Dip Buying is Back, How Long Will It Last?
Buying on the dip is not new , but it appears to have been resurrected at a much larger scale across markets
On Episode 794 of The Core Report, financial journalist Govindraj Ethiraj talks to Anshuman Kanoria, Chairman of the Indian Tea Exporters Association. We also have an excerpt from our recent panel discussion “Tax and Tariffs” featuring Ajay Rotti, Founder of Tax Compaas; Madhavi Arora, Chief Economist at Emkay Global; Ritesh Kanodia, Partner—Indirect Tax Litigation and Advisory at Aurtus; and Rahul Mehta, Chief Mentor of the Clothing Manufacturers Association of India (CMAI).
SHOW NOTES
(00:00) Stories of the Day
(00:50) Dip buying is the new term, how long will it last?
(03:33) Why inflation is projected to rise
(05:17) Oil tankers carrying Russian oil switch away from India
(19:48) India is well poised to take advantage of lower tariffs
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NOTE: This transcript contains the host's monologue and includes interview transcripts by a machine. Human eyes have gone through the script but there might still be errors in some of the text, so please refer to the audio in case you need to clarify any part. If you want to get in touch regarding any feedback, you can drop us a message on feedback@thecore.in.
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Good morning, it's Tuesday, the 10th of February and this is Govindraj Ethiraj broadcasting and streaming. Weekdays from Mumbai, India's financial capital
Our top stories and themes…
Dip buying is the new term, an old one actually. How long will it last?
Why inflation is projected to rise?
The hide and seek game in the high seas as oil tankers carrying Russian oil switch away from India to China.
India is well poised to take advantage of lower tariffs
And its older businesses to move faster. The special core report roundtable in Mumbai.
Dip Buying
The term for this month is dip buying. Now, buying on the dip is not a new thing, but it appears to have been resurrected also at a much larger scale across markets, obviously because other efforts to find logical answers to stock or metal price bounce back may be futile.
So basically the price is beaten down from where it was earlier and thus intrinsically worth it, all other factors including fundamentals being constant. Whether it's gold, silver or wall street indices as a whole, they're all experiencing varied bouts of dip buying and we're of course seeing it in India too. There is the opposite term, it's called falling knife, where the stock price keeps falling rather than turning around after a dip despite prior behaviour indicating so.
Right now, of course, we are more focused on buying the dips rather than falling knives. Now, Indian markets continue to breathe easy on Monday following the India-US trade deal announcement as traders weighed the negatives and positives for different sectors of the economy. For the markets, there are clear positives, particularly for exporting companies.
Things might change depending on how inbound tariffs shape up and who gets affected, particularly domestic focus sectors like automotive. Meanwhile, a sharp rally in State Bank of India. Stock following its third quarter earnings boosted markets on the whole on Monday as of course that overall upswing continued.
To remind, on Friday, India and the US released a joint statement outlining a framework for the interim trade agreement following the announcement of the trade deal earlier this week. At close, the Sensex was up 485 points to 84,065. The Nifty 50 was up 173 points to 25,867.
The Nifty mid cap in the broader markets was up 1.58%. The Nifty small cap was up 2.6%. So as you can see, there's action in the mid cap and small caps as well, which now seem to be picking up the pace from the large caps. India's largest lender, State Bank of India, saw its stock jump about 7.5% to close at a record high on Monday after it beat quarterly profit estimates and raised its full-year loan growth outlook, prompting at least 15 brokerages to lift their price targets according to Reuters. Of course, for some time now, at least months, we've been hearing that financials are a preferred and liked sector amongst many stock brokerages and analysts that we speak to as well.
On Monday, the rupee closed a little weaker, and this is despite a weaker dollar in the face of corporate demand. For the dollar, the rupee was down at 90.75 paise, down slightly from its 90.65 or 90.65 paise close on Friday, according to Reuters. And gold, where investors are clearly buying the dip and may keep on doing so, is holding just above $5,000 per ounce, which means that some investors and traders have resumed liking gold as a safe-haven asset over the US dollar, or in some ways against it.
In some macroeconomy news, India's consumer inflation mostly rose for the third consecutive month to 12.4% in January, according to a Reuters poll of economists, thanks to rising food prices as well as higher gold and silver prices, and of course, a fading favourable base effect. January will also be the first month of a new data series based on 24 prices and mark the first time since inflation returns to the Reserve Bank's 2-6% target band. The Consumer Price Index data, which is scheduled for release on 12th later this week, will contain new constituent weightings, most notably a sharp cut to food, which is also one of the most volatile components of the index, to about 37% from about 46% under the previous 2012 series.
All of this is from Reuters, which also says that the median forecast of 2.4% represents a sharp increase from 1.33% in December. Elsewhere, Moody's Ratings on Monday said India's GDP would be 6.4% in the next year, which would be the fastest pace amongst G20 economies, thanks to strong domestic consumption, policy measures, and a stable banking system. In its banking system outlook, Moody said that asset quality will remain resilient, with some stress amongst micro, small, and medium enterprises.
More on that shortly. Regardless, it said banks have sufficient reserves to absorb losses. The operating environment for banks says Moody's will remain strong in 2026, supported by robust macroeconomic conditions and structural reform.
The Race
There's an interesting race for oil between suppliers and buyers are the two key ones.
The seller is Russia, the buyer is India, and the latter, that's India, cannot buy from the former anymore and has to say goodbye and sharply cut back its future purchases, as per an agreement in the India-US deal announcement. Now, there is no specific stated agreement, but it's understood, particularly since the United States has made it clear that India will have to cut back on Russian oil purchases and perhaps bring it down to zero. How that could actually work out will be, of course, the most fascinating part, and we will track it here in coming days and months.
And a lot of this is really going to be a dance in the high seas, even as prices fluctuate, depending on where the Russian oil is going, though it appears to be mostly China for now. Indian state refiners, that's Indian Oil and Hindustan Petroleum, have bought about 2 million barrels of Madey crude from Venezuela, meanwhile, for delivery in the second half of April, according to sources who spoke to Reuters. It will be carried in a single very large crude carrier, with Indian Oil taking about 1.5 million barrels and HPCL about half a million barrels and will arrive on India's east coast, according to those sources.
The purchase of Venezuelan oil, remember, this is another condition from the United States and President Donald Trump specifically, that we should do that or buy that, is the first by HPCL with IOC having previously bought Venezuelan oil in 2024. Oil prices were mostly stable after the US and Iran pledged to continue indirect talks, and that's keeping prices steady. Brent crude oil futures were at about $68.20 on Monday.
Tea Time
China saved the day for Indian tea exporters, even as US buying fell, so much so that India saw its highest ever tea exports in 2025 due to strong buying from Iran, Iraq, apart from that pickup in demand from China. Country-wise export data sourced from the industry shows a sharp jump in offtake from the UAE, Iraq and China, while Russia and the US saw a drop, according to Business Standard. Provisional data from the Tea Board shows that India exported about 280 million kilogrammes during the January to December period 2025, as compared to 256 million kilogrammes in the same period the previous year.
Export earnings were at about 8,488 crores, as compared to 7,167 crores in the previous year, or the year prior, that's Jan to December 24. A senior official at the Asian Tea Company told Business Standard that led by the Tea Board, merchant exporters took calculated risks by penetrating into Middle East markets, Iran, Iraq and Turkey, even though the political situation remained volatile. He said that the gain has been in the Orthodox exports and CTC exports remaining stagnant, while Assam Orthodox was the key to this growth.
Exports to Iraq, UAE and Iran were all higher, though tea to Iran goes via the UAE or United Arab Emirates. The big surprise was of course China. India's tea exports in 2025 was at about 16 million, compared to only 6 million in 2024.
And all of this offset the decline in the exports to the US and exporters also said the Chinese embassy was very proactive. I reached out to Anshuman Kanoria, chairman of the Indian Tea Exporters Association and began by asking him to describe how the Indo-US trade deal was impacting industry and what had changed or what had helped the tea industry overall in the last year.
INTERVIEW TRANSCRIPT
Anshuman Kanoria: Firstly, you need to understand the Chinese market. China is a phenomenal consumer of tea. Not only are they the largest producer, they are also the largest consumer.
And the highest price for tea in the world is paid for Chinese tea by the Chinese consumer. So it really is a very large market out there. And if we go back maybe seven or eight years, we were looking at a potential of 20 million kilos to China even then.
Due to all the geopolitical reasons in the recent past, our exports had come down. And the numbers we are seeing this year is a very healthy increase. It's a very expected increase where we have almost doubled to, I think, approximately 16 million kilos compared to the seven-odd in the previous year.
And I have constantly been, in my interaction with the Ministry of Commerce, in my interaction with the tea board, I have constantly been flagging the Chinese market as one market that can really absorb a huge quantum of Indian tea exports. And I think before we start talking about tea exports per se, you need to understand why tea exports are important. India overall has an oversupply of tea, particularly medium and common tea.
Unless you have a huge chunk of export to balance this demand-supply situation, the Indian tea industry is not going to be healthy. So tea exports, from every point of view, we may not be very relevant to the exchequer now in terms of the total foreign exchange we bring in. But if you look at the health of the Indian tea industry, exports is the key driver that balances demand-supply.
And if you talk about the Indian tea industry again, the flag-bearer of quality of tea worldwide is Darjeeling tea. And Darjeeling tea is an area that has really been languishing. We who have an interest in Darjeeling or who have a passion for Darjeeling have been describing Darjeeling as a kind of a patient in ICU on last life support.
We have challenges like climate change, worker shortage, plucker shortage, duty-free imports from a very low cost of production Nepal affecting us. China is one market which actually can absorb a large chunk of the Darjeeling production as well and make our industry way more competitive and healthy. So yes, China is a key market for Indian tea.
It's a key market for tea. And the figures don't surprise me. We are constantly telling our members in the Indian Tea Exporters Association to aim for 30 million kilos in China.
I think we can even double from where we are. What it will take is some hand-holding from the government by way of B2C promotion. We need to make the Chinese consumer more aware of our tea, educate them a little bit more.
And I think the sky is the limit.
Govindraj Ethiraj: Right. And if I were to bring you back to the and duty is going down to 18%. While tea as I understand is now under the exempt list from in the overall food exempt list.
So things I'm assuming came back to normal for tea a little earlier. Where does the US market stand in terms of current status as well as potential?
Anshuman Kanoria: So the US is importing roughly 16 to 17 million kilos of Indian tea. And India is the second largest exporter to US after Argentina. See, we have to understand the US is basically an importer of price sensitive tea, because most of the tea sold in the US is either in teabag form or in ready to drink form.
And there's a lot of it is flavoured. So tea is used more as a base. And the speciality market, which we thought would kick off in the US hasn't taken off to the extent in quantity terms, as we were hoping.
This year, I think we have lost approximately 2 million kilos of exports to the US, which was driven totally by the duty that came in. There's no way that the market can absorb a 50% import duty or even a 25% import duty. So yes, we got on the next year to exempt list somewhere around November.
And the exports that were declining picked up again. So next year, we should be back to normal. The trade treaty does not directly help us because we already were at 0%.
So the tariff, it doesn't help us, but it helps us in other ways. It helps to improve the sentiment between the business houses in the US and India. And it gives more surety.
Business requires clarity. You cannot be operating in an environment where you don't know what the tariff tomorrow is going to be. So the fact that we have this clarity is a plus for India.
It's a plus for Indian tea. And it offers greater scope for partnerships and planning going forward. And if I may, the one more area where we benefit is China is close on our heels.
Our tea exports to the US is almost the same as China. So China still has an import duty on their I'm still waiting for clarity whether Sri Lanka is still paying an import duty because of the debater for oil agreement they have with Iran. So I think what this duty does is while we remain at 0%, it does give us a duty advantage over competing countries exporting to the US.
So we are going to do our best to try and take our exports up, not just to 18 million, but to try and drive it at least towards 20 million because of the trade treaty.
Govindraj Ethiraj: Amongst the other markets, Iran, Iraq, United Arab Emirates, these did pretty well last year compared to the year before. This is a slightly broader question. So what's changing around the world in tea consumption?
Because you've seen an overall spike. And are there newer markets that are likely to absorb tea from India or where India could export to in the coming year?
Anshuman Kanoria: So if you look at what has happened to tea exports from India in the last two or three years, first and foremost, I must highlight that the Indian merchant tea exporters, we have a lot to thank them for because they have taken huge personal risk, financial risk to go into large consuming markets which were facing severe geopolitical and financial issues and carved out huge markets for Indian tea there. And they have done it in the total absence of any promotional support from the government of India or let's say the Ministry of Commerce.
So this has been really possible due to the risk appetite of the Indian merchant tea exporter. And if you look at the numbers between Iran and Iraq, and when we look at UAE, the UAE is not really a consumer of tea in any significant way. So most of it is finding its way into Iran.
So more than 40% of our exports are heading for two markets, which is Iran and Iraq. These are the two markets which are driving Indian tea exports. And Iraq is a newer entrant where we have captured a huge slice of the market.
Apart from this, the Indian exporters have been driving into Saudi Arabia in a significant way. And we are taking huge chunks now of the North African market. There was a Gulf food fair just a few days ago in Dubai.
And that is a fair which attracts importers from the entire Middle Eastern belt, North Africa, West Africa. And I happened to be there with the deputy part of India. And the response that our Indian tea exporters were receiving was very encouraging from this area.
So I think while it is heartening to see our numbers to Iran and Iraq, we have in the past seen that there is a huge risk if you are over dependent on only one or two markets as any geopolitical shift can really adversely affect your exports. So while we take comfort from our current situation, we need to keep growing, entering new markets and ensure that our exports are not reliant just on two or three key markets.
Govindraj Ethiraj: Right. Last question. We've been talking about exports so far, but could you put the export numbers in contrast to the domestic market and how that's looking for the year ahead?
Anshuman Kanoria: So, you know, if we are doing about 1370 million kilos in India on the crop, and if our net exports are somewhere around 240, then we are looking at approximately 19 to 20 percent of our crop being exported. And we need this number at least in order to keep the industry sustainable, financially sustainable. I think the outlook for tea in general going ahead in the new season 2026 is very bright and optimistic.
Despite good production in 2025, there isn't too much tea in the pipeline. I think markets should open to good demand because there is good pent-up export demand. We just need to hope that we get some good financial settlements from Iran and the payment issues and the other geopolitical risks that we are seeing now pass.
And if we can maintain our exports and keep growing at the level we are growing, I think 2026, at least for better quality producers, tends to do well. We have only one red flag, which is in front of us, which is that the European Union is keeping on making their pesticide MRL laws extremely tough. And from April 1, there are new changes coming.
The EU and UK combined is some 50, 55 million kilos of our tea exports. And it's going to be pretty difficult for Indian tea producers to comply to the new pesticide norms that the EU has churned out. And if we end up losing 30 million or whatever of our exports to EU, then we can have a significant challenge because recovering that much from other markets will be tough.
So what we really need is the Indian government and FSSAI to ensure that the Indian pesticide laws are made in uniformity to the world's best standards. So that not only is Indian tea exported well, but our own consumers get a reliable, healthy cup of tea and to enforce that the producers are complying with the law of the land. So this is the only red flag.
Otherwise, I would say that Indian tea is on a good road ahead.
Govindraj Ethiraj: Anshuman, thank you so much for joining me.
Anshuman Kanoria: My pleasure. Thank you for having me.
Tariffs and Taxes
On Monday morning, the core report brought together experts in tax and macroeconomy as well as apparel industries to talk about how tariffs and taxes were intersecting and impacting businesses. The conversation was held on Monday morning at the quorum in Lower Parel, Mumbai and saw an interesting discussion and insights with some mild agreements and disagreements, which were obviously useful to make the conversation as a whole quite exciting and insightful for those listening in and joining us. In the panel or rather on the panel with me were Ajay Roti, founder of Tax Compass, who summarised the direct tax impact of the budget and the linkages with the latest cross-border pacts that have been announced.
Ajay Rotti: Overall, in my view, over a period of time, this is going to be net positive for us. Because, one, if you look at creating capacity here, whether to serve for export or whatever, unlike in other Asian countries, nobody's going to expand here just as an export hub. There's a huge domestic market.
You look at what Hyundai did, for example. You know, today they are selling most of their smaller cars. Some of the models are entirely made in India, what goes out.
But their focus is on the domestic market, which is really, I think, what will happen with some of this. I don't think anybody will look at us as a pure hub for manufacturing. To that extent, we will always be different from our Bangladesh, Vietnam, Philippines, etc.
A lot of support centres in the Philippines, but not really looking at the domestic market. And this in the public domain, a company which I'm very close to, IBM, for example, has 100,000 people, where 50,000 people are working on domestic products. This is a pure play IT services company.
They're working with RBI, they're working with Vodafone here, they're working with Bharti. On telecom per se, they have gone with Bharti, wherever Bharti has gone. And I see a lot more of that happening.
The tax holiday being given for data centres has one very critical condition. One is the data centre has to be owned by an Indian company. And you get a tax holiday until 2047, if you serve your global clients, and the Indian company acts as a reseller for the same services to Indian clients.
So if a company purely sets up a data centre here to serve, for example, AWS comes, sets up a data centre here, and says that I will serve all my global clients out of the India data centre, it's not going to happen. The condition actually says that AWS, in that example, should through an Indian company, resell those to Indian customers. So therefore, while these trade deals happen, and I agree with Rahul and you will be a game changer, I think it will set up a lot of things here for us.
Just one thing and the amount of pressure that we had at one point of time, all the way from Elon Musk tweeting to the president himself talking about Harley Davidson, Tesla, we didn't budge, we didn't yield. We did not want Tesla to use us, send cars from China and German plants, etc. with a reduced rate of duty.
What we have done there again is what was in the past 15-20 years back called test marketing. So I'll give you a lower rate of 15% if you can get 5-8000 cars a year, provided you set up a plant within the next 3-4 years. So all of the trade that we will agree and the concessions that we will give will result in some domestic activity, will result in improvement of the economic activity domestically for our consumption.
And lastly, I think that will also force the government to do some more on the ease of doing business, which just pushes more reforms on what we have started with labour. I think we need power reforms, we need land soon. All of these will push the government there and there'll be a lot more lesser resistance for those changes.
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We also heard from Madhavi Arora, Chief Economist, MK Securities, on where she felt India needed to focus on as we opened up the economy to freer trade.
Madhavi Arora: I think the fisc overall has become well predictable trajectory for me. I understand that probably we'll be reaching somewhere close to 4%-ish or a tad lower by 2031, which is where the target to reach that 50%. But I'm not expecting very dramatic moves from the fiscal number per se. Reforms continue, of course, it's an ongoing process.
There's a lot we need to do on deregulation of a lot of factors of production, which I think it's been in the making for the last one year. But at the same time, you know, easing some bottlenecks on financial conditions, MSMEs, especially given that, you know, when you're pushing a lot of your focus on FTAs or on exports, and assuming that India cracks more FTAs with other nations, and I hope they do, and diversify away from the US. But assuming that we know this is going to be a more medium term path that we want to increase our growth, say at the margin by 2030, but structurally, the only way we can do that incrementally is via exports now.
Now, you know, you're doing all that bit as policymakers getting deals done. And to a large extent, India would be basically playing their part in the lower end of the manufacturing curve, because that is where our strength still lies at this point in time. Now, imagine you're getting so many deals on board, and, you know, your MSME segment or the manufacturing segment is not ready to really kick off.
So you need to ensure that they are able to catch up to what you're bringing into them. For that, again, you need to ensure that they are ready, they have all the bottlenecks sorted, and they are productive enough to actually catch up the train which they're getting. So that is very important, and they're still working on that.
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And Ritesh Kanodia, partner, Ortis Indirect Tax Litigation, an advisory expert who spoke on indirect tax of course and some of the gains in the last six months, starting with the lower goods and services tax rates and what's changed fundamentally on the administrative side which makes it easier to do business.
Ritesh Kanodia: It has not happened initially, but in the last three years, we are focused on issuing clarifications, removing issues. Even in this budget, for example, if you like, there was a provision on intermediary in law since 2012, being debated, disputed, the government just took it away for service exporters, for example. On the Make in India perspective, you can clearly see a theme where the government is trying to reduce duties on raw materials, parts, components, specifically sectors where India has a capacity, increasing duties on finished products.
This has been consistent. Also, if you see the schemes which are there, like the PLI scheme, where the government wants investments to come, the government is introducing incentivising manufacturers to come and make investments, set up plants, there are state incentive schemes, etc. And if you see whatever has happened, even under the customs law in the budget, it is from that perspective.
So whether it be faster clearances, without the vigilance of the officer, you see a lot of changes in terms of automatic processing of the goods, automatic release of the cargo. Government is giving a lot of emphasis on the AEO accreditation scheme. They're granting benefits to say that come and become an AEO, allow us to do faster clearances for you.
So we are clearly seeing that happening at a ground level where the government is trying to ease processes, making it simpler for cross-border transactions. Like one of the changes was exemption to capital goods for contract manufacturing, again a big one, where, you know, companies can just come in, set up shops, do manufacturing. So they're clearly looking at India as an alternative to China in terms of manufacturing.
And I think here is where the trade deal would have a good impact. As Ajay mentioned that, you know, they're trying to bring in investments into India, you know, incentivise manufacturing into India. See, one thing on the trade deal which I clearly see, India has been very strategic.
So they've not really opened up sectors we didn't want to, like agriculture, for example, has been the biggest debate. But I think they've focused on sectors where they are not there until now, like energy, different technology.
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And finally Rahul Mehta, Chief Mentor of Clothing Manufacturers Association of India, which represents about 27,000 manufacturers and retailers, who spoke of how the onus is now on industry to build scale and move fast given the level playing field that it is now seeing in exports to the European Union and the United States.
Rahul Mehta: As far as the FTA and the trade agreement with the US is concerned, I think the FTA with EU is a game changer. I think EU is, after US, the largest block of market for the textiles. There we were always at a between 10 to 12% disadvantage compared to our nearest competitor, Bangladesh.
And that, the removal of that disadvantage, I think is a huge benefit for the industry. EU consists of about 30% of our total exports, at least as far as apparel is concerned. And I have a feeling that it can go up significantly.
I foresee anywhere close to 30 to 35% growth in our exports to the EU in the next couple of years. As far as the US is concerned, frankly, no, it's as unpredictable as the London weather. But I think we need to understand that it's actually just brought us back to what it was at the beginning of 2025.
You know, there is a huge euphoria about 50% being reduced to 18%. Our average import duty was between 10 to 12% to the US. It is now 30%, 12 plus 18.
And the 50% was frankly, not sustainable. The Americans knew that, the Indians knew that. Apart from the exports or the exporters being impacted, the American consumer was also being impacted.
So therefore, we knew that this was not going to be a long lasting thing. It was only a question of when and how much. The advantage, slight advantage that we have now is a 2% to 3% advantage over Bangladesh, Vietnam, and so on.
Against China, definitely it's 18% reciprocal tariff compared to 30%. So that is definitely a plus point. But as I said, it has now become so unpredictable that I feel that most of our players would be reducing their focus on the American market.
And they would be looking at alternative markets. And that's where the EU FTA comes into play. So I think it's really a combination and the coming together of these two events, which is going to be a huge benefit to the Indian industry.
Having said that, I would issue a word of caution that it's not so easy to develop a new market, to develop relationship with new customers. And particularly with the European customers, they have far more stringent rules and regulations about compliance, about sustainability, about so many other issues. We also need to increase our production capacities significantly.
Today, our capacities are just not enough. I mean, tomorrow if the EU suddenly decides to double its offtake from India, we just don't have the production capacity. So we need to view this in a little more balanced perspective.
I would say the opportunity is huge. The government has done what it had to. I think now it's for the industry to reciprocate and to really respond to the opportunity that is available.
Govindraj Ethiraj: I'll just pick up on one point before I come to Ritesh. You said production capacity is not sufficient or we've not invested enough. So that's because it's mostly been in the nature of small-scale investments and enterprises or?
Rahul Mehta: Two or three factors. Number one, historically apparel was put into the small-scale sector. So therefore, the giants had not been built up.
Until recently, being large was not considered very great. There were a lot of obstacles, the labour laws, the costs of production and so on. We are a very fragmented industry.
Even our largest exporter, Shahi Exports, I mean, has about 40 or 50 factories. So the nature of the industry is fragmented. And that is where it really becomes an issue because we cannot use the latest technologies, again, because of scale of production at one particular unit.
When you said 40 to 50, you're saying that's not enough? No, it's too many. You know, I mean, let's say the average size of the Bangladesh garment factory would be about 2000 to 3000 machines.
The average Indian factory would be 300 to 500 machines. So the scale of production per unit is very, very low. So that's one big disadvantage.
Also, the profitability has not been really all that great. And again, historically, the giants of the industry had made their profits more in the quota regime, rather than in the actual manufacturing unit. And therefore, the current level of profitability of 2% to 3% or 5% is just not attractive.
And therefore, there is not enough of new investment getting into the industry. And when you don't have new investment, it's difficult to overnight increase your production capacity. Now, the government has taken steps, the mega parks, you know, the Mitra parks.
These are steps that should have been taken 10 years earlier, but have now been taken. And as I said, frankly, today, the problems lie more with the industry. And I'm a very unpopular speaker within my colleagues.
But the problems lie more with the industry rather than with the government or other regulations. And it is now time for us to really take charge of ourselves and stop just crying and moaning and groaning and get on with the action.
