GST Price Cut From Today: What's Costlier And Cheaper From Today | GST Reforms | Business News - video Dailymotion

ET NOW

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Transcript

00:00:00These reforms have been carried out with a focus on the common man.

00:00:07Every tax levied on common man's daily use items have gone through a rigorous looking into

00:00:15and in most cases the rates have come down drastically.

00:00:20Labor intensive industries have been given a good support.

00:00:23Both farmers and agriculture as a whole will also benefit by the decisions we have taken today.

00:00:31Health related also will benefit.

00:00:35So the key drivers of economy have been given a prominence.

00:00:39And much before I get into the details, I want to thank every member of the GST Council.

00:00:47Every finance minister who attended the GST Council today.

00:00:52There was no absence.

00:00:53Everyone was present.

00:00:55We've had a day-long intense discussion.

00:00:59But I'm grateful to each one of them.

00:01:03At the end of the day, they said, we're all together for the sake of the common man.

00:01:08And that's why I want to thank the people.

00:01:10I want to thank the members of the GST Council.

00:01:12We have to thank the members.

00:01:14I want to thank the members.

00:01:14And thank the members.

00:01:16I want to thank the members.

00:01:19common man and middle class items

00:01:39there is a complete

00:01:42reduction

00:01:43reduction from

00:01:4618 or from 12

00:01:48to 5%

00:01:50I list out those items

00:01:53all of whom have come to 5%

00:01:55from either 18 or from 12

00:01:57common man items such as

00:02:01hair oil, toilet soap, bars

00:02:03soap bars, shampoos, toothbrushes, toothpaste

00:02:07bicycles, tableware, kitchenware

00:02:09and other household articles

00:02:12have all come to 5

00:02:13whether they were in 18 or whether they were in 12

00:02:16similarly

00:02:18reduction of GST from 5% to nil

00:02:23paan se zero me jane wale items indicate kar rao

00:02:28ultra high temperature milk

00:02:30the UHT milk

00:02:32chena or paneer

00:02:34all the Indian breads will see nil rate

00:02:39so roti kisi ke oopar bhi chapati or roti or paratha or whatever it is

00:02:45they all come to nil

00:02:47reduction of GST from 12% or from 18% to 5

00:02:53ismene food items

00:02:54ismene food items bhoot saare hain

00:02:55namkeen se bujia hain

00:02:57sauces se pasta hai

00:02:59instant noodles se

00:03:01chocolates, coffee, preserved meat, cornflakes, butter, ghee

00:03:06yeh sab 5%

00:03:08yeh sab 5% mein aare hain

00:03:10from 12% or from 18% to 5

00:03:13ismene food items bhoot saare hain

00:03:16namkeen se bujia hain

00:03:18sauces se pasta hai

00:03:20instant noodles se

00:03:22chocolates, coffee, preserved meat, cornflakes, butter, ghee

00:03:26yeh sab 5% mein aare hain

00:03:29fir there is one special rate which is only for sin and super luxury goods

00:03:35that special rate of 40% has also been proposed and it is cleared

00:03:40that will apply only to paan masala, cigarettes gutga and other tobacco products such as chewing tobacco

00:03:49products like zarda, unmanufactured tobacco and bd

00:03:54ismene middle class ke aspirations meet karne waale bhoot saare chis hain

00:04:00air conditions

00:04:01air conditioning machines

00:04:04tvs which are over 32 inches

00:04:07all tvs now at 18%

00:04:11I want to underline

00:04:14all tvs are now at 18%

00:04:17dish washing machines

00:04:18small cars

00:04:20motorcycles

00:04:21equal to or less than 350 cc

00:04:24are all now coming to ET

00:04:26GST rate cuts are just around the corner

00:04:34making everyday spends

00:04:36from groceries to medicines cheaper

00:04:38as per finance minister nirmala sitaraman

00:04:40the rejig is expected to put nearly

00:04:422 lakh crore rupees

00:04:44back into the hands of the consumers

00:04:45but what does that mean for you

00:04:47as a family of four

00:04:48or as an individual consumer

00:04:49let's find out

00:04:51but it's important to note

00:04:52that these are just ET now estimates

00:04:53based on a survey internally conducted by us

00:04:56to help you understand what the setup of this survey is

00:04:59we've imagined three families across different income groups per month

00:05:03family A earns 28,000 rupees a month

00:05:06family B earns a monthly income of 1.5 lakh rupees

00:05:09and you have family C at the end

00:05:11that's earning a monthly income of 5 lakh rupees

00:05:13we'll track their spends and see what they are going to save

00:05:16after the September 22nd rate cuts are implemented

00:05:19now to give you a picture on the math that we've used

00:05:22here's the math to begin with

00:05:24grocery bills let's talk about that

00:05:26they now work out about 4% cheaper

00:05:28based on a KOTAC estimate

00:05:29for GST cut across categories that fall in this basket

00:05:33dining out let's talk about that

00:05:35that has gone from 12% to 5%

00:05:37which is a 7% saving

00:05:39entertainment such as movie tickets

00:05:41is unchanged at 18%

00:05:42so no benefits there

00:05:44telecom too

00:05:45no benefits over there as well

00:05:46on your telecom or your mobile phone bill

00:05:48medicines have become cheaper by 7%

00:05:51falling from 12% to 5%

00:05:53so that's the 7% savings on medicines

00:05:54that you can see over there

00:05:55for personal care

00:05:57items such as soaps and shampoos

00:05:58are down by about 10%

00:06:00once again based on a KOTAC estimate

00:06:02across categories in this basket

00:06:04and well yes

00:06:05the biggest relief is coming in

00:06:06on the life and health insurance premiums

00:06:09because they have been completely exempt from GST

00:06:12which means they were charged at 18% earlier

00:06:150% GST now

00:06:16which means the total saving for your insurance bill

00:06:18is straight up 18%

00:06:20let's begin with the families

00:06:22and take a look at their individual savings

00:06:24for family A

00:06:25let's start with the category of grocery

00:06:26and family A

00:06:27spends 4,000 rupees a month

00:06:29and now saves

00:06:30160 rupees a month

00:06:32when it comes to grocery

00:06:33so there you have it

00:06:344,000 rupees in spend

00:06:36160 rupees in saving

00:06:37that is the case coming in for family A

00:06:39family B now

00:06:41it saves 640 rupees

00:06:43after a spend of 16,000 crore rupees a month on grocery

00:06:46and family C spends 45,000 crore rupees

00:06:50and saves 1,800 in terms of groceries

00:06:53so the final saving here is 4%

00:06:56and those are the individual amounts

00:06:57that all the three families are saving

00:06:59accumulating up to 4% of their total bill

00:07:02next up let's take a look at dining out

00:07:04family A spends 2,000

00:07:06and saves 140 rupees per month

00:07:08family B is spending 4,500

00:07:10and saves 315

00:07:12and lastly family C

00:07:14spends 10,000 rupees a month

00:07:16and saves 700

00:07:17making the overall savings

00:07:197% for all these three families

00:07:21so there you can see it over there

00:07:23now let's move on to entertainment

00:07:24and talk about what's happening over there

00:07:26no change at all

00:07:27similar for telecom

00:07:28so no change when it comes to

00:07:30both of these categories

00:07:31coming to medicines now

00:07:33family A has no spend on medicines

00:07:35as of now

00:07:36we'll take a look at what family B is doing

00:07:38they're spending 4,000

00:07:39and saving 280

00:07:40family C spending 5,000 rupees

00:07:42and saving

00:07:43spending 5,000

00:07:44and saving a final amount of 350 rupees

00:07:47which brings the final cumulative amount

00:07:49for all these three families

00:07:50to a 7% saving

00:07:51moving on to the personal care category

00:07:54family A is spending 500

00:07:55and saving 50

00:07:56for family B

00:07:57it's a spend of 2,500

00:07:59and saving 250 rupees

00:08:01family C spends 5,000

00:08:02and saves 500 rupees

00:08:04and remember the final GST rate

00:08:06cut over here is 10%

00:08:08so that's the overall saving coming in

00:08:10now let's talk about the big category

00:08:12the biggest beneficiary coming in

00:08:14out of the entire GST ambit

00:08:16and that is insurance

00:08:17first up

00:08:18on health insurance

00:08:19when we poll these three families

00:08:21family A spends 12,50 rupees

00:08:23and saves 225 rupees

00:08:25you have family B

00:08:26that's spending 3,000 rupees

00:08:28and saving 5,40

00:08:29family C spends 6,500

00:08:31and saves 11,70

00:08:33which after doing the math

00:08:34remember 18% complete exemption

00:08:36so 18% is the saving

00:08:38and these are the individual amounts

00:08:39that all these three families

00:08:40are saving

00:08:41for health insurance premiums

00:08:43and lastly

00:08:43similarly for life insurance

00:08:44family A as of now

00:08:46has no spend

00:08:47but if you take a look at family B

00:08:48they spend 8,000

00:08:49and save 14,40

00:08:51family C spends 25,000

00:08:53per month

00:08:53on life insurance premium

00:08:55and save 45,00

00:08:57so the final saving here

00:08:58just as was the case

00:08:59with health insurance

00:09:00is 18%

00:09:01so across families A, B and C

00:09:04monthly savings

00:09:05let's take a look at

00:09:06what the overall

00:09:06monthly savings picture is

00:09:08that's the percentage saved

00:09:10anywhere between

00:09:116,500 to 7,8

00:09:12so 6,500 to 8%

00:09:14of monthly savings overall

00:09:15a meaningful cushion

00:09:17for household budgets

00:09:18now that money

00:09:19can easily flow

00:09:20into higher discretionary spending

00:09:22or investments

00:09:22like SIPs

00:09:23and equities

00:09:24in short

00:09:25the GST cut

00:09:26just got friendlier

00:09:27for you and your pocket

00:09:28big GST relief is here

00:09:40from September 22, 2025

00:09:43GST on individual health

00:09:45and life insurance premium

00:09:47has been reduced

00:09:48from 18% to 0

00:09:50let's quickly break down

00:09:52the top questions

00:09:53you might have

00:09:55so frequently asked question

00:09:57is

00:09:57though GST relief

00:09:59is on new premiums

00:10:00or renewal

00:10:01yes

00:10:02GST exemption

00:10:03applies to

00:10:04both new

00:10:05and renewal policies

00:10:06as long as

00:10:07your premium is due

00:10:08on or after

00:10:09September 22nd

00:10:11second frequently asked question

00:10:13already paid premium

00:10:14before 22nd September

00:10:16if you have paid

00:10:18your premium

00:10:18before September 22nd

00:10:20including GST

00:10:21sorry

00:10:22no refund

00:10:23the benefit starts

00:10:24only after the date

00:10:26third frequently asked question

00:10:28grace period renewal

00:10:30if I renew my policy

00:10:32in a grace period

00:10:33premium rate

00:10:34during the grace period

00:10:35before 22nd September

00:10:37won't qualify

00:10:39only those due

00:10:40on or after

00:10:41the GST free

00:10:43that is after

00:10:4422nd September

00:10:46fourth frequently asked question

00:10:48which policies are covered

00:10:50for the GST exemption

00:10:52so almost all individual policy

00:10:54which includes

00:10:54your health plan

00:10:55term plan

00:10:56unit plan

00:10:57endowment policy

00:10:59ulip policy

00:11:00family floater

00:11:01senior citizen plan

00:11:02even top up

00:11:04and riders

00:11:04are exempted

00:11:06from GST premium

00:11:07fifth frequently asked question

00:11:09is premium

00:11:09will come down

00:11:11immediately

00:11:12absolutely

00:11:12the GST component

00:11:14is removed

00:11:14so your base premium

00:11:16stays

00:11:16but the amount

00:11:18you pay

00:11:18is lower by 18%

00:11:20so

00:11:21another

00:11:22sixth frequently asked question

00:11:24is what about

00:11:25the group insurance

00:11:26so

00:11:26answer is

00:11:27no GST relief

00:11:28on your group policies

00:11:29like employer health

00:11:31cover

00:11:31the benefit is

00:11:32only for

00:11:33individual

00:11:34retail policy

00:11:35as announced

00:11:36by government

00:11:37seventh frequently asked

00:11:39question

00:11:39what about

00:11:40monthly AMI premium

00:11:41so no matter

00:11:42what

00:11:43the payment mode

00:11:44monthly

00:11:45quarterly

00:11:45or annual

00:11:46GST is waived

00:11:47if the due date

00:11:49is

00:11:49September

00:11:5022nd

00:11:51or later

00:11:51eighth frequently asked

00:11:53question

00:11:54is

00:11:54will premium

00:11:55still rise

00:11:55going ahead

00:11:56maybe

00:11:57base premium

00:11:58can still rise

00:11:59due to

00:12:00medical inflation

00:12:01but

00:12:0118%

00:12:02GST

00:12:03is

00:12:03permanently

00:12:04gone

00:12:05another important

00:12:06question

00:12:06is

00:12:07what happens

00:12:08to

00:12:08auto debit

00:12:09and ECS

00:12:10so no action

00:12:11needed

00:12:12your insurer

00:12:13will auto adjust

00:12:14and deduct

00:12:15the updated

00:12:16amount

00:12:16without

00:12:17GST

00:12:18so that's

00:12:20your quick

00:12:21guide to

00:12:21GST free

00:12:22insurance

00:12:23less tax

00:12:24more saving

00:12:25let me

00:12:27welcome

00:12:27Sandhya

00:12:28who is

00:12:28the

00:12:28group

00:12:29chief

00:12:29financial

00:12:30officer

00:12:31at

00:12:31Narayana

00:12:31health

00:12:32joining

00:12:32us

00:12:32on the

00:12:33show

00:12:33right now

00:12:33hi

00:12:34Sandhya

00:12:34morning

00:12:34and good

00:12:35to be

00:12:35speaking

00:12:35with you

00:12:36and firstly

00:12:36let's

00:12:37talk about

00:12:37your

00:12:38India

00:12:38business

00:12:38help us

00:12:39understand

00:12:39how is

00:12:40the quarter

00:12:40shaping up

00:12:41for you

00:12:42in terms

00:12:42of the

00:12:43occupancy

00:12:43growth

00:12:44and along

00:12:44with that

00:12:45Sandhya

00:12:45is the

00:12:46big

00:12:46GST rate

00:12:47announcement

00:12:48that has

00:12:48been made

00:12:49do you

00:12:50believe it

00:12:50can benefit

00:12:51the hospital

00:12:51sector

00:12:52in any way

00:12:52because there

00:12:53were cuts

00:12:54that were

00:12:54announced on

00:12:55medicine medical

00:12:55devices and

00:12:56as well

00:12:57good morning

00:13:00thank you for

00:13:01having me

00:13:02here

00:13:02so the

00:13:04hospital

00:13:05because you

00:13:06are aware

00:13:07in cyclical

00:13:07so q1

00:13:09and q3

00:13:11tends to

00:13:11be a

00:13:12little

00:13:12muted

00:13:13and q2

00:13:14and q4

00:13:15tends to

00:13:16be slightly

00:13:17more robust

00:13:18beyond that

00:13:20since the

00:13:20quarter is

00:13:21still underway

00:13:22I would not

00:13:23be able to

00:13:24share more

00:13:24information

00:13:25most of

00:13:26our growth

00:13:27continues to

00:13:27be organic

00:13:28no new

00:13:29capacity has

00:13:30gone wide

00:13:30therefore our

00:13:32growth will be

00:13:33in line with

00:13:33the organic

00:13:34growth that

00:13:34you can expect

00:13:35from the

00:13:36industry

00:13:36GST is a

00:13:38very welcome

00:13:39change

00:13:39for us if

00:13:41you look at

00:13:41it one

00:13:42aspect is the

00:13:43medicines

00:13:43it's fallen

00:13:44from 10% to

00:13:455%

00:13:46we buy

00:13:46about 500

00:13:47to 600

00:13:48700 crores

00:13:49of

00:13:50we sell

00:13:53about 600

00:13:53to 700

00:13:54crores of

00:13:55medicines in

00:13:57that category

00:13:57and all of

00:13:58them will

00:13:58benefit from

00:13:59the GST

00:14:00reduction

00:14:01in addition

00:14:03to that

00:14:03there will

00:14:04be some

00:14:05savings that

00:14:05we will see

00:14:06in the

00:14:06capex cycle

00:14:07as well as

00:14:08some savings

00:14:10in the

00:14:10medical

00:14:11equipment

00:14:11according to

00:14:14us the

00:14:15most important

00:14:16thing for

00:14:16healthcare is

00:14:17to be

00:14:17affordable

00:14:18and accessible

00:14:19and any

00:14:21measure that

00:14:21enables bring

00:14:22the price of

00:14:24healthcare down

00:14:25to the end

00:14:26consumer is

00:14:28very very

00:14:29welcome

00:14:29so I'm

00:14:31very sure

00:14:31that this

00:14:32will make

00:14:33healthcare

00:14:33little bit

00:14:34more affordable

00:14:35for our

00:14:36patients

00:14:47welcome to

00:14:50our

00:14:50expert speak

00:14:51segment on

00:14:52insurance mantra

00:14:53joining us

00:14:54today is

00:14:54Parth Nil

00:14:55Ghosh

00:14:55executive

00:14:56director

00:14:56HDFC

00:14:57Ergo

00:14:57General

00:14:58Insurance

00:14:58it's a

00:14:59pleasure to

00:14:59have you

00:15:00with us

00:15:01on the

00:15:01show today

00:15:02sir

00:15:02thank you

00:15:03so much

00:15:03I just

00:15:03want to

00:15:04begin with

00:15:04on the

00:15:05latest

00:15:05development

00:15:06in insurance

00:15:07industry

00:15:07that

00:15:07GST

00:15:08reduction

00:15:08so according

00:15:09to you

00:15:10how big

00:15:10is this

00:15:11development

00:15:11and how

00:15:12this will

00:15:13help in

00:15:13increasing

00:15:14insurance

00:15:14penetration

00:15:15first of

00:15:17all thank

00:15:18you Anurag

00:15:18and good

00:15:19morning

00:15:19as far

00:15:22as the

00:15:22GST

00:15:23this latest

00:15:24GST

00:15:25reduction

00:15:26is concerned

00:15:26first of

00:15:27all I

00:15:28would like

00:15:28to thank

00:15:29the

00:15:29government

00:15:29and GST

00:15:31council

00:15:32for ushering

00:15:33this

00:15:33extremely

00:15:35welcome

00:15:37move

00:15:38for

00:15:39at least

00:15:39for the

00:15:40insurance

00:15:40sector

00:15:41now

00:15:42health

00:15:42insurance

00:15:43premium

00:15:43we have

00:15:43been always

00:15:44demanding

00:15:44that the

00:15:45GST

00:15:46reduction

00:15:46should

00:15:46be

00:15:46there

00:15:47now

00:15:48an

00:15:4818%

00:15:49GST

00:15:49will

00:15:50come

00:15:50down

00:15:50to

00:15:50nil

00:15:51it

00:15:52means

00:15:52that

00:15:53for

00:15:53general

00:15:54citizens

00:15:55for common

00:15:55citizens

00:15:56Indians

00:15:56the reduction

00:15:58of the

00:15:58premium

00:15:59will be

00:15:59to the

00:15:59extent

00:16:00of

00:16:0018%

00:16:01what

00:16:01does

00:16:01it

00:16:01mean

00:16:02if

00:16:03the

00:16:03premium

00:16:03would

00:16:03have

00:16:04been

00:16:04100

00:16:04rupees

00:16:05previously

00:16:07or till

00:16:07date

00:16:07the GST

00:16:09is charged

00:16:0918 rupees

00:16:10it would

00:16:11have been

00:16:11118

00:16:12rupees

00:16:13from 22nd

00:16:14of September

00:16:15it will

00:16:15become

00:16:16100

00:16:16so

00:16:17at

00:16:17one

00:16:18stroke

00:16:19the

00:16:19affordability

00:16:20index

00:16:21of the

00:16:22Indian

00:16:22citizens

00:16:23on health

00:16:24insurance

00:16:24premium

00:16:24is going

00:16:25to go

00:16:26up by

00:16:26a few

00:16:26notches

00:16:27the

00:16:29GST

00:16:29removal

00:16:31of

00:16:31GST

00:16:31on

00:16:32the

00:16:32insurance

00:16:32individual

00:16:32insurance

00:16:33products

00:16:33is a

00:16:34very big

00:16:35announcement

00:16:36by the

00:16:36government

00:16:36and

00:16:37the

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00:16:38has been

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00:16:39with

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00:16:40companies

00:16:41both

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00:16:42and

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00:16:43and

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00:16:44held a

00:16:45meeting

00:16:45two days

00:16:47ago

00:16:47with

00:16:48insurance

00:16:48companies

00:16:49on

00:16:50their

00:16:51proposed

00:16:51action

00:16:52in view

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00:16:52GST

00:16:53reduction

00:16:53and

00:16:54all of

00:16:54them

00:16:54including

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00:16:55private

00:16:56sector

00:16:56assured

00:16:57they

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00:16:58be

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00:16:59the

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00:17:01policy

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00:17:05out

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00:17:05the

00:17:05advertisement

00:17:06notifications

00:17:07to the

00:17:09public

00:17:10and

00:17:11we

00:17:11hope

00:17:12that

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00:17:14holders

00:17:14are

00:17:15future

00:17:15people

00:17:17who

00:17:17want

00:17:17to

00:17:17buy

00:17:17insurance

00:17:18products

00:17:18they

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00:17:19be

00:17:19increased

00:17:19with

00:17:20reduction

00:17:20in

00:17:20the

00:17:21policy

00:17:22premiums

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00:17:23more

00:17:23insurance

00:17:25products

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00:17:25it's

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00:17:25very

00:17:26big

00:17:26game

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00:17:27to

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00:17:28the

00:17:28insurance

00:17:28for

00:17:28all

00:17:29target

00:17:29which

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00:17:30government

00:17:30move

00:17:30DFS

00:17:31mission

00:17:32and

00:17:33vision

00:17:33and

00:17:34the

00:17:34insurance

00:17:35penetration

00:17:35will

00:17:35increase

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00:17:36this

00:17:36move

00:17:37we

00:17:38definitely

00:17:38think

00:17:38so

00:17:39we

00:17:39need

00:17:39to

00:17:40have

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00:17:41coverage

00:17:42of

00:17:42entire

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00:17:42with

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00:17:44will

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00:17:47lakhs

00:17:47of

00:17:47people

00:17:48who

00:17:48want

00:17:49to

00:17:49buy

00:17:49insurance

00:17:49this

00:17:50will

00:17:50encourage

00:17:51and

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00:17:52with

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00:17:52we

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00:17:53taking

00:17:53a

00:17:53campaign

00:17:55to

00:17:55educate

00:17:56and

00:17:57create

00:17:57awareness

00:17:57for

00:17:58the

00:17:58various

00:17:59benefits

00:17:59of

00:18:00insurance

00:18:00products

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00:18:01the

00:18:01population

00:18:01and

00:18:02I

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00:18:03already

00:18:03successful

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00:18:04have

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00:18:06premium

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00:18:06new

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00:18:08so

00:18:09to

00:18:09start

00:18:09with

00:18:10GST

00:18:11reduction

00:18:12announcement

00:18:13announcement

00:18:14because

00:18:14Bima

00:18:14Sugam

00:18:15will

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00:18:16democratize

00:18:16insurance

00:18:17in

00:18:17India

00:18:17we

00:18:18would

00:18:19like

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00:18:20by

00:18:20end

00:18:20of

00:18:20this

00:18:20year

00:18:21fully

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00:18:23portal

00:18:25where

00:18:26everybody

00:18:27will be

00:18:27on

00:18:28it

00:18:28and

00:18:29that

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00:18:30the

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00:18:31changers

00:18:31in

00:18:32the

00:18:32insurance

00:18:33industry

00:18:33in

00:18:33the

00:18:34country

00:18:34so

00:18:35to

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00:18:36I

00:18:36will

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00:18:36with

00:18:37the

00:18:37GST

00:18:37reduction

00:18:38announcement

00:18:38only

00:18:39so

00:18:39there

00:18:40are

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00:18:41companies

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00:18:42announced

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00:18:43on

00:18:44the

00:18:44complete

00:18:44benefit

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00:18:49the

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00:18:53on

00:18:53the

00:18:54complete

00:18:54benefit

00:18:55of

00:18:55GST

00:18:55reduction

00:18:56to

00:18:56our

00:18:57customers

00:18:57and

00:18:58we

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00:19:02it

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00:19:03our

00:19:03social

00:19:04our

00:19:05website

00:19:06and

00:19:06social

00:19:07media

00:19:08as

00:19:08well

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00:19:11offices

00:19:12across

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00:19:13and

00:19:13through

00:19:13our

00:19:14intermediaries

00:19:14if

00:19:15we

00:19:16explain

00:19:18it in

00:19:18simple

00:19:19terms

00:19:19if

00:19:20the

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00:19:21for

00:19:21a

00:19:21health

00:19:22retail

00:19:22product

00:19:22was

00:19:23100

00:19:23rupees

00:19:23and

00:19:24with

00:19:25service

00:19:26tax

00:19:26at 18

00:19:27percent

00:19:27if

00:19:28the

00:19:28customer

00:19:28was

00:19:29paying

00:19:29118

00:19:31rupees

00:19:31to

00:19:31the

00:19:31insurance

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00:19:32before

00:19:3322nd

00:19:35september

00:19:35so

00:19:36from

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00:19:36date

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00:19:37the

00:19:37revision

00:19:38date

00:19:38or

00:19:39from

00:19:39the

00:19:39reduction

00:19:39date

00:19:40the

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00:19:41paying

00:19:41only

00:19:42100

00:19:42rupees

00:19:43and

00:19:43this

00:19:44entire

00:19:44benefit

00:19:46shall be

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00:19:47on to

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00:19:48and

00:19:49we

00:19:50shall

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00:19:52revising

00:19:52the

00:19:52premium

00:19:53rates

00:19:53or

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00:19:55do

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00:19:58reduce

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00:19:58commission

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00:19:59okay

00:20:02sir

00:20:02so

00:20:02you

00:20:02are

00:20:02saying

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00:20:04will

00:20:04not

00:20:05be

00:20:05revised

00:20:06and

00:20:07complete

00:20:07benefit

00:20:08also

00:20:08will

00:20:08be

00:20:08given

00:20:09to

00:20:09policy

00:20:09holders

00:20:10so

00:20:10that

00:20:11means

00:20:11that

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00:20:12taking

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00:20:13P&L

00:20:14and

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00:20:19true

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00:20:28cannot

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00:20:33in

00:20:33range

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00:20:3380

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00:20:34100

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00:20:37see

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00:20:39of

00:20:40our

00:20:40more

00:20:40than

00:20:4020

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00:20:41premium

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00:20:52segment

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00:20:57constitutes

00:20:57less

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00:20:5810%

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00:20:59overall

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00:21:07the

00:21:07growth

00:21:08which

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00:21:13this

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00:21:25think

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00:21:26manage

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00:21:38both of

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00:21:40with

00:21:40the

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00:21:40rationalization

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00:21:42the

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00:21:46has

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00:21:47prices

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00:21:48on

00:21:48models

00:21:49due

00:21:49to

00:21:50GST

00:21:50division

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00:21:52with

00:21:52more

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00:21:53well

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00:21:56since

00:21:56the

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00:21:56rate

00:21:57rationalization

00:21:58was

00:21:58announced

00:21:58every

00:21:59sector

00:21:59of

00:21:59course

00:21:59has

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00:22:01move

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00:22:03but

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00:22:06things

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00:22:08course

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00:22:09but

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00:22:10rationale

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00:22:10it

00:22:11the

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00:22:11says

00:22:12it

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00:22:12to

00:22:12ensure

00:22:13that

00:22:13affordability

00:22:14remains

00:22:14the

00:22:14peg

00:22:15and

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00:22:15at

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00:22:16car

00:22:16segment

00:22:16whether

00:22:16you're

00:22:17talking

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00:22:17the

00:22:17Espresso

00:22:18the

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00:22:18K10

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00:22:19the

00:22:20Wagonar

00:22:20and

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00:22:21as well

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00:22:22fabulous

00:22:23discounts

00:22:23that have

00:22:24been

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00:22:24management

00:22:25side

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00:22:27ensure

00:22:27that

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00:22:27just

00:22:28the

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00:22:28that

00:22:28the

00:22:29consumers

00:22:29can

00:22:29avail

00:22:30these

00:22:30discounts

00:22:30but

00:22:31also

00:22:31if

00:22:31they

00:22:31had

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00:22:32budget

00:22:32in

00:22:32mind

00:22:33that

00:22:33can

00:22:33be

00:22:34also

00:22:34changed

00:22:34because

00:22:34Wagonar

00:22:35at least

00:22:35you're

00:22:36looking at

00:22:36a 79,600

00:22:37rate card

00:22:38if you're

00:22:38talking about

00:22:39premium

00:22:39hatchbacks

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00:22:40is

00:22:40looking

00:22:40at

00:22:40a

00:22:4184,600

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00:22:4386,100

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00:22:46no

00:22:46different

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00:22:48price

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00:22:4987,700

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00:22:52SUVs

00:22:52also

00:22:53whether

00:22:53you're

00:22:53talking

00:22:53about

00:22:54Franck

00:22:54Brezza

00:22:55they're

00:22:55all

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00:22:55at

00:22:56very

00:22:56interesting

00:22:56numbers

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00:22:57fact

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00:22:571,00,000

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00:22:58you

00:22:58actually

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00:22:58at

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00:22:58numbers

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00:22:59out

00:22:59on

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00:22:59screens

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00:23:00well

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00:23:09with

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00:23:0946,400

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00:23:1361,700

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00:23:16that is

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00:23:1952,100

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00:23:21all

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00:23:22categories

00:23:22this

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00:23:23essentially

00:23:23what

00:23:23Marathi

00:23:24Suzuki

00:23:24India

00:23:24has

00:23:25decided

00:23:25to

00:23:26go

00:23:26ahead

00:23:26with

00:23:26of

00:23:27course

00:23:27in

00:23:27tandem

00:23:27with

00:23:28what

00:23:28we're

00:23:28already

00:23:28looking

00:23:29at

00:23:29in

00:23:29terms

00:23:29of

00:23:30the

00:23:30GST

00:23:30rate

00:23:30rationalization

00:23:31but

00:23:31they're

00:23:31also

00:23:32hoping

00:23:32for

00:23:39momentum

00:23:39for

00:23:39the

00:23:40auto

00:23:40sector

00:23:40after

00:23:41autos

00:23:42were

00:23:42actually

00:23:42very

00:23:43positive

00:23:43on

00:23:43consumption

00:23:44we

00:23:45think

00:23:45this

00:23:45GST

00:23:46cut

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00:23:47as

00:23:48a

00:23:48big

00:23:48boost

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00:23:49affordability

00:23:49also

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00:23:51very

00:23:51opportune

00:23:52just

00:23:53around

00:23:53the

00:23:53festive

00:23:53season

00:23:54and

00:23:54this

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00:23:56almost

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00:24:12and passenger

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00:24:5570

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00:24:59him

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00:25:01leeway

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00:25:13meant

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00:25:14be

00:25:14a

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00:25:16so

00:25:17at

00:25:17an

00:25:17entry

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00:25:22becomes

00:25:22a

00:25:22lot

00:25:23more

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00:25:35earlier

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00:25:35to

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00:25:39the

00:25:39capability

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00:25:39buy

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00:25:40so

00:25:41the

00:25:41demand

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00:25:42entire

00:25:42curve

00:25:43of

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00:25:44lifted

00:25:44upwards

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00:25:45than

00:25:45just

00:25:46in

00:25:46one

00:25:46single

00:25:47category

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00:25:48an

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00:25:49you

00:25:49see

00:25:49that

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00:25:50out

00:25:50for

00:25:50FI 26

00:25:51and

00:25:5127

00:25:52you

00:25:52almost

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00:25:53two

00:25:53quarters

00:25:54which

00:25:54is

00:25:54almost

00:25:54like

00:25:55a

00:25:55slow

00:25:55sluggish

00:25:56growth

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00:25:56in

00:25:56a

00:25:57boost

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00:25:58maybe

00:25:59Q3

00:25:59Q4

00:26:00onwards

00:26:00which

00:26:01will

00:26:01be

00:26:01there

00:26:02you

00:26:02see

00:26:03FI 27

00:26:03to be

00:26:04the

00:26:04big

00:26:04year

00:26:05in

00:26:05terms

00:26:05of

00:26:05numbers

00:26:06volumes

00:26:07so

00:26:08we

00:26:08do

00:26:08think

00:26:09second

00:26:09half

00:26:10FI 26

00:26:10and

00:26:11that

00:26:11going

00:26:12into

00:26:12FI 27

00:26:13through

00:26:13FI 28

00:26:14should

00:26:14be

00:26:15very

00:26:15strong

00:26:16for

00:26:16volume

00:26:16growth

00:26:17and

00:26:17earning

00:26:18growth

00:26:18for

00:26:18most

00:26:19of

00:26:19the

00:26:19companies

00:26:19so

00:26:20across

00:26:21most

00:26:21of

00:26:21the

00:26:22OEM

00:26:22we

00:26:22are

00:26:22thinking

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00:26:24between

00:26:2410

00:26:24to

00:26:2515

00:26:2516

00:26:25percent

00:26:26three

00:26:27year

00:26:27volume

00:26:27Kager

00:26:28and

00:26:28that

00:26:29translating

00:26:30into

00:26:30let's

00:26:30say

00:26:3112

00:26:3213

00:26:32to

00:26:3225

00:26:33percent

00:26:34kind

00:26:34of

00:26:34an

00:26:34earning

00:26:34Kager

00:26:35over

00:26:35the

00:26:35next

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00:26:36or

00:26:36three

00:26:36years

00:26:37Tarun

00:26:37thank you

00:26:38so

00:26:38much

00:26:38for

00:26:39your

00:26:39time

00:26:39and

00:26:39good

00:26:39speaking

00:26:40with

00:26:40you

00:26:40and

00:26:41let's

00:26:41talk

00:26:42about

00:26:42the

00:26:42real

00:26:43excitement

00:26:43in

00:26:43place

00:26:44GST

00:26:44cuts

00:26:45they

00:26:45are

00:26:45live

00:26:45now

00:26:46you

00:26:47too

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00:26:49help

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00:26:49understand

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00:26:50demand

00:26:50sentiment

00:26:51right

00:26:51now

00:26:51and

00:26:52how

00:26:52big

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00:26:53festive

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00:26:54could

00:26:54be

00:26:54what

00:26:55sort

00:26:55of

00:26:55incremental

00:26:56volume

00:26:57growth

00:26:57are

00:26:57you

00:26:57expecting

00:26:58thank

00:27:04you

00:27:04for

00:27:04having

00:27:04me

00:27:04here

00:27:05and

00:27:05at

00:27:05the

00:27:05outset

00:27:05I

00:27:06like

00:27:06to

00:27:06really

00:27:06thank

00:27:06the

00:27:07Honorable

00:27:07Prime

00:27:07Minister

00:27:07for

00:27:08ushering

00:27:09in

00:27:09this

00:27:09huge

00:27:09GST

00:27:10reforms

00:27:10I

00:27:11believe

00:27:12they

00:27:12will

00:27:12give

00:27:13a

00:27:13big

00:27:14impetus

00:27:14to

00:27:14the

00:27:14Indian

00:27:15economy

00:27:15and

00:27:16especially

00:27:16talking

00:27:16about

00:27:17car

00:27:17industry

00:27:18you

00:27:18know

00:27:18if

00:27:19you

00:27:19see

00:27:19last

00:27:1920

00:27:20years

00:27:20never

00:27:20before

00:27:21this

00:27:21kind

00:27:22of

00:27:22a

00:27:22GST

00:27:22cut

00:27:23has

00:27:23happened

00:27:23you

00:27:23know

00:27:23I

00:27:24have

00:27:24seen

00:27:244%

00:27:256%

00:27:26cuts

00:27:26happening

00:27:26but

00:27:26now

00:27:2710%

00:27:27in

00:27:28fact

00:27:2810-13%

00:27:29for

00:27:29small

00:27:29cars

00:27:30and

00:27:30you

00:27:31know

00:27:31even

00:27:32in

00:27:32the

00:27:32big

00:27:32cars

00:27:333-10%

00:27:33so

00:27:34it's

00:27:34a

00:27:34huge

00:27:34cut

00:27:34you

00:27:35talked

00:27:35about

00:27:36the

00:27:36growth

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00:27:37it

00:27:37is

00:27:38always

00:27:38very

00:27:38difficult

00:27:38to

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00:27:39if

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00:27:40see

00:27:40last

00:27:40few

00:27:41months

00:27:41April

00:27:42to

00:27:42August

00:27:42were

00:27:42kind

00:27:42of

00:27:43very

00:27:43muted

00:27:43for

00:27:43the

00:27:44domestic

00:27:44market

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00:27:45has

00:27:45been

00:27:45at

00:27:45minus

00:27:462%

00:27:47but

00:27:48the

00:27:48CAGR

00:27:48if

00:27:49you

00:27:49see

00:27:49the

00:27:495

00:27:49years

00:27:50has

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00:27:50at

00:27:50about

00:27:504.5%

00:27:51to

00:27:515%

00:27:52so

00:27:52I

00:27:52believe

00:27:53with

00:27:53this

00:27:53impetus

00:27:54provided

00:27:54by

00:27:55the

00:27:55GST

00:27:55cut

00:27:55will

00:27:56be

00:27:56back

00:27:56to

00:27:56the

00:27:575%

00:27:58thing

00:27:58so

00:27:59the

00:27:59swing

00:27:59if

00:27:59you

00:27:59see

00:28:00from

00:28:00minus

00:28:002

00:28:00to

00:28:005

00:28:01will

00:28:01be

00:28:02about

00:28:027%

00:28:02so

00:28:03like

00:28:03I

00:28:03said

00:28:04these

00:28:04are

00:28:04only

00:28:04my

00:28:04initial

00:28:05estimates

00:28:05the

00:28:06bookings

00:28:06have

00:28:06really

00:28:07gone

00:28:07up

00:28:07last

00:28:08few

00:28:08days

00:28:08we

00:28:08were

00:28:08the

00:28:09first

00:28:09company

00:28:09to

00:28:10announce

00:28:10full

00:28:11passing

00:28:12of

00:28:12the

00:28:12GST

00:28:12cut

00:28:13benefit

00:28:13to

00:28:13the

00:28:14customers

00:28:14so

00:28:15the

00:28:15show

00:28:15in

00:28:15traffic

00:28:15has

00:28:15increased

00:28:16of

00:28:17course

00:28:17the

00:28:1722nd

00:28:18September

00:28:18will

00:28:18usher

00:28:19in

00:28:19the

00:28:19Navaratra

00:28:20season

00:28:20which

00:28:21is

00:28:21very

00:28:21auspicious

00:28:21and

00:28:22very

00:28:22good

00:28:22for

00:28:23most

00:28:23of

00:28:23the

00:28:24country

00:28:24and

00:28:24then

00:28:24followed

00:28:25by

00:28:25Dhanteras

00:28:26and

00:28:26Diwali

00:28:26as

00:28:26well

00:28:27and

00:28:27then

00:28:27the

00:28:27marriage

00:28:27season

00:28:28kicks

00:28:28in

00:28:28so

00:28:29I

00:28:29think

00:28:29we

00:28:29are

00:28:29really

00:28:29expecting

00:28:30some

00:28:30very

00:28:30good

00:28:30demand

00:28:31coming

00:28:32in

00:28:32from

00:28:3322nd

00:28:33September

00:28:34onwards

00:28:34we

00:28:35are

00:28:40seeing

00:28:40the

00:28:40GST

00:28:41benefits

00:28:41being

00:28:41reduced

00:28:42from

00:28:4228

00:28:43to

00:28:4318

00:28:43percent

00:28:43as

00:28:44we

00:28:44speak

00:28:45you

00:28:45know

00:28:45the

00:28:45guidelines

00:28:45based

00:28:46of

00:28:46the

00:28:46guidelines

00:28:47our

00:28:47teams

00:28:47are

00:28:47working

00:28:47out

00:28:48the

00:28:48details

00:28:48but

00:28:49of

00:28:49course

00:28:49we

00:28:49will

00:28:49be

00:28:49honoring

00:28:50in

00:28:50full

00:28:50spirit

00:28:51as

00:28:51well

00:28:55great

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00:28:56season

00:28:56great

00:28:57timing

00:28:57as

00:28:58well

00:28:58the

00:28:58festive

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00:28:58course

00:28:59like

00:28:59you

00:28:59just

00:28:59mentioned

00:29:00is

00:29:00well

00:29:00and

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00:29:00upon

00:29:01us

00:29:01what's

00:29:01the

00:29:01outlook

00:29:02like

00:29:02as

00:29:02far

00:29:02as

00:29:02far

00:29:03as

00:29:03are

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00:29:03massive

00:29:04impetus

00:29:04by way

00:29:04of

00:29:05the

00:29:05GST

00:29:05rationalization

00:29:06announcement

00:29:06many

00:29:07goods

00:29:07have

00:29:08now

00:29:08seen

00:29:08a

00:29:09downward

00:29:09movement

00:29:09in

00:29:10terms

00:29:10of

00:29:10the

00:29:10GST

00:29:10slab

00:29:11Gaurav

00:29:12what

00:29:12are

00:29:13you

00:29:13expecting

00:29:13from

00:29:14the

00:29:14great

00:29:14Indian

00:29:14festive

00:29:14season

00:29:15this

00:29:15year

00:29:15in

00:29:16terms

00:29:16of

00:29:16sales

00:29:16well

00:29:17you

00:29:17know

00:29:17we

00:29:18were

00:29:18already

00:29:19looking

00:29:19forward

00:29:19to

00:29:20a

00:29:20great

00:29:20festival

00:29:20season

00:29:21if

00:29:21I

00:29:22were

00:29:22to

00:29:22talk

00:29:22before

00:29:22what

00:29:23we

00:29:23just

00:29:23heard

00:29:23a

00:29:24few

00:29:24days

00:29:24ago

00:29:24from

00:29:25the

00:29:25GST

00:29:26council

00:29:26as

00:29:27well

00:29:27as

00:29:27from

00:29:27the

00:29:27finance

00:29:27minister

00:29:28we

00:29:28were

00:29:29seeing

00:29:29and

00:29:29we

00:29:29have

00:29:30seen

00:29:30a

00:29:30great

00:29:30monsoon

00:29:30this

00:29:31year

00:29:31104%

00:29:32plus

00:29:32over

00:29:33the

00:29:33long

00:29:33term

00:29:33average

00:29:33we've

00:29:34seen

00:29:34great

00:29:34level

00:29:34of

00:29:35waters

00:29:35in

00:29:35the

00:29:35reservoir

00:29:35the

00:29:36macro

00:29:37economic

00:29:37fundamentals

00:29:38remain

00:29:38strong

00:29:38in

00:29:38the

00:29:38country

00:29:39the

00:29:39repo

00:29:39rates

00:29:39have

00:29:40been

00:29:40encouraging

00:29:40on

00:29:41top

00:29:41of

00:29:41that

00:29:42what

00:29:42we

00:29:42are

00:29:42seeing

00:29:42now

00:29:43is

00:29:43this

00:29:43bonanza

00:29:44so

00:29:44you

00:29:44know

00:29:45it

00:29:45is

00:29:45going

00:29:45to

00:29:45become

00:29:46good

00:29:46to

00:29:46great

00:29:46and

00:29:47we're

00:29:47looking

00:29:47forward

00:29:48to

00:29:48probably

00:29:48the

00:29:48best

00:29:48Diwali

00:29:49ever

00:29:49and

00:29:50building

00:29:50it

00:29:50up

00:29:50from

00:29:50there

00:29:50let's

00:29:51now

00:29:51welcome

00:29:51on

00:29:52board

00:29:52someone

00:29:52who

00:29:52must

00:29:53be

00:29:53all

00:29:53smiles

00:29:53Rajesh

00:29:54E.D.N.C.O.

00:29:55auto

00:29:55and

00:29:56farm

00:29:56sector

00:29:56at

00:29:57M&M

00:29:57joining

00:29:57in

00:29:57the

00:29:58show

00:29:58right

00:29:58now

00:29:58Rajesh

00:29:59hi

00:29:59morning

00:29:59how is

00:30:00it

00:30:00that

00:30:00you're

00:30:00seeing

00:30:01this

00:30:01JST

00:30:01bazooka

00:30:02EV

00:30:03rate

00:30:03remains

00:30:03unchanged

00:30:04at

00:30:045%

00:30:05big push

00:30:05to

00:30:05demand

00:30:06you

00:30:06think

00:30:06yeah

00:30:08pleasure

00:30:09to be

00:30:10on the

00:30:10show

00:30:10and

00:30:11like

00:30:11you

00:30:11said

00:30:11yeah

00:30:11it's

00:30:12all

00:30:12good

00:30:12news

00:30:12everywhere

00:30:13we

00:30:13see

00:30:14every

00:30:15part

00:30:15of

00:30:15our

00:30:16portfolio

00:30:16gaining

00:30:17EV

00:30:18of course

00:30:19stays

00:30:19at

00:30:195%

00:30:20which

00:30:20is

00:30:20good

00:30:20news

00:30:20it

00:30:21reinforces

00:30:22the

00:30:23government's

00:30:24commitment

00:30:25to EV

00:30:25being the

00:30:26destination

00:30:26technology

00:30:27for the

00:30:28country

00:30:28so we

00:30:29glad

00:30:29that

00:30:30that's

00:30:30not

00:30:30been

00:30:31changed

00:30:32but

00:30:32every

00:30:33other

00:30:33part

00:30:33of

00:30:33our

00:30:34portfolio

00:30:34has

00:30:34seen

00:30:35a

00:30:35reduction

00:30:36tractors

00:30:37is a

00:30:38big

00:30:38part

00:30:38of

00:30:38our

00:30:38portfolio

00:30:39so

00:30:39that

00:30:39moves

00:30:40from

00:30:4012

00:30:40to

00:30:405

00:30:41and

00:30:42then

00:30:42of course

00:30:42CVs

00:30:43has

00:30:44seen

00:30:44a

00:30:44very

00:30:44big

00:30:45increase

00:30:4510%

00:30:46is a

00:30:46very

00:30:47good

00:30:47reduction

00:30:48in

00:30:48commercial

00:30:48segment

00:30:49and

00:30:49then

00:30:50every

00:30:50part

00:30:50of our

00:30:51SUV

00:30:51portfolio

00:30:51also

00:30:52gains

00:30:52between

00:30:538

00:30:53and

00:30:5413

00:30:54percent

00:30:54so

00:30:57overall

00:30:58very

00:30:58positive

00:30:58news

00:30:59and

00:30:59we're

00:30:59delighted

00:30:59and

00:31:00we

00:31:00think

00:31:00it'll

00:31:00be

00:31:00a

00:31:00big

00:31:01driver

00:31:01of

00:31:01growth

00:31:02for

00:31:02the

00:31:02economy

00:31:03and

00:31:03the

00:31:03business

00:31:03well

00:31:05indeed

00:31:05Rajesh

00:31:06great

00:31:06news

00:31:06coming

00:31:07again

00:31:07but

00:31:07Rajesh

00:31:0822nd

00:31:09September

00:31:10onwards

00:31:10where

00:31:11the

00:31:11new

00:31:11rates

00:31:12will

00:31:12be

00:31:12applicable

00:31:13from

00:31:13but

00:31:14for

00:31:14now

00:31:14some

00:31:15questions

00:31:15remains

00:31:16to be

00:31:16on

00:31:16what

00:31:17will

00:31:17happen

00:31:17to

00:31:17the

00:31:18CES

00:31:18if you

00:31:19can help

00:31:19us

00:31:19understand

00:31:20what about

00:31:20the

00:31:20compensation

00:31:21CES

00:31:22that is

00:31:22already

00:31:23in the

00:31:23books

00:31:23how do

00:31:24you see

00:31:24the clarity

00:31:25emerging

00:31:25on how

00:31:27that will

00:31:27be adjusted

00:31:28for the

00:31:28OEMs

00:31:29for the

00:31:30dealers

00:31:30as well

00:31:30yes

00:31:33in any

00:31:34transformation

00:31:35there are

00:31:36going to

00:31:36be some

00:31:36transition

00:31:37issues

00:31:37and this

00:31:38is one

00:31:39which is

00:31:39related to

00:31:40compensation

00:31:40CES

00:31:41which still

00:31:41needs some

00:31:42clarification

00:31:42we will

00:31:45be working

00:31:45through the

00:31:46industry

00:31:46body

00:31:47to take

00:31:48this up

00:31:48with the

00:31:49government

00:31:49and get

00:31:49clarity

00:31:50over the

00:31:50next few

00:31:51days

00:31:51but these

00:31:52are transition

00:31:52issues

00:31:53and I'm

00:31:53sure we'll

00:31:54work around

00:31:54that

00:31:55the overall

00:31:55picture is

00:31:56going to be

00:31:57a very

00:31:57positive

00:31:58demand

00:31:58boost

00:31:59and while

00:32:01we work

00:32:01on the

00:32:01transition

00:32:02issues

00:32:02you know

00:32:04we have

00:32:05to see the

00:32:06big picture

00:32:06which is

00:32:07very positive

00:32:07for your

00:32:18prime customers

00:32:19and this

00:32:19of course

00:32:19comes in

00:32:20at a time

00:32:20when the

00:32:21government

00:32:21has also

00:32:22introduced

00:32:23the bumper

00:32:23GST

00:32:24rate

00:32:25rationalization

00:32:25bazooka

00:32:26both in

00:32:26terms of

00:32:27slabs

00:32:27and of

00:32:27course

00:32:28the rate

00:32:28cuts

00:32:29that we

00:32:29have

00:32:29seen

00:32:29if you

00:32:31could

00:32:31give us

00:32:31a sense

00:32:32of how

00:32:32your

00:32:33sales

00:32:34are going

00:32:35to pan

00:32:35out

00:32:35especially

00:32:36as far

00:32:36as your

00:32:37expectations

00:32:37are concerned

00:32:38in tier 2

00:32:38and 3

00:32:38towns and

00:32:39cities

00:32:39versus

00:32:40the urban

00:32:41metros

00:32:41the kind

00:32:42of categories

00:32:42that will

00:32:43particularly

00:32:43see a boost

00:32:44as a result

00:32:45of this

00:32:45policy move

00:32:46I think

00:32:46even before

00:32:47that

00:32:48our focus

00:32:49if you look

00:32:49at where

00:32:50are we

00:32:50expanding

00:32:50our network

00:32:51tier 2

00:32:52and tier 3

00:32:52cities

00:32:53have been

00:32:53focused

00:32:53like

00:32:54if you

00:32:54people like

00:32:55hublee

00:32:56and

00:32:56vizag

00:32:57and

00:32:57kochi

00:32:58are some

00:32:58of the

00:32:58cities

00:32:59that we

00:32:59are building

00:33:00or expanding

00:33:00our network

00:33:01into

00:33:01because we

00:33:02didn't have

00:33:02very fast

00:33:03delivery to

00:33:03those cities

00:33:04so we are

00:33:04going to

00:33:04expand that

00:33:05so even

00:33:06before

00:33:06even for

00:33:07prime day

00:33:08for example

00:33:08most of

00:33:09our new

00:33:10prime customers

00:33:11that we

00:33:11signed up

00:33:12came from

00:33:13these smaller

00:33:13towns and

00:33:14cities

00:33:14so we are

00:33:15seeing

00:33:15adoption of

00:33:17e-commerce

00:33:17and people

00:33:18coming online

00:33:19and shopping

00:33:20online

00:33:20across the

00:33:21country

00:33:22especially from

00:33:22tier 2

00:33:23tier 3

00:33:23cities

00:33:24in terms

00:33:24of

00:33:25GST

00:33:25changes

00:33:25we are

00:33:26really

00:33:26excited

00:33:26about

00:33:27like

00:33:27it

00:33:27came

00:33:27at

00:33:28the

00:33:28right

00:33:28time

00:33:28and

00:33:29hopefully

00:33:29it will

00:33:30spur

00:33:30consumption

00:33:30but we are

00:33:31also very

00:33:32hopeful

00:33:33about how

00:33:34it's going

00:33:34to help

00:33:35the seller

00:33:35the GST

00:33:36council

00:33:36met

00:33:36there's not

00:33:37just about

00:33:38the reduction

00:33:40in the rate

00:33:40the slab

00:33:41rate

00:33:41but also

00:33:42how much

00:33:43the government

00:33:44has listened

00:33:45to us

00:33:46around

00:33:47let's make

00:33:48the life

00:33:49of selling

00:33:49online

00:33:50easier

00:33:50for all

00:33:51our sellers

00:33:51so if you

00:33:52go into

00:33:52the details

00:33:53there's so

00:33:54many of

00:33:54those

00:33:54changes

00:33:55that we

00:33:56are excited

00:33:56about

00:33:57which will

00:33:57make the

00:33:57life of a

00:33:58small medium

00:33:59business

00:33:59selling online

00:34:00much easier

00:34:01and I'm really

00:34:01excited about

00:34:02the long term

00:34:02impact of

00:34:03those changes

00:34:03big developments

00:34:15as far as

00:34:16the GST

00:34:16rate

00:34:17rationalisation

00:34:17is concerned

00:34:18because clearly

00:34:19the implementation

00:34:20of the same

00:34:20is just around

00:34:21the corner

00:34:22and customers

00:34:23have halted

00:34:24their purchases

00:34:24awaiting that

00:34:25GST

00:34:26particular relief

00:34:27now

00:34:27Bizom

00:34:28believes that

00:34:29discretionaries

00:34:30may see

00:34:30further

00:34:31uptick

00:34:31once the

00:34:33GST

00:34:33takes effect

00:34:34what will

00:34:34that look

00:34:35like

00:34:35well Snehi

00:34:36joins in

00:34:37with what

00:34:37we're likely

00:34:38expecting as

00:34:39far as that

00:34:39is concerned

00:34:40let's listen

00:34:40let's take a

00:34:43look at

00:34:44what the

00:34:45expectations

00:34:45are coming

00:34:46in on the

00:34:47back of

00:34:48this GST

00:34:49rate

00:34:49rationalisation

00:34:50that has

00:34:50happened

00:34:50and a lot

00:34:51of pushing

00:34:51of consumer

00:34:52demand is

00:34:53what we've

00:34:53seen

00:34:53because

00:34:54naturally

00:34:54people who

00:34:54want to

00:34:55make bigger

00:34:55purchases

00:34:56of white

00:34:56goods

00:34:56or consumer

00:34:57durables

00:34:57they are

00:34:58waiting until

00:34:59this 22nd

00:34:59August deadline

00:35:00for that to

00:35:01happen

00:35:01so if you

00:35:02take a look

00:35:03at what

00:35:03this delay

00:35:04is and

00:35:04we've got

00:35:05the view

00:35:05coming in

00:35:05from Bizom

00:35:06wherein they're

00:35:06saying that

00:35:07consumer delaying

00:35:08purchases near

00:35:09to the festivities

00:35:09because they're

00:35:10waiting for

00:35:10the GST

00:35:11relief

00:35:11more consumption

00:35:12uptick is

00:35:13expected in

00:35:13discretionary

00:35:14purchases

00:35:14post the

00:35:15GST relief

00:35:16implementation

00:35:16that is on

00:35:17the 22nd

00:35:18of this month

00:35:19consumer durables

00:35:20home appliances

00:35:21building materials

00:35:22fashion should

00:35:22see an immediate

00:35:23uptick post the

00:35:2422nd that's the

00:35:25word coming in

00:35:25from them

00:35:26for biscuits

00:35:27and snacks

00:35:27now they say

00:35:28that there has

00:35:28been a GST

00:35:29relief of 7

00:35:30to 13%

00:35:30but they're not

00:35:32seeing any delay

00:35:32in purchases

00:35:33because of course

00:35:33these are consumer

00:35:34staples and are

00:35:35required on an

00:35:35everyday basis

00:35:36they however see

00:35:37double digit growth

00:35:38around 12%

00:35:39in August is

00:35:40worth estimating

00:35:41that the growth

00:35:41for this category

00:35:42could have been

00:35:43shifting focus to

00:35:44home appliances

00:35:45and kitchen wear

00:35:45now this includes

00:35:46your larger white

00:35:47goods like ACs

00:35:48TVs

00:35:49refrigerators

00:35:49where we have

00:35:50seen significant

00:35:51GST cuts

00:35:51happening

00:35:52so there seems

00:35:53to be a pushback

00:35:53in these categories

00:35:54for now

00:35:55for kitchen appliances

00:35:56sales have

00:35:57slowed down

00:35:5720% on a year

00:35:58on year basis

00:35:59compared to the

00:35:59last time

00:36:00this year

00:36:01because people

00:36:02are waiting

00:36:02for the GST

00:36:03incentives to

00:36:04kick in

00:36:04and for kitchen

00:36:05appliances and

00:36:06electronics

00:36:06if you put both

00:36:07of them together

00:36:07there is a cut

00:36:08of 25%

00:36:09on a year

00:36:10on year basis

00:36:10now if you compare

00:36:11the month on month

00:36:12data across certain

00:36:13categories where

00:36:14we have seen

00:36:15spending in the

00:36:16previous month

00:36:16but a slow down

00:36:17in this month

00:36:18it's names like

00:36:19chocolates and

00:36:19confectionery

00:36:20big drop in fact

00:36:21coming over here

00:36:21because the festive

00:36:22period came early

00:36:23this time

00:36:23so all the buying

00:36:25got pre-poned

00:36:26to the July period

00:36:27oil, rice, sugar,

00:36:28spices

00:36:29so the overall

00:36:29kitchen commodities

00:36:30they have also

00:36:31seen a drop

00:36:32home care has seen

00:36:33a very big drop

00:36:33because people are

00:36:34waiting for that

00:36:35GST relief to

00:36:36kick in

00:36:36and FMCG

00:36:37overall as well

00:36:38across India

00:36:39has seen a drop

00:36:40from 8.6%

00:36:41to 7.5%

00:36:43in terms of

00:36:43value growth

00:36:44so that's the word

00:36:45coming in from

00:36:46Bizom and that's

00:36:47the outlook

00:36:47on how the trends

00:36:49have been shaping up

00:36:50and of course

00:36:50we've been bringing

00:36:51you all of this

00:36:52live from the

00:36:52SBI live studio

00:36:53with the GST rates

00:36:55coming into effect

00:36:56from the 22nd of

00:36:57September

00:36:57FMCG companies

00:36:58have gone ahead

00:36:59and decided to

00:37:00take some measures

00:37:01to reduce prices

00:37:02and increase

00:37:03grammages for their

00:37:04products

00:37:04we've gathered

00:37:05from exclusive

00:37:06sources that

00:37:07Nestle and ITC

00:37:08are going to be

00:37:08passing on these

00:37:09benefits to their

00:37:10customers in the

00:37:11form of price cuts

00:37:12speaking specifically

00:37:13about Nestle

00:37:15what sources tell us

00:37:16is that they will

00:37:17be taking in some

00:37:18price cuts for the

00:37:20larger packs

00:37:20and increasing the

00:37:22grammages for the

00:37:23smaller packs

00:37:23now Maggi,

00:37:24coffee, chocolate,

00:37:25milk all of these

00:37:26products are going

00:37:27to get cheaper

00:37:28Maggi for example

00:37:29for the larger pack

00:37:30of 280 grams

00:37:31they are going to

00:37:32increase the grammage

00:37:33to 300 grams

00:37:34and also reduce

00:37:35the price for that

00:37:35SKU from 60 rupees

00:37:37to 58 rupees

00:37:38as for the other

00:37:39variants of the

00:37:40noodles there is

00:37:40going to be about

00:37:41a 6% price reduction

00:37:42there talking about

00:37:44coffee, Nest Cafe

00:37:45for all packs

00:37:45larger than 45 grams

00:37:47they are going to

00:37:47be taking in some

00:37:48price reductions

00:37:48around 11% roughly

00:37:50and the grammage

00:37:51increases will be

00:37:52taken in for the

00:37:54SKUs that are

00:37:54less than 45 grams

00:37:56the ready to drink

00:37:57beverages will also

00:37:58see a 5 rupee

00:37:59price reduction

00:38:00on the Tetra packs

00:38:01and the ultra high

00:38:03temperature milk

00:38:03or the Tetra pack

00:38:04milk the 1 liter

00:38:05will see a 3 rupee

00:38:07price reduction

00:38:07other than this

00:38:08we are also gathering

00:38:09from sources at

00:38:10ITC that they are

00:38:11in the process of

00:38:12formulating a final

00:38:13price list given

00:38:15the huge number of

00:38:17SKUs that is taking

00:38:18some time

00:38:18but in the meanwhile

00:38:19they have communicated

00:38:20to distributors

00:38:21and retailers

00:38:22about the discount

00:38:23schemes that they

00:38:24will be running

00:38:25for the existing

00:38:27stock

00:38:27now this is being

00:38:28done to ensure

00:38:29that post 22nd

00:38:30September there is

00:38:31parity in the

00:38:32prices of the

00:38:33older stock and

00:38:34the newer stock

00:38:35with new prices

00:38:36that will be sent

00:38:37to them

00:38:38these rejects

00:38:39they will be

00:38:40impact on the

00:38:41earnings of FMCG

00:38:42basket per se

00:38:43what is your

00:38:44analysis how much

00:38:45of this consumption

00:38:46boost will help

00:38:48these companies

00:38:49yeah see first

00:38:51of course if you

00:38:53see the government

00:38:54intent is that

00:38:56companies should

00:38:57pass it on to

00:38:58customers fully

00:38:59so my sense is

00:39:01initially FMCG

00:39:02companies will

00:39:03look to pass it

00:39:04to end customer

00:39:05at a portfolio

00:39:06level fully to

00:39:07the customer

00:39:08so to that extent

00:39:10the benefit for

00:39:11FMCG companies

00:39:12will be more in

00:39:13terms of the

00:39:14operating leverage

00:39:15as I said

00:39:16in food like

00:39:18biscuits and

00:39:19snacks it will

00:39:20be a real

00:39:20consumption boost

00:39:21because in

00:39:23these categories

00:39:23almost 50-60%

00:39:25of the consumption

00:39:26happens at

00:39:275-10-rupee

00:39:28price point

00:39:29and customer

00:39:29buys a pack

00:39:30he doesn't

00:39:31buy X grams

00:39:32of biscuit

00:39:33or X grams

00:39:34of Bhujia

00:39:35or Namkeem

00:39:36so in such

00:39:36cases if the

00:39:38biscuit company

00:39:39is offering

00:39:3912-13% extra

00:39:40gramage or the

00:39:42Bhujia company

00:39:42is offering

00:39:4367% extra

00:39:44Bhujia

00:39:44that's a real

00:39:46consumption boost

00:39:47so I would say

00:39:48that yes

00:39:48there will be

00:39:49I think 2-5%

00:39:512-6%

00:39:52kind of a

00:39:53EBITDA

00:39:53boost for

00:39:54many companies

00:39:55because of

00:39:55these reasons

00:39:56because this

00:39:56is an operating

00:39:57leverage kind

00:39:58of benefit

00:39:58here we are

00:39:59assuming that

00:39:59companies are

00:40:00fully passing

00:40:01it on to

00:40:02the end

00:40:02customer

00:40:02but I would

00:40:03say that

00:40:04currently there

00:40:04is 2 kind

00:40:05of lack

00:40:06of clarity

00:40:06for consumer

00:40:07companies

00:40:08one is what

00:40:09happens to

00:40:10the inverter

00:40:10duty structure

00:40:11because some

00:40:12of the raw

00:40:13material is

00:40:13still at 18%

00:40:14kind of a

00:40:15GST rate

00:40:16the services

00:40:17are at 18%

00:40:18GST rate

00:40:19so if the

00:40:19end product

00:40:20is at 5%

00:40:21and the service

00:40:21and some

00:40:22of the RM

00:40:22is at 18%

00:40:24full offset

00:40:25won't be

00:40:25possible

00:40:26yes refund

00:40:27is a mechanism

00:40:29but please

00:40:29note for

00:40:30service

00:40:30the refund

00:40:30is not

00:40:31available

00:40:31so there

00:40:32is this

00:40:33bit of

00:40:33challenge

00:40:33the second

00:40:34bit of

00:40:34challenge

00:40:35is some

00:40:35of the

00:40:36factories

00:40:37of the

00:40:37FMCG

00:40:38companies

00:40:38get mega

00:40:39project benefit

00:40:40they get

00:40:40some fiscal

00:40:41benefit

00:40:41now again

00:40:42those will

00:40:43continue

00:40:44but issue

00:40:44is again

00:40:45at the

00:40:45SGST rate

00:40:46of 2.5%

00:40:48because

00:40:49the total

00:40:50rate

00:40:51new rate

00:40:51of GST

00:40:52is 5%

00:40:52so SGST

00:40:53is where

00:40:54they get

00:40:54a refund

00:40:55at such

00:40:56a low

00:40:57GST rate

00:40:57they will

00:40:58not be

00:40:58able to

00:40:58fully use

00:40:59it

00:40:59so in

00:41:00such cases

00:41:00state

00:41:01governments

00:41:01will have

00:41:02to extend

00:41:02the tenure

00:41:03now there

00:41:04is no

00:41:04full clarity

00:41:05because these

00:41:05are discussions

00:41:06which are

00:41:06yet to happen

00:41:07thanks so

00:41:08much for

00:41:08joining us

00:41:09with all

00:41:09those details

00:41:10but shifting

00:41:11focus and

00:41:11as promised

00:41:12let's put

00:41:12the spotlight

00:41:13on India's

00:41:13dairy sector

00:41:14then

00:41:14and GST

00:41:15on several

00:41:16dairy products

00:41:16has either

00:41:17been reduced

00:41:17from 12%

00:41:18to 5%

00:41:19or it has

00:41:20been cut

00:41:20from 5%

00:41:21to 0%

00:41:22what impact

00:41:23will this

00:41:23have on

00:41:24volumes

00:41:24to understand

00:41:25exactly that

00:41:26we are now

00:41:26joined by

00:41:27Manish Bandlish

00:41:28managing director

00:41:29at Mother

00:41:29Dairy

00:41:30Manish

00:41:30afternoon

00:41:31and thank

00:41:31you so

00:41:31much for

00:41:32taking your

00:41:32time out

00:41:33and joining

00:41:33us here

00:41:34on ET

00:41:34now

00:41:34GST

00:41:35has been

00:41:36cut by

00:41:36the government

00:41:37and I

00:41:37believe

00:41:37you have

00:41:38also

00:41:38passed

00:41:38it on

00:41:39completely

00:41:39to the

00:41:40end

00:41:41consumer

00:41:41this will

00:41:42come into

00:41:42effect

00:41:42on the

00:41:4322nd

00:41:43of

00:41:44September

00:41:44but before

00:41:45that if you

00:41:46can tell us

00:41:46what kind

00:41:47of volume

00:41:48growth are

00:41:48you expecting

00:41:49on account

00:41:49of this

00:41:50GST cut

00:41:51on several

00:41:51dairy products

00:41:52thank you

00:41:54Ashisha for

00:41:54having me on

00:41:55this program

00:41:55I think

00:41:56this whole

00:41:57initiative by the

00:41:57government of

00:41:58India to

00:41:58reduce GST

00:41:59on consumer

00:42:00products

00:42:00is a very

00:42:01very welcome

00:42:02step

00:42:02especially for

00:42:03the dairy

00:42:03sector

00:42:04and this

00:42:05will give

00:42:06a fillip

00:42:07not only

00:42:07to the

00:42:07consumption

00:42:08it will

00:42:09also give

00:42:09a fillip

00:42:10to the

00:42:10farmer

00:42:10income

00:42:11in the

00:42:11long run

00:42:11and the

00:42:12medium

00:42:12term

00:42:12to give

00:42:13an example

00:42:13our

00:42:15organized

00:42:16sector

00:42:16in India

00:42:17is only

00:42:1835-40%

00:42:20if you

00:42:21look at

00:42:21all the

00:42:22products

00:42:22combined

00:42:23we expect

00:42:25basis

00:42:25this

00:42:25more

00:42:26affordability

00:42:26will happen

00:42:27in the

00:42:28dairy

00:42:28products

00:42:28and over

00:42:29the next

00:42:296 months

00:42:31to a year

00:42:32at least

00:42:3310-15%

00:42:34extra

00:42:34growth

00:42:35is likely

00:42:35to come

00:42:35on most

00:42:36of the

00:42:36value added

00:42:37products

00:42:37especially

00:42:37and this

00:42:39will give

00:42:39a much

00:42:40required

00:42:41fillip

00:42:41to the

00:42:42dairy sector

00:42:43in terms

00:42:43of growth

00:42:44for all

00:42:45the value

00:42:45added

00:42:45products

00:42:45understood

00:42:46so 10-15%

00:42:48volume

00:42:48growth

00:42:48that's

00:42:49the kind

00:42:49of growth

00:42:49that you

00:42:50are expecting

00:42:50on account

00:42:51of GST

00:42:51reduction

00:42:52but Manish

00:42:53if you can

00:42:54tell us

00:42:54how will

00:42:54it help

00:42:55the entire

00:42:56ecosystem

00:42:57I understand

00:42:58end consumers

00:42:58will consume

00:42:59more especially

00:43:00in tier 2

00:43:01and tier 3

00:43:01cities on account

00:43:02of reduction

00:43:03in GST

00:43:03but from scratch

00:43:05from farmers

00:43:06how will it

00:43:07help the entire

00:43:07ecosystem

00:43:08I'll start

00:43:10with the

00:43:10consumer

00:43:10so let's

00:43:11take an

00:43:11example of

00:43:12a paneer

00:43:12or a ghee

00:43:13or a bata

00:43:13these are

00:43:14very popular

00:43:15categories

00:43:15when the

00:43:16consumer is

00:43:17consuming

00:43:17a paneer

00:43:18for example

00:43:18is only

00:43:19not more than

00:43:204-5%

00:43:21organized

00:43:22today

00:43:22when paneer

00:43:24becomes more

00:43:24affordable

00:43:24for the

00:43:25consumer

00:43:25and if they

00:43:26start consuming

00:43:27more of that

00:43:28paneer

00:43:28because it

00:43:29is coming

00:43:29from

00:43:29well-known

00:43:30brand like

00:43:30Mother Dairy

00:43:31who is

00:43:31focusing on

00:43:32quality

00:43:33then I'll

00:43:34need more

00:43:35and more

00:43:35of milk

00:43:35to make

00:43:36that paneer

00:43:38and other

00:43:40associated

00:43:40categories like

00:43:41ghee, butter

00:43:41or ice cream

00:43:42if I need

00:43:43more milk

00:43:44I have to go

00:43:45back to my

00:43:45farmers

00:43:45I have more

00:43:47than 10 lakh

00:43:47farmers

00:43:48connected to

00:43:48our dairy

00:43:49ecosystem

00:43:49in our

00:43:50system

00:43:50which means

00:43:52I will need

00:43:52more milk

00:43:53from the

00:43:53farmers

00:43:53which means

00:43:54the farmer

00:43:55will get

00:43:56motivated

00:43:56to keep

00:43:57more cattle

00:43:58which means

00:43:59their income

00:43:59will increase

00:44:00further

00:44:00so this is

00:44:01the ecosystem

00:44:02I'm talking

00:44:02about

00:44:03they'll get

00:44:03more

00:44:04I will have

00:44:05to buy

00:44:06or I will

00:44:07buy more

00:44:07milk from

00:44:08the farmers

00:44:08and they'll

00:44:09get a good

00:44:10price for

00:44:10their production

00:44:11so this whole

00:44:12dairy ecosystem

00:44:13will get a

00:44:14fillip

00:44:15is how

00:44:16I see it

00:44:17understood

00:44:18the entire

00:44:19dairy ecosystem

00:44:20is likely to

00:44:20get a fillip

00:44:21and you're

00:44:21expecting strong

00:44:22double digit

00:44:23volume growth

00:44:24on account of

00:44:24this

00:44:25now that's

00:44:25a big figure

00:44:26but I understand

00:44:27GST on several

00:44:28farm equipments

00:44:29has also been

00:44:30lowered

00:44:30how do you

00:44:31expect this

00:44:32to aid

00:44:33farmer community

00:44:34at large

00:44:34and ultimately

00:44:35aid volume

00:44:36growth further

00:44:36see

00:44:38like I said

00:44:39once the

00:44:40farmer gets

00:44:41benefit

00:44:41for example

00:44:42a tractor

00:44:42if the GST

00:44:43has been reduced

00:44:44it will become

00:44:44more affordable

00:44:45for the farmer

00:44:46they can easily

00:44:46invest in those

00:44:47farm equipments

00:44:48they can easily

00:44:49invest into

00:44:50their technology

00:44:51which they may

00:44:52not have been

00:44:53able to do

00:44:53today

00:44:53so I think

00:44:54overall

00:44:55affordability

00:44:56at the farmer

00:44:57level

00:44:57income increasing

00:44:58at the other

00:44:59end

00:44:59will immediately

00:45:01help the

00:45:01farmers in the

00:45:02medium to

00:45:02long term

00:45:03being able to

00:45:04afford these

00:45:05products

00:45:05at a much

00:45:06larger scale

00:45:06so several

00:45:08GST reductions

00:45:09not only for

00:45:09agri products

00:45:10but for allied

00:45:11businesses

00:45:11and farm

00:45:12equipments

00:45:13in particular

00:45:13that is also

00:45:14likely to aid

00:45:15the entire

00:45:15community

00:45:16and the

00:45:16rural market

00:45:17sir thank you

00:45:18so much for

00:45:19taking your

00:45:19time out

00:45:20and joining

00:45:20us here on

00:45:20ET now

00:45:21and helping

00:45:21us understand

00:45:22how the

00:45:22GST reduction

00:45:23on dairy

00:45:24products is

00:45:25likely to aid

00:45:26volume growth

00:45:26for the entire

00:45:27sector

00:45:27thanks so much

00:45:28for joining

00:45:28us today

00:45:29on that note

00:45:30we need to

00:45:31slip into a

00:45:31very short

00:45:31break

00:45:32but our

00:45:32coverage on

00:45:33commodities

00:45:34will continue

00:45:34on the other

00:45:35side

00:45:35all right

00:45:46so essentially

00:45:47manjuri you're

00:45:48referring to

00:45:49you know you

00:45:50being the

00:45:51company being

00:45:51hopeful of

00:45:52demand outlook

00:45:53but in terms of

00:45:53numbers what's

00:45:54the kind of

00:45:54growth that you're

00:45:55anticipating and

00:45:56looking at with

00:45:57respect to the

00:45:57festive season this

00:45:58year given the

00:45:59GST benefits for

00:46:00hotel benefits

00:46:01have also been

00:46:01announced sure so

00:46:04industry if you

00:46:05look at today is

00:46:06early single digit

00:46:07right and

00:46:08especially after the

00:46:09geopolitical

00:46:10situations etc which

00:46:11is behind us

00:46:12thankfully we did

00:46:13see a slowdown we

00:46:15are hoping and we

00:46:17are very confident

00:46:18that this year

00:46:18festive will come

00:46:20to us with a

00:46:21double digit growth

00:46:22and if industry is

00:46:23growing and today

00:46:23we grow almost

00:46:253x of industry

00:46:26and if industry

00:46:27starts to grow

00:46:28much faster and

00:46:29if we keep the

00:46:30momentum and the

00:46:31scale that we

00:46:32have from industry

00:46:33today that is the

00:46:34growth that we are

00:46:35wanting to achieve

00:46:36in the festive

00:46:37season GST comes

00:46:39with a blessing I

00:46:40feel that while air

00:46:42travel has not been

00:46:43directly impacted and

00:46:44hotel has been in

00:46:46general spending in

00:46:47India should go up

00:46:48and that is the

00:46:49attempt of the

00:46:50government and we

00:46:50feel that given

00:46:51travel has been one

00:46:53of the critical

00:46:54places where people

00:46:55like to spend we

00:46:57feel that the

00:46:57resident effect on

00:46:59people stepping out

00:47:00and traveling will

00:47:01will already be

00:47:02there in terms of

00:47:03hotel we are very

00:47:04very confident that

00:47:05the GST reduction

00:47:06will help us reach

00:47:08the belly of the

00:47:09market the mass

00:47:10India and they

00:47:11will hopefully upgrade

00:47:12and want to book

00:47:13more hotels

00:47:14to answer all those

00:47:24questions that we

00:47:25have with us a

00:47:25stellar panel

00:47:26Harsh Rungta

00:47:27founder fee-only

00:47:29investment advisors

00:47:30we also have

00:47:31Madhvi Arora

00:47:32lead economist

00:47:33MK Global

00:47:34and joining

00:47:35with us

00:47:36Avneesh Roy

00:47:37executive director

00:47:39Novama

00:47:39institutional equities

00:47:41Madhvi I want to

00:47:42come to you first

00:47:43how much of the

00:47:45impact of this

00:47:46cut or

00:47:48rationalization

00:47:49will have on

00:47:50economy per se

00:47:51because that is

00:47:51the pertinent

00:47:52question which all

00:47:53the stakeholders

00:47:54are asking

00:47:54so we have to

00:47:57see it from two

00:47:58points right

00:47:59one would be the

00:48:00balancing impact

00:48:00on the government

00:48:01of India and the

00:48:02balancing impact

00:48:03on the household

00:48:04from the government's

00:48:05point of view

00:48:05they are suggesting

00:48:07that they will be

00:48:07bearing a loss of

00:48:08nearly 500 million

00:48:09rupees which is

00:48:11around you know

00:48:13less than 0.2

00:48:14percent of GDP

00:48:15and that is coming

00:48:16from the loss

00:48:16that they would

00:48:17incur because of

00:48:18the cuts in GST

00:48:19to the tune of

00:48:19around 938 billion

00:48:20and the net gain

00:48:23that they would

00:48:23make by you know

00:48:24implementing the

00:48:25syntax which would

00:48:26be closer to

00:48:27450 billion

00:48:27so net-net

00:48:28they are losing

00:48:29in their balance

00:48:30sheet roughly

00:48:31around 480

00:48:32to 500 billion

00:48:33which is less

00:48:34than 0.2

00:48:35percent of GDP

00:48:35on the other

00:48:36hand from the

00:48:38household perspective

00:48:38point of view

00:48:39whatever is the

00:48:40loss of the

00:48:40next checker

00:48:41should be the

00:48:42gain to the

00:48:42other economic

00:48:43agent whether

00:48:43it is household

00:48:44or you know

00:48:45the other private

00:48:46economic agent

00:48:47but here obviously

00:48:47the impact is

00:48:48directly to the

00:48:48household

00:48:49apart from this

00:48:50we also would

00:48:51be seeing

00:48:52dissolution of

00:48:53the compensation

00:48:53cess which was

00:48:55roughly around

00:48:561500 to 1600

00:48:57billion rupees

00:48:59again close to

00:49:01around 0.4

00:49:03percent of GDP

00:49:04so if you

00:49:05include that

00:49:06and the net

00:49:07loss of the

00:49:08you know

00:49:08next checker

00:49:09the balance

00:49:10sheet gain

00:49:11to the

00:49:11household

00:49:11could be

00:49:11as high

00:49:12as 0.6

00:49:13percent of

00:49:13GDP

00:49:13and if I

00:49:14look at

00:49:15the fiscal

00:49:15multipliers

00:49:16generally the

00:49:17fiscal multiplier

00:49:18of indirect tax

00:49:20cut is close

00:49:20to on 1.2

00:49:21X so the

00:49:22net gain to

00:49:23the economy

00:49:23assuming that

00:49:25the government

00:49:25actually incurs

00:49:26this loss

00:49:27on its book

00:49:28and does not

00:49:28cut its

00:49:29you know

00:49:30fiscal loss

00:49:30by reducing

00:49:31its expenditure

00:49:32just from the

00:49:34balance sheet

00:49:34point of the

00:49:35government of

00:49:35India could be

00:49:36you know

00:49:37around 0.3

00:49:38to 0.4

00:49:38percent of

00:49:39GDP over

00:49:39the medium

00:49:40term

00:49:40but in the

00:49:41near term

00:49:42I think the

00:49:42household could

00:49:43see almost

00:49:440.6 percent

00:49:45of GDP worth

00:49:46of benefit

00:49:47in their

00:49:47balance sheet

00:49:48over an

00:49:49annualized

00:49:49basis

00:49:49I want to

00:49:51understand from

00:49:52you the

00:49:52pertinent

00:49:53question

00:49:53where will

00:49:54these savings

00:49:55go if

00:49:55somebody is

00:49:56saving 6

00:49:56to 8

00:49:57percent a

00:49:57month

00:49:58do you

00:49:58think

00:49:59SIP

00:49:59number is

00:50:00going to

00:50:00be bigger

00:50:01or you

00:50:01think even

00:50:02bank will

00:50:03get some

00:50:04of the

00:50:04share of

00:50:05the savings

00:50:06I think

00:50:09this is

00:50:10something that

00:50:11will need

00:50:12to be

00:50:12sort of

00:50:13you know

00:50:15deciphered

00:50:16there will

00:50:16be first

00:50:17order effects

00:50:18and then

00:50:18there will

00:50:18be second

00:50:19order effects

00:50:20etc

00:50:20the first

00:50:22order effect

00:50:22of something

00:50:23getting cheaper

00:50:24classical

00:50:25economists

00:50:25suggest that

00:50:26okay the

00:50:27demand for

00:50:27that goes

00:50:28up now

00:50:28some of

00:50:29these items

00:50:30I mean

00:50:30there is

00:50:31only so

00:50:32much toothpaste

00:50:32that you

00:50:33can sort

00:50:33of use

00:50:34and you

00:50:36know

00:50:36therefore

00:50:37I don't

00:50:38know

00:50:38I don't

00:50:39want to

00:50:39pick a

00:50:40specific

00:50:40category

00:50:41so one

00:50:42is that

00:50:43for certain

00:50:44items

00:50:45things like

00:50:45consumer

00:50:46durables

00:50:46etc

00:50:47where you

00:50:48know

00:50:48the

00:50:49GST has

00:50:51come down

00:50:51dramatically

00:50:52the demand

00:50:53may actually

00:50:54go up

00:50:54people might

00:50:55actually spend

00:50:56more

00:50:56on them

00:50:58they may

00:50:58actually move

00:50:59to that

00:50:59category

00:51:00from say

00:51:01an air

00:51:01cooler

00:51:02to an

00:51:03air

00:51:03condition

00:51:03it's

00:51:04very much

00:51:05possible

00:51:06secondly

00:51:07whether they

00:51:08will save

00:51:08or spend

00:51:09also depends

00:51:10on what

00:51:10is you

00:51:11know

00:51:12three four

00:51:13big jargon

00:51:14the marginal

00:51:15propensity

00:51:15to consume

00:51:16you know

00:51:18when you

00:51:19have additional

00:51:19money in

00:51:20your hand

00:51:20what will

00:51:21people do

00:51:22so typically

00:51:22the lower

00:51:24middle class

00:51:25and the

00:51:25middle class

00:51:26will tend

00:51:27to spend

00:51:28more with

00:51:28that money

00:51:29the slightly

00:51:31upper middle

00:51:32class and

00:51:33richer people

00:51:33will tend

00:51:34to save

00:51:35more

00:51:35so I

00:51:36think it's

00:51:36very difficult

00:51:37to know

00:51:38today what

00:51:39would happen

00:51:40but if I

00:51:41was you

00:51:41know to

00:51:42take a

00:51:42breath I

00:51:43would say

00:51:44that the

00:51:44expenditure

00:51:45would go

00:51:45up because

00:51:46we are

00:51:47typically

00:51:48a very

00:51:49very lower

00:51:51middle class

00:51:51and middle

00:51:52class economy

00:51:53and I

00:51:54think that is

00:51:55good for the

00:51:56economy because

00:51:57what the

00:51:58government has

00:51:59given up in

00:52:00terms of the

00:52:00rate cuts on

00:52:01GST

00:52:02probably it

00:52:03will make

00:52:03up on

00:52:04volumes at

00:52:05least some

00:52:06part of it

00:52:07it is hopefully

00:52:08will make up

00:52:08on volumes and

00:52:10you know that's

00:52:11also good for

00:52:11the economy so

00:52:13it's not

00:52:14necessary that

00:52:15this will go

00:52:17into savings

00:52:17or into

00:52:19investments.

00:52:21Mr. Joshi thank

00:52:21you so much for

00:52:22your time help us

00:52:23understand what

00:52:24could be the

00:52:25extent of the

00:52:26spur in demand

00:52:27that we could

00:52:27see from the

00:52:29GST

00:52:29rationalization.

00:52:31Well I

00:52:32think the

00:52:33GST primarily

00:52:34is a structural

00:52:36reform and I

00:52:37think it improves

00:52:38compliance it

00:52:39also has led

00:52:43to higher tax

00:52:43collections for

00:52:44the government

00:52:45and makes the

00:52:46business easy to

00:52:47do I can sort

00:52:48of say but

00:52:49the time at

00:52:50which GST has

00:52:51been announced

00:52:52and coupled

00:52:52with that that

00:52:54they have reduced

00:52:55the rates for a

00:52:56number of

00:52:56categories I

00:52:57think that has

00:52:58triggered hopes

00:52:58that it will be

00:53:00consumption positive

00:53:00and we also

00:53:01believe that it

00:53:02will be it will

00:53:03be consumption

00:53:04positive because

00:53:05we looked at

00:53:05the 30 categories

00:53:07of consumption

00:53:09from the

00:53:10household consumption

00:53:11expenditure survey

00:53:12and we find

00:53:13that out of the

00:53:1330 categories which

00:53:14account for almost

00:53:1588% of

00:53:17consumption expenditure

00:53:18of an average

00:53:19Indian household

00:53:2011 items I

00:53:21think which

00:53:22account for a

00:53:23third of

00:53:23consumption have

00:53:24seen a reduction

00:53:25in rates so

00:53:27what GST will

00:53:30do is I think

00:53:30two other things

00:53:31which are

00:53:31consumption positive

00:53:32are happening

00:53:33right now one

00:53:34I think is the

00:53:35income tax rate

00:53:36cut which was

00:53:37announced in the

00:53:38budget on top

00:53:39of that in

00:53:39general inflation

00:53:40is low

00:53:41particularly

00:53:42inflation on

00:53:43food items

00:53:44and I think

00:53:46this is going

00:53:47to complement

00:53:48that further

00:53:48and GST

00:53:50reductions will

00:53:51act on the

00:53:52inflation side

00:53:53they lack

00:53:53more on the

00:53:54core inflation

00:53:55because I

00:53:56think food

00:53:56items were

00:53:57anyway most

00:53:57of them were

00:53:58under very

00:53:59low tax rates

00:54:01so to say

00:54:02so I think

00:54:03it will spur

00:54:04consumption

00:54:05to what extent

00:54:06is a little

00:54:06hard to say

00:54:07right now

00:54:08because the

00:54:09pass through

00:54:10is what people

00:54:11are waiting

00:54:12for we have

00:54:13seen some

00:54:13quick pass

00:54:14through in

00:54:15durable segment

00:54:16particularly the

00:54:16automobile

00:54:17where the

00:54:18small category

00:54:20entry level

00:54:21vehicles are

00:54:22likely to see

00:54:238-9% reduction

00:54:24in prices

00:54:25I think that's

00:54:25the crucial

00:54:26estimate

00:54:26the mid-sized

00:54:27will see

00:54:28around 3.5%

00:54:30reduction in

00:54:30prices

00:54:31and the

00:54:32premium segment

00:54:33will see

00:54:33around 6.7%

00:54:35so I think

00:54:36there is

00:54:36it's going to

00:54:37push consumption

00:54:39up

00:54:40I would look

00:54:41at it as

00:54:42something which

00:54:43is complementing

00:54:44the other

00:54:44factors to

00:54:46support consumption

00:54:47because investment

00:54:48scenario is not

00:54:48that strong

00:54:49so I think

00:54:50consumption is

00:54:50a theme

00:54:51this year

00:54:51well it will

00:54:52certainly have

00:54:53a massive

00:54:54multiplier effect

00:54:55because as we

00:54:55all know

00:54:56India is largely

00:54:57a domestic

00:54:58consumption

00:54:58driven economy

00:54:59and if we

00:55:01can boost

00:55:01consumption

00:55:02then that

00:55:03would more

00:55:03than offset

00:55:04the damage

00:55:06or whatever

00:55:06effect that

00:55:08will take

00:55:08place because

00:55:09of the tariffs

00:55:09so I think

00:55:10it's a wonderful

00:55:11move

00:55:11I think it's

00:55:12also wrong

00:55:13to believe

00:55:14that in the

00:55:14long term

00:55:15there will be

00:55:15loss to revenue

00:55:16there will

00:55:16actually be a

00:55:17gain in revenue

00:55:18because when

00:55:19consumption

00:55:19increases the

00:55:20sheer amount

00:55:21of consumption

00:55:22will and

00:55:23reduced GST

00:55:25rate on that

00:55:26will compensate

00:55:27for the

00:55:28reduction in

00:55:29the rate that

00:55:30is taking place

00:55:31so all in all

00:55:31very good

00:55:32very good for

00:55:33businesses

00:55:34very good for

00:55:35the economy

00:55:35and it will be

00:55:36a big boost

00:55:37to the middle

00:55:38income households

00:55:39oh well

00:55:42yes indeed

00:55:43but along with

00:55:46that Mr.

00:55:46Mishwem

00:55:47the other

00:55:48thing is

00:55:48that how

00:55:49the ease

00:55:50of doing

00:55:50business

00:55:51will pan

00:55:51out in

00:55:52the Indian

00:55:52economies

00:55:53if you can

00:55:54help us

00:55:54understand

00:55:54that there

00:55:55were indeed

00:55:56several

00:55:56announcements

00:55:57for many

00:55:58sectors

00:55:58but what

00:55:59as per you

00:55:59will be the

00:56:00biggest

00:56:01beneficiary at

00:56:02this point

00:56:03in time

00:56:03any sense

00:56:04there

00:56:04so we've

00:56:06seen so many

00:56:07measures which

00:56:08are more

00:56:08technical in

00:56:09nature

00:56:09which have

00:56:12been talked

00:56:13about on

00:56:13your channel

00:56:14on the

00:56:15process of

00:56:15easing the

00:56:16amount that

00:56:20is payable

00:56:20and making it

00:56:21easier for the

00:56:22SME and the

00:56:24businessmen

00:56:25so leaving

00:56:26aside that

00:56:28the sheer

00:56:28fact that

00:56:29measures like

00:56:30this will

00:56:31boost consumption

00:56:32because prices

00:56:33will come down

00:56:33will itself be

00:56:34a big boost

00:56:35to the economy

00:56:36let's discuss

00:56:38with Ajay

00:56:38Bagga how

00:56:39big an

00:56:39opportunity

00:56:40this is

00:56:40turning out

00:56:41to be

00:56:41Ajay hi

00:56:42afternoon

00:56:42thanks for

00:56:43joining in

00:56:44and apologies

00:56:44to keep you

00:56:45waiting we

00:56:45were just

00:56:46getting some

00:56:46perspective on

00:56:47how you know

00:56:48the markets

00:56:48are perceiving

00:56:50the impact

00:56:51of GST 2.0

00:56:53on various

00:56:53sectors but

00:56:54Ajay as an

00:56:55investor I guess

00:56:55the question is

00:56:56going to be

00:56:57because up

00:56:57until COVID

00:56:58to now you

00:56:59had only played

00:57:00the premiumization

00:57:01trend do you

00:57:02now look at

00:57:03more top-down

00:57:04approaches when

00:57:05it comes to

00:57:06consumption

00:57:06well you

00:57:09know I

00:57:10would not

00:57:11say that

00:57:12things will

00:57:13change very

00:57:14much what

00:57:15is changing

00:57:15is it's a

00:57:16very structural

00:57:18stimulus that

00:57:19has gone in

00:57:19and this

00:57:20stimulus will

00:57:20go in year

00:57:21after year

00:57:22now unless

00:57:23there is a

00:57:24rollback into

00:57:25higher rates

00:57:25which we don't

00:57:26anticipate so

00:57:28the immediate

00:57:28reaction of

00:57:31the markets

00:57:31might have

00:57:32been muted

00:57:32but what I'm

00:57:34expecting is

00:57:35that all the

00:57:36interest rate

00:57:37moves that

00:57:38have come in

00:57:39the monetary

00:57:40policy liquidity

00:57:41being injected

00:57:42overall the

00:57:43income tax

00:57:44slabs putting

00:57:45on the margin

00:57:47some more

00:57:48money into

00:57:49people's hands

00:57:50we have seen

00:57:51rural demand

00:57:52growing stronger

00:57:53than the urban

00:57:54demand so the

00:57:55catch-up story

00:57:56the markets

00:57:57are waiting

00:57:58for is the

00:57:59urban demand

00:57:59picking up so

00:58:00does this

00:58:02lead to

00:58:03urban demand

00:58:04picking up

00:58:05we'll know

00:58:05in the next

00:58:06two months

00:58:07but I think

00:58:08a very good

00:58:09structural

00:58:10stimulus has

00:58:11been injected

00:58:12by the

00:58:13government

00:58:13what trends

00:58:15will it

00:58:16change

00:58:16will the

00:58:17premiumization

00:58:18move to a

00:58:19more broader

00:58:19based rally

00:58:20that we have

00:58:22to see

00:58:22but definitely

00:58:24there will be

00:58:24more money

00:58:25in people's

00:58:26pockets

00:58:27after their

00:58:28usual spends

00:58:29and that

00:58:30normally goes

00:58:31back into

00:58:32consumption

00:58:32so the

00:58:33consumption

00:58:33multiplier

00:58:34works when

00:58:35you cut

00:58:36consumption

00:58:37taxes like

00:58:38this so the

00:58:38government has

00:58:39got it right

00:58:40there are some

00:58:41issues to be

00:58:43ironed out

00:58:44like the

00:58:44input tax

00:58:45credit

00:58:45then the

00:58:47anti-profiteering

00:58:48to ensure

00:58:50that companies

00:58:51are passing

00:58:52back

00:58:53passing on

00:58:54these

00:58:55advantages

00:58:56to the

00:58:56customers

00:58:57I think

00:58:57those two

00:58:58remain the

00:58:59issues

00:58:59which has

00:59:00made the

00:59:01markets

00:59:01muted

00:59:01but if

00:59:03you take

00:59:04all this

00:59:04together

00:59:04I think

00:59:05we are

00:59:06setting up

00:59:06for a good

00:59:07market recovery

00:59:08when that

00:59:09comes what

00:59:10is the

00:59:10catalyst

00:59:11we'll have

00:59:11to wait

00:59:12maybe this

00:59:13is the

00:59:13catalyst

00:59:14that we

00:59:15will know

00:59:15after about

00:59:16two months

00:59:17when we

00:59:17actually see

00:59:18how the

00:59:19festive demand

00:59:20passes through

00:59:21look ahead

00:59:29into the

00:59:30future

00:59:30figure out

00:59:30what the

00:59:31markets would

00:59:31do and

00:59:32what

00:59:32investors

00:59:33should be

00:59:33doing

00:59:34we've got

00:59:34Harsha Upatia

00:59:35joining in

00:59:35on the show

00:59:36right now

00:59:36Harsha

00:59:37hi morning

00:59:38good to

00:59:38have you

00:59:38on the

00:59:39show

00:59:39Harsha

00:59:39a lot

00:59:40of news

00:59:40flow now

00:59:41seems to

00:59:41be getting

00:59:42addressed

00:59:42and addressed

00:59:43pretty much

00:59:43along the

00:59:44expected lines

00:59:45from the

00:59:45market

00:59:46be it

00:59:46domestic

00:59:47or for

00:59:47that matter

00:59:48now

00:59:48the Fed

00:59:49as well

00:59:49of course

00:59:50the Fed

00:59:50big overhang

00:59:51continues

00:59:51on the

00:59:52US tariffs

00:59:52but hopefully

00:59:53there should

00:59:53be a

00:59:53resolution

00:59:54to that

00:59:54as well

00:59:55you think

00:59:56all built

00:59:57in into

00:59:57the markets

00:59:58or do you

01:00:00think the

01:00:00markets would

01:00:01await to

01:00:01see what

01:00:03the consumption

01:00:03fillip is

01:00:04after the

01:00:05GST

01:00:05comes into

01:00:06effect

01:00:07come 22nd

01:00:08the slab

01:00:09changes that

01:00:09is and

01:00:10then perhaps

01:00:11directionally

01:00:11move higher

01:00:12from here

01:00:13good morning

01:00:15if you

01:00:17look at

01:00:17GST

01:00:18related

01:00:19upside

01:00:20or sentiment

01:00:20change

01:00:21I think

01:00:21more or

01:00:22less

01:00:22that has

01:00:23played out

01:00:23in the

01:00:24very near

01:00:24term

01:00:24in our

01:00:25opinion

01:00:25most market

01:00:27participants

01:00:27understand

01:00:28that

01:00:29probably

01:00:29Q2 numbers

01:00:31are not

01:00:31going to be

01:00:32as expected

01:00:34earlier

01:00:34there will be

01:00:35some

01:00:36deferment

01:00:36of purchases

01:00:37into Q3

01:00:38but when

01:00:39when you

01:00:39look at

01:00:39Q2 and

01:00:41Q3

01:00:41together

01:00:41I think

01:00:43there should

01:00:43not be

01:00:44any

01:00:44disappointment

01:00:44and

01:00:45probably

01:00:45given the

01:00:47fact that

01:00:47GST reforms

01:00:48are

01:00:48structural in

01:00:49nature

01:00:50this upside

01:00:51should continue

01:00:53over the next

01:00:53few quarters

01:00:54few years

01:00:55as well

01:00:55however

01:00:57what is not

01:00:58priced in

01:00:59by the markets

01:00:59yet is

01:01:00probably

01:01:00any

01:01:01resolution

01:01:03to

01:01:04India

01:01:04US

01:01:05trade

01:01:05relationship

01:01:06anything

01:01:07possible

01:01:07coming out

01:01:08of that

01:01:08in the

01:01:08near term

01:01:09could

01:01:10increase

01:01:11foreign

01:01:11participation

01:01:12in India

01:01:12if you

01:01:13look at

01:01:13last couple

01:01:14of months

01:01:15we have

01:01:16seen

01:01:16some

01:01:17flows

01:01:17from

01:01:17developed

01:01:18markets

01:01:18flowing

01:01:19into

01:01:19emerging

01:01:20markets

01:01:20for

01:01:21many

01:01:22of the

01:01:23emerging

01:01:23market

01:01:24economies

01:01:25there has

01:01:26been

01:01:26inflows

01:01:27in the

01:01:27past

01:01:27couple

01:01:28of

01:01:28months

01:01:28however

01:01:29India

01:01:30has

01:01:30been

01:01:30an

01:01:30exception

01:01:31and

01:01:31what

01:01:31has

01:01:31happened

01:01:32in

01:01:32this

01:01:32phase

01:01:33is

01:01:33the

01:01:34usual

01:01:35premium

01:01:35that

01:01:36India

01:01:36used

01:01:36to

01:01:36trade

01:01:37vis-à-vis

01:01:37emerging

01:01:38markets

01:01:39has

01:01:40come

01:01:40off

01:01:40quite

01:01:40a

01:01:41bit

01:01:41on

01:01:41a

01:01:41five-year

01:01:42average

01:01:42India

01:01:43has

01:01:44an

01:01:44average

01:01:45premium

01:01:46of

01:01:46about

01:01:4771%

01:01:48over

01:01:48emerging

01:01:48markets

01:01:49and

01:01:49now

01:01:50that

01:01:50premium

01:01:50has

01:01:51shrunk

01:01:51to

01:01:51close

01:01:51to

01:01:52about

01:01:5240 or

01:01:5245%

01:01:53while

01:01:54we

01:01:54are

01:01:54still

01:01:55a

01:01:55little

01:01:55bit

01:01:55expensive

01:01:56compared

01:01:56to

01:01:56emerging

01:01:57markets

01:01:57but

01:01:58I

01:01:58think

01:01:58given

01:01:59the fact

01:01:59that

01:01:59over

01:01:59the

01:01:59last

01:02:00year

01:02:00India

01:02:01has

01:02:01under

01:02:01performed

01:02:02an

01:02:02off

01:02:02late

01:02:02as

01:02:03well

01:02:03because

01:02:04of

01:02:04the

01:02:04trade

01:02:05issues

01:02:07we have

01:02:07not

01:02:08seen

01:02:08large

01:02:08flows

01:02:09coming

01:02:09from

01:02:09FIs

01:02:10that

01:02:10could

01:02:10change

01:02:11if

01:02:11there

01:02:11is

01:02:11any

01:02:11early

01:02:12resolution

01:02:12to

01:02:13US

01:02:14India

01:02:14trade

01:02:14negotiations

01:02:15making

01:02:16of

01:02:17the

01:02:17market

01:02:17Ajay

01:02:18hi

01:02:18morning

01:02:19lots

01:02:19of

01:02:19consolidation

01:02:20and

01:02:21I

01:02:21guess

01:02:21the

01:02:22market

01:02:22was

01:02:22just

01:02:22waiting

01:02:23to

01:02:23show

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01:08:42pressure

01:08:42from

01:08:43the

01:08:43tariffs

01:08:43and

01:08:44I

01:08:44think

01:08:44if

01:08:44you

01:08:45look

01:08:45at

01:08:45quarter

01:08:45one

01:08:46earnings

01:08:46we have

01:08:46seen

01:08:47some

01:08:47sluggishness

01:08:48in

01:08:48consumption

01:08:48now

01:08:49earlier

01:08:50this year

01:08:50I

01:08:50think

01:08:51the

01:08:51government

01:08:51took

01:08:51a

01:08:51big

01:08:52step

01:08:52in

01:08:53terms

01:08:53of

01:08:53tax

01:08:54relief

01:08:54to

01:08:54the

01:08:54average

01:08:55consumer

01:08:56this

01:08:57is

01:08:57one

01:08:57more

01:08:58step

01:08:58I

01:08:59particularly

01:09:00think

01:09:00if

01:09:01you

01:09:01look

01:09:01at

01:09:01FMCG

01:09:02as

01:09:02a

01:09:02sector

01:09:03if

01:09:03you

01:09:03look

01:09:03at

01:09:03consumer

01:09:04durables

01:09:04as

01:09:04a

01:09:05sector

01:09:05and

01:09:05of

01:09:05course

01:09:05the

01:09:06big

01:09:06E

01:09:06here

01:09:06which

01:09:07is

01:09:07auto

01:09:08I

01:09:08think

01:09:09this

01:09:09does

01:09:09act

01:09:10as

01:09:10a

01:09:10demand

01:09:11boost

01:09:11because

01:09:11a lot

01:09:12of

01:09:12goods

01:09:12get

01:09:13meaningfully

01:09:13cheaper

01:09:14in

01:09:14this

01:09:14segment

01:09:15so

01:09:15I

01:09:16think

01:09:16and

01:09:16you

01:09:16know

01:09:17inflation

01:09:17also

01:09:18comes

01:09:19down

01:09:19so

01:09:19it's

01:09:19a

01:09:19de-inflationary

01:09:20move

01:09:20in that

01:09:21sense

01:09:21so

01:09:21very

01:09:22very

01:09:22much

01:09:22the

01:09:23need

01:09:23of

01:09:23the

01:09:23hour

01:09:24and

01:09:24perhaps

01:09:25the

01:09:25way

01:09:25that

01:09:25we

01:09:26have

01:09:26to

01:09:26combat

01:09:27the

01:09:28global

01:09:28volatility

01:09:29that

01:09:29we're

01:09:29surrounded

01:09:30by

01:09:30so

01:09:30while

01:09:30I'm

01:09:31sure

01:09:31our

01:09:31trade

01:09:32teams

01:09:32are

01:09:32negotiating

01:09:33and

01:09:33working

01:09:33on

01:09:33that

01:09:34this

01:09:35is

01:09:35really

01:09:35the

01:09:35best

01:09:35finance

01:09:36ministry

01:09:36could

01:09:36do

01:09:37all right

01:09:39definitely

01:09:40hi

01:09:40Ankur

01:09:41this

01:09:41side

01:09:41Radhika

01:09:42I want

01:09:43to

01:09:43understand

01:09:43from

01:09:43you

01:09:44the

01:09:44part

01:09:44you

01:09:44mentioned

01:09:45about

01:09:45the

01:09:46churning

01:09:46now

01:09:47this

01:09:48will

01:09:48allow

01:09:49the

01:09:50market

01:09:50participants

01:09:51to

01:09:51pick

01:09:51and

01:09:51choose

01:09:52the

01:09:52sectors

01:09:52and

01:09:54look

01:09:54for

01:09:55the

01:09:55growth

01:09:55opportunity

01:09:56one

01:09:56is

01:09:56of

01:09:56course

01:09:57the

01:09:57consumption

01:09:57part

01:09:58do

01:09:58you

01:09:58think

01:09:59with

01:09:59the

01:10:00global

01:10:00uncertainties

01:10:02still

01:10:02being

01:10:02there

01:10:03and

01:10:03tariff

01:10:04resolution

01:10:04not

01:10:05in

01:10:05sight

01:10:05there

01:10:06will

01:10:06be

01:10:07interest

01:10:08in

01:10:09the

01:10:09sectors

01:10:09other

01:10:10than

01:10:10consumption

01:10:10as

01:10:11well

01:10:11so

01:10:12I

01:10:13mean

01:10:13it's

01:10:13very

01:10:14sector

01:10:14specific

01:10:15look

01:10:15the

01:10:16reality

01:10:17is

01:10:17with

01:10:17the

01:10:18global

01:10:18uncertainty

01:10:19portfolios

01:10:20will have

01:10:21to be

01:10:21biased

01:10:22in our

01:10:22view

01:10:22to

01:10:23businesses

01:10:23that are

01:10:24more

01:10:24domestic

01:10:24in

01:10:25nature

01:10:25now

01:10:25consumption

01:10:26or

01:10:26non

01:10:26consumption

01:10:27you can

01:10:27debate

01:10:28but

01:10:29they

01:10:29have

01:10:30to be

01:10:30more

01:10:30domestic

01:10:31in

01:10:31nature

01:10:31businesses

01:10:32that

01:10:33are

01:10:33more

01:10:33export

01:10:34oriented

01:10:34so you

01:10:35look at

01:10:35something

01:10:35like

01:10:35chemicals

01:10:36or you

01:10:36look at

01:10:36something

01:10:37like

01:10:37jewelry

01:10:37will they

01:10:38get

01:10:39hurt

01:10:39from

01:10:39tariffs

01:10:40I

01:10:40think

01:10:40that

01:10:40is

01:10:40a

01:10:41reality

01:10:41that

01:10:41we

01:10:41are

01:10:42combating

01:10:42so in

01:10:42our

01:10:43portfolios

01:10:43I

01:10:43think

01:10:44the

01:10:44key

01:10:44focus

01:10:45is

01:10:45businesses

01:10:45that

01:10:46are

01:10:46domestic

01:10:46so it

01:10:47could be

01:10:47domestic

01:10:48capital

01:10:48markets

01:10:48it

01:10:49could be

01:10:49domestic

01:10:49consumption

01:10:50it

01:10:50could be

01:10:50domestically

01:10:51oriented

01:10:52healthcare

01:10:52and

01:10:53hospitals

01:10:53but it

01:10:54has to

01:10:54be

01:10:54domestic

01:10:55oriented

01:10:56so I

01:10:57think the

01:10:57clear

01:10:58rotation

01:10:58is happening

01:10:59in

01:10:59portfolios

01:11:00towards

01:11:01businesses

01:11:01that tap

01:11:02the Indian

01:11:03consumption

01:11:03story

01:11:04and that's

01:11:05really what

01:11:05you need

01:11:06to give

01:11:06a boost

01:11:07to

01:11:07I mean

01:11:07that's

01:11:07the engine

01:11:08that's

01:11:08going to

01:11:08fire

01:11:09today

01:11:09session

01:11:10forward

01:11:10we've

01:11:11got

01:11:11Saurabh Mukherjee

01:11:12from

01:11:12Marcellus

01:11:13Investment

01:11:13Managers

01:11:14joining

01:11:14another

01:11:14show

01:11:14right now

01:11:15Saurabh

01:11:16hi

01:11:16morning

01:11:16the

01:11:16big

01:11:17GST

01:11:17reset

01:11:18I guess

01:11:19when it

01:11:19comes to

01:11:19the

01:11:20consumption

01:11:20that the

01:11:21economy

01:11:22needed

01:11:22one

01:11:22couldn't

01:11:23have

01:11:23asked

01:11:23for

01:11:24more

01:11:24but

01:11:24do

01:11:25you

01:11:25think

01:11:25that's

01:11:25going

01:11:25to

01:11:25translate

01:11:26into

01:11:26equity

01:11:26markets

01:11:27seeing

01:11:27that

01:11:28bump

01:11:28up

01:11:28as

01:11:28well

01:11:29I

01:11:30think

01:11:30look

01:11:30I

01:11:30think

01:11:31the

01:11:31big

01:11:31thing

01:11:31to

01:11:31share

01:11:32here

01:11:32is

01:11:32in

01:11:33a

01:11:33way

01:11:33some

01:11:34consistency

01:11:34with

01:11:35the

01:11:35budget

01:11:35in

01:11:35February

01:11:36earlier

01:11:36this year

01:11:36the

01:11:37government

01:11:38is now

01:11:38turning

01:11:39towards

01:11:39consumption

01:11:39right

01:11:40I

01:11:40think

01:11:40in

01:11:40the

01:11:40budget

01:11:41itself

01:11:41the

01:11:42middle

01:11:42class

01:11:42tax

01:11:43cut

01:11:43was

01:11:43a

01:11:43step

01:11:44in

01:11:44the

01:11:44right

01:11:44direction

01:11:44this

01:11:45whole

01:11:48emphasis

01:11:48on

01:11:48government

01:11:49capex

01:11:49will

01:11:50gradually

01:11:51fade

01:11:51away

01:11:51and

01:11:52the

01:11:52entire

01:11:53focus

01:11:53will

01:11:54be

01:11:55on

01:11:55reviving

01:11:55consumption

01:11:56because

01:11:57that's

01:11:5760%

01:11:58of GDP

01:11:58so

01:11:59positive

01:12:00move

01:12:00the

01:12:01two

01:12:01areas

01:12:02of

01:12:02caution

01:12:02I

01:12:03would

01:12:03flag

01:12:03is

01:12:03the

01:12:04downside

01:12:05effect

01:12:05the

01:12:06detrimental

01:12:06effect

01:12:06of

01:12:07Trump's

01:12:07tariffs

01:12:07will

01:12:08only

01:12:08show

01:12:08up

01:12:08over

01:12:09the

01:12:09next

01:12:09three

01:12:09four

01:12:09months

01:12:09I

01:12:10was

01:12:10in

01:12:10the

01:12:10third

01:12:11point

01:12:11yesterday

01:12:12and

01:12:13people

01:12:14are

01:12:14in

01:12:14a

01:12:14state

01:12:15of

01:12:15shock

01:12:15the

01:12:15textile

01:12:15sector

01:12:16is

01:12:16in

01:12:16a

01:12:16state

01:12:16of

01:12:17shock

01:12:17I

01:12:17think

01:12:17we

01:12:17will

01:12:17see

01:12:18major

01:12:19downside

01:12:19impacts

01:12:20there

01:12:20if

01:12:20the

01:12:2050%

01:12:21tariffs

01:12:21continue

01:12:22similarly

01:12:22in

01:12:23the

01:12:23gems

01:12:23and

01:12:23jewelry

01:12:23sector

01:12:24in

01:12:24cities

01:12:24like

01:12:25Surat

01:12:25Agra

01:12:26Luckna

01:12:27or

01:12:27Luthiana

01:12:27have

01:12:28footwear

01:12:29export

01:12:29and

01:12:29sports

01:12:30goods

01:12:30export

01:12:30sector

01:12:31so

01:12:31it's worth

01:12:32keeping in

01:12:33mind

01:12:33in this

01:12:34morning's

01:12:34euphoria

01:12:34that

01:12:35there will

01:12:36be massive

01:12:37downside

01:12:38impacts

01:12:38on the

01:12:38economy

01:12:39it's

01:12:39easy for

01:12:39us to

01:12:40say on

01:12:40TV

01:12:40that it's

01:12:41a 1%

01:12:41of GDP

01:12:42hit to

01:12:42the

01:12:43economy

01:12:43when

01:12:43Trump

01:12:43hammers

01:12:44us

01:12:44with

01:12:4450%

01:12:45tariffs

01:12:45but the

01:12:45pain

01:12:46will come

01:12:46in the

01:12:47coming

01:12:47quarters

01:12:48and the

01:12:48second

01:12:48area

01:12:49of

01:12:49caution

01:12:49as we

01:12:50celebrate

01:12:51the

01:12:51GST

01:12:51cuts

01:12:51is

01:12:52the

01:12:52job

01:12:52creation

01:12:53picture

01:12:53the

01:12:53white

01:12:54collar

01:12:54job

01:12:54creation

01:12:54picture

01:12:55remains

01:12:55grim

01:12:55I think

01:12:56we're

01:12:56heading

01:12:57for

01:12:57savage

01:12:57job

01:12:58cuts

01:12:58in

01:12:58the

01:12:58IT

01:12:58services

01:12:59sector

01:12:59that

01:13:00too

01:13:01will

01:13:01drag

01:13:01down

01:13:02consumption

01:13:02so

01:13:02on

01:13:03the

01:13:03whole

01:13:03boost

01:13:05from

01:13:05GDP

01:13:06boost

01:13:06to

01:13:07consumption

01:13:07of

01:13:071 lakh

01:13:08crores

01:13:08I would

01:13:08say

01:13:08roughly

01:13:09from

01:13:09the

01:13:10GST

01:13:11cuts

01:13:11but

01:13:12comfortably

01:13:13counteracted

01:13:14by

01:13:15Trump's

01:13:15tariff

01:13:17hits

01:13:17on

01:13:17India

01:13:18and

01:13:18therefore

01:13:18overall

01:13:19I'm

01:13:19not so

01:13:19sure

01:13:19there's

01:13:20a big

01:13:20GDP

01:13:20growth

01:13:21boost

01:13:21whilst

01:13:23the

01:13:23economy

01:13:24tilts

01:13:25away

01:13:25from

01:13:25government

01:13:26capex

01:13:26towards

01:13:26consumption

01:13:27people

01:13:28like

01:13:28Marcellus

01:13:28who invest

01:13:30in

01:13:30consumption

01:13:30stocks

01:13:31are happy

01:13:31about it

01:13:32but overall

01:13:32at the

01:13:33economy

01:13:33level

01:13:33I think

01:13:34the good

01:13:34and the

01:13:34bad

01:13:35is

01:13:35counterbalancing

01:13:36each other

01:13:36settling in

01:13:37quiet

01:13:38right now

01:13:38let's

01:13:39take the

01:13:39conversation

01:13:39forward

01:13:40we've got

01:13:41Gautam Duggar

01:13:42as well

01:13:42joining in

01:13:43on the

01:13:43show

01:13:43right now

01:13:44Gautam

01:13:45hi

01:13:45morning

01:13:45great to

01:13:46have you

01:13:4680 now

01:13:47Gautam

01:13:47so much

01:13:48has happened

01:13:48right

01:13:49with regards

01:13:50to what

01:13:50the government

01:13:50has done

01:13:51in terms

01:13:52of pushing

01:13:53demand

01:13:53and growth

01:13:54higher

01:13:55I mean

01:13:55be it

01:13:56the rate

01:13:56cuts

01:13:56from the

01:13:57RBI

01:13:57be it

01:13:59all the

01:13:59taxation

01:14:00cuts

01:14:00which are

01:14:00still

01:14:01trickling

01:14:01in

01:14:01into

01:14:02the

01:14:02economy

01:14:02and then

01:14:03of course

01:14:04you know

01:14:05this big

01:14:05GST

01:14:06bazooka

01:14:06but Gautam

01:14:07that's not

01:14:07really reflecting

01:14:08on the

01:14:08markets

01:14:09why is

01:14:09that

01:14:10hi

01:14:11Aisha

01:14:12good morning

01:14:12thanks for

01:14:13having me

01:14:13yes

01:14:14I mean

01:14:15this is

01:14:15something

01:14:15which is

01:14:15perplexed

01:14:16everyone

01:14:16over the

01:14:17last 24

01:14:17hours

01:14:18but look

01:14:19Aisha

01:14:19there are

01:14:20two three

01:14:20things at

01:14:21play here

01:14:21first and

01:14:22foremost

01:14:23this relentless

01:14:24selling from

01:14:24foreign institutional

01:14:25investors

01:14:26I mean just to

01:14:27put numbers in

01:14:28perspective

01:14:28in the last

01:14:3020 months

01:14:31and you know

01:14:31calendar year

01:14:3224 plus

01:14:33first eight

01:14:34months of

01:14:34calendar 25

01:14:35foreigners have

01:14:36sold 15

01:14:37billion dollars

01:14:38against that

01:14:39domestics have

01:14:40bought 123

01:14:4160 billion

01:14:4163 billion

01:14:43last year

01:14:44and 60

01:14:45billion dollars

01:14:45roughly in

01:14:46the first

01:14:46eight months

01:14:47right

01:14:48so if you

01:14:48focus on

01:14:49just calendar

01:14:4925

01:14:50again 60

01:14:51million dollars

01:14:52we have

01:14:52seen 15

01:14:53billion dollars

01:14:53of selling

01:14:54from foreigners

01:14:54and roughly

01:14:55then you have

01:14:56seen a lot

01:14:57of activity

01:14:57on the primary

01:14:58market

01:14:58corporate

01:14:59blocks

01:15:00promoter

01:15:00blocks

01:15:00PE blocks

01:15:01so that

01:15:02is a

01:15:03pressure of

01:15:03supply which

01:15:04has kept

01:15:04the market

01:15:05you know

01:15:06a bit

01:15:06suppressed

01:15:07second

01:15:08the valuations

01:15:09the valuations

01:15:10of Nifty

01:15:10are about

01:15:1121-22

01:15:12times

GST Price Cut From Today: What's Costlier And Cheaper From Today | GST Reforms | Business News

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