Shaktikanta Das On Indias Viksit Bharat Reform Roadmap

TITLE: Shaktikanta Das Reveals Big Reform Roadmap For India’s Viksit Bharat Dream CHANNEL: Business Today DATE: 2026-05-11 ---TRANSCRIPT--- with the government and we have seen this partnership not only at the national level but also in your capacity as a regulator in your capacity in the states and in many other roles that you have played. Today sir as we stand at a clear infection inflection point as far as our economy and the globe is concerned and there is such so much of turbulence the rising new playbooks of economics the supply chain re-alignments or the weaponization of trade trades the tariffs and resources and accelerating shifts in energy and artificial intelligence. We have a large number of these topics being discussed in many ways and manner over the last few hours before you have come into this session. But sir as we would turn to you we were we also see the government’s uh deep commitment to the reforms the reforms express and yours government and yourself reforms being focused on not just industry and business but we see reforms which have been focused on the social side on the inclusiveness side in the areas of state level reforms in the area of global trade in the areas actually most importantly the areas of people. So with that we turn to you Shri Shaktikanta Das sir for your thoughts your your vision on the journey to Viksit Bharat the next generation reforms. We know how how deeply you prepare when you come and when you said when I had gone to call upon you you said it’s a short notice because you know I prepare and we know you are prepared for for giving us this your vision today. May I have the pleasure and honor of inviting you to give your address. Sri Rajiv Memani, Sri Chandrajit Banerjee, members of the CII, friends from the media, ladies and gentlemen, it’s a matter of great pleasure and delight for me to address this distinguished gathering at the annual business summit of the CII. I have participated in many events of CII, but didn’t realize that I had not participated in you know, this annual business summit or the annual meeting as you say, but I remember having participated in your national executive meeting on more than one occasion. CII as an institution has long stood out as a trusted and influential plat- platform for sustained engagement between policy makers, industry leaders, and key stakeholders. At the current juncture, when the global economic landscape is in a state of flux, and when there are significant structural opportunities at home, I repeat, when there are significant structural opportunities at home, forums such as these assume high relevance in shaping shared understanding and collective responses. This is perhaps my fourth or fifth engagement with the CII since the outbreak of the COVID-19 pandemic. During this period, that is during the last 5 to 6 years, the global economy has been subjected to relentless succession of shocks. What began as a pandemic-induced disruption was followed by several external shocks like the war in Ukraine, monetary tightening in advanced economies, tariff barriers, supply chain disruptions, and a series of conflicts in the West Asia. The net outcome of all these is reflected in slower growth. I’m talking about the global position. They’re all reflected in slower growth, inflationary pressures, fragmented supply chains, heightened financial market volatility, and unprecedented energy crisis. Today’s business summit focuses on vision for India uh focuses on vision for India at 100. Let me start by emphasizing that independent India was born in 1947. But, India’s existence and greatness goes back a long period in time. Prior to colonization, India commanded nearly 25% of global GDP and was the hub of trade, culture, and innovation. In the year 1600 AD, when the East India Company was founded, Britain was generating 1.8% of world’s GDP. Whereas on the other hand, India was producing 22.5% of the world’s GDP. While we cannot live in the past, we must not forget the reality of the past that we were once a leading economic power in the world and that we can again achieve that position. As we approach 2047, the centenary of our independence, the vision must be to reclaim that stature, not through nostalgia, but through enterprise, technology, and inclusive growth. Against this background, I propose to first reflect on the evolving global and Indian economic landscape, and what it means for business leaders and other stakeholders in our economy. We are living in a world of unknown unknowns. Uncertainties arising from unforeseen shocks and geopolitical conflicts have become the new normal for the world economy. Global growth, which expanded by an estimated 3.4% in the year 2025, that is last year, is projected by the IMF to slow down to 3.1% in 2026, with growth with growth potentially falling further to two to 2.5% if the situation if the emerging situation becomes extremely adverse. Global inflation, on the other hand, could rise to 5.4 to 6% under adverse scenarios. In its April 2026 World Economic Outlook, the IMF has noted that supply shock triggered by the Middle East crisis poses a serious threat to the global economy, even if the conflict were to end tomorrow. The lasting impact of the damage to infrastructure and supply disruptions will continue to impose high costs for quite some time to come. Every additional day of disruption can potentially translate into significant economic costs for the world economy, with cascading effects on energy supply, fertilizers, food security, and global prices. Amidst such unsettled and turbulent global backdrop, India stands out as a clear outlier of resilience and renewal. India has not only absorbed successive disruptions since the COVID-19 pandemic, but repeatedly converted every adversity into opportunity and momentum. The Indian economy has delivered an average annual GDP growth of about 7.4% between the years 22-23 and 25-26, making it the fastest growing major economy during that period. What is even more striking is that this growth is anchored not in over-leveraging, not in overspending, not in loosening the financial system, but this is anchored in macroeconomic stability. That is contained inflation, prudent fiscal consolidation, a resilient financial system, and strong domestic demand. Growth and stability have moved in tandem, reinforcing India’s emergence as a key pillar of growth and stability. The fiscal position of the government of India is stable with a decisive shift towards more of capital expenditure and infrastructure spending. The banking sector today stands out on a much stronger footing than in previous business cycles. Years of balance sheet repair, improved asset quality recognition, and tighter supervisory oversight have significantly reduced non-performing assets and enhanced capital adequacy across the banking system. Improved quality of governance, profitability, adequate capital buffers, and prudent lending standards have enabled our banks to resume sustainable credit growth, which supports both consumption and investment. This renewed strength has positioned our banking system as a pillar of stability and global amidst global financial uncertainty. Corporates have also contributed to the overall financial stability by consciously deleveraging their balance sheets, especially during the COVID-19 pandemic and the immediate aftermath of the pandemic. Many firms have replaced high-cost borrowings with lower-cost and longer-tenure financing, improved cash flow management, and reduced dependence on short-term debt. This shift has strengthened debt servicing capacity, lowered vulnerability to interest rate lowered vulnerability to interest rate movements, and enhanced investor confidence. As a result, corporate balance sheets today are better positioned to support fresh investment and expansion. Now, I have given a lot of data in the footnotes of my speech. I will share a copy with the CII if you wish. Not an imposition, but if you wish, you could circulate among your members. I’m not going into too much of data in the interest of you know, in the interest of time. If we take If we take a step back If we step back a little and reflect, every global shock in the last 5 to 6 years has compounded the previous shock, leaving very little time for recovery. The notion of resilience has therefore been tested worldwide like never before. In such a scenario, the Indian economy not only withstood each of these shocks, but emerged even stronger after every crisis. These outcomes are not by accident. They are the result of thoughtful policy choices and resilient buffers built over the last 10 to 12 years. In the prevailing situation, quite naturally, there are multiple questions. When I say prevailing situation, meaning the situation that prevails today with the geopolitical conflicts in various places, the West Asian crisis. So, in this situation, quite naturally, there are multiple questions in the mind of every stakeholder in the Indian economy about the ability of our economy to navigate navigate through the current crisis originating from the West Asian conflict and other challenges emanating from other parts of the world. I now propose to highlight some of these challenges and how we are dealing with them. First, let me start with global energy crisis. India’s energy demand is projected to grow faster than almost any other major economy through 2035. In fact, India is expected to account for over 23% of global incremental energy demand by 2050, the highest for any country. To meet this growing demand, India has focused on strengthening its energy systems through reforms, infrastructure expansion, and cleaner energy pathways. In June 2025, that is last year, India reached a major milestone by achieving 50% of its cumulative installed electricity capacity from non-fossil fuel sources, 5 years ahead of the target year of 2030 under the Paris Agreement. Reforms in the hydrocarbon sector, expansion of energy infrastructure, and rapid scale-up of renewable energy are jointly supporting economic growth, employment creation, energy security, and India’s evolving role in the global energy markets. India [clears throat] has made sustained push towards reliance on alternative energy. Investment in renewable energy has risen sharply. The share of renewables in installed capacity in the share of renewables in the installed electricity generation capacity increased from around 27.3% in the year 2014-15 to about 51.6% as at the end of March this year, that is March 2026. Within this sector, within this, the solar power capacity has gone up from 2.63 gigawatt, please mind the numbers, solar capacity has gone up from 2.63 gigawatt in March 2014 to 150.26 gigawatt in April-May 2026. Further policy Further policy support for electric vehicles and ethanol blending has enhanced the role of domestic energy resources in the country. The country’s trajectory in renewable energy suggests that India will remain a key player in the global transition towards sustainable energy. In April 2026, India faced record electricity demand of about 256 gigawatt driven by extreme heat waves. The system, that is the entire power system, met this met this peak demand without any national shortage. This underscores the significant strides India has made in the in energy security reflecting stronger capacity addition, grid preparedness, and operational coordination. India is better positioned today to confront extreme demand conditions head-on and emerge resilient. India’s renewable surge is being matched by advances in digital grid management, storage, and new technology. Emerging sectors such as bioenergy and green hydrogen are receiving top priority. The Govardhan initiative of the government of India smartly combines solid and waste management in villages with energy security. The enactment of the Shanti Act, which enables private participation in nuclear energy, will open a new chapter in our energy security. On the infrastructure front, I would now like to turn to infrastructure. On the infrastructure front, especially amidst global geopolitical and geo-economic tensions, India offers a striking counter narrative. New mega infrastructure projects are being delivered to the nation in quick succession. Major expressways, bridges, tunnels, railway lines, airports, seaports, together with major healthcare infrastructure are reshaping our infrastructure ecosystem. Each of these new projects is unclogging long-standing bottlenecks. By improving logistics efficiency, reducing distances in terms of time and length, and lowering transaction costs, these infrastructure projects are boosting productivity across sectors. In doing so, they are integrating markets, expanding opportunities, and fundamentally transforming the way India does business. The unprecedented expansion in infrastructure facilities is anchored in rising capital expenditure of the central government, which has gone up exponentially in the recent years. Complementing this unprecedented infrastructure in fact expansion is the focus of the government on urban infrastructure. Urban transport, especially metro rail systems, is emerging as a flagship outcome of this approach. India now has the world’s third largest metro network, expanding from 248 km in 2014 to 1,095 km across 26 cities by the year 2025, with nearly 650 km under construction. Beyond mobility and environmental benefits, metro expansion improves household financial resilience. In an interesting in an interesting insight, the Prime Minister’s Economic Advisory Council, using granular home loan data, finds statistically significant reduction in mortgage delinquency to about 1.7% to 4.4%. And it also it points towards higher prepayments, that is earlier prepayments and higher prepayment of the loans. And that’s about uh 1.4% to 3.5%. Now, this survey with this analysis is they did it was done in the metro connected areas of Delhi, Bengaluru, and Hyderabad. This is driven among others by lower dependence on private vehicles and reduced recurring transport costs incurred by households. These findings highlight that infrastructure investment generates not only macroeconomic gains, but also financial stability spillovers for households and also stronger credit ecosystem. Another remarkable feature which enhances India’s capacity and confidence in the prevailing unsettled global conditions is the free trade agreements concluded in the recent months. By securing predictable market access, adjusting tariff and non-tariff barriers, and strengthening rules on services, investment, and investments and standards, FTAs are expected to enable and they will enable our firms to scale faster and integrate into the global value chains. Modern FTAs go beyond goods. They unlock gains in services, digital trade, and professional mobility. When aligned with our strong domestic capabilities, FTAs would transform our national strengths into sustained global economic influence. With trade openness and strategic autonomy, India is building resilience, enhancing competitiveness, and positioning itself as a constructive and reliable participant in the evolving architecture of global trade, evolving architecture of global trade. Indian industry and business must capitalize on the opportunities opened up by the FTAs. They must focus on further improving the quality of their products and services to enhance international competitiveness. I hope I’m making some sense. Okay. Thank you. Now, let me focus specifically on this India at 100, a vision for a विकसित भारत 2047. The theme of today’s summit, that is vision for India at 100, aligns very well with the bold red roadmap spelled out by the Prime Minister for विकसित भारत 2047. With sharp focus on self-reliance, innovation, and citizen empowerment, the Prime Minister has highlighted India’s journey from a nation dependent on others to a globally confident, technologically advanced, and economically resilient India. As we are aware, India’s resilience and sustained growth are rooted in a series of proactive and forward-looking structural reforms undertaken over the past decade. Some of these reforms, as you are very well aware, would include the implementation of the inflation targeting framework, the goods and services tax, the insolvency and bankruptcy code, recapitalization of public sector banks, the real estate regulation and development act, that is the RERA, the India digital stack, and the ease of doing measures, ease of doing business measures. Together with this, we have to also keep in mind the critical importance of strategic schemes for enhancing our self-reliance. It also the reforms would also include major reforms like the introduction, the implementation of the new labor codes, and the Jan Vishwas acts. The details of these reforms are very well known, and I have already elaborated on them in my recent speeches, and I’m not going into to elaborate each one of them further. What is more important in the current context is India’s journey towards Viksit Bharat 2047, or rather, let me put it this way, what is more important in India’s journey towards Viksit Bharat 2047 is that there is no reform complacency, and government remains steadfast in pursuing the reform agenda. There is no reform complacency, and I would like to highlight and emphasize on this on this sentence. Policy consistency, combined with timely and calibrated reforms, are expected to ensure that India not only maintains macroeconomic stability, but also emerges as a globally competitive and inclusive economy. In parallel to reforms, India is taking bold and forward-looking measures to enhance strategic self-reliance in a number of critical sectors. From rare earth rare earth permanent magnets to critical minerals, shipbuilding, cotton productivity, and artificial intelligence to name a few. These measures are not isolated steps. They are the building blocks of the They are the building blocks of our future economy. Let me now elaborate a few of these strategic measures. First, rare earth permanent magnet. India’s permanent magnet India’s permanent magnet imports range from 85 to 90% in quantity terms. It was therefore necessary to build resilient domestic capacity across the entire value chain from mineral processing and refining to advanced manufacturing and technology development. The government has therefore approved a rupee 7,280 crore rare earth permanent magnet manufacturing scheme to build a complete domestic value chain. Second, critical minerals. Critical minerals are increasingly becoming the oil of the 21st century and are central to economic and geopolitical competitiveness. They are critical for sectors ranging from automobiles, renewable energy, and electric mobility to advanced manufacturing and defense. With a total projected outlay of nearly 34,300 crore rupees over the period 2025 24-25 to 30-31, the national critical mineral mission is expected to strengthen long-term supply security, promote domestic capability, and attract investment and also further foster innovation and position India as a critical player in the global in the emerging global value chains. Third, shipbuilding. Over the years India’s shipbuilding and ship repair sector has faced several long-standing structural challenges that have constrained its growth, scale, and competitiveness. The absence of large and integrated shipyard clusters have further restricted economies of scale and development of robust ancillary and the supply ecosystem. The shipbuilding financial assistance and development schemes together with the Maritime Development Fund and the India Ship Technology Center are expected to address these long-standing structural impediments for shipbuilding in our country. Fourth point I would like to emphasize is cotton productivity. Cotton production in India has declined by nearly 23% over a period of time due to pest attack and a few other factors. On the other hand, our cotton consumption continues to rise. The government has therefore recently approved the mission for cotton productivity with an outlay of 5,660 crore for the period 2026 to 2031. This mi- This mission is closely aligned with the government’s vision of five F. Government’s vision of five F. From farm to fiber to factory to fashion and to foreign. This initiative is expected to strengthen the entire cotton and textiles value chain in an integrated manner. Private sector is the next point I I like to highlight, which is the fifth component of the kind of you know measures which are being taken for being taken for I’ll finish on time Chandrajit not to worry. It’s a bit long. The speech is a bit long. So as I said about writing I didn’t get time actually to edit it. So sorry for that. So it’s a bit long but please bear with me but I’ll finish on time. You have given me time till 3:45 so I should be able to finish by that. Thank you. The fifth point I would like to highlight is private sector research and development that is R&D. India’s innovation ecosystem stands at an important inflection point today. There is a need for greater and more active collaboration between government and the private sector in this area. The establishment of the Anusandhan National Research Foundation that is ANRF by the government is expected to significantly expand collaborative research between academia, industry and government institutions. The research, development and innovation that is the RDI scheme with an outlay of rupees 1 lakh crore was approved by the government last year. It represents a major step towards addressing the long-standing financing gap in private sector R&D and innovation. The scheme is designed to provide long-term, low-cost or concessional financing for high-risk and high-impact technology projects in sunrise and strategic sectors. It also aims to support deep tech startups and commercialization of indigenous technologies. Sixth and the last point under this category is artificial intelligence. AI that is artificial intelligence is emerging as a key driver of future growth and productivity. Systemic measures implemented under the India AI mission are expected to provide a major boost to the AI growing to the you know to the growing AI ecosystem in India. The strong technical talent available within the country will provide a major fillip to this initiative. Apart from these measures which I have listed out which are you know basically in the nature of addressing certain structural gaps in our economy addressing the basic you know theme under India at 2047 2047 is to become more and more self-reliant in key strategic areas. Apart from these measures which I have listed out there are quite a number you know there are many more which I am not highlighting in the interest of time but let me emphasize that there are several other initiatives which are in the pipeline and they will follow over the next you know in the coming months and years to strengthen long-term resilience of our economy. I would now like to turn to the theme of strategic reorientation by Indian industry and business. And this is a very important aspect which I would like to highlight. In the global in the evolving global economic order it becomes necessary for Indian industry and business to undertake strategic reorientation of their businesses. I am not sermonizing by any chance. These are some thoughts which I thought I will place before you for your consideration. So it is it has now become necessary for Indian industry and business to undertake strategic reorientation of their businesses. As I have stated elsewhere over the years and across the world firms have optimized efficiency through single source supply chains spreading beyond their national borders. But in today’s world of geo-economic fragmentation and supply chain disruption, the world of corner solution, I repeat the world of corner solution, is increasingly becoming less efficient. Corner solution basically means over-reliance on a single source of production and just-in-time supply chains or over-dependence on a single source of supply chain. It is now evident that no country or single supply chain can It is now evident that no country or single supply chain remains the cheapest, safest, or the most predictable on a sustained basis. Due to geopolitical conflicts, fragmentation, etc., certain supply chains which the world believed, every economy believed, are the cheapest, the safest, and the quickest, today they are getting disrupted. So, what appeared to be the cheapest and the safest has got completely disrupted. In In fact, in this context, it is resilience maximization which is increasingly replacing cost minimization as a priority for corporates and businesses. Resilience maximization can indeed be highly cost-effective in the long run. Operational strategies of industry and businesses need to be reoriented from concentration to diversification and from short-term efficiency to long-term resilience. As I proceed to conclude, I would like to share a few more thoughts with you on the way forward for Indian industry and business. These are suggestions for you to consider and possibly adopt. I had spoken about these thoughts very briefly in another event last month. I now propose to spell out these points in greater detail. At this At the current juncture, when the whole world is experiencing unprecedented volatility, I feel it would be appropriate for Indian industry and business to focus on the following seven strategies. Number one, build organizational resilience. Indian business must embed resilience into their operating models by strengthening risk management, improving decision-making agility, and proactively anticipating market, technological, and other emerging developments in the world of business. This should enable This would enable firms to absorb shocks, adapt quickly, and emerge stronger. And emerge stronger and turn uncertainty into opportunity. The message that we must give to the international community is that India is ready. Ready to do business, ready to innovate, and ready to contribute to global prosperity. Number two, strengthen balance sheets. Periods of global stress inevitably test the financial strength of companies. Strong balance sheets provide the flexibility to withstand external shocks, manage cash flow pressures, and invest when opportunities arise. Indian firms should prioritize prudent leverage, robust liquidity buffers, and look and forward-looking capital allocation. Three, building new supply chains. As I said a little while ago, companies and firms must proactively diversify sourcing, localize critical inputs to the extent feasible, and integrate into the multiple global integrate into multiple global value chains. By doing so, firms can reduce exposure to external shocks while positioning themselves as reliable partners in the evolving global trading system. Four, reskill the available manpower. As technology, automation, and artificial intelligence reshape industries, the future competitiveness of Indian firms will depend heavily on workforce readiness. Continuous reskilling and upskilling through vocational training and industry-academia collaboration, particularly in digital, manufacturing, and advanced technical domains must become an organizational priority. Investing in human capital would not only improve productivity, but would also ensure strong and inclusive corporate culture and promote long-term efficiency. Five, diversify into new markets. Overdependence on a narrow set of markets or geographies increases vulnerability during global slowdowns, especially for exporters. Indian businesses should actively explore and engage with new export markets and leverage on India’s growing economic and diplomatic footprint. Market diversification would spread the risks, stabilize revenue streams, and allow firms to tap into new growth corridors and demand patterns. Six, invest strategically for the invest strategically for future readiness and for capitalizing on new opportunities. Moments of global disruption often sow the seeds of future business leadership. Strategic investments in technology, innovation, sustainability, and capacity building, etc., would enable firms to capitalize on structural shifts rather than merely reacting to them. Indian businesses that invest with a long-term perspective today will be best placed to lead tomorrow. In other words, there is need to think strategically and invest strategically. Seven, increase expenditure on research and development. I have already mentioned about it, but nonetheless in the context of what I think is necessary for Indian business for you to consider is is the necessity to increase the expenditure on R&D. Knowledge, as you know, is a key driver of growth. As you are well aware, frontier knowledge is generated through sustained R&D. Expenditure on R&D by corporates should not be seen as a cost center. It must be seen as a strategic investment. It is said that innovation propels growth through creative destruction. To realize the true potential of corporates and the economy, we must significantly scale up R&D both individually and through collaborative efforts. These measures, I feel, can significantly enhance sustainability, competitiveness, and long-term growth of Indian businesses and industry. This should enable us to not only weather global uncertainties, but emerge stronger and more confident. As Mahatma Gandhi had said, “The future depends on what we do in the present.” This truth must guide today’s business leadership. In conclusion, I would like to say that this is the moment for enterprises to think boldly, innovate fearlessly, and invest strategically in emerging opportunities. Indian industry must move beyond incremental progress to transformative action, creating global champions, building resilient supply chains, pioneering new technologies, and solving national challenges at scale. Leadership now means daring to take risks, remaining business re-imagining re-imagining business models, leadership now means daring to take risks, re-imagining business models, and aligning the growth with future opportunities. What and how industry chooses to build, disrupt, and lead today will define the will define India’s economic growth, social progress, and global standing tomorrow. The road to India at 2047 begins not in ambition alone, but in strategic action in the present. The reforms and hard work of today will be the pillars of tomorrow’s India, an India that is prosperous, inclusive, and innovative. This approach, I feel, would enable India to consolidate its transformative journey from being an incredible India to a credible India. An India that inspires trust and confidence both at home and abroad. Thank you. Namaskar.

[applause] Thank you very much for an outstanding speech. I know you are so busy, but the preparation your preparation is always so thorough that we are all envious in the way you thoroughly prepare, make your points, and do it in a very very comprehensive way. So, thank you very much. I’m sure everyone took some nuggets away from the outstanding lecture that you that you gave right now, your talk. I just want to pick up a few things and and and highlight what some of the areas where CII is working and also maybe since we have the uh you we have your presence here, maybe also re-emphasize on some of the things that we think uh require emphasis to achieve uh India’s uh Viksit Bharat ambitions. So, I’ll I’ll Firstly, I think uh I think it’s very clear the the current geopolitical issues that have come. Uh I think they have raised a few issues, raised a few vulnerabilities. Uh you’ve talked very in in very eloquent terms about that. Uh I think the key issue uh if I look at it from an India standpoint right now uh in the short term at least is around energy. And I think you talked a lot about renewable, EV, ethanol, and how do we manage demands and everything else. I would just want to refer to three things uh which are very very critical, uh which when we talk to our people in energy, I think renewable has had great progress, great success in India. But if we can emphasize more on the transmission, on the acceleration of transmission and grid stability, at least the renewable output that is there today can be fully utilized. So, as as uh I think there’s a lot of I’m re-emphasizing, there’s a lot of good work that the government has done, but this is one area, sir, where if we can do I think it’ll it’ll lead to even greater success. Uh and alternate in alternative fuels, I think coal to gas and compressed biogas are also very very important. They require incentives. I know that I know the government is working on them, but again very, very strong. And thirdly, distribution efficiency. Whether we make it open access, whether we look at privatization, whether we look at alternates, I think they’re very, very important. Energy in itself is probably the single most important agenda today, especially as we look at what’s happening outside India, what will happen once data centers come in. I think that will become very, very critical. You talked about FTAs. You’ve talked about infrastructure, and I think there’s tremendous progress that’s happened in infrastructure, and also the announcements that have been made in railways, in metro, and everything are truly, truly outstanding. What India has done in terms of FTAs is fantastic, and I must give you and the government credit for what we have done in the last 12 months and potentially doing in the next 6 months. CII is working very closely with the Ministry of Commerce, with the various countries to try and see how do we disseminate this to our members, particularly MSMEs, particularly those who are in clusters where labor-intensive exports can be done. So, that’s a big area of focus for what what CII has been doing. We We talked about reform, sir, and I I I think only thing I would emphasize is what we have seen in the last 12 to 18 months achieved in terms of reforms. We haven’t seen that in the last 8 to 10 years. So, I must give you and the government credit that there is a real pace, there’s a real sense of urgency. Obviously, all of us want more, but that’s really a fantastic thing that has happened. I would particularly say, sir, on dispute resolution, on judicial reforms, and on land reforms, if we can move faster on that, I think it’ll give further impetus to business and investments. And the on the on the manufacturing side, again the points that you talked about rare earth, critical minerals, shipbuilding, cotton productivity. These are so critical for the growth of the economy. The only thing that if if we were to add from a CIA standpoint, which which which is really important, is how do we get more global value chains integrated into India? How do we look at those 30-40 players who are big global We have seen the template in electronics manufacturing. If we can replicate that, I think that will be that will be really great. And also particularly, you know, looking at those items which we’re importing at a significant pace and large imported items. CIA has identified 70-80 items today that we’re importing in significant quantity, which we manufacture it in India as well. If we can accelerate that, I think that will help very very well. On the on the on on your message to the industry, I would just re-emphasize on two things which we have been re-emphasizing. One is on the R&D front, where it’s very clear that Indian industry is behind. We had a delegation to China. It was stark when you see what’s happening there and what’s happening here. And I completely agree with you. And likewise, on skilling. I think these are two areas which are very important messages that you’ve given. And from the CIA platform, this is something that we are consistently requesting and and and and telling and telling our members. So, thank you very much, sir. Thank you very much. I think CB just we saw the Prime Minister’s message yesterday. And CB is going to recommend to all the members to see if he can work from home. And he’s going to start with CIA. So, all the CIA staffers, I think a lot of them will be working from home to carry home the message and lead from the front. Sorry, I just It was becoming serious. I had to pull CB’s leg. So, I was just doing that. But that was a very important message, sir, that was sent yesterday to moderate consumption without creating any any any crisis. Thank you very much. Thanks so much. Thank you very much. sir. [applause] Thank you so much. Thank you. Ladies and gentlemen