WEBVTT - G-20 Sherpa Sees India as a Global Hydrogen Champion 0:00:00.160 --> 0:00:02.640 This is Dana Perkins and you're listening to Switched on 0:00:02.880 --> 0:00:06.720 the BNAF podcast. So last week BNF held its annual 0:00:06.760 --> 0:00:09.680 summit in New Delhi, but this year was different because 0:00:09.680 --> 0:00:13.560 it took place alongside the B twenty or Business twenty meetings. 0:00:14.000 --> 0:00:17.200 These are the official business community Engagement forum for the 0:00:17.239 --> 0:00:20.919 G twenty meetings. Among the attendees was Amaitab Khant, the 0:00:20.960 --> 0:00:23.560 SHEHRPA of this year's G twenty summit in New Delhi. 0:00:23.920 --> 0:00:26.880 Amatab has had a long career in Indian public service, 0:00:26.960 --> 0:00:30.360 with many roles focused on promoting business interests in the country. 0:00:30.760 --> 0:00:33.440 He formerly served as the Secretary for the Department of 0:00:33.479 --> 0:00:37.040 Industrial Policy and Promotion, the Chairman and CEO of the 0:00:37.080 --> 0:00:41.519 Delhi Mumbai Industrial Corporation, the Secretary for the Indian Ministry 0:00:41.560 --> 0:00:45.240 of Tourism, the Managing Director of the Kerala State Industrial 0:00:45.280 --> 0:00:49.199 Development Corporation, and most recently the current CEO of the 0:00:49.200 --> 0:00:52.600 Government of India's think tank n t Ayak. At the summit, 0:00:52.720 --> 0:00:55.960 BNAF CEO John Moore sat down with Amatab on stage 0:00:55.960 --> 0:00:59.400 for an interview. Together, they discussed his vision for India 0:00:59.440 --> 0:01:03.360 as a large scale green hydrogen producing nation. India's expanding 0:01:03.400 --> 0:01:06.800 electric vehicle sector and how a well designed circular economy 0:01:06.840 --> 0:01:10.120 might feed into it, and how attracting private capital investment 0:01:10.200 --> 0:01:14.000 will help to decarbonize India's hard to abate sectors. As always, 0:01:14.080 --> 0:01:16.560 if you like this podcast, make sure to subscribe to 0:01:16.560 --> 0:01:19.440 receive updates on future episodes and give us a review 0:01:19.480 --> 0:01:22.479 on Apple Podcasts or Spotify to make us more discoverable 0:01:22.480 --> 0:01:25.920 by others. And now let's listen to John's conversation with 0:01:25.920 --> 0:01:27.839 A G twenty shirpup Am tab Kant. 0:01:41.600 --> 0:01:45.399 And now it is my great pleasure to ask to 0:01:45.440 --> 0:01:48.800 come on the stage, Ami tab Can mister Ami tab 0:01:48.880 --> 0:01:54.200 Kent G twenty Scherpa, former CEO of Nitti Ayog, So 0:01:54.400 --> 0:02:03.120 please come and join me. You joined us for our 0:02:03.240 --> 0:02:06.360 first event here twenty seventy, so thank you very much 0:02:06.400 --> 0:02:10.720 for sticking with us. It's been an interesting last few years, 0:02:10.760 --> 0:02:14.079 not least for COVID. So we had some virtual events. 0:02:15.040 --> 0:02:19.280 And actually you just put out a book and this 0:02:19.360 --> 0:02:22.480 is the book. When I knew about it, Amazon delivered 0:02:22.919 --> 0:02:26.440 in a day or two and it's a fascinating book. 0:02:26.520 --> 0:02:29.280 And I suppose question one is why did you write 0:02:29.280 --> 0:02:31.760 a book? Why did you think a book was required. 0:02:32.639 --> 0:02:36.160 So the book is about you know, it's on seventy 0:02:36.200 --> 0:02:40.560 five years of business and enterprise in India. And I've 0:02:40.600 --> 0:02:43.560 been a great believer that if India has to grow 0:02:43.560 --> 0:02:47.200 at high rates of eight to nine percent per annum 0:02:47.240 --> 0:02:50.560 for the next three decades and lift a vast segment 0:02:50.600 --> 0:02:54.120 of our population above the poverty line, is the private 0:02:54.160 --> 0:02:56.400 sector which has to be the key driver of growth, 0:02:56.800 --> 0:02:59.440 and the government must retreat in a range of areas. 0:03:00.000 --> 0:03:04.120 And you know, on the eve of our colonization, actually 0:03:04.160 --> 0:03:07.440 we had twenty four percent of the global GDP. By 0:03:07.440 --> 0:03:09.840 the time we became independent, it had come down to 0:03:09.960 --> 0:03:14.400 just five percent in nineteen forty seven, and then you know, 0:03:14.440 --> 0:03:17.360 the British Raj was replaced by a lot of license raj. 0:03:17.880 --> 0:03:21.120 So I really believe that now we are the fifth 0:03:21.200 --> 0:03:24.840 largest economy in the world. We are accelerating the pace 0:03:24.880 --> 0:03:27.920 of growth in the by twenty twenty seven will be 0:03:27.960 --> 0:03:30.720 the third largest economy in the world. But the important 0:03:30.720 --> 0:03:33.400 thing is to raise per capita incomes in a very 0:03:33.400 --> 0:03:36.960 big way, and that would require India to have three 0:03:37.080 --> 0:03:41.040 decades of high growth rate. We've grown at high rates 0:03:41.040 --> 0:03:43.800 but for limited period of five to six years. So 0:03:43.840 --> 0:03:46.760 we need to grow at eight percent plus for three 0:03:46.880 --> 0:03:50.320 decades and that's critical to be a way developed and 0:03:50.360 --> 0:03:53.680 an advanced economy. And they're the role of private sector 0:03:53.840 --> 0:03:58.200 in energy transition, in sunrise areas of growth, a vast 0:03:58.280 --> 0:04:00.800 range of areas. The disruption has to come in from 0:04:00.880 --> 0:04:01.680 the private sector. 0:04:02.320 --> 0:04:04.280 And how do you you mentioned private sectors being an 0:04:04.280 --> 0:04:06.960 engine for that growth. How do you think the private 0:04:07.000 --> 0:04:09.680 sector and government can best work together because it needs 0:04:09.680 --> 0:04:11.800 to be a partnership. How do you think about that? 0:04:12.760 --> 0:04:16.400 So if you look at recent times, the government has 0:04:16.520 --> 0:04:20.400 actually acted as a facilitator and a catalyst, and it's 0:04:20.440 --> 0:04:22.960 done a lot of job in the central government, a 0:04:23.000 --> 0:04:28.880 lot of job of cleaning up rules, regulation procedures. Acts 0:04:29.120 --> 0:04:32.479 is scrapped, fifteen hundred laws. It's done a huge amount 0:04:32.520 --> 0:04:35.560 of work on ease of doing business. It's brought in 0:04:35.600 --> 0:04:39.080 the Goods and Services Tax, which replaces about twenty eight 0:04:39.120 --> 0:04:43.680 different taxes and cesses, broad in the Insolvency and Bankruptcy Code, 0:04:43.880 --> 0:04:47.200 the Real Estate Regulation Act. It brought down corporate taxes 0:04:47.760 --> 0:04:49.160 to global benchmarks. 0:04:49.760 --> 0:04:50.800 It's done a lot. 0:04:51.080 --> 0:04:54.520 It's done a lot now it gave away a lot 0:04:54.560 --> 0:04:58.479 in terms of resources, so that corporate balance sheets could 0:04:58.480 --> 0:05:03.040 improve when it reduced corporate taxes. It's now important that 0:05:03.080 --> 0:05:06.159 the private sector really in the post COVID era, puts 0:05:06.160 --> 0:05:10.200 in resources for investments and drives further growth. 0:05:10.279 --> 0:05:11.080 This is critical. 0:05:11.400 --> 0:05:13.360 The second key thing is I think what the central 0:05:13.400 --> 0:05:17.200 government has done, the same thing has to be done 0:05:17.240 --> 0:05:22.240 by a number of state governments. Because India's very large countries. 0:05:22.080 --> 0:05:24.680 It's bigger than twenty five countries of Europe. So you 0:05:24.800 --> 0:05:28.800 need states to become the key driver of bringing in 0:05:28.880 --> 0:05:33.200 ease of doing business and driving those states. Urbanization will 0:05:33.200 --> 0:05:35.400 be a very key driver of growth in the coming years. 0:05:35.640 --> 0:05:38.960 And my belief is that India needs to fire on 0:05:39.000 --> 0:05:39.880 all cylinders. 0:05:40.120 --> 0:05:41.520 It can be just services. 0:05:41.640 --> 0:05:44.520 You need to grow on manufacturing, you need to raise 0:05:44.560 --> 0:05:49.960 your agriculture productivity, and you need to do sustained sustainable urbanization. 0:05:50.120 --> 0:05:54.040 For a long time, any thoughts on government companies, government 0:05:54.080 --> 0:05:56.200 owned state owned enterprises. 0:05:56.440 --> 0:05:59.240 So I've been you know, several state companies have done 0:05:59.560 --> 0:06:01.479 very well. But I've been a long term believer and 0:06:01.520 --> 0:06:05.040 that's the government philosophy that government should remain in. 0:06:05.080 --> 0:06:06.839 Just four key sectors. 0:06:07.040 --> 0:06:10.600 Other sectors government should actually get out and government should 0:06:11.120 --> 0:06:13.960 ensure that the private sector steps in in many of these. 0:06:14.080 --> 0:06:15.279 Key areas of growth. 0:06:15.640 --> 0:06:18.640 So a few sectors where it's critical government should remain. 0:06:18.720 --> 0:06:22.640 Otherwise it should be there should be private sector play 0:06:22.640 --> 0:06:23.240 in India. 0:06:23.640 --> 0:06:26.400 Okay, and let's talk a little bit about innovation, because 0:06:26.400 --> 0:06:28.560 you talk a lot about innovation and you've personally been 0:06:28.600 --> 0:06:33.640 involved in a lot of legislation for innovation over the years. 0:06:34.800 --> 0:06:36.960 What do you think of the real strengths India has 0:06:37.080 --> 0:06:38.760 in innovation space. 0:06:38.880 --> 0:06:42.200 Let's say, so, I think you know one of the 0:06:42.240 --> 0:06:44.520 biggest innovations India has done. If you look at the 0:06:44.600 --> 0:06:48.479 last two and a half decades, most innovation has come 0:06:48.480 --> 0:06:51.880 out of tech companies. Has come out of Google, It's 0:06:51.920 --> 0:06:56.279 come out of Microsoft, Apple, Amazon in the western part 0:06:56.320 --> 0:06:58.039 of the world, and it's come out of Tencent and 0:06:58.080 --> 0:07:02.280 Ali Baba in China. But in India's case, we took 0:07:02.320 --> 0:07:06.240 a different model of digital public infrastructure where the public 0:07:06.320 --> 0:07:09.800 interest layer was created by the government on top of 0:07:09.840 --> 0:07:13.280 which we've allowed private sector to innovate. And these are 0:07:13.320 --> 0:07:17.200 open source models, these are open APIs, They are interoperable. 0:07:17.600 --> 0:07:21.640 So you know, between twenty fifteen twenty seventeen, we opened 0:07:21.640 --> 0:07:24.880 five hundred and fifty million bank accounts. Today India does 0:07:24.880 --> 0:07:29.280 about eleven x more fast payments than what USA and 0:07:29.360 --> 0:07:32.280 Europe do. We do forty six percent of the real 0:07:32.360 --> 0:07:33.880 time fast payments in the world. 0:07:34.160 --> 0:07:36.080 We do four x of what China does. 0:07:36.680 --> 0:07:40.760 So we've created a whole range of digital public infrastructure, 0:07:40.800 --> 0:07:44.720 including an education, digit Loca, many other So that's a 0:07:44.800 --> 0:07:47.800 huge innovation. But the other big thing that's happened is 0:07:48.120 --> 0:07:51.200 that we started the startup India movement. In twenty sixteen, 0:07:51.240 --> 0:07:53.520 there were just about one hundred and fifty six startups. 0:07:53.760 --> 0:07:57.160 Today you have a over about one hundred thousand startups 0:07:57.360 --> 0:08:00.680 and many of these startups actually what they did then. 0:08:00.800 --> 0:08:05.200 Once we'd created the digital public infrastructure layer, you're seeing 0:08:05.200 --> 0:08:09.720 many startups doing a cash less, a paperless credit. 0:08:10.520 --> 0:08:12.480 It's all cash less, paperless. 0:08:12.680 --> 0:08:15.800 There are many other startups who then went in and 0:08:15.840 --> 0:08:19.560 started creating wealth. So you have a startups like Zeroeda, 0:08:19.720 --> 0:08:23.480 grow up Stock which started creating taking the stock market 0:08:23.480 --> 0:08:27.240 into Tire to tire three cities. Almost twenty nine percent 0:08:27.280 --> 0:08:29.520 of the stock market is controlled by a young startup 0:08:29.600 --> 0:08:32.760 like Zeroeda. Then you had a number of young startups 0:08:32.840 --> 0:08:37.840 like go Digit and Acho which took insurance a cash less, 0:08:37.840 --> 0:08:40.440 paperless you can get an insurance policy in India in 0:08:40.559 --> 0:08:45.040 less than a minute to all people in rural areas. 0:08:45.200 --> 0:08:48.480 So what we've seen is huge disruption, huge. 0:08:48.280 --> 0:08:52.640 Innovation on the back of the digital public infrastructure. 0:08:52.960 --> 0:08:56.600 Right and in the book you talk about platforms and 0:08:56.720 --> 0:08:59.520 innovative ecosystems. I want to say a little bit more 0:08:59.559 --> 0:09:00.040 about that. 0:09:00.280 --> 0:09:00.559 Yeah. 0:09:00.600 --> 0:09:04.640 So, actually, the model that we've created, if you look 0:09:04.679 --> 0:09:07.280 at the world, the model that we've created is that 0:09:07.400 --> 0:09:10.840 every Indian has a digital identity, every Indian has a 0:09:10.880 --> 0:09:14.679 bank account, every Indian has a mobile and the cost 0:09:14.720 --> 0:09:19.280 of acquisition of the customer has fallen way radically. In India, 0:09:20.000 --> 0:09:22.840 it used to be about thirty five dollars to acquire 0:09:22.840 --> 0:09:25.240 a customer. It's come down to one dollar because you 0:09:25.240 --> 0:09:28.200 can now acquire a customer on the basis of his 0:09:28.559 --> 0:09:33.360 digital identity. In Europe and USA, it's all paperwork, it's 0:09:33.400 --> 0:09:34.560 all you know. 0:09:35.080 --> 0:09:37.240 So it's still over one hundred dollars. 0:09:37.080 --> 0:09:41.040 To acquire a customer. The cost of acquisition of customer has. 0:09:41.160 --> 0:09:42.480 Fallen very radically. 0:09:42.960 --> 0:09:45.640 The challenge in the world today is that you have 0:09:45.760 --> 0:09:48.719 about four billion people who do not have an identity. 0:09:49.080 --> 0:09:50.760 There are two and a half billion people who do 0:09:50.840 --> 0:09:53.880 not have a bank account. One thirty three countries in 0:09:53.920 --> 0:09:57.360 the world do not have a fast payment mechanism. So 0:09:57.480 --> 0:09:59.679 if you want to provide, if you want to transform 0:09:59.679 --> 0:10:02.199 the world, world, you need to take the India model 0:10:02.240 --> 0:10:04.880 of digital public infrastructure to the rest of the world 0:10:05.120 --> 0:10:08.600 and transform many of the global South countries to really 0:10:08.800 --> 0:10:09.400 uplift them. 0:10:09.559 --> 0:10:11.000 Very sharply great. 0:10:11.960 --> 0:10:14.320 It's great to see that sort of business model approach 0:10:14.400 --> 0:10:15.120 to SCALU. 0:10:15.240 --> 0:10:18.680 And it's all private sector innovation, it's all young startups, 0:10:18.679 --> 0:10:20.720 they're all national assets of India. 0:10:23.400 --> 0:10:27.000 And are there clearly you're very passionate about platforms. Are 0:10:27.040 --> 0:10:29.840 there any other innovations that you think we should keep 0:10:29.880 --> 0:10:32.400 our eye on that you think are particularly important? 0:10:34.000 --> 0:10:37.640 John, I think one of the biggest stories the energy 0:10:37.720 --> 0:10:41.200 transition story of India, and I think it's important to 0:10:41.440 --> 0:10:45.000 realize this that we do about one hundred and eighty 0:10:45.040 --> 0:10:49.080 five gigaward of clean energy. Now we are on the 0:10:49.160 --> 0:10:54.320 road to do major transformation. My personal view is that 0:10:54.480 --> 0:10:58.959 not merely renewables, but India will do path breaking work 0:10:59.040 --> 0:11:02.720 in greenheight rogen. Will be the cheapest producer of green 0:11:02.800 --> 0:11:07.360 hydrogen simply because of climatic conditions. The size and scale 0:11:07.400 --> 0:11:11.120 of India and very good young entrepreneurship. And actually my 0:11:11.280 --> 0:11:15.040 view is that the green hydrogen mission etc. When implemented, 0:11:15.360 --> 0:11:18.320 will lead to actually India becoming And you know, the 0:11:18.440 --> 0:11:21.960 challenge is that even if you were to do all 0:11:22.000 --> 0:11:26.280 your electricity clean electricity, it will be only twenty percent 0:11:26.320 --> 0:11:26.920 of energy. 0:11:27.320 --> 0:11:27.880 You need to. 0:11:27.840 --> 0:11:34.880 Really decarbonize hard to abate sectors like refinery, steel, cement, fertilizer, 0:11:34.960 --> 0:11:36.640 all that. 0:11:35.920 --> 0:11:39.040 That can't be done with electricity. You need green hydrogen. 0:11:39.360 --> 0:11:42.600 And my view is that by twenty forty seven India 0:11:42.640 --> 0:11:45.720 will be a global champion of green hydrogen, will actually 0:11:45.760 --> 0:11:49.360 be instead of importing two hundred billion worth of fossil 0:11:49.400 --> 0:11:52.600 fuel which we do now, will be actually exporting energy. 0:11:53.440 --> 0:11:56.320 So a couple of other questions around the transition now 0:11:56.360 --> 0:12:00.320 we've made to the energy transition CCS. So what are 0:12:00.320 --> 0:12:04.319 your thoughts on CCS. It's a devised opinion often. 0:12:04.559 --> 0:12:08.000 So my view is that we need to do more 0:12:08.040 --> 0:12:11.720 work technologically on CCS to bring down to make it 0:12:11.760 --> 0:12:15.520 commercially viable. I think we need to do more work 0:12:15.720 --> 0:12:20.240 in terms of establishing its commercial viability. I think more 0:12:20.320 --> 0:12:23.480 resources need to be put in there. You know, the 0:12:23.600 --> 0:12:26.400 challenge for the world is that there's no shortage of resources. 0:12:26.640 --> 0:12:29.360 I mean, you talked about a couple of trillion the 0:12:29.400 --> 0:12:32.080 world is. The world is today sitting on three hundred 0:12:32.120 --> 0:12:36.800 and fifty trillion dollars. Pension funds and investment asset companies 0:12:36.800 --> 0:12:39.439 are sitting on one hundred and fifty trillion dollar. We 0:12:39.480 --> 0:12:42.559 need to de risk some of these areas to allow 0:12:42.640 --> 0:12:43.920 more resources to flow in. 0:12:44.280 --> 0:12:45.640 So no shortage of funds. 0:12:45.720 --> 0:12:50.520 But my view is that long distance transportation etc. Will first, 0:12:51.320 --> 0:12:55.000 you know, and refinery. For instance, India consumes twelve percent 0:12:55.000 --> 0:12:57.800 of the gray hydrogen, so the first route will be 0:12:58.040 --> 0:13:02.440 green hydrogen because will be easier to make it commercially doable. 0:13:02.520 --> 0:13:04.920 It's technologically established, so. 0:13:05.000 --> 0:13:08.720 Green hydrogen, and it's in its liquid form green ammonia, 0:13:08.960 --> 0:13:11.040 which can then be exported to the rest of the world. 0:13:11.240 --> 0:13:13.959 Green hydrogen will be the first bet. A little more 0:13:14.000 --> 0:13:15.920 work on ccs is required. 0:13:16.000 --> 0:13:18.120 Okay, great, that's very clear, thank you. And then the 0:13:18.200 --> 0:13:22.280 other key key area of circularity. Again, that's another area 0:13:22.320 --> 0:13:24.720 that devines people. What are your thoughts on there? 0:13:25.720 --> 0:13:31.480 So I'm a great believer that circularity is critical. It's 0:13:31.520 --> 0:13:36.679 not possible to do complete new areas of growth. All 0:13:36.720 --> 0:13:38.520 these are new areas of growth. I mean you have 0:13:38.520 --> 0:13:43.240 a scenario in China where two wheeler, where vehicles, four 0:13:43.840 --> 0:13:46.840 four where wheeler electric vehicles are all dumped. 0:13:47.040 --> 0:13:50.600 They become the biggest dumping grounds today in China. 0:13:50.880 --> 0:13:54.360 I mean cities are after cities are just become dumping 0:13:54.360 --> 0:13:57.559 grounds of two wheelers, three wheelers and four wheelers because 0:13:57.679 --> 0:13:59.920 every year you have a new electric model coming in 0:14:00.520 --> 0:14:03.040 I mean lithium, cobalt nickel. 0:14:03.120 --> 0:14:04.120 We are not importers. 0:14:04.160 --> 0:14:08.640 We've not taken over colonies and countries in Africa to 0:14:08.720 --> 0:14:11.920 do mining. But you will need battery and it's very 0:14:11.920 --> 0:14:14.880 important that when you do battery for both on the 0:14:14.960 --> 0:14:17.800 electric side, on the mobility side and for the mobile 0:14:17.840 --> 0:14:18.920 telephony side. 0:14:19.040 --> 0:14:21.000 We need a vast number of. 0:14:21.320 --> 0:14:25.400 Young Indian companies which get into the business of recycling. 0:14:25.680 --> 0:14:29.240 But more important than that is that we need from 0:14:29.640 --> 0:14:33.120 the design process itself, and the design process is very 0:14:33.160 --> 0:14:34.360 critical that. 0:14:34.600 --> 0:14:37.160 Later to do it will be very difficult. 0:14:37.320 --> 0:14:40.479 You need from the design process itself in the manufacturing 0:14:40.720 --> 0:14:45.400 that everything must become an input into another production level 0:14:45.640 --> 0:14:48.080 and that will require a huge amount of innovative work 0:14:48.080 --> 0:14:51.120 to be done to drive circularity. It can be done 0:14:51.120 --> 0:14:53.680 by rules and regulations too much. If you put in 0:14:53.760 --> 0:14:57.160 too many rules, the rules hamper ease of doing business. 0:14:57.480 --> 0:14:59.840 You need to push the limits on innovation. 0:15:00.760 --> 0:15:04.040 And we talked about a few different technological options. If 0:15:04.040 --> 0:15:09.200 you're speaking to entrepreneurs or business people funding entrepreneurs, which 0:15:09.240 --> 0:15:11.840 sectors do you think right now in India? Which are 0:15:11.840 --> 0:15:13.560 the ones that you would really focus on. 0:15:14.640 --> 0:15:18.880 I think India is the cusp of electric mobility revolution. 0:15:20.040 --> 0:15:25.320 Everybody will buy electric vehicle. Whether we've already done a 0:15:25.320 --> 0:15:29.120 substantial amount on two wheelers three wheelers, is India consumes 0:15:29.160 --> 0:15:32.400 about seventy percent of our vehicles are two wheelers, and 0:15:32.760 --> 0:15:35.280 we've done a lot on two wheelers and three wheelers. 0:15:36.120 --> 0:15:38.800 We are now going to buy fifty thousand, almost close 0:15:38.840 --> 0:15:41.920 to fifty thousand electric buses. So this is a huge 0:15:41.960 --> 0:15:46.120 opportunity for making India in electric buses. Every two three 0:15:46.120 --> 0:15:49.600 tier cities will only have electric buses. Actually, then that 0:15:49.720 --> 0:15:53.760 opens up the opportunity for vast number of fast chargers 0:15:53.760 --> 0:15:56.680 in India, and that opens up a vast opportunity because 0:15:56.720 --> 0:16:00.200 India is a great automobile manufacturer. When the world it 0:16:00.280 --> 0:16:04.000 is moving from combustion to electric, you're moving from two 0:16:04.080 --> 0:16:07.160 hundred parts to just twenty five paths, and India needs 0:16:07.200 --> 0:16:10.440 to become a global champion of electric vehicle manufacturing to 0:16:10.560 --> 0:16:11.520 export the rest. 0:16:11.360 --> 0:16:11.840 Of the world. 0:16:12.360 --> 0:16:16.320 Great again, very clear, emaability is to your top choice. 0:16:16.680 --> 0:16:19.640 And then one final question, we have one minute left. 0:16:21.120 --> 0:16:23.520 You talked about growth earlier and actually the World Bank 0:16:23.600 --> 0:16:27.480 says GDP in India will probably five times bigger by 0:16:27.560 --> 0:16:31.960 mid century. We've talked about decarbonizing. What would be your 0:16:32.040 --> 0:16:35.400 key message for the leaders in this room for green growth? 0:16:35.840 --> 0:16:38.720 How to grow and decarbonize? What would be the key 0:16:38.720 --> 0:16:39.880 thing for them to think about. 0:16:41.600 --> 0:16:44.080 So I'm a great believer that the only way India 0:16:44.120 --> 0:16:48.760 should grow net zero's net positive for India, it's important 0:16:48.960 --> 0:16:51.800 to go digital and go green. If you go digital 0:16:51.840 --> 0:16:55.080 and go green, you will attract your companies, will attract 0:16:55.160 --> 0:16:58.120 greater value, You'll be able to attract capital from the 0:16:58.160 --> 0:17:02.239 rest of the world. So get down to just focusing 0:17:02.400 --> 0:17:05.040 on going green. There's no shortage of capital in the world. 0:17:05.119 --> 0:17:05.760 Let me tell you. 0:17:06.040 --> 0:17:09.119 I mean the world is flushed with funds right now. 0:17:09.480 --> 0:17:11.880 All you need to do is to push the limits 0:17:11.880 --> 0:17:12.560 on going green. 0:17:13.160 --> 0:17:17.320 Great, So they're aligned going green and being successful as 0:17:17.320 --> 0:17:20.680 the same. Yeah, and being digital. Thank you very much, 0:17:21.000 --> 0:17:23.200 so thank you. You joined us seven years ago, you 0:17:23.280 --> 0:17:27.120 join us again today. Please join me in thanking, mister Cant. 0:17:37.720 --> 0:17:40.760 Bloomberg n EF is a service provided by Bloomberg Finance 0:17:40.880 --> 0:17:44.320 LP and its affiliates. This recording does not constitute, nor 0:17:44.359 --> 0:17:48.560 should it be construed, as investment advice, investment recommendations, or 0:17:48.600 --> 0:17:52.120 a recommendation as to an investment or other strategy. 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