00:00Since you're the markets person, I have to ask you this, that when the West Asia crisis happened, we saw
00:05a sharp fall in the markets, recovery, within a few hours, it was fluctuating so much.
00:11Is the worst over? And why didn't it collapse completely? It's going up and down, manipulation can happen, but how
00:24much of manipulation can happen?
00:25It can't go on continuously like this, week after week. So explain to me what is happening there, and of
00:32course now, Indian market is not insulated either.
00:35Before it happened in America, it's not necessary to be our market. But now it's happening here too. Is the
00:41worst over?
00:42So if the oil prices remain in double digit, then worst is behind us. If oil prices go to, let's
00:50say, triple digit, then worst is not behind us, it could be ahead of us.
00:54See, markets will always react to the event. Sometimes it is discounting an event, sometimes it is reacting after an
01:01event.
01:02And American markets are not correcting much, primarily because war has not reached their shore.
01:09They are fighting it 2,000, 3,000 kilometers away.
01:12Like they've always done.
01:13Absolutely. And their economy is different. It's the largest economy in the world. It's the most innovative economy.
01:20It's lead in technology. So their markets will remain independent of, you know, the current situation.
01:29We are dependent upon import of oil. And hence, you know, our economy is starting tomorrow when the oil is
01:37increased.
01:38So our markets will always discount that.
01:40And like you're saying that it's only when it is still in double digit, that we have a little bit
01:47of a comfort factor.
01:48Isko insulate karne ka koi tarika nahi hai.
01:50So we are doing whatever best we can do. Right now we are diversifying our buying. Russia, Venezuela, Iran, Africa,
01:58we are buying wherever it is available.
02:00Second, we will focus on electrification over a longer period of time with all the safeguards like ensuring that we
02:08have battery production.
02:09We don't depend upon Chinese rare earth. And combined that will further reduce down energy intensity or import dependency of
02:17energy in our economy.
02:18We have done that in the past. We will accelerate in the future.
02:22Okay. Mr. Shah, ek baat bata yeh, there are columns and columns being written about India-China trade. And the
02:29gap has swollen to 112.16 billion, the last report which has come out.
02:36So, top trading partner bhi hai, par yeh deficit badhta hi ja raha hai. So, how do you see this
02:43happen? You know, which way should India be moving?
02:45So, undoubtedly, if we spend money on Chinese goods, jobs are created in China, not in India. Prior to 2004,
02:55India had a trade surplus with China.
02:58So, those people who say India could never have trade surplus with China, that's not true. We had it in
03:042004. We could probably have it in 2036, not 2027.
03:10What are we importing from China? Chips, mobile phones, electronic imports, machinery, API, bulk drugs.
03:20Now, we are getting those APIs and exporting it to the world. We are still creating jobs in India.
03:27Machinery we are importing, we are making products for India as well as abroad. We can encourage it further.
03:33Phone, we have already started producing Apple iPhones in India.
03:37If you remember, Nokia was the biggest plant in India. Then there were text disputes and the whole factory shut
03:47down.
03:47We have to ensure that we don't make that kind of mistake again, so that phone manufacturing can happen.
03:53We have given PLI scheme to semiconductor. Hopefully, we'll start making semiconductor in India.
03:59Essentially, we have to learn from China, how they are investing in technology, how they are executing projects faster, and
04:08how they are creating scale.
04:10In two industries, we have outperformed China. Two-wheelers, tiles.
04:16The same model, we have to copy in everything else. Can it happen in one year? Undoubtedly, no.
04:26But if we work on it, can we do it in 10 years? Answer is yes.
04:30The 5.0
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