On Episode 893 of The Core Report, financial journalist Govindraj Ethiraj talks to Vikas Chimakurthy, CEO at Kotak Alts (Real Estate Fund) as well as Dr Kailash Sharma, Dean Academic projects at Tata Memorial Center, Mumbai.

SHOW NOTES

(00:00) Stories of the Day

(01:00) Markets await Govt moves on foreign investments

(04:15) The big shift in oil production and movements

(08:01) Is the UK FTA hitting a bump even as more FTAs on the anvil

(09:17) Kotak closes a $1 billion real estate fund with a majority FDI investment. Where could the funds go?

(17:05) Understanding what the NEET controversy means from a healthcare industry perspective

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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.

Good morning, it's Friday the 5th of June and this is Govindraj Ethiraj broadcasting and streaming weekdays from Mumbai, India's financial capital.

Our top stories and themes as we go into the weekend…

The stock markets await the reserve banks move on a credit policy as well as on foreign investment incentives.

The big shift in oil production and movements.

Is the UK free trade agreement hitting a bump even as more FTAs are on the anvil.

Kotak closes a $1 billion real estate fund with majority foreign direct investment. Where could these funds go?

Understanding what the NEET controversy means from a healthcare industry perspective.

Markets, Oil, The Rupee and the West Asia War

Well, good news. Monsoon rains, though delayed, have hit the coast of India's southernmost states of Kerala on Thursday.

That's yesterday, three days later than expected according to the meteorological department. The June-September monsoon rains, which are of course critical for the economy, usually hit Kerala around the 1st of June and then cover the entire country by middle of July. The southwest monsoon has covered the entire state of Kerala and parts of neighbouring Tamil Nadu according to the Indian meteorological department.

Conditions are favourable for it to advance further into Goa, parts of Maharashtra and Andhra Pradesh, additional areas of Karnataka and the remaining parts of Tamil Nadu over the next two to three days. We will of course be closely monitoring its arrival into Mumbai and as always, we'll welcome it with much longing and some wariness. Today is the big day.

The Reserve Bank of India is forecast to hold its key rate at 5.25 percent, being Friday the credit policy and that's according to a Reuters poll, though most economists expect a hike by the end of the year as inflation and heavy or high foreign outflows pressure the economy and the rupee. And of course, the Reserve Bank could indicate that it may respond out of turn. More than that, there are some measures expected to incentivise foreign portfolio investors, particularly with lower or no taxes on sale of government bonds.

Could there be other announcements in this regard when it comes to sale of equities? Well, we don't know, but we will know. The Nifty 50 was up around 11 points to close at 23,416 and the Sensex was up 14 points to close at 74,360, so it was a flat market on Thursday. The broader markets, the Nifty Mid Cap and Nifty Small Cap were up to about 0.4 and 0.4 percent each.

Meanwhile, is a sharp rise in loan uptake from power renewables and data centres driving up credit demand? Well, India's money market turnover has jumped to a record as state-owned lenders stepped up borrowing to fund a booming credit demand, according to a Bloomberg report. The value of trades in the so-called tripartite repurchase segment, which accounts for about 70 percent of the country's money markets, rose to an all-time high of 550,000 crore rupees or about 58 billion dollars on the 13th of May and has stayed elevated since, according to that Bloomberg data. On Wednesday, the CEO of India's largest bank, that's the State Bank of India, said that they were seeing strong loan uptake from sectors like power renewables and data centres, so there could be some two and two coming together.

The funding rush has pushed up overnight borrowing costs and short-term bond in recent weeks, underscoring banks' ongoing struggle to attract deposits as household savings flow into other investment products, according to that Bloomberg report. The currency market's rupee was down on Thursday, extending a two-session decline, according to a Reuters report, which added that the rupee closed at 95 rupees 78 paise per dollar from about 95 rupees 70 paise on Wednesday. Oil prices were down on Thursday after a ceasefire deal between Israel and Lebanon once again raised hopes for a larger agreement that would end the US-Israel war with Iran and that in turn could lead to a reopening of the state of Hormuz.

Brent futures were at around 96 dollars 67 cents a barrel on Thursday morning. But there is something more interesting happening or has happened in recent months. Daniel Yergin, the vice chairman of S&P Global and author of the Prize and an authority on the oil industry and the energy industry, wrote in a Wall Street Journal piece that overall today the Western Hemisphere now produces more oil than the Middle East did before the crisis.

Canada, he says, is the world's fourth largest oil producer. Brazil produces four times as much oil as Venezuela. And in Guyana, where production began only seven years ago, output almost equals Venezuela's.

In Argentina's Vaca Moeta region, shale oil production has grown six-fold since 2020, and the current disruption, he says, will propel more oil and gas investments in the Western Hemisphere and Africa. Yergin also says that diversification goes beyond oil and gas. Responding to the tanker war during the 1980s Iran-Iraq war, Saudi Arabia built Variety in the form of a pipeline system that now moves about seven million barrels of oil a day west to the Red Sea.

Abu Dhabi built a pipeline looping around the state of Hormuz and plans to double capacity by 2027. France, which once depended on oil for electric generation, now relies mainly on nuclear. Japan led the development of the LNG industry to push oil out of its electric generation.

The growing scale of wind and solar adds further diversification for electric generation, according to Yergin in that Wall Street Journal piece. We will have lots more on energy in general in coming days and we'll have specifically more on wind and some solar on Monday in an exclusive interview with Suzlon Chairman Girish Tanti. Meanwhile, the Indian has said that it sees Venezuela as a preferred partner in the sector at a time global oil supplies have been disrupted by the Middle East crisis.

Venezuela's interim president, Delsi Rodriguez, is visiting India with a large team of ministers and also met with Indian Prime Minister Narendra Modi on Thursday. A Reuters report says India was the second largest importer of Venezuelan oil in May, with purchases of about 427,000 barrels a day, second only to the US. Reliance Industries has emerged as one of the three largest buyers of Venezuelan crude.

Venezuela itself is on course to become the fourth largest supplier of oil to India in May, Reuters said, quoting Kepler data. Now, here's the geopolitics of it. India had stopped buying Venezuelan oil last year after US President Donald Trump authorised a 25% discretionary tariff on countries buying crude from the South American nation, but resumed purchases when sanctions were eased in February.

So India has largely, if not entirely, followed a US-led path here.

What has Rajesh Exports said about the SEBI Allegations?

Financial disclosures of Rajesh exports based out of Bangalore over the years were correct, its chairman told Reuters on Thursday, a day after the Securities and Exchange Board of India alleged the jeweller had inflated the scale of its revenue through unverified overseas entities. The regulator's observations stemmed from differences in revenue calculations and did not consider the company's consolidated revenue, its chairman told Reuters on Thursday.

The SEBI had said on Wednesday that some 99% of Rajesh exports revenue came from overseas subsidiaries, but the jeweller did not disclose their financials. SEBI also said that Rajesh exports had misrepresented about Rs 15 trillion or $158 billion of subsidiary revenues between 2021 and 2025. According to Mehta, who spoke to Reuters, he said that as the world's largest gold refiner, the subsidiary company refined about 3,000 tonnes of gold in those four years, so naturally its revenue would be over Rs 15 trillion, and the biggest SEBI observation is on difference in revenue, which is large because SEBI did not consider consolidated revenue but only standalone, he said.

What is the Latest on the India-UK FTA?

Talks between Britain and India on implementing a free trade deal are moving quickly and going well, according to Britain's trade minister, suggesting the deal would not be reopened but could come into effect later than expected after a dispute over steel. The free trade deal was agreed upon in May 2025 and signed two months later to be implemented after each country ratified the deal, which was expected to happen within about a year. India expects about nine free trade agreements signed over the last three years to become operational within 10 months, with plans to execute another three or four significant PACs over the next year, according to the trade and commerce minister.

The trade minister's statement underscores the Indian government's intent to make the country a manufacturing and investment hub and deepen integration with global markets. At least two or three very substantive FTAs will come into force in the next six months following the implementation of the Oman FTA on June 1, according to India's trade minister, Piyush Goel, who was speaking at a Citi 2026 conference in Mumbai reported by the Business Standard.

What happens when a Real Estate Fund is closed?

Kotak Alternate Asset Managers, or Kotak Alt, the alternate asset arm of Kotak Group, has achieved a final close of its 14th real estate fund at about $1 billion, which in turn is backed by a $675 million anchor commitment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority and a first commitment to Indian alternatives from the National Pension Service of the Republic of Korea, or NPS Korea.

Total assets under management across these funds is around $4.5 billion right now, according to the firm. I spoke with Vikas Chimakurthy, CEO of Kotak Alt, and I began by asking him how he was seeing investment opportunities ahead for real estate in general and for his funds.

INTERVIEW TRANSCRIPT

Vikas Chimakurthy: So 13th fund Govind was also similar to what we have done in the 14th fund, real estate focused fund, where we invest across asset classes of real estate. It is not skewed towards one particular asset class. And we do both credit as well as equity.

And that's what we've been doing in the past and 14th also will be the same one.

Govindraj Ethiraj: Right. And you've across all your 14 funds, you've raised about four and a half billion dollars. Is that correct?

Yes. Okay. And what's the kind of investments that you've been making all these years that you've been investing?

And what's changed recently, if so?

Vikas Chimakurthy: So most of our capital is skewed towards high yield credit. And significant portion is in that segment. And there is investments where we have done equity as well.

But to take more on non-residential is where we have done equity. In terms of what has changed now, so if I was to break up the asset classes, residential being clearly the largest one, which is there, I would say that there is some slowdown, which is there in terms of volumes across the cities. Some cities would be higher in terms of reduction, some would be lower, but is there a trajectory?

Is it upwards? The answer is no. It is downward, but to what extent it would be, time only will tell.

In terms of pricing, we are not seeing any upward pressure on the pricing. I would say it will be more stable. And most of the developers are financially very strong.

It was not the case what it was in 2016 to 18, 19 period, where the leverage levels were very high. The leverage levels now are under control or I would say low. So from the delivery point of view, we don't see a challenge what we saw in 2016 to 19.

But there will be some working capital mismatches, which will be there, where we see that is something where we will play a bigger role.

Govindraj Ethiraj: And tell us about like a typical investment that you do. I mean, where do you, at what point do you enter, what project or what kind of project in what geography?

Vikas Chimakurthy: So we are primarily focused on the top six cities, Bombay, Delhi, Bangalore, Chennai, Hyderabad, Pune, and Calcutta also be invested capital. The most of our capital historically would have gone in for land acquisition or situations where banks or NBFCs cannot participate. It could be situations where we have participated in NCLT processes with developers or acquisition of assets through Sarfasi or any of those special situations kind of situation.

Most of the situations will be on high yield, where we have participated in the project success as well to make higher returns.

Govindraj Ethiraj: Right. And what is your outlook right now? I mean, as you at this point, since you've raised funds, and you're looking ahead, what are the kind of investments that you would be looking at?

Where are you seeing opportunities?

Vikas Chimakurthy: So the opportunity set is strong at this point of time, our opportunity set increases more when there is some slowdown or perception of slowdown, which is currently the situation. There is some reduction in volumes, velocities, etc. And I see that's where our capital requirement will increase going forward.

Okay.

Govindraj Ethiraj: You said residential is the largest and you said it's about 80%. And but how's your investments skew? Is it also similar?

Vikas Chimakurthy: No, our investments is not that residential heavy. It would be more like 65 to 70% of our investments historically have been in residential, rest have been in various other real estate asset classes.

Govindraj Ethiraj: Right. You know, obviously, the real estate market has got fairly institutionalised from a financing point of view, and we're seeing many players, including on the other side with REITs and so on. How do you see the market overall growing?

And where do you see the future opportunities, particularly for financiers like you?

Vikas Chimakurthy: So the market if you were to look at it, the market is getting consolidated, big players are becoming bigger. And if you go back 10 years back, you had very fragmented market, obviously had big boys, they were not as big as what it was and what it is now. And at that point of time, people, the big boys used to go in for land aggregation, land acquisitions from the scratch.

As they become bigger, they are not getting into that much on land aggregation or land cleaning kind of a capital. They are just going and buying cleaner lands. And there are fewer set of people who have this core competence of aggregating land and giving capital and resolving land issues.

A lot of our capital in the last couple of years has gone into some of these land aggregators or land clearing kind of people because they are not able to attract larger checks of capital and institutional kind of a capital. So some portion of our capital has gone into that kind of a situation. And we believe that there is a large opportunity there.

There are very fewer set of players who are able to generate and give clean lands to developers. And fewer sources of capital also looking to give that solution capital, which is what we are doing. So for us, the advantage is that the big boys typically don't take high yield capital from players like us.

It is typically good developers, but not the big boys who have the ability to build, construct, sell, who come for capital providers like us. But then at the same time, there is large opportunity which we see with the land providers where we are given capital. That's where we see larger opportunity going forward.

Govindraj Ethiraj: Last question. So the Abu Dhabi Investment Authority and the NPS Korea, which is their pension fund, has invested in this. The question is not so much about them, but when these kinds of funds invest into India, are they comparing or are they looking at this as an alternative to equities or is it part of a portfolio or generally how do such funds evaluate opportunities like this?

Vikas Chimakurthy: Internally, first, it is there within their system. Only they decide in terms of how much of the capital will get allocated from their sources of capital in terms of alternatives. Alternatives is private capital.

Within the private capital, then they allocate between various parts of private capital, how much will go to private equity, how much to real estate, etc. and hedge funds and all of it. Out of that real estate which gets allocated, of that how much they are willing to do to global funds or regional funds and to a country-specific fund.

So that is where their internal allocation process works. And country-specific funds is not easy to get capital, which is a challenge because people would prefer to do a global fund or a regional fund where they're not taking one country-specific. So to get that kind of capital for a country-specific one, you had to have consistently delivered returns.

People should have seen a larger track record from a same team which is the one who has done the firm which has been there, done that, right. So that's how they decide in terms of specific countries. Specific capital is not easy.

It is pretty challenging. It's a good note to end on.

Govindraj Ethiraj: Thank you so much for joining with us, Vikas.

Vikas Chimakurthy: Thank you.

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Kotak Alternate Asset Managers, which is a part of the Kotak Mahindra Group, focusses on alternate asset management and investment advisory businesses and was set up in 2005 and says it has raised, managed, and advised over $22 billion across different asset classes, ranging from private equity, real estate, infrastructure, to investment advisory.

What are the effects of the NEET Controversy on the Healthcare Industry?

The National Eligibility Entrance Test, undergraduate, known as NEET-UG, has been at the centre of a controversy this year following allegations that the question paper has been leaked. The government's National Testing Agency, which conducts the exam, cancelled the test that took place on the 3rd of May because of an investigation into those allegations. Now, the NEET is the only path for aspiring medical students in India to secure admission to undergraduate medical and dental courses like MBBS, BDS, and AYUSH courses in both government and private colleges across India.

So while we look for solutions that make the process of testing more seamless and of higher integrity, it is useful to take a step back and understand the scale of the problem and why we are where we are. I reached out to Dr. Kailash Sharma, Dean, Academic Projects, Tata Memorial Centre, Mumbai, and ex-Board of Governors of the Medical Council of India, and I began by asking him to walk us through the scale of the problem and also look at it from an overall healthcare industry point of view.

INTERVIEW TRANSCRIPT

Dr. Kailash Sharma: It's a very burning topic as on today. So, you know, before say 2010, there was one test which was All India Medical Entrance Test, where the students used to appear and there were 15% seats reserved at all medical colleges from central quota, that is Government of India quota. That was number one test.

Number two was all states were having their own medical entrance test by their own methodology. So, the remaining 85% seats were being filled up by the state entrance test. Then what happened in 2010, the Medical Council of India got dissolved and there were Board of Governors.

So, the Board of Governors, they decided that now there should be a scrapping of All India test also and there should be scrapping of the state test also. There should be one test which will be known as National Eligibility Cum Entrance Test for all the medical colleges and that today we are talking of undergraduate test. In 2010, the Board of Governors prepared a document and in 2011, I joined as a Board of Governors and that time these documents were nicely prepared and it was decided that now the NEET should happen.

And in 2013, the first NEET happened, but within few weeks, it was scrapped by Supreme Court of India that it is unconstitutional and it is not accepted by all the state governments. So, the state government should have their own test and in 2013, it never happened because the judgement was 2 is to 1. And then later on in 2016, it was again given a good mandate by five bench judge of the Supreme Court and the first test happened and thereafter, it continued.

So, it was earlier taken by CBSC and later on, it was transferred in 2019 to National Testing Authority which presently is taking the test.

Govindraj Ethiraj: That is the genesis of NEET. Right. Tell us about or give us a sense about the total supply and demand for medical students in terms of seats and how many people apply and then I'll also come to why it is so competitive.

Dr. Kailash Sharma: Yes. So, right now there are more than 1.5 lakh undergraduate seats all over India. They are divided into three types of medical colleges. One is completely owned by Government of India that is AIMS and AIMS-like institute.

Second is state government medical colleges. Third is private colleges but affiliated to the state health university or any other university and the fourth college is having to be a deemed university college where all rights are with them only to admit, take the exam and everything and they are not affiliated to university because they are having a deemed status under UGC Act. So, these are three types of colleges and right now there are around 1.5 lakh seats and that is the fierce competition to enter into medical college. Every year, the seats are increasing. On the top of that, the students who want to enter into medical college and that too in a government medical college, the competition is rising and there are around 27 to 28 lakh students. After 12th, they appear to enter into NEET to go into medical college.

Govindraj Ethiraj: Right. So, you're saying for 150,000 seats, you have roughly about 2.8 million students appearing at undergrad medical level. Now, tell us between the government colleges, state government colleges, deemed universities and private, what's the mix and what do students desire and how do they apply for either of them or each of them?

Dr. Kailash Sharma: You have touched upon a very nice and very sensitive issue. Why people want government college? Every medical college as per National Medical Commission should have good infrastructure.

Yes. Private college having good infrastructure, I agree. Government, yes.

Good equipments, both are having. Then third is clinical material, that is the case mix and the number of patients visiting government college. As you understand that government medical colleges are always full of OPD, full of IPD and there are 150% patients get admitted.

There are floor beds also in government colleges. So, there is abundance of clinical material in a government medical college versus private college where there are less number of patients, less number of case mix. And fifth factor is faculty.

At government medical college, under any situation, whether there are transfers, resignations, people are not happy, there will be around 90 to 95% faculty available at all times to conduct the OPD, to see the patient and to teach the student versus the private college where they may say that they have got more than 90% faculty, but they are all honorary, they are part-time, they may not be attending properly.

So, there is a lack. So, there is a fierce competition for students to appear into need and to get admitted into a government medical college because all these factors are there. Number two will be at government medical college, there is a fees regulated which is around 1.5 to 2 lakhs per year multiplied by say five and a half year, it will be around 10 to 11 lakhs versus private medical college where the fees will be ranging from 6 to 8 lakhs per year to 15 lakhs per year amounting to say 1 crore or more than 1 crore and there are different types of another fee like exam fee, hostel fee, development fee by private college. So, to go into private medical college, you have to shell out around more than 1.5 crore for entire MBBS course of five and a half year and one year of internship versus the government medical college where the fees will be around 10 to 15 lakhs only. So, that's why this ugly and cruel competition is going on and that's why the need and the competition which is the crux of the event which is happening now that why people are so much interested into entering into government college that means having a good merit.

So, people having good merit will enter into government medical college, the lower merit will go to private college and dimmed university colleges. So, that's my view on private versus government.

Govindraj Ethiraj: Right and roughly how many seats are there in government and government related systems?

Dr. Kailash Sharma: If I'm not wrong, there must be say 55% seats in government versus say 25% seats in the private and dimmed university colleges.

Govindraj Ethiraj: Just as a sort of slight aside, you talked about hospitals alongside these teaching colleges. So, is that something that is there across all colleges?

Dr. Kailash Sharma: Yes, all private colleges, dimmed colleges will have their own hospital. They will have all the facilities available. So, I told you infrastructure very good, equipments very good, faculty is the main issue at private and dimmed colleges and the clinical material that is number of patients, case mix, all these things are very difficult at these colleges versus the government colleges where there are abundance of clinical material, very good number of patients, very good case mix and the students will get a lot of teaching material in a government college versus the private.

Govindraj Ethiraj: Right. I'll come back to the exam system in a moment but if you take another step back, how do you see the total availability of medical students and thus doctors in India versus what the demand is?

Dr. Kailash Sharma: Yes, considering all our urban, rural, metro and super metro distribution of doctors, you will find that at the primary health centre level and at the lowest level, the number of doctors available is very very minuscule versus the doctors available in metro cities and maybe at district places rather than taluka and the rural places. That is the abnormality and say anomaly between the distribution of doctors, why they want to only clock to good cities, district places, A grade city, tier 1, tier 2 cities versus the government where government is running their primary health centres, wellness centres where there is a lack of doctors. You always find it in newspaper that why doctors are not going there because they get the appointment but they are not interested there, they want transfer and they come back to say semi-urban or urban states.

That's why the inequality in distribution of the manpower available at say rural level versus the urban level and that is the mismatch that's happening, that's why the healthcare is not proper maybe in our country.

Govindraj Ethiraj: In terms of aggregate numbers and I'll come to seats now, so if we have 150,000 seats, what's the ideal number of seats that we should have for a country of India's size?

Dr. Kailash Sharma: If we take the evidence of World Trade Organisation, they say that for thousand people there should be availability of one doctor where right now we are having less than that and that's the real fallacy in our distribution of doctors as per the population and that to population rural versus semi-urban and urban.

Govindraj Ethiraj: Right and why do we not have more medical seats as a very general question at this point of time? So for last 5 years and 10 years

Dr. Kailash Sharma: there is a very encouraging picture from the government side that in Maharashtra now every district place is having a good government medical college and in UP, MP, then Andhra, Telangana, Tamil Nadu, yes they are having also good number of government medical colleges but private medical colleges for last maybe 20-25 years are really mushrooming because they have taken it as a business not as a hospital and not as an education.

Govindraj Ethiraj: Right but in terms of numbers you said we have 150,000 seats, is that an ideal number?

Dr. Kailash Sharma: Should we be having much more medical students with medical seat if say next 5 years we have 2 lakh seats and then we are but whenever the number of seats are increasing there will be a dilution of the standard of teaching, standard of clinical material and standard of the examination it will get diluted. So that's a fallacy but yes I'm not against increasing the number of seats but when the number of seats are increased there should be facilities also available so that students can learn within five and a half years of their curriculum a good doctor like MBBS and there will be a competition again for going into postgraduate and then super speciality and all these things. So it should be increased to up to 2 lakh to 2.5 to 3 lakh it should double in next say 5 to 7 years.

Govindraj Ethiraj: Right and if I can ask you to look at this or the current situation of supply of doctors and the challenges that we are having in the selection system from your perspective as a super specialised physician in cancer care, where do you feel we are as a country in terms of as you look at the longer term supply of specialist doctors?

Dr. Kailash Sharma: So undergraduate we have already touched upon now there is a fierce competition from MBBS to go into PG which is MD and MS and from MD and MS again into super speciality like DM and MCH and all different subjects like oncology, cardiology, nephrology, urology all all such subjects and now the specialist initially there was a general practitioner which was available and general practitioners are usually the family physicians they should be available so that they can sort out all the local matters and those who are really a clinical presentation of a patient and then they can refer to specialists but right now you will find that number of specialists are more available in a taluka place and at metro places rather than the rural place so nobody after passing MDMS or super speciality would like to go to a rural place because they don't have education for their children they don't have facilities for them to be practising so there is a mismatch but there is an encouraging picture right now that MDMS seats are also increasing so number of qualified doctors specialists like surgeons and physicians, internal medicine these are available right now at good taluka places and maybe little semi-urban places for last five years yes there is an encouraging availability of all these specialists also but at super speciality in some subjects are available but in super speciality say oncology my topic which is close to my heart and mind there are less number of doctors available in the entire country and south east asia as far as the oncology is concerned.

Govindraj Ethiraj: Right so we started by or rather I started by asking you about the NET what do you feel needs to be done to make NET more strong or robust and with higher integrity than what we are currently seeing?

Dr. Kailash Sharma: Right now the NET basis paper pen and testing versus the recommended would be a computerised based test because it will have a stronger safeguards it will have a faster processing and it will be a good pathway for adoptive testing which is being right now utilised by GRE and GMAT so if it is a computerised testing there will be no papers no paper setting no translation no paper transportation availability opening distribution it will be computerised so that student sits at centre opens the computer but there will be a problem that availability of network should be there there should not be any failure of the server so as for GRE and GMAT the exam will be so robust and so adoptive testing means it will happen like this like question difficulty will be dynamically adjusted to the candidate's performance and it has a very scientific base and calibrated assessment system if you go by CBT computer-based test which will have an adoptive testing type of ability so that a student can perform weak student versus strong student strong questions versus weak questions all these will be very well balanced and managed ultimately the question bank has to be there and question bank is always a human bank human on doctors only will give the questions but the chances of leakage will definitely go down and down if you have a computerised base test which will have a robust background and I think next year it should get available and it should be implemented.

Govindraj Ethiraj: Dr. Sharma thank you so much for joining me.

Dr. Kailash Sharma: Thank you Govindraj, it was a very nice and burning topic.