- 3 months ago
The 110-day West Asia war has concluded with the signing of a memorandum of understanding between US President Donald Trump and Iranian President Masoud Pezeshkian.
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00:00Hello, everyone, and welcome to the Deal Dialogue.
00:03The West Asia war had a direct impact on lives of every Indian.
00:08With the fuel price hike not once but four times,
00:13it impacted our weekly budget as well.
00:16But with the Strait of Hormuz now opened,
00:19the 110-day war is over,
00:22and the crude flows is now smooth.
00:26What will be the impact, direct and perhaps long-term,
00:32on India, particularly about the inflation
00:35and also on the GDP numbers,
00:37and let's not forget the sowing season.
00:40We are in the middle of one of the most critical agriculture point in India.
00:46So to decode that, we have with us Professor Gaurav Vallabh.
00:50He's the member of Economic Advisory Council of Prime Minister
00:53and a senior economist, Professor Arun Kumar, author.
00:56And Professor of Economics, we have S.C. Garg joining us,
01:01author and former finance and economic affairs secretary.
01:04Right here in the studio also we have Sanjeev Aluwalia,
01:07distinguished fellow, Chintan Research Foundation.
01:11Professor Vallabh, the Iran war triggered multiple fuel hikes.
01:17If we were to sum it up, it was around 7 to 8 per litre.
01:21Of course, it wasn't direct, but over a period of few weeks.
01:27Will this opening of Hormuz lead to easing off
01:32or perhaps some kind of revisiting of the numbers,
01:35I mean the fuel price hike?
01:36See, let's take the numbers in absolute.
01:40When on 28th of February, 2026,
01:44the crude oil prices were around $70 per barrel.
01:47And today when we are discussing and talking,
01:50today also the crude oil price is more than $80 per barrel.
01:54So there is, and in between,
01:57the prices had went up to $125,
02:01$157 per barrel,
02:03the peak price in the month of March.
02:05So today also,
02:07the prices of crude oil is around 18% more than the February prices.
02:14And in March, it was more than doubled also.
02:17And our petrol and diesel prices hike was in between 7 to 8%.
02:24If I compare with any emerging economy of the world
02:29or any developed economy of the world,
02:31India's petrol and diesel price hike during this West Asia conflict
02:37was lowest in the world.
02:40Okay.
02:40Professor Arun Kumar, come in now.
02:42The higher fuel prices,
02:44the concerns also about fertilizer prices,
02:47and the inflationary pressure,
02:50which was felt.
02:51Yes.
02:52And by every Indian, let's be practical about it.
02:55Do you see this burden actually easing?
02:59Yes.
02:59Because there's a supply shock.
03:02Supply shock means not only fuel prices went up,
03:04there's a shortage of fuel,
03:06which is reused for production.
03:07So it affected production also.
03:09Then many things come out of crude.
03:12For instance, helium comes out,
03:13sulfur comes out,
03:15you know,
03:16APIs for pharmaceuticals, etc.
03:19So everything was short.
03:20And everything's production was getting affected.
03:22So when this supply eases,
03:24and it'll take maybe three, four months for it to restore back to where it was,
03:28then all these things will also ease.
03:30Now the problem is,
03:31will Israel let it happen?
03:33Because there's 60 days,
03:34there's uncertainty.
03:35Yesterday there was bombing in Lebanon,
03:37and that was part of the deal.
03:39Will the deal continue?
03:40If the deal doesn't continue,
03:42then the problems may reappear in some other form.
03:44So there's an uncertainty about how far the deal will go through,
03:47and how far production will be restored,
03:50because there was short supply for many things,
03:52and then the prices will be there.
03:54Now prices are usually very sticky.
03:56Once they rise, they don't really come down.
03:58And therefore the inflation, you know,
04:00may be there,
04:01you know, which will continue to bother.
04:03And especially black marketing was there in gas, etc.,
04:06where a cylinder of 950 was going for 4,000, 5,000 rupees.
04:09So for the unorganized sector,
04:11there's a big hit.
04:12They earn around 10,000, 11,000 rupees.
04:14If they have spent 3,000, 4,000 more on gas,
04:17then their entire budget goes,
04:18they're not able to pay the fees of the...
04:20Before I bring in others,
04:21let me go back to Professor Wallau.
04:22You know, because the Prime Minister held multiple meetings
04:26during the course of this entire 110-day war.
04:29There was this sense of having some kind of...
04:33give some kind of cushion to the Indian economy.
04:36If the prices go down,
04:38will it extend to the consumer?
04:40See, that decision has to be taken
04:44by the Prime Minister and the Cabinet.
04:46But I had a very...
04:48one valid point,
04:50that still the crude oil prices
04:52is 20% more than the February prices.
04:57Still, when we are talking.
04:59And in March, it was more than doubled.
05:01And our petrol and diesel price hike was 7 to 8%.
05:05So, the question...
05:06Let me complete.
05:07The question is that
05:08that we had not increased it proportionately.
05:12I can give you
05:13at least 10 developed nations example
05:16where petrol and diesel prices
05:18in the last 100 days
05:19was doubled.
05:21What was X?
05:22It became 2X.
05:23And coming to what Professor Arud Kumarji was telling,
05:26let us talk about numbers.
05:30During this conflict also,
05:33the CPI number which came few days back,
05:35it was less than 4%.
05:37I agree there is some pressure
05:39on the WPI numbers.
05:41I agree on that.
05:42Some WPI numbers
05:44may be reflected in the days
05:46to come on CPI also.
05:48That may be the probability.
05:49But the resilience of Indian economy
05:52is maintaining the show.
05:53We are still...
05:55When we are in this geopolitical conflict also,
05:57we are the fastest large economy of the world,
06:01fastest growing.
06:02As per various multilateral agencies,
06:04we are growing at 6.2% to 6.5% current fiscal.
06:08And for the next two fiscals also,
06:10this is the approximation.
06:12Professor Sujit Bhalla actually disagrees
06:13with that tag.
06:14He is of the opinion
06:15that that is not the fair tag anymore
06:17of the fastest growing large economy.
06:19But let me bring in S.E. Garg.
06:21S.E. Garg, you know,
06:23this impact particularly on fertilizers,
06:26do you see that easing now?
06:29And will that be just in time?
06:32Because the sowing season has started.
06:35So the fertilizer prices internationally
06:38have some sympathy with the oil prices as well.
06:43They are priced in that way.
06:45Fertilizer prices internationally
06:47have started coming down
06:49from their very high peaks.
06:52More important was the supply issue
06:55of the fertilizers,
06:56which had created problems as well.
06:58So going forward,
07:00I suspect that it will take some time
07:04for the fertilizer ingredients
07:07to get normalized
07:09in the form of the gas
07:11and infrastructure
07:13of the Middle East, Qatar and others.
07:17So it will take some time.
07:18But the big sort of worry
07:22that fertilizer will not be available
07:26and it will perhaps be many months
07:29before the fertilizer supplies get normal,
07:32that worry is over, I guess.
07:35And the season is on.
07:41We don't have as much stock
07:44of fertilizer as is needed.
07:46So there will be some shortages
07:47in the ongoing Kharif season.
07:50But I think by the time the rabbi comes,
07:53the fertilizer situation
07:54will be very normal.
07:56On the petroleum prices,
07:58I think one point
07:59which is very important,
08:01which we normally focus on retail,
08:04it is important to link
08:06the commercial sector prices
08:08because that is where
08:09the government did not bear
08:11any sort of loss
08:14and pass down everything,
08:16whether it is the commercial gas cylinder
08:18or restaurants and others
08:20or the commercial supply.
08:22That should come down.
08:24If that is not reduced by the government,
08:27I don't see the retail prices
08:29being reduced by the government
08:30anytime soon
08:32because they have a lot of under-recoveries
08:35to take care
08:36and still the calculations suggest
08:41that their buying price
08:44is not very much lower
08:46than what their retail prices are.
08:49Mr. Khar, in terms of the pre-war situation,
08:54pre-West Asia war situation,
08:55be it on the amount of fertilizers
09:01and also the cost of fertilizer
09:02as well as the crude price,
09:04do you think we'll be able
09:05to reach it in near future,
09:07in this quarter
09:09or perhaps the next one?
09:11What are you seeing
09:11short to long-term impact?
09:13So, Maria,
09:14the oil prices
09:16were pegged
09:18at a much higher assumed crude prices
09:21before the war started.
09:23That was reflected
09:25in the large profits
09:27which the oil power marketing companies
09:29were making.
09:30Elsewhere in the world,
09:32the prices
09:32at the retail end
09:34are linked
09:35to the ongoing current prices,
09:37not in India.
09:39And therefore,
09:39a comparison
09:40that pre-war price
09:43were increased
09:43only by about 8% to 10%
09:45is not very fair.
09:48Elsewhere,
09:48the prices
09:49have started
09:50coming down
09:51very sharply again
09:52as the international prices
09:54go down.
09:55Likewise,
09:56fertilizer prices,
09:57depending upon
09:58the gas availability
09:59and the ingredients
10:00of the fertilizers
10:02becoming available,
10:03the prices
10:04would take some time.
10:05I don't see them
10:06going back
10:07to the pre-28th
10:09February situation
10:10in the next three months.
10:11Okay,
10:12so no immediate relief
10:14is the sense
10:14that you've got.
10:15Sanjeev Aluwalia,
10:16we are looking at,
10:18of course,
10:18multiple sectors,
10:19the energy sector,
10:20the fertilizer sector.
10:22Let's look at the GDP numbers
10:23as well.
10:23There were concerns
10:24and there were insiders
10:26of the government,
10:27as I said,
10:27Professor Sajid Balla,
10:29who had raised
10:30the red flag
10:31because
10:32the sense was
10:33when will this war end?
10:35Do you think
10:36everything will stabilize now
10:38and will that reflect
10:39in some time?
10:40That will take time
10:42to reflect.
10:43So,
10:44you're right,
10:45I think,
10:46that the key variable
10:49we're looking at today
10:50is will the crisis
10:52in West Asia
10:54settle down?
10:55I'm afraid
10:56there's no easy answer
10:57to that.
10:58We have seen
10:59that even
11:01despite Mr. Trump
11:03himself being involved,
11:05it has not taken
11:06even one day
11:08for Israel
11:09to undercut
11:09what Mr. Trump
11:11tried to do
11:11by setting up
11:13the Geneva process.
11:15So,
11:16my feeling,
11:17my feeling is
11:18that
11:18this is a strange agreement.
11:22It's an agreement
11:23between Iran
11:24and the U.S.,
11:25but it leaves out
11:26one of the major
11:27players in the game,
11:29which is Israel.
11:31Any agreement
11:32which,
11:32it does not happen
11:33that,
11:34you see,
11:34the U.S.
11:35has only a collateral
11:36interest
11:37in West Asia.
11:39It is not
11:40the primary player.
11:41It is there
11:42in support
11:42of an ally,
11:43which is Israel.
11:44So,
11:45I think
11:45the agreement,
11:47a lasting agreement,
11:48if America
11:49wants one,
11:50should be
11:51between Israel
11:52and Iran,
11:54because these
11:55are the two
11:55main players
11:56in West Asia,
11:57which are at war.
11:59Now,
11:59there is no prospect
12:00of that happening
12:02very soon
12:02for two reasons.
12:04One,
12:05until and
12:06unless Israel
12:07loses its
12:09affection
12:10for the concept
12:12of
12:13greater Israel,
12:15which is
12:16an expansionist
12:17Israel,
12:18continuously
12:19growing beyond
12:20the borders
12:21that it started
12:22with,
12:23on the one hand,
12:25and unless
12:26Iran has
12:27a complete
12:28about,
12:29you know,
12:30turn,
12:30and goes
12:32against
12:33its very
12:33resilient
12:34and hardcore
12:35roots,
12:36which say
12:37that pride
12:38and honour
12:39are more
12:39important
12:40than either
12:41blood
12:42or money.
12:43And Iran
12:44will not change.
12:45I suspect
12:46Israel will not
12:47change also.
12:48Therefore,
12:49this agreement
12:51now has to
12:52be brokered
12:53by somebody
12:54other than
12:55America
12:56or America
12:57plus.
12:58There has to
12:58be a number
12:59of significant
13:00nations coming
13:01together,
13:03right?
13:03So it does
13:04not become
13:04only an
13:05individual
13:06Nobel Prize
13:07seeking
13:08opportunity
13:09for Mr.
13:10Trump.
13:10It should
13:11actually be
13:12a geopolitical
13:13attempt
13:15by a set
13:16of actors
13:16to bring
13:17peace to a
13:18troubled area.
13:19And India
13:20should be part
13:20of that process.
13:21Professor Arun Kumar,
13:22would you then
13:23compliment the
13:24government
13:24that it
13:25ensured
13:26multiple
13:26interventions
13:27and that
13:29ensured perhaps
13:30limited pass
13:32through to
13:33the consumers,
13:34be it on
13:35the, you
13:36know, despite
13:37all the global
13:38spikes?
13:38You see,
13:40what we need to
13:41see is official
13:42data does not
13:43take into account
13:44the black market
13:44price.
13:45So the black
13:46market price that
13:47was there,
13:47whether it be in
13:48fertilizer,
13:49whether it be in
13:49gas, whether it
13:50be in, you
13:51know, petrol and
13:52diesel, right?
13:53Because people
13:54are queuing up,
13:54you know, so
13:55all this black
13:56price doesn't get
13:57captured in the
13:58CPI data.
13:59So CPI will
14:00show only 3.5%.
14:01But if the gas
14:02cylinder, which
14:03was 950 rupees,
14:04goes for 5,000
14:05rupees, then
14:06for a poor
14:07person who's
14:07earning 10,000
14:08rupees, a 4,000
14:09percent, 4,000
14:10rupee increase.
14:11There was
14:11shortage.
14:12Which is a 40%
14:13increase, right?
14:14Yes.
14:14So if you
14:14include the black
14:15market price, the
14:16CPI is not 3.5%,
14:18but, you know, for
14:18the poor people,
14:19it's 20, 30%.
14:20That's why they
14:21were in trouble.
14:22That's why they
14:22were migrating back
14:23from the cities to
14:24the rural areas.
14:25Because nobody
14:26knew when it
14:26will end.
14:27And the second
14:27thing is the
14:28output also of
14:29the small sector
14:30declined, you
14:31know, because they
14:32were the ones who
14:32don't have working
14:33capital, they're not
14:34able to get energy,
14:35they're not able to
14:35get pay workers.
14:37That doesn't get
14:37captured in our
14:38data.
14:38So both our
14:39production got hit
14:40and our prices got
14:42hit.
14:42That we need to
14:43capture.
14:44So now the
14:44question is if the
14:45supplies get
14:46restored, this
14:47black market price
14:48will go.
14:49So therefore the
14:49position of the
14:50poor people, the
14:51unorganized sector,
14:52that will ease.
14:53There's no doubt
14:54about that, that
14:54that will ease.
14:55Therefore the economy
14:56will do better.
14:57But as Sanjeev is
14:58saying, there's a
14:59geopolitical thing,
15:00there's a long-term
15:01geopolitical thing as
15:02to what's going to
15:03happen in the coming
15:0360 days.
15:04Now I think USA is
15:06tired, Iran is
15:07tired.
15:08Israel isn't.
15:09And there is an
15:10election in October.
15:12No, but whatever it
15:13be, but Israel, bulk
15:15of the population
15:15from the news that's
15:17coming, doesn't want
15:18the war to stop.
15:19They want Iran to be
15:20destroyed.
15:21So there are three
15:21different interests
15:22playing out there.
15:24USA wanted to capture
15:25Iran for its oil.
15:27Iran is preserving
15:28its sovereignty and
15:29that's why it's
15:29closed state of
15:30Hormuz.
15:31And Israel wants
15:32Iran destroyed.
15:33Many West Asian
15:34countries also want
15:35Iran to be destroyed.
15:36Right?
15:36Saudi Arabia, etc.
15:37also wanted Iran to
15:39be attacked, right?
15:39So there are multiple
15:40interests now as
15:41Sanjeev is rightly
15:42saying, what will
15:43happen?
15:44You know, so there's
15:44a lot of uncertainty.
15:45Yeah, so when we are
15:46looking at a very
15:47uncertain time, despite
15:48the deal, Professor
15:50Gauravala, then
15:53everything seems
15:54certainly is
15:54interconnected.
15:55But because in this
15:57interim period of 60
15:58days, which are the
16:00sectors to watch
16:01out for?
16:03Naturally, there are
16:04sectors which are
16:07primarily the energy
16:09sector because they
16:10have a logistic and
16:11supply chain
16:12disruption.
16:14Unfortunately or
16:15fortunately, our
16:16economy was not
16:17affected much in
16:19last 120 days of
16:21this conflict because
16:22of the supply chain
16:23disruptions.
16:24There may be one or
16:26two cases, but can
16:27you give me any
16:28example where there's
16:30a disruption, there's a
16:31queuing up for the
16:32diesel or petrol, for
16:34LPG gas cylinder, for
16:35cooking gas, there is
16:37no major disruption.
16:38Will you come in on
16:38this?
16:39I mean, there was no
16:40visible disruption.
16:42Yeah.
16:42So that's all.
16:43There may be one or
16:44two cases.
16:45I am not, and I
16:46respect Professor
16:47Arun Kumar, so I
16:48don't want to have
16:49anything one-to-one
16:51with Professor
16:52Kumar.
16:53But there is no,
16:54had you seen,
16:55Maria, you were
16:56doing show,
16:56one-to-one petrol
16:57pump, why did you
16:59see it?
16:59At the start of the
17:02point of black
17:03marketing, I agree,
17:05but that was, that
17:06may be for a day or
17:08few hours, because of
17:09there is a, there is a
17:10psychology pressure,
17:12people started storing
17:14few extra gas cylinders,
17:16that may be for one or
17:17two days, but after
17:19that, the disruption,
17:20because there was a
17:22rumor that Strait of
17:24Hormuz, nothing is
17:25passing, but during the
17:26conflict also, the
17:28ships with Indian
17:29Tiranga was passing
17:31from the Strait of
17:31Hormuz, with the LPG,
17:33with the gas, with the
17:34crude oil, we had
17:36seen that, and that
17:37that's the power of our
17:39economy, and that is the
17:40power of our country,
17:41we should be proud of
17:42that.
17:42Asigar, resilience of
17:45the Indian economy
17:46tested again, we, we
17:48were tested during the
17:49COVID times, we came out
17:51well, and again during
17:52this period, will you be
17:53complimenting the
17:54government, and the
17:56foundations of the
17:57Indian economy?
17:58I wouldn't say the
17:59foundations, but very
18:00certainly the supply
18:02management during this
18:04crisis was far better
18:06than the demonetization
18:09as well as the COVID
18:10crisis.
18:11You didn't see the
18:14demonetization tribes
18:15or queues, which were
18:17there in the banks at
18:18that time, in the
18:19patrol pumps or gas
18:20stations this time,
18:21likewise, you didn't
18:23see the movement or
18:25lacks of people from
18:26urban areas to rural
18:28areas, which you saw in
18:29the COVID time, because
18:31the government pulled all
18:32stops to make sure that
18:34the supply chains are not
18:37disrupted.
18:38Whatever cost the
18:39government had to pay,
18:40it paid.
18:41And therefore, supply
18:43management was
18:44definitely very, very,
18:46very good, and that
18:48ensured that there was
18:49no pain in the system.
18:52But what is more
18:53important to my mind is
18:55that the way, how
18:57things are going to
18:58pan out now, to my
19:01mind, this deal is a
19:04civilizational deal, once
19:06of a decades, centuries
19:09kind of deal.
19:10It has isolated, it
19:14has turned the
19:15Israel from a
19:17darling of the
19:18people all over the
19:20world who were
19:20victimized by Hitler
19:22and during that, now
19:24to a villain of the
19:25world.
19:25Everyone is leaving
19:27out Israel.
19:28And on the other
19:28hand, Iran, which was
19:30isolated for the last
19:3140, 50 years, is now
19:34being sort of brought
19:35back in the
19:36mainstream.
19:37So how in Israel, of
19:39course, is miffed,
19:40completely miffed, that
19:42it has been left out
19:43and it's not going to
19:44leave out its design
19:46for the greater
19:46Israel, as Sanjeev
19:48calls it.
19:49It has to have the
19:50Lebanon, Letani
19:51River, and all kind of
19:52thing.
19:52But the difference now
19:54would be that whether
19:55the Americans support
19:57Israel or anybody else
19:59support Israel in its
20:00effort.
20:01And second test case
20:02would be whether
20:03Israel attacks Iran.
20:06I think these are two
20:07big points to watch.
20:09If Israel attacks Iran, I
20:11think U.S. is going to
20:12turn against Israel.
20:14And second, if Israel
20:15doesn't stop this
20:16larger Israel sort of
20:20narrative, it is, I
20:22think Americans will
20:23also turn against
20:24Israel.
20:25So this is very
20:26important.
20:27I think this deal
20:28will last with some
20:30hiccups and some
20:31irritants going forward.
20:33I think this is going to
20:34make very big difference
20:35for the world as well as
20:36India.
20:37Okay, Sanjeev, Aluwalia,
20:38let's start wrapping up
20:38this conversation.
20:39Please go ahead.
20:41So, you know, I have a
20:42suggestion to bring peace
20:44to this fractured land.
20:47We also need to discuss
20:49the road map to relief in
20:50India.
20:50Yeah.
20:51But just that my
20:53suggestion is that in any
20:54case, President Trump is
20:56interested in building
20:57Gaza into a peaceful
20:59place and the entire
21:03problem of war and
21:06strife and terrorism and
21:07all that has actually
21:08shifted into West Asia
21:11and into Africa, right?
21:13A lot of fragile
21:14economies over there.
21:16Why don't they shift the
21:17UN headquarters to Gaza?
21:19Mr. Trump would be very
21:21willing to build it.
21:22Riviera.
21:23They would be right there
21:24on the spot.
21:25So, all the, you know,
21:27budget of the United
21:28Nations, some large number
21:30about some few billion
21:32dollars would be spent
21:33right there in any case
21:35and they would be on the
21:37spot to broker peace and
21:38manage the region very
21:40closely.
21:40I hope Donald Trump is
21:41watching it.
21:42But please answer my
21:43question, sir.
21:44Yeah.
21:44Road map to relief.
21:45What are you sensing in
21:46India?
21:48See, I think that I agree
21:50with Mr. Garg that the
21:53government has done a
21:54fantastic job.
21:55I mean, I would praise it
21:56unreservedly to manage the
21:59emergency that we have
22:01faced and the entire world
22:03has faced.
22:04What is needed today is
22:06actually we're managing the
22:08relief part quite well and
22:11the situation will likely not
22:13be as bad as it was earlier
22:15because there will be
22:16outrage now and there will
22:17be pushback and, you know,
22:19a lot of other actors will
22:20come into play to ensure that
22:21there is binding peace in
22:24the area of some kind.
22:25So, our thing should fix,
22:27we should now pivot to
22:30medium-term measures and
22:31one of the most important
22:32thing is to build resilience
22:34in our petroleum supply
22:36chain.
22:36Yes, perhaps more
22:37sustainability and making it
22:39more self-reliant.
22:40Exactly.
22:4030 seconds to both of you.
22:41Please begin with you.
22:42Let me begin with you.
22:43So, just to correct the
22:45impression, the Ministry of
22:46Commerce data said that in
22:48April we got 10% less crude
22:50and in the month of March
22:52we got 50% less than that.
22:53So, an average shortfall in
22:55March and April of 35% of
22:57crude, which will therefore
22:58automatically have an effect.
23:00And I saw in Gurgaon lines,
23:02you know, for gas, etc., etc.
23:04This black marketing, you
23:05know, that was taking place
23:06for two months, not just for a
23:08few days.
23:08So, that's one thing.
23:09Second is that what are the
23:11opportunities now?
23:12A, we will get cheaper crude,
23:14we will get cheaper gas because
23:15as the state of Hormus opens,
23:17therefore the prices should
23:19begin to reflect that.
23:21Second is, uncertainty on
23:23investment will be less, so
23:24investment should go up.
23:25If investment goes up, then
23:27the problems of, you know, the
23:28growth rate, they will also be
23:30there.
23:31Then third is, if $300 billion
23:32is to be spent in Iran on
23:35reconstruction, India will have
23:37some certain degree of
23:38opportunity over there also.
23:40That's an opportunity.
23:41So, in other words, but the
23:42problem of agriculture will
23:43remain because the super
23:44algino is already there.
23:45Yes.
23:45You know, we've already had a
23:46shortfall, so fertilizer
23:48shortage will be a problem
23:50because that will take some
23:51time and this super algino,
23:53so food production might
23:54actually be a problem.
23:56Okay, Professor.
23:56Say one by one.
23:5730 seconds.
23:5730 seconds.
23:58Yes.
23:58Number one, there is no major
24:00supply chain disruption, both
24:02for petrol, diesel and LPG as
24:05far as gas cylinder for the
24:06cooking gas is concerned in
24:08last 120 days also.
24:10You are asking about the
24:12future opportunities.
24:13Number one, once the
24:15uncertainty is going to settle
24:16down, the investment, the
24:19FPI's which had gone out of
24:20India may come back.
24:23That will support the
24:24investment in the country.
24:26That is the point number one.
24:27Point number two, during the
24:30uncertain environment, a lot of
24:32economists, a lot of economists
24:34across the world had tried to
24:36make a mahol that India is, their
24:39growth story is not going to
24:41last for long.
24:42Their growth story is concluding
24:44that mahol got a jerk.
24:47We, I am telling Maria, 6.5% I am
24:50not saying multilateral agencies
24:52are saying.
24:53$680 billion is the forex reserve
24:56during the worst time during the
24:58conflict of the country.
25:00CPI inflation is less than 4%, which is
25:02the RBI benchmark.
25:04So, still, if somebody is asking,
25:11that will also be done.
25:13Don't worry.
25:13That will also be done.
25:15And Professor Kumar was telling
25:16some percentage data about the
25:18crude oil purchase.
25:19Maybe Prime Minister's appeal, like I
25:22had started using metro twice in a
25:25week, many people had started EVs, the
25:28The culture will change.
25:30Yeah, that is a cultural shift.
25:32Maybe the consumption requirement
25:34got reduced.
25:35Okay, let's see how it really pans
25:37out.
25:37But good news is that India has come
25:40out in flying colors as far as the
25:42resilience of Indian economy is
25:44concerned.
25:45Sanjeev Aluwalia, S.C.
25:46Ghar, Professor Kumar and Professor
25:47Wallav, really appreciate your time.
25:49Thank you so much for joining us and
25:50thanks for watching.
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