- 5 minutes ago
A major political clash has erupted between Leader of Opposition Rahul Gandhi and Finance Minister Nirmala Sitharaman over the proposed privatization of IDBI Bank. Rahul Gandhi accused the Narendra Modi government of undervaluing a premier public institution built during the Congress era and questioned the bidding process, also raising concerns regarding employee rights. Hitting back, Nirmala Sitharaman defended the sale, asserting that all prescribed procedures were followed and blaming Congress-era crony lending for burdening IDBI Bank with massive bad loans. The controversy follows previous exchanges between both leaders regarding corporate governance and alleged government interference in the Tata Group. On the broadcast, experts including SBI Group Chief Economic Advisor Soumya Kanti Ghosh, former Finance Secretary S.C. Garg, and political analyst Rajat Sethi debated the bank's turnaround, reserve price revisions, and the valuation benchmark set for the stake sale to Fairfax Financial Holdings. In a subsequent segment, Union Environment Minister Bhupender Yadav outlined anti-pollution measures across Delhi-NCR.
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00:00A bank that was built to finance India's industrial growth is now at the center of a political showdown.
00:06The proposed IDBI bank privatization has sparked a sharp war of words between Lok Sabha LOP,
00:13Leader of Opposition Rahul Gandhi, and Finance Minister Nirmala Sitaraman.
00:17While Rahul alleges undervaluation and questions the sale of a public institution,
00:23Finance Minister Nirmala Sitaraman has hit back,
00:26blaming Congress-era crony, lending, and bad loans for weakening the bank.
00:31But the confrontation goes beyond IDBI.
00:35With Rahul's earlier allegations over government interference in the Tata group
00:39also drawing a sharp response from the Finance Minister,
00:43is this now a larger political battle over India's corporate sector,
00:49public ownership, and the government's role in business?
00:51We'll be discussing that with the guests, but first up, here's what happened.
00:59A bank founded in 1964 to finance India's industrial emissions.
01:0562 years later, a multi-billion rupee privatization.
01:09And now, a fierce political confrontation over who built it,
01:13who rescued it, and who has the right to sell it.
01:18The IDBI bank divestment has triggered a fresh war of words between Congress Leader Rahul Gandhi
01:24and Finance Minister Nirmala Sitaraman,
01:27with allegations over the sale process,
01:29questions about valuation,
01:31and a political battle over India's banking legacy.
01:35In a note Thursday night and then a tweet Friday morning,
01:38Rahul Gandhi accused the Modi government of selling an institution built during the Congress era,
01:43alleging fraud in the privatization move.
01:47Sitaraman responded with a sweeping attack on Congress-era banking practices,
01:52citing several cases of fraud and alleging politically influenced lending.
01:56She also blamed bad loans involving companies such as Videocon, Kingfisher,
02:02and ABG Shipyard for weakening IDBI Bank,
02:06while crediting the NDA government with its revival.
02:10While Rahul questioned the valuation process,
02:13the Finance Minister insists that all procedures were followed.
02:17To Rahul's allegations that Congress built the bank,
02:20the Minister replied that it was the Modi government which revived it.
02:24Rahul said the bank was built with public money and belonged to the public.
02:28Finance Minister pointed out that the bank was used by the Congress to finance its cronies.
02:34And while Rahul raised concerns over public ownership and employees,
02:38Sitaraman argues that Congress-era political interference contributed to the banking system's problems.
02:46The Finance Ministry had a day earlier issued a clarification over allegations
02:51that the reserve price for IDBI Bank had been removed or manipulated.
02:57In a statement Thursday evening, the Ministry rejected allegations of wrongdoing,
03:02arguing that the transaction had been handled transparently and in accordance with the prescribed framework.
03:08It made it clear that the reserve price was neither lowered or raised
03:12and that the resulting bid price was increased by Rs. 3,917 crore,
03:17improving the transaction value for the government and LIC.
03:22Interestingly, the IDBI controversy is just the latest in what is turning into a wider political confrontation
03:28over the nation's corporate sector.
03:30Rahul Gandhi had earlier raised allegations of government interference in matters involving the Tata Group,
03:37questioning the relationship between political power and corporate decision-making.
03:42The Finance Minister had herself refuted those allegations,
03:45accusing the Congress leader of politicizing business matters and undermining confidence in Indian institutions.
03:52Bureau Report, India Today.
03:56Joining me first on the show is Soumya Kanti Ghosh,
04:00Group Chief Economic Advisor of the SBI,
04:03part-time member of the Prime Minister's Economic Advisory Council.
04:06Mr. Ghosh, there is back and forth which is happening between the Leader of Opposition Rahul Gandhi
04:11and Finance Minister Nirmala Seetaraman on the IDBI bank sale
04:15and the developments with regards to the Tata Group.
04:18Rahul Gandhi has questioned the government's approach to IDBI bank sale
04:23while the Finance Minister has defended it.
04:26Is there a legitimate concern about valuation and transparency?
04:33Yeah, thank you, Maria, for having me on the show.
04:36Without getting into the politics of the arguments,
04:38let me now put some of the facts in front of you which are in public domain.
04:43I think the first misnomer is that the IDBI bank is being privatized.
04:48It is actually incorrect because IDBI is already a private bank from FI19
04:52as per the RBI document.
04:54Because LIC and the government of India till before it was being the shares were being offloaded
05:00were holding around 95% of the overall shares.
05:04So that is the first thing.
05:05So it's a private bank.
05:06The shares are now being offloaded by the government and the LIC.
05:09And even after the shares are being offloaded,
05:12the government and the LIC will still continue to hold 34% of the overall shares of IDBI.
05:18The second point to note is that if you actually look into the history of the banking system in India,
05:23I just wanted to take a couple of minutes to explain this.
05:26I think from the years of say FI19 till FI14, the entire banking system,
05:32the credit growth was actually around 17%.
05:35And the credit growth to the infrastructure sector grew at a staggering 27%
05:40with two of the years, FI10 and FI11,
05:43witnessing credit growth to infrastructure sector at close to 40%.
05:48Mirroring that trend, the IDBI credit growth from FI6 to FI10 grew at 27%.
05:55And IDBI, you should remember, was a completely a corporate bank.
05:59Most of these loans went to the telecom sector, the power sector,
06:03the infrastructure sector, the road sector, textile sector.
06:06All of we know that.
06:07However, in FI, after this process,
06:12what happened was that from FI16 till FI20,
06:16when the RBI started the AQR exercise,
06:18the asset quality review exercise,
06:20and the government of India in conjunction with the Reserve Bank of India
06:24started a process of resolution, recapitalization, recovery,
06:29and recognition of the stressed asset in the banking system.
06:32In fact, interestingly, Maria,
06:34the point which I wanted to highlight again is that
06:37the crisis of the IDBI bank actually goes back to as early as FI10,
06:41when after the credit growth of 27% for four years,
06:45from FI6 when the bank was incorporated,
06:48the credit growth collapsed to below 10%
06:50and possibly that was the beginning of the problem in the IDBI bank.
06:55From FI16 till FI20,
06:57the accumulated losses in IDBI bank was a staggering 45,000 crore,
07:02in FI15, the government and the LIC infused close to 50,000 crore to the IDBI.
07:08They deselected the bank,
07:10and today the IDBI bank gross NPA ratio,
07:14which was as high as 31% in one of the quarters.
07:17That means every one in three loans were going NPA.
07:20The bank today has an NPA which is less than 2%,
07:25and an overall cumulative profit in the last five years
07:29has been close to 35,000 crore.
07:31So it's a profitable bank,
07:32and as you know, any bank which the shares are offloaded,
07:36it can be already done if the bank is profitable.
07:39So I think that the story about IDBI are being misquoted
07:43and misfounded in the public domain.
07:47Mr. Ghoosh, public sector banks are assets to the nation
07:51is something that Rahul Gandhi has said
07:53in that open letter to the IDBI bank family.
07:56Isn't that something that you would agree with?
08:00See, I agree completely with the fact that the public sector banks
08:04are an asset to the nation.
08:06Today, the banking sector profitability,
08:08if you look into the banking sector,
08:10specifically the public sector banks,
08:12today the profitability of the public sector banks
08:14are now higher than the private sector banks.
08:16The cumulative profitability of the banking system
08:19in the last fiscal year was 4 lakh crores,
08:22of which the public sector banks actually contributed
08:25a little more than the private sector banks.
08:27So I completely agree that the public sector banks
08:30are an asset to the country.
08:33They should always be nurtured,
08:35and this has exactly been going on in the last 12 years.
08:39The RBI financial stability report,
08:42which has been published recently,
08:44has gone on record and saying
08:45all the parameters of the banking system,
08:48profitability, asset quality,
08:50then the return on assets, return on equities,
08:54are actually at multi-decade highs.
08:56You tell me, Maria, if you have a system,
08:58the public sector banks,
09:00if you don't recognize the stressed assets
09:01in the banking system,
09:03which had built up prior to the global,
09:05before 2014,
09:06how can the banking system be sound?
09:09They were,
09:10all these bad assets were recognized,
09:12put on resolution.
09:14The government put in 3 trillion
09:16into the banking system as recapitalization,
09:18repairing,
09:19and return of the balance sheets.
09:21That's why the banking sector balance sheet today
09:23looks so much sound.
09:26And in,
09:27actually,
09:27if I use the term,
09:28it is in a Goldilocks period.
09:30So in my sense is that
09:31a banking system,
09:33a sound banking system,
09:34I always agree,
09:35is a perfect precursor
09:37to a sound financial system
09:38in the country.
09:39And I have no hesitation
09:41in saying that
09:41the banking system today
09:42is actually in the best of health
09:45for all the efforts
09:46which has been unwind
09:47in the last decade or so.
09:49Okay.
09:49Mr. Goosh,
09:50I'm going to shift focus now
09:51to another issue
09:52which had the finance minister
09:54reply to Rahul Gandhi.
09:56And this is with regards
09:57to the developments
09:58within the Tata group,
10:00which have raised questions
10:02about governance
10:02and institutional control.
10:04How serious is this
10:05for one of India's
10:06most respected corporate houses?
10:10I don't want to comment
10:11on the Tata's
10:12because it's an issue
10:13which we don't comment
10:15because as a bank,
10:17all the clients,
10:18I would not like to comment
10:19on the Tata as such.
10:22All right.
10:22So let me ask
10:24and perhaps frame
10:25that question differently.
10:26That will make you,
10:27make it convenient
10:28for you to respond.
10:29the larger concern
10:31with regards
10:31to corporate governance framework.
10:33How do you look at that?
10:35No, I think
10:36I don't want to again
10:37emphasize want to comment on that.
10:39The only point we can say
10:40is that the India
10:41has a very strong
10:42corporate governance culture.
10:44The SEBI as a regulator
10:45has been monitoring that.
10:47And I think all these,
10:49I mean,
10:50even if you ask me
10:51in terms of
10:52corporate governance
10:53or anything else,
10:55my sense is that
10:56we have a very strong
10:58corporate governance culture
10:59and everything,
11:00everything is transparent
11:01and everything is out
11:03in the market domain.
11:04So there is nothing
11:05to discuss in terms
11:06of the governance failure
11:08in any of the institutions
11:10in a country like India.
11:12I mean,
11:12there are no record
11:13as such
11:13if I remember today
11:15in terms of
11:16any such failures.
11:18All right.
11:19Really appreciate your time.
11:20Thank you for joining us.
11:22Let me bring in now
11:23SE Garg,
11:25former Finance
11:25and Economic Affairs Secretary.
11:27We'll also be joined
11:27by Rajat Sethi,
11:29a political analyst
11:30who is joining us as well.
11:33Subhash Garg,
11:33I'm going to begin with you.
11:35Finance Minister
11:36Nirmala Seetaraman
11:37has said
11:38that IDBI Bank
11:39was handed over
11:40to the Modi government,
11:41burdened with bad loans
11:43linked to politically
11:44connected business groups
11:45and that the India government
11:46has since turned it around
11:48with over 25,000 crore
11:49in recapitalization.
11:51Given this turnaround,
11:52isn't 81 rupees
11:55per share sale price
11:57really a throwaway valuation
11:59as you argue?
12:02See,
12:03it's a fact
12:05that in 2014,
12:07the IDBI Bank
12:08was not a very strong bank
12:10like many other
12:12public sector banks
12:13as well.
12:14the AQR revealed
12:17that in 2018-19,
12:20the bank
12:21had as much
12:21as 27%
12:22NPAs.
12:24Then,
12:25a lot of things
12:26happened in the economy
12:27including
12:28turnaround
12:29of IP
12:30through IBC,
12:31the steel,
12:32power,
12:33telecom
12:33and the government
12:35also infused
12:36a lot of money
12:37in the IDBI Bank
12:38to allow it
12:40to provide
12:40for the non-performing
12:41assets and all.
12:42And as a result,
12:44in the last four years,
12:46the IDBI Bank
12:47has become
12:48a very strong bank.
12:50Its free reserves
12:52today are higher
12:52than what the total price
12:54which is being paid
12:55by the Fairfax holdings.
12:58And in that context,
13:0081 rupees
13:01is certainly
13:02a very,
13:03very low price
13:03considering
13:05its true worth.
13:06So,
13:07I don't think
13:08anyone can
13:09claim
13:10or should claim
13:11that the bank
13:12has been turned around
13:13and therefore
13:14we should be able to
13:15or we are
13:16justified
13:17to sell it cheap.
13:19Will you respond
13:20to that,
13:20Rajat Sethi?
13:21Rahul Gandhi
13:22has said that
13:22the government
13:22is selling
13:23an institution
13:23built for
13:25nation building
13:27and that
13:27privatization
13:28threatens
13:28employee reservation
13:30rights.
13:31Is this a genuine
13:32concern about
13:33the public sector
13:34employment
13:34or perhaps
13:35an attempt
13:36to turn
13:36a commercial
13:37transaction
13:38into a political
13:38battle?
13:40Well,
13:41politicians
13:42will make
13:42political
13:43statements.
13:43That is
13:44what their
13:44job is.
13:45So,
13:46you should
13:46not attribute
13:46too much
13:47of value
13:47to that.
13:49Anything
13:50that the
13:50government
13:51do,
13:51the opposition
13:52by the
13:52very
13:52definition,
13:53they have
13:54to oppose
13:54it.
13:55And
13:55Garg Sar
13:56has been,
13:56he was
13:57the DEA
13:57secretary
13:58around the
13:59time when
14:00we all
14:01saw what
14:01happened to
14:02IDBI
14:02Bank.
14:03It entered
14:04into the
14:04prompt
14:05corrective
14:05action
14:05because of
14:07the NPS.
14:07NPS
14:07had gone up
14:08to,
14:08I believe,
14:0932-35%
14:10during that
14:11time.
14:11So,
14:12things were
14:12pretty bad.
14:13It was
14:13LIC which
14:14took in
14:15the controlling
14:16stake at
14:16that time
14:17by injecting
14:17around 25,000
14:19crores at
14:19that time
14:20in 2019.
14:21And I
14:22believe then
14:22Garg Sar
14:23was the
14:23finance
14:24secretary.
14:25So,
14:25he knew
14:27that there
14:27was taxpayer
14:29money through
14:30the LIC
14:30route which
14:31was literally
14:32pumped in
14:32in order to
14:35resurrect
14:36this whole
14:37institution which
14:38was ailing
14:38because of
14:38these NPAs.
14:39So,
14:40it's not like
14:41the situation
14:41has drastically
14:42improved.
14:43I mean,
14:43things were
14:45limping and
14:46it eventually
14:47returned to
14:48profitability.
14:49And overall,
14:50I believe that
14:51the government
14:51should not be
14:52in the business
14:53of perpetually
14:54owning up
14:55vast shares
14:56of institutions
14:58like the
14:58banks.
15:00currently,
15:01I still
15:02believe that
15:0235 odd
15:03percentage would
15:03still be
15:04directly with
15:05the government
15:05and through
15:06the LIC
15:06with the
15:06government.
15:07So,
15:08I believe
15:08privatization
15:09of certain
15:10extent to
15:10allow best
15:12practices of
15:13international banks
15:13to come in.
15:14These are the
15:15similar troops
15:16that what Mr.
15:17Rahul Gandhi
15:17has been saying
15:18has been largely
15:19shunned over the
15:20last 20,
15:2130 years.
15:22So,
15:22there's no point
15:23of politics
15:24onto these
15:24things.
15:25If there are
15:26bidders onto
15:27this which can
15:28bid at a
15:28bigger price,
15:29at a better
15:29price,
15:30it's a listed
15:31stock,
15:32there are
15:32provisions,
15:33and all of
15:34those things
15:34can be taken
15:35care of
15:35through the
15:37legitimate ways
15:38instead of
15:38making everything
15:39as a political
15:40brownie point.
15:41So,
15:41Subhaj,
15:41why are you
15:43calling
15:44IDBI bank
15:45sale a
15:46crony
15:46transaction?
15:50See,
15:51I'm entirely
15:52for the
15:53privatization
15:54of the
15:55public sector
15:55banks.
15:56And where's
15:57Rajat says
15:58that I
15:59was
15:59instrumental
16:00in putting
16:01it into
16:02private
16:02domain,
16:04at least
16:04technically,
16:05by selling
16:0551%
16:06share to
16:07LIC at
16:0861 rupees
16:09in
16:092018-19.
16:12And
16:13therefore,
16:14privatization
16:15decision is
16:15not what
16:16I'm
16:17questioning.
16:18What I
16:18find more
16:19sort of
16:20problematic
16:21is that
16:22this is
16:23not a
16:23genuine
16:24competition
16:25in this
16:26entire
16:26exercise.
16:27You
16:28started
16:29with
16:29five,
16:29then it
16:30became
16:31four who
16:32were qualified.
16:33Then
16:35somebody of
16:36as serious
16:37eminence as
16:38Uday Kotak
16:39group decided
16:41not to bid.
16:42I think the
16:42alarm bell should
16:43have been set
16:44at that time
16:45that why is
16:46the serious
16:47bidder from
16:48the domestic
16:49market not
16:50actually bidding?
16:51and then
16:52you see
16:54that the
16:54two bidders
16:55did not
16:55file their
16:56bid.
16:56And when
16:58two bidders
16:59did not
16:59file their
17:00bid and
17:01the bid
17:01of the
17:03two was
17:03opened,
17:04it was
17:05much less
17:05than the
17:06reserve
17:06price which
17:07the government
17:07had fixed
17:07out.
17:08I have
17:09never seen
17:09a transaction
17:10in my
17:11public life
17:12and I
17:12think one
17:13can do
17:15the check
17:16if required.
17:17When
17:17reserve
17:18price has
17:19been opened
17:20and the
17:20bids have
17:21been found
17:22to be lower
17:22than that
17:23and then
17:24you instead
17:24of cancelling
17:25the bids
17:27you go on
17:28revising the
17:28reserve price.
17:29This is
17:30unprecedented.
17:31This is
17:34literally
17:34so you
17:35have reduced
17:36the stake
17:37sale to
17:37one horse
17:38race.
17:39The other
17:40guy who
17:40bid in the
17:41first instance
17:42did not
17:43bid in the
17:44second instance
17:45because they
17:46had acquired
17:46another Indian
17:47bank which
17:48is perfectly
17:48fine.
17:49The RBL
17:49bank was
17:50acquired by
17:50the Emirate
17:52NDB.
17:53So if you
17:54reduce the
17:56privatisation to
17:57a one horse
17:58race and you
17:59revise the
18:00reserve price
18:01which is in
18:02my judgment
18:03much lower
18:04than the
18:04genuine price
18:05you have
18:069000 crores
18:07profit per
18:08annum now
18:09and the
18:10price which
18:11is getting
18:11for 60%
18:12or 61%
18:13shares is
18:14hardly 4 or
18:155 times
18:16of that.
18:17So you
18:17as I
18:19said earlier
18:19the free
18:21reserves are
18:22much larger
18:22than the
18:22total price
18:23which is
18:23getting.
18:24So all
18:25transaction
18:25reeks of
18:30you want to
18:32give it to
18:32one particular
18:33party at
18:34whatever cost
18:35you or
18:36whatever price
18:36you think.
18:37So here is
18:38S.E.
18:38Gerg of the
18:39opinion that
18:40the entire
18:41process was
18:42tilted in
18:42favour of
18:43one company
18:43Fairfax here.
18:46I mean who
18:46stops Gerg
18:47sir to
18:48actually put
18:49together a
18:49consortium of
18:50buyers and
18:50go out and
18:51bid it.
18:51Bid against
18:52Fairfax.
18:53See we
18:54at each time
18:56we attribute a
18:57malafide intent
18:58before knowing
18:59the details.
19:00I mean if
19:00today the
19:00finance secretary
19:01or whosoever is
19:02there tomorrow
19:03he will quit
19:03that chair come
19:04out and start
19:04criticising all
19:05the decisions
19:06and everything.
19:06You very well
19:07know it's not
19:08as simple as
19:09it is made
19:10out to be.
19:10We all
19:11understand that
19:12the initial
19:12reserve price
19:13of around
19:1394 rupees if
19:14I'm not mistaken
19:15what happened
19:17to that if
19:18somebody could
19:19have come
19:19about on
19:20that reserve
19:20price he or
19:22she that
19:23entity could
19:23have easily
19:24got the
19:25required stake
19:25there had to
19:26be sweetening
19:27of the deal
19:28through some
19:28tax indemnity
19:29package that was
19:30associated with
19:31this entire
19:32transaction in
19:33order to force
19:34Fairfax to
19:35increase
19:35the share
19:36price overall
19:37and reach
19:38from initial
19:3875 rupees
19:39per share
19:40to 81
19:40rupees per
19:41share.
19:41So see
19:42it's very
19:43easy to
19:44attribute
19:44doubts over
19:45every decision
19:46but then if
19:47you are doubting
19:48something then
19:48you need to
19:48have very hard
19:49evidence.
19:50You cannot say
19:51that it hasn't
19:52happened it is
19:53appearing to be
19:54something
19:55malified wherein
19:56there were
19:57independent
19:58institutions which
19:59were involved in
20:00arriving at the
20:02valuation method
20:03the assets
20:04were valued
20:04market multiples
20:05were also
20:06deployed various
20:07strategies were
20:07deployed and
20:08then on top of
20:09that government
20:10put in high
20:11amount of premium
20:12in order to
20:13arrive at this
20:14number of 90
20:14rupees to 94
20:15rupees per share.
20:17Was that
20:17justified?
20:18I mean eventually
20:18whether the price
20:19is justified or
20:20not that market
20:21forces have to
20:21determine and
20:22what we need to
20:23see is that if
20:25any party who
20:26was interested
20:27did not get the
20:28right opportunity
20:29to bid and bid
20:31against Fairfax
20:32then you can
20:33call that this
20:34entire process
20:35has been
20:35favoured or
20:37structured in
20:37order to favour
20:38one entity.
20:39But where are
20:40the other parties?
20:41Where are the
20:41other entities who
20:42are trying to
20:43crib about this
20:43whole bidding
20:44process?
20:45That's my
20:45problem.
20:46In vacuum you
20:47cannot go out
20:48and criticise
20:49government's
20:49position on
20:51everything that
20:51they do and
20:52especially from
20:52bureaucrats because
20:53when they are on
20:54the chair they
20:55go through the
20:55very same exercise
20:56and when they are
20:58off the chair they
20:59come out and
20:59criticise every
21:00decision as if
21:01they have some
21:03greater right over
21:04calling out
21:05everything just
21:05because they have
21:06some apparent
21:07understanding of
21:08the government
21:08process.
21:08So my request
21:09very respectfully
21:10to Gurk sir
21:11is sir please
21:12lay out if
21:13you maybe you
21:14have certain
21:14insider information
21:15please lay it
21:16there so that
21:17we lesser
21:18mortals can
21:18understand what
21:19exactly happened
21:20because at the
21:21surface of it I
21:23don't see anybody
21:24was free.
21:24Why did they not
21:25bid?
21:25What was the
21:26government's
21:27initial thought
21:28process when the
21:29valuation itself
21:29was increased to
21:3194 rupees and
21:32the premium was
21:33added?
21:35Rajat we have
21:36really come to
21:37the end of this
21:37discussion perhaps
21:38you can take this
21:39conversation off air
21:40with S.E.
21:41Garg.
21:41Thank you so much
21:42for joining us
21:43S.E.
21:43Garg and Rajat
21:44Sethi.
21:45Shifting focus to
21:46another story now
21:46and as Delhi NCR
21:48grapples with
21:49worsening air
21:49quality for yet
21:50another season
21:51union environment
21:52minister Bupendra
21:53Riyadhav spoke to
21:54India today about
21:55the anti-pollution
21:56measures taken up
21:58to limit the
21:59pollution pain for
22:00Delhiites.
22:01Listen in to this
22:02exclusive conversation.
22:03Thanks for watching.
22:06Unsatisfactory Rajasthan
22:07here is a number
22:08more than
22:09here.
22:09Haryana
22:09Delhi
22:09all
22:12unsatisfactory
22:1296
22:13I can tell you
22:14if all these numbers
22:15see you
22:16what the state
22:17informes
22:17can inform you
22:17can inform you
22:33performance better?
22:41in the future.
22:44We have a lot of people who have asked me to ask me about meeting.
22:46How many meetings have been asked?
22:49We have been meeting for 25 years.
22:52We have been meeting for a lot.
22:53We have been meeting for a long time.
22:56After that, after that, after that, after that, after that, after that, after that, after that,
23:05so you are working on the timeline on the basis of the business of the timeline
23:11timeline target historical background that you have a hot spot and the hot spot based approach
23:18which is the target of the center is not possible.
23:25But Bhuben Ji, the intent is seen, but the question is that it will be implemented.
23:32Winter is coming in 15 days, perhaps we will all start wearing winter clothes.
23:37Yes, in October, we will be able to make an integrated approach.
23:43Intent will be able to take good, so people will be able to support.
23:47We will be able to take good, so people will not be transparent.
23:54Today, if I take you to the integrated command center, then we will take you to the government.
24:04We will take the first step.
24:05The first step is achieved.
24:28The first step is achieved.