds. So that kind of thing, if it happens 82 00:05:06.560 --> 00:05:09.240 on a very large scale, what will be the impact 83 00:05:09.279 --> 00:05:11.959 on our country is a matter of concern. 84 00:05:12.519 --> 00:05:14.920 Otherwise, everything else is in a very good shape. 85 00:05:15.000 --> 00:05:18.000 That we will become the third largest economy in the 86 00:05:18.040 --> 00:05:18.639 coming years. 87 00:05:18.759 --> 00:05:21.360 Okay, so we'll talk a little bit later about what 88 00:05:21.480 --> 00:05:24.000 other things that you are doing to insulate us. 89 00:05:24.079 --> 00:05:25.639 But now onto you, Gita. 90 00:05:25.680 --> 00:05:28.600 Do you agree with that is India's ambition to break 91 00:05:28.639 --> 00:05:31.399 into the top three reality? 92 00:05:31.680 --> 00:05:32.360 What's your view? 93 00:05:32.680 --> 00:05:36.199 Without a doubt, India will become the third largest economy 94 00:05:36.240 --> 00:05:38.759 of the world. It's a matter of a few years 95 00:05:39.319 --> 00:05:42.240 unless something catastrophic happens. If you just look at the 96 00:05:42.279 --> 00:05:47.120 math in terms of India's growth rate relative to Germany 97 00:05:47.160 --> 00:05:50.240 in Japan, it would be very hard to see how 98 00:05:50.240 --> 00:05:53.360 India would not get there. And based on current projections, 99 00:05:53.399 --> 00:05:56.680 India gets there by twenty twenty eight. Wow, it could 100 00:05:56.680 --> 00:06:00.000 be even sooner than that, depending upon how the revision 101 00:06:00.399 --> 00:06:03.680 of the GDP numbers happens at the start of this year. 102 00:06:03.720 --> 00:06:06.879 I guess pretty relatively soon what happens with the rebasing. 103 00:06:07.199 --> 00:06:10.079 So that is not the challenge for India. The challenge 104 00:06:10.079 --> 00:06:12.399 for India is not about becoming the third largest economy 105 00:06:12.399 --> 00:06:15.240 in the world. The challenge for India is about raising 106 00:06:15.279 --> 00:06:20.319 per capita incomes to higher levels. And indeed, you know, 107 00:06:20.360 --> 00:06:22.920 I agree with the Minister that substantial reforms have been 108 00:06:23.040 --> 00:06:27.600 undertaken the physical infrastructure build out is impressive, The digital 109 00:06:27.639 --> 00:06:32.240 infrastructure buildout is impressive. What was done with the Goods 110 00:06:32.240 --> 00:06:38.079 and Services tax, including the simplification recently, extremely helpful. So 111 00:06:38.160 --> 00:06:40.439 to keep the momentum going and to keep raising per 112 00:06:40.480 --> 00:06:45.279 capita income and getting to the nineteen forty seven sorry 113 00:06:45.360 --> 00:06:48.639 forty seven goal of bixit parlot, I think that's the 114 00:06:48.759 --> 00:06:52.879 challenge and that would require keeping up with the steady 115 00:06:52.920 --> 00:06:57.720 pace of reforms to get there. But again, a lot 116 00:06:57.920 --> 00:07:02.879 of positive developments in India, and very important is the 117 00:07:02.920 --> 00:07:06.360 macro stability that you have in the country, not just 118 00:07:06.480 --> 00:07:10.040 with growth where it is, but also with inflation being 119 00:07:10.120 --> 00:07:14.360 at the low single digit numbers. That is a good 120 00:07:14.360 --> 00:07:15.120 spot for India. 121 00:07:15.720 --> 00:07:18.319 So you have said earlier that the two things that 122 00:07:18.360 --> 00:07:21.600 could hold us back one is land acquisition is a 123 00:07:21.600 --> 00:07:25.439 little bit messy deregulation and you have said we've not 124 00:07:25.639 --> 00:07:29.839 really used our demographic dividend to its fullest. So what 125 00:07:29.920 --> 00:07:31.680 are the things that you think we can do to 126 00:07:31.759 --> 00:07:32.680 fix some of those. 127 00:07:32.959 --> 00:07:35.720 Yeah, I think a little bit messy is probably an understatement. 128 00:07:37.040 --> 00:07:41.480 It is a tremendous challenge in India to acquire land, 129 00:07:41.959 --> 00:07:46.439 to have clean land titles and that easy constrain on growth. 130 00:07:46.560 --> 00:07:50.800 It's a constraint on manufacturing. It's again there are states 131 00:07:50.800 --> 00:07:55.279 in India that experimenting with techniques that other states can 132 00:07:55.319 --> 00:07:58.279 also adopt. I think Entreprenation is doing a good job 133 00:07:58.319 --> 00:08:02.839 with finding very creative ways of helping with selling of land, 134 00:08:03.399 --> 00:08:07.480 shifting land from being agriculture to commercial land, land titling again, 135 00:08:07.680 --> 00:08:11.040 pushing on that is important. Judicial reforms I think are 136 00:08:11.079 --> 00:08:14.439 absolutely critical. That is an very important bottleneck for growth 137 00:08:14.800 --> 00:08:17.959 in India and it's been there. I think people have 138 00:08:18.079 --> 00:08:20.720 seen it as a longstanding challenge, but we're not seeing 139 00:08:21.120 --> 00:08:27.079 many changes in that front. In terms of the labor force, 140 00:08:27.319 --> 00:08:30.199 You're right, we've been talking about the demographic dividend in 141 00:08:30.199 --> 00:08:32.879 India for a long time, but if you look at 142 00:08:33.039 --> 00:08:35.519 the contribution of labor to growth in India since the 143 00:08:35.600 --> 00:08:39.000 nineteen eighties, only about thirty percent of India's growth has 144 00:08:39.000 --> 00:08:43.440 come from labor. So it is a fairly capital intensive 145 00:08:44.360 --> 00:08:48.000 production structure that India has because of the rules and 146 00:08:48.039 --> 00:08:52.639 regulations that exist in the complications of hiring labor. Now 147 00:08:52.679 --> 00:08:55.600 it is a very positive step in terms of implementing 148 00:08:56.120 --> 00:08:59.039 the labor laws that were passed by Parliament a few 149 00:08:59.120 --> 00:09:01.200 years ago. I think that it's great. The states need 150 00:09:01.240 --> 00:09:04.240 to take that and go ahead. You know, raising the 151 00:09:04.519 --> 00:09:06.600 number of the limit on the number of workers above 152 00:09:06.639 --> 00:09:09.159 which you have to face higher regulation from one hundred 153 00:09:09.159 --> 00:09:10.159 to three hundred is good. 154 00:09:10.720 --> 00:09:12.159 Though if you want to be a part of. 155 00:09:12.120 --> 00:09:14.159 The big global supply chain, you're going to have to 156 00:09:14.200 --> 00:09:16.879 be way more than three hundred in terms of the 157 00:09:16.960 --> 00:09:19.600 size of the labor force that you have. So pushing 158 00:09:19.600 --> 00:09:22.960 on that front is important. Labor market flexibility is critical. 159 00:09:23.679 --> 00:09:27.200 On top of that is the skilling of human capital. 160 00:09:27.240 --> 00:09:29.399 I think that is a very important part of the 161 00:09:29.440 --> 00:09:32.360 solution too. It's not just about the fact that firms 162 00:09:32.399 --> 00:09:35.879 aren't creating jobs. There is a mismatch between where jobs 163 00:09:36.320 --> 00:09:39.320 can be created and the skill of the labor force 164 00:09:39.320 --> 00:09:42.240 in India's so pushing on that front in terms of 165 00:09:42.320 --> 00:09:46.279 the level of education in human capital and skilling super critical. 166 00:09:47.000 --> 00:09:49.080 Minister, Would you like to come in into any of 167 00:09:49.120 --> 00:09:52.039 the comments that Gita has made, anything you'd like to add. 168 00:09:52.679 --> 00:09:56.720 We follow a model of cooperative federalism where the central 169 00:09:56.720 --> 00:09:59.720 government and the state governments we work together to bring 170 00:09:59.759 --> 00:10:02.759 out many of the reforms and some of the reforms 171 00:10:02.759 --> 00:10:07.559 which are happening in Maharashtra in and Pradesh, in Orisa. 172 00:10:07.840 --> 00:10:10.360 Many of these reforms are now becoming the temperate for 173 00:10:10.440 --> 00:10:13.879 the states to follow, and the labor reforms implementation is 174 00:10:13.919 --> 00:10:18.759 a major major major step GSD simplification, labor reforms, opening 175 00:10:18.799 --> 00:10:23.360 the nuclear energy sector to private sector, and reforms in 176 00:10:23.399 --> 00:10:28.200 practically every sector. We have two groups of ministers which 177 00:10:28.240 --> 00:10:31.240 are working on half the ministries in one group, half 178 00:10:31.279 --> 00:10:34.120 the ministries in other group, where we are going down 179 00:10:34.200 --> 00:10:38.759 to the procedural reforms, to legal reforms, to every possible 180 00:10:38.840 --> 00:10:41.879 reform that we can have. And I'll request all the 181 00:10:41.919 --> 00:10:45.440 participants present here in case you feel there is any 182 00:10:45.480 --> 00:10:50.200 particular point which is hampering your growth in India, do 183 00:10:50.360 --> 00:10:50.799 come out. 184 00:10:51.039 --> 00:10:53.320 We are here to listen to your problems and solve them. 185 00:10:53.759 --> 00:10:57.279 We are here to We are here to be the 186 00:10:57.360 --> 00:10:59.320 catalyst for your growth in India. 187 00:10:59.440 --> 00:11:04.360 Yeah, excellent, mister Methil. You're a pioneer of India's digital revolution. 188 00:11:04.840 --> 00:11:07.679 Much of its growth would not have happened without you. 189 00:11:07.679 --> 00:11:10.600 You helped build the networks on which we are now growing. 190 00:11:11.600 --> 00:11:14.000 What do you think is the next thing we can do. 191 00:11:14.039 --> 00:11:16.440 To tobo our growth and what do you think is 192 00:11:16.559 --> 00:11:18.600 leashing us well? 193 00:11:18.639 --> 00:11:21.919 I think India is generally in a great spot. You 194 00:11:22.000 --> 00:11:25.039 already heard that it's a matter of numbers, mathematics. 195 00:11:25.039 --> 00:11:26.919 We will get there to be number three. 196 00:11:27.399 --> 00:11:29.519 And if I put a spiritual metaphor around it, I 197 00:11:29.519 --> 00:11:31.120 would say it's written in the stars. 198 00:11:31.519 --> 00:11:34.120 The question is six seven trillion. 199 00:11:33.799 --> 00:11:37.080 Dollars for one point five or one point six billion 200 00:11:37.120 --> 00:11:40.000 people doesn't stack up. So we will get to number three. 201 00:11:40.039 --> 00:11:42.519 But we need to get to twenty five thirty trillion dollars. 202 00:11:43.000 --> 00:11:45.080 And we can quiver about the year in which we'll 203 00:11:45.120 --> 00:11:47.039 get there, but we have to get there, and we 204 00:11:47.080 --> 00:11:50.519 will get there. What do we need my tribe, business 205 00:11:50.559 --> 00:11:55.039 community needs an enabling environment, need a committed government, needs 206 00:11:55.120 --> 00:11:57.639 stable in our situation in the country. 207 00:11:58.120 --> 00:11:59.360 All that is available now. 208 00:12:00.039 --> 00:12:04.360 One factor that is coming to challenge our growth that 209 00:12:04.399 --> 00:12:09.000 we are currently on is massive competition that has occurred 210 00:12:09.039 --> 00:12:12.039 in the world today. US was a huge market for 211 00:12:12.159 --> 00:12:15.960 China to grow itself and they use twenty thirty years 212 00:12:16.000 --> 00:12:19.919 of that wonderful moment to build their factories, to build 213 00:12:19.960 --> 00:12:23.799 their manufacturing bases, going to deep tech, earn a tremendous 214 00:12:23.840 --> 00:12:27.279 amount of money to show up the economy. That opportunity 215 00:12:27.279 --> 00:12:29.759 is not available for India. So we will have to 216 00:12:29.799 --> 00:12:33.080 find our own ways and means. Thankfully, we have a 217 00:12:33.200 --> 00:12:37.159 huge market India, the continent of consumers, young people consuming 218 00:12:37.200 --> 00:12:40.639 more and more. We will be signing hopefully the EU 219 00:12:40.799 --> 00:12:43.679 trade deal very soon. UK is done, Australia has done, 220 00:12:43.720 --> 00:12:46.279 New Zealand is done. UA is done many more than 221 00:12:46.360 --> 00:12:49.480 the pipeline, but the big one with the US hopefully 222 00:12:49.519 --> 00:12:53.080 also gets done soon. We heard from Secretary Leartning this morning. 223 00:12:53.679 --> 00:12:56.720 America must bring everything back to manufacturing in America. 224 00:12:56.919 --> 00:12:57.759 That's a change. 225 00:12:58.039 --> 00:13:01.279 We need to deal with that new shift in the 226 00:13:01.320 --> 00:13:05.159 global sort of trading normes that we'll have to deal with. 227 00:13:06.080 --> 00:13:09.679 Give us more backing from the government, give us more freedom. 228 00:13:10.159 --> 00:13:13.600 We have a Prime Minister who understands the power of business. 229 00:13:14.039 --> 00:13:17.840 He uses the industry and industry players to scale up 230 00:13:17.879 --> 00:13:21.159 the country, provide more employment. The PLI scheme that has 231 00:13:21.200 --> 00:13:23.840 come out. I never thought during my lifetime India will 232 00:13:23.879 --> 00:13:28.440 be a manufacturing destination for electronics or telecom equipment. All 233 00:13:28.519 --> 00:13:30.480 that has changed in the last five seven eight years. 234 00:13:30.519 --> 00:13:33.080 Just in the last five seven eight years, massive amount 235 00:13:33.080 --> 00:13:34.919 of exports of Apple phones. 236 00:13:34.679 --> 00:13:36.240 And many other products are happening now. 237 00:13:36.759 --> 00:13:40.039 I remain very very confident that the energy that I 238 00:13:40.080 --> 00:13:42.799 see in India and now I work in Europe, I 239 00:13:42.840 --> 00:13:44.960 work in France, I work in the UK, and I 240 00:13:44.960 --> 00:13:48.440 can tell you we will continue to grow at the 241 00:13:48.519 --> 00:13:51.480 rapid clip of six seven eight, hopefully in some years 242 00:13:51.519 --> 00:13:54.279 even higher, whereas the world will be settling at half 243 00:13:54.320 --> 00:13:57.240 a percent one percent or minus in certain years. 244 00:13:58.000 --> 00:13:59.679 We have a good future for us. 245 00:14:00.279 --> 00:14:03.480 What can delail us is only the competitive intensity of 246 00:14:03.519 --> 00:14:06.000 the world play now that we need to deal with 247 00:14:06.039 --> 00:14:08.759 and that really lies in the hands of the Able government. 248 00:14:08.840 --> 00:14:11.320 How they definitely deal with the trade deals. 249 00:14:11.840 --> 00:14:14.039 Okay, thank you mister Herrara. 250 00:14:14.360 --> 00:14:19.240 You've seen India through many many years and right now 251 00:14:19.279 --> 00:14:23.480 with Ia on the ground, from a global CEO's perspective, 252 00:14:23.639 --> 00:14:26.519 how does the world view India's group story? 253 00:14:27.879 --> 00:14:31.480 At first, I have to say that Mars make a 254 00:14:31.559 --> 00:14:35.200 disclaimer when talking about India young emotionally biased with India 255 00:14:35.840 --> 00:14:38.440 because we live in the family, my wife and their 256 00:14:38.480 --> 00:14:42.039 two children for six years and so I call myself 257 00:14:42.600 --> 00:14:47.279 Indian ambassador in the business community. 258 00:14:45.919 --> 00:14:47.519 So unpaid as well. 259 00:14:47.600 --> 00:14:52.759 It's the best disclaimer made, disclaimman made. Now, of course India, 260 00:14:52.879 --> 00:14:56.000 you have to be in India there is well, because 261 00:14:56.039 --> 00:15:01.679 it's you know, it's a big market, a jam population. 262 00:15:02.519 --> 00:15:07.600 It's also democracy is the English speaking company. But also 263 00:15:07.600 --> 00:15:10.720 at the same time India has had this having and 264 00:15:10.799 --> 00:15:15.879 will have the possibility to leaf rock from agriculture to 265 00:15:16.039 --> 00:15:19.279 the most developed AI much faster than any other company, 266 00:15:19.320 --> 00:15:22.720 you know, So we see, of course very positive. 267 00:15:22.360 --> 00:15:23.080 In the endlessence. 268 00:15:24.399 --> 00:15:27.559 So, minister you said in the first question, I asked 269 00:15:27.559 --> 00:15:30.200 you that one of the pillars is simplification, which is 270 00:15:30.200 --> 00:15:34.799 basically deregulation. And many times whoever you speak to, that 271 00:15:34.960 --> 00:15:37.120 is one of the concern areas. So can you talk 272 00:15:37.159 --> 00:15:39.519 a little bit more about what are you doing to 273 00:15:39.639 --> 00:15:42.120 make ease of business happen in India? 274 00:15:42.600 --> 00:15:47.080 Absolutely, in the last ten years, one thousand, six hundred laws, 275 00:15:47.759 --> 00:15:52.000 old antiquated statutes have been removed from the statute book. 276 00:15:52.279 --> 00:15:54.360 Can you give a similar example anywhere in the world. 277 00:15:54.600 --> 00:15:57.600 One thousand, six hundred laws I've been remote, thirty five 278 00:15:57.600 --> 00:15:59.360 thousand compliances have been remote. 279 00:16:00.440 --> 00:16:02.120 A big exercise is right. 280 00:16:02.000 --> 00:16:08.360 Now going to reshape the legal structure tuned to modern 281 00:16:08.399 --> 00:16:11.039 times because many of the laws were written in a 282 00:16:11.120 --> 00:16:17.279 time when the government and the political setup of that period. 283 00:16:17.679 --> 00:16:20.519 I'm saying of the early from nineteen fifty to nineteen 284 00:16:20.600 --> 00:16:25.039 ninety That was a period when the governments were basically 285 00:16:25.200 --> 00:16:28.600 very invert looking. They were very protectionist. They were not 286 00:16:28.720 --> 00:16:32.080 looking at the energy of our people. They were trying 287 00:16:32.120 --> 00:16:35.480 to control that energy. So all many of those laws 288 00:16:35.480 --> 00:16:38.679 are being rewritten now, so that's a major exercise which 289 00:16:38.720 --> 00:16:42.279 is going on. Second, many of the procedural things are 290 00:16:42.279 --> 00:16:43.320 getting changed. 291 00:16:43.559 --> 00:16:45.120 Mister Mithiler's witnessed. 292 00:16:45.200 --> 00:16:49.000 To get a telecom tower permit, it used to take 293 00:16:49.039 --> 00:16:50.399 two hundred and seventy days. 294 00:16:50.720 --> 00:16:52.080 Now it takes seven days. 295 00:16:52.600 --> 00:16:55.519 To get a railway terminal connected to the railway network, 296 00:16:55.559 --> 00:16:58.200 it used to take six years. Now it takes just 297 00:16:58.240 --> 00:17:00.600 about two and a half years, two and a half months. 298 00:17:00.879 --> 00:17:03.799 So that is the kind of simplification procedural as well 299 00:17:03.799 --> 00:17:07.160 as legal is happening in the country. Our entire criminal 300 00:17:07.279 --> 00:17:12.519 justice system, which was of eighteen hundred some vintage, so 301 00:17:12.559 --> 00:17:16.400 that has now totally been transformed into a new structure. 302 00:17:16.920 --> 00:17:21.200 The Telecom Act was of eighteen fifty four vintage. That 303 00:17:21.240 --> 00:17:24.039 has been replaced by a brand new twenty twenty three Act. 304 00:17:24.160 --> 00:17:27.319 So practically every sector we are trying to bring in 305 00:17:27.400 --> 00:17:31.559 a totally new legal framework or totally new procedural framework 306 00:17:31.839 --> 00:17:33.799 built on the technology stat that we have. 307 00:17:34.160 --> 00:17:37.079 Okay, so Gita, I don't know whether you know, but 308 00:17:37.160 --> 00:17:41.440 there's a Raji Guawa committee which is looking at deregulation. 309 00:17:42.000 --> 00:17:44.960 I want to ask you, is making another committee to 310 00:17:45.000 --> 00:17:49.640 get rid of bureaucratic red tape the best way forward? 311 00:17:50.279 --> 00:17:52.200 Well, I assume that this is not just a committee 312 00:17:52.240 --> 00:17:54.400 for its own sake, but the hope is that it's 313 00:17:54.440 --> 00:17:58.680 going to come up with actual actionable plans. Yes, absolutely, 314 00:17:58.759 --> 00:18:02.839 I mean India needs a lot more deregulation. It is 315 00:18:02.880 --> 00:18:05.039 still in terms of ease of doing business, it is 316 00:18:05.079 --> 00:18:08.640 still a challenging place to do business. I'd love to 317 00:18:08.680 --> 00:18:11.279 hear from you in terms of how what challenges you face. 318 00:18:12.400 --> 00:18:16.920 So taking out more and more of the archaic rules 319 00:18:17.000 --> 00:18:22.039 that have held back businesses as absolutely critical. But then 320 00:18:22.079 --> 00:18:24.880 all other aspects of India will also have to continue 321 00:18:24.920 --> 00:18:27.200 in terms of the reforms will have to continue, the 322 00:18:27.200 --> 00:18:29.039 ones we talked about on land and labor. 323 00:18:29.440 --> 00:18:31.200 One of the areas I wanted. 324 00:18:30.960 --> 00:18:33.440 To point out which we usually don't talk about when 325 00:18:33.480 --> 00:18:36.480 you're talking about business development is I want to talk 326 00:18:36.480 --> 00:18:41.359 about pollution. Pollution is a challenge in India and if 327 00:18:41.400 --> 00:18:45.680 you look at the impact of pollution on the Indian economy. 328 00:18:46.160 --> 00:18:50.039 It is far more consequential than any impact of any tariffs. 329 00:18:49.680 --> 00:18:51.279 That have been put on India so far. If you 330 00:18:51.319 --> 00:18:51.799 look at the. 331 00:18:52.480 --> 00:18:56.160 Annual cost to India's GDP of the level of pollution 332 00:18:56.240 --> 00:18:58.079 that you have, and it's not just the effect on 333 00:18:58.200 --> 00:19:01.000 economic activity, also the lost and lives. 334 00:19:01.000 --> 00:19:02.440 I mean, the numbers are really large. 335 00:19:02.480 --> 00:19:04.279 Based on a World Bank study that was done I 336 00:19:04.279 --> 00:19:07.480 think it was published in twenty two, about one point 337 00:19:07.519 --> 00:19:11.240 seven million lives are lost every year in India because 338 00:19:11.240 --> 00:19:15.759 of pollution. That's eighteen percent of the debts in India. 339 00:19:15.920 --> 00:19:19.880 I think even from any international investors' perspective, who's thinking 340 00:19:19.880 --> 00:19:23.519 of coming in and putting up a shop in India, 341 00:19:23.960 --> 00:19:27.839 if you have to live there and you have the 342 00:19:27.960 --> 00:19:30.160 environment is not of the kind that you feel that, okay, 343 00:19:30.160 --> 00:19:32.359 this is going to be consequential for your health. It 344 00:19:32.480 --> 00:19:34.880 holds you back and obviously not to say about all 345 00:19:34.920 --> 00:19:38.480 the Indians that are living in this kind of pollution. 346 00:19:38.759 --> 00:19:45.400 So addressing that on a war footing is critical. I mean, 347 00:19:45.440 --> 00:19:48.599 this has to be a mission, a top mission for India. 348 00:19:48.680 --> 00:19:50.920 Along with deregulation. We're putting it in a line with. 349 00:19:50.880 --> 00:19:52.599 The regulation for India. 350 00:19:52.799 --> 00:19:54.599 So mister Mithil. 351 00:19:54.720 --> 00:19:57.880 You work in other countries you just mentioned in Europe 352 00:19:57.920 --> 00:20:01.079 and you've been working in US as well. What are 353 00:20:01.119 --> 00:20:04.440 the lessons that India can take from there for ease 354 00:20:04.680 --> 00:20:06.920 of doing business? You know, what are the things that 355 00:20:07.000 --> 00:20:08.319 we can adopt. 356 00:20:08.839 --> 00:20:11.480 Well, I can say certainly nothing from France the UK. 357 00:20:14.359 --> 00:20:17.480 It's much harder, much much harder. Oh my god, Oh 358 00:20:17.480 --> 00:20:19.119 my god, it's much harder. And they also have the 359 00:20:20.039 --> 00:20:23.759 you know, additional burden of the Brussels bureaucracy which they 360 00:20:23.799 --> 00:20:24.279 have to deal with. 361 00:20:24.279 --> 00:20:25.920 This is just multiple layers there. 362 00:20:26.640 --> 00:20:29.400 I would say us to the good model where business 363 00:20:29.480 --> 00:20:33.480 is really highly encouraged and you know, the ease of doing. 364 00:20:33.359 --> 00:20:34.920 Business, I would say to the good level. 365 00:20:35.000 --> 00:20:37.559 And of course they have examples, fine examples in Singapore 366 00:20:37.640 --> 00:20:41.200 and you know, EUE, et cetera. But I would echo 367 00:20:42.000 --> 00:20:45.480 under a mistress point view here, India has come a 368 00:20:45.480 --> 00:20:47.839 long way. I mean, I'm the product of I started 369 00:20:47.839 --> 00:20:51.920 in seventy six, so I'm yeah, it's fine. But I 370 00:20:51.920 --> 00:20:56.079 am telling you I've seen this plots of books, handbooks, 371 00:20:56.079 --> 00:21:01.599 manuals standing outside in digit TD you know, CCI, hundreds 372 00:21:01.640 --> 00:21:04.720 of departments getting one license to get something into the country. 373 00:21:05.039 --> 00:21:05.799 Oh, that is gone. 374 00:21:05.920 --> 00:21:08.279 Nineteen ninety two or ninety one ninety two was one 375 00:21:08.359 --> 00:21:10.720 big wave and I would say in the last ten 376 00:21:10.839 --> 00:21:12.160 years a lot has been done. 377 00:21:12.319 --> 00:21:13.160 Can more be done? 378 00:21:13.240 --> 00:21:16.319 Yes, we as business community will keep on asking for more. 379 00:21:16.720 --> 00:21:19.960 Transfer more faith onto us, have faith we will do 380 00:21:20.000 --> 00:21:20.559 the right things. 381 00:21:20.599 --> 00:21:21.640 We will be more compliant. 382 00:21:21.680 --> 00:21:25.200 Indian companies have much better governance standards today than they 383 00:21:25.200 --> 00:21:28.599 were in the nineties and early two thousand. I think 384 00:21:28.960 --> 00:21:32.640 this committee is engaged. I hope, and really I'm confident 385 00:21:32.680 --> 00:21:35.319 that this committee is set up for a real reason 386 00:21:35.400 --> 00:21:38.559 because the Prime Minister recognizes there is still much more 387 00:21:38.559 --> 00:21:40.759 to be done in ease of doing business, and I 388 00:21:40.839 --> 00:21:43.759 remain very hopeful something good will come out of this. 389 00:21:44.759 --> 00:21:47.960 So I'm adding on to the question Geita kind of 390 00:21:48.039 --> 00:21:51.480 asked you about doing business in India. Is it easier 391 00:21:51.480 --> 00:21:54.359 to do business in India or in China? And what 392 00:21:54.440 --> 00:21:58.599 would be your advice to a global CEO coming into 393 00:21:58.720 --> 00:21:59.759 India at this moment? 394 00:22:00.640 --> 00:22:04.039 At the care we are present in many different forces 395 00:22:04.039 --> 00:22:08.680 in India. A cares present in the source inside, engaging 396 00:22:08.759 --> 00:22:13.000 with many suppliers and not only producing in India for India, 397 00:22:13.039 --> 00:22:15.799 producing in India for the global supply chain with export 398 00:22:16.400 --> 00:22:19.680 We are present with the retail business where we Acquiredline 399 00:22:19.759 --> 00:22:24.759 where we really go fulling with our retail business model 400 00:22:25.200 --> 00:22:27.880 and we are present in many cities and we will 401 00:22:28.359 --> 00:22:32.240