On Episode 895 of The Core Report, financial journalist Govindraj Ethiraj talks to Vivek Kumar, Economist at QuantEco Research. We also feature an excerpt from our Special Edition featuring Girish Tanti, Vice Chairman at Suzlon.

SHOW NOTES

(00:00) The Take

(04:21) Tech stock slump in the US could help Indian markets.

(07:26) FII selling continues, with over $4.5 billion in June first week as Govt incentivises bond purchases for them.

(09:18) Decoding the latest GDP numbers and outlook

(17:46) How wind turbine company Suzlon is pivoting to becoming a round the clock energy supplier.

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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 Monday the 8th of June and this is Govindraj Ethiraj broadcasting and streaming weekdays from Mumbai, India's financial capital.

The Take

India's economic dashboard is flashing warning signs, household incomes are stretched, urban infrastructure is strained and of course fuel prices are rising. Add to this the geopolitical jitters following the late February escalation in West Asia following the United States and Israel attack on Iran which prompted a sudden Rs 7.50 hike in domestic petrol and diesel prices.

The Indian automobile sector should by all conventional metrics be bracing for a severe contraction, instead it's stepping on the gas. The month of May sales figures defied gravity across the board. Maruti Suzuki, the country's largest automaker, reported its highest ever monthly sales.

Hyundai affiliate Kia saw sales jump nearly 25% year-on-year while smaller players like Nissan doubled their output. Now this surge comes even as manufacturers are beginning to pass on rising input costs to the consumer thanks to the war. Now what explains this remarkable resilience? Well look beneath the hood and an interesting pivot is underway.

After years of chasing higher margins through relentless premiumization and a collective industry obsession with sports utility vehicles, India's automakers are now in many ways throwing it in reverse. They're rediscovering the economic power of the humble hatchback. For the last five or six years as officials of the Federation of Automobile Dealers Associations of FADA have shared with the core in the past, average car prices in India have nearly doubled.

While this enriched corporate balance sheets in the short term, it priced out millions of prospective first-time buyers. Recognising that the premium may well be running dry amidst tightening budgets, manufacturers are now aggressively courting the entry-level consumer but with a modern twist. The new small cars are no longer the stripped-down austerity boxes of the past, and to capture the modern value-conscious consumer, automakers are democratising luxury.

Consider Tata Motors recently reinvented Tiago. Launched at an aggressive starting price of 4.69 lakh rupees, the hatchback has a 10.25-inch touchscreen, wireless connectivity, a dual-screen dashboard, and a 360-degree surround-view camera. All of these features were historically deserved for vehicles almost twice the price.

As a top Tata Motors official told the Economic Times, the feeling of wow shouldn't be reserved for expensive cars. Today's hatchback customers want far more than mobility. They want design, tech, safety, and pride of ownership.

That sentiment is shared by the industry's largest player. Maruti Suzuki Chairman R.C. Bhargava recently reaffirmed the company's dual focus, noting that despite the SUV craze, the small car market is growing and has a long-term future in the country. A timely reduction in the goods and services tax, or GST, for entry-level cars last September certainly helped lubricate this shift, improving inventory levels and overall economics for manufacturers.

But this automotive pivot mirrors a broader macroeconomic trend sweeping through the country. The past seven years, give or take, were defined by premiumization across the consumer spectrum. But in the last year, giants in fast-moving consumer goods and electronics and, of course, cars, are redirecting their gaze towards first-time buyers and the mass market.

The coming years will undoubtedly test Indian consumers as energy market volatility and technological disruptions place pressure on household budgets. But the free market is already adapting. By innovating to capture the value-conscious consumer rather than simply retreating, India Inc.

is demonstrating that a crisis could spur competitive ingenuity. As the late management guru C.K. Prahlad famously observed, there is a fortune to be made at the bottom of the pyramid. India's automakers have clearly remembered the map and they are once again racing to claim it.

And that brings us to the top stories and themes…

The tech stock slump in the U.S. could help Indian markets.

The FII selling continues, over $4.5 billion in June, even as the government incentivises bond purchases for them.

Decoding the latest GDP numbers and outlook,

And how wind turbine company Suzlon is pivoting to becoming a round-the-clock energy supplier.

The Markets, FIIs, RBI and The Rupee

Not for the first time, Wall Street has reminded us that what goes up can come crashing down faster than you think. Wall Street's nine-week winning streak ended with a whimper on Friday as major technology stocks saw their largest daily decline since April 2025, thanks to a strong May jobs report, which fuelled fears of a hawkish policy pivot from the U.S. Federal Reserve.

Selling was concentrated more amongst the chip stocks and other technology favourites that have risen higher in recent weeks as the Nasdaq Composite and S&P 500 repeatedly hit fresh highs, according to a Reuters report which added that falling chip stocks dragged the tech-laden Nasdaq down by its largest one-day percentage loss since April 2025. The U.S. economy added 172,000 jobs in May, according to the Labour Department, which was more than double analysts' expectations, while the unemployment rate held firm at 4.3%. So, this report could be read in two ways. One, it provided reassurance of U.S. economic health, but also killed hopes of an interest rate cut from the Federal Reserve in the near future.

Now, could all of this have an impact on Indian stocks? Well, let's see. Back home, Friday was an action-packed day with the Reserve Bank's credit policy, which did not see any changes in rates and the announcement of strong GDP numbers. India's economy grew at an unexpectedly strong 7.8% year-on-year in the Jan-March quarter, Reuters quoted the government saying on Friday, thanks to strong private investment, farm output, and construction activity, which seems to have offset the early impact of the conflict in West Asia.

The numbers, which are the second in an updated data series with a revised base year and wider coverage, was well above a forecast of 7.2% in a Reuters poll of economists. Compared with the previous three months, however, the Jan-March reading was slower. The government revised up the growth rate for the previous three months to 8% from an earlier 7.8%. Gross value added, a more accurate measure of underlying economic activity, grew 7.9% in the same Jan-March quarter.

Gross value added takes away or takes out components of national accounts like indirect taxes and government subsidies. Most analysts believe the impact of the war will start to be seen in the first quarter currently underway, and more on that shortly. The Nifty and Sensex were lower on Friday, with the Nifty closing 49 points down to 23,366 and the Sensex falling 116 points to 74,243.

The broader markets also saw similar dips, with the Nifty mid-cap and small-cap falling 0.3% and 0.06%. So the rupee advanced on Friday, posting its best session in two months after the Reserve Bank announced a host of measures to attract dollar inflows over the medium term. The rupee gained about 0.9% to end at Rs. 94.94 under Rs.

95, its biggest gain since April 2, according to Reuters. Forward premiums, which is the cost of hedging foreign exchange exposure, fell to Rs. 2.67, which is the lowest this financial year, down from Rs.

2.85, according to Reuters. The steps announced by the Reserve Bank include a discounted forex swap facility for public sector companies and banks to raise external commercial borrowings, a similar facility to bear the full hedging costs for banks to raise multi-year deposits from non-resident Indians under the familiar foreign currency non-resident bank schemes, as well as exemptions for foreign institutional investors and the Bank for International Settlements from capital gains tax on receipts from interest or sale of government securities. Foreign investors are subject to 12 long-term capital gains on listed shares and bonds held for more than 12 months and a 20% withholding tax on interest earned from government bonds.

There is no word on the clamour for reducing capital gains taxes on sale of stocks by FIIs or more, which could potentially stem the outflow of capital or so it is believed, which has crossed more than $50 billion in the last 18 months and touched close to $4.5 billion in the first week of June alone. Elsewhere, oil marketing companies have raised the prices of domestic LPG or liquefied petroleum gas cylinders by Rs 29 per 14.2 kg cylinder, which is the second such increase in three months, and prices have now gone from Rs 913 to Rs 942 for the general consumer. Prices were earlier raised by Rs 60 in March per cylinder.

The government said in a statement that the cost of supplying a cylinder has now risen to over Rs 1,600, implying an under-recovery of about Rs 700 on each cylinder. The benchmark that one can use is that a fully market-priced commercial cylinder that's the 19 kg cylinder used in restaurants and hotels is at Rs 3,113 or about Rs 164 per kilogramme, according to the government. And in contrast, the domestic household pays about Rs 66 per kilogramme after the division.

India’s GDP Numbers

India has estimated GDP growth for the full year ended in March at 7.7%, according to the National Statistics Office, compared with a forecast of 7.6% in February. We're talking about 25-26. The chief economic advisor to the government of India had also forecast economic growth in the current fiscal year at 7% to 7.4% in a projection that was issued before the war in West Asia started.

And before I come to the latest GDP numbers, oil prices are of course down over the weekend at about $93 a barrel, gold prices are down as well at about $4,341 per ounce now. There is a fresh hope of de-escalation in the world and in India now, the latest GDP numbers are at 7.8% for the fourth quarter of 2025-26. So the question now is where does it go?

A report from Quantico says that India's economy is standing tall before the storm. So to explain that, I'm joined by Vivek Kumar, economist at QuantEco Research.

INTERVIEW TRANSCRIPT

Govindraj Ethiraj: Vivek, thank you so much for joining me.

So tell us what you mean by your statement about standing tall before the storm.

Vivek Kumar: Thank you, Govind, and thanks for having me back once again. Now, there are two parts to this GDP story and I'll probably take you back in time a little bit. So 2025-2026 was a year which saw significant amount of disruption on account of the tariff uncertainty in the initial part of the year.

And towards the end, which is the final penalty month, which is the month of March, we saw unprecedented amount of geopolitical uncertainty on account of the Middle East crisis that continues to unfold. Now, if you just zoom out and see how did the economy perform, the economy clocked a GDP growth of 7.7%. Now, to recall, this is the highest rate of GDP growth in the new GDP series, which was published earlier by the ministry. Not just that, I think it has belied all the expectations which were there at the start of the year when the tariff uncertainty was looming, as well as the final month of the year when the Middle East crisis erupted.

So taken together, there was an expectation that the GDP growth or economic growth momentum will take a serious knock, which the official statistics does not show in any way. In fact, all it shows is that on an annual basis, the momentum has actually increased. Now, that's the full year story.

Now, if you just were to concentrate only on what's happening in the very recent months or very recent quarter, then again, from a Q4, which is the Jan-March quarter perspective, the expectation was that because March was a highly disruptive month, there was an expectation that GDP growth momentum will slow down meaningfully. If you look at where the surveys were before the release of the GDP data, it was by and large around 7.4%, 7.5%. The actual print has turned out to be higher than what the survey pointed out. Look at Bloomberg, look at Reuters, look at whichever survey was conducted.

So again, it's not just the story of Q4 where things had turned out to be better. It's also a story of the entire year where the growth momentum has surprised on the upside. Now, that probably explains the fact that we've chosen that as a title for the GDP note, which was standing tall before this talk.

Now, GDP definitely standing tall, not just with respect to India's own history, but also with respect to what market participants were anticipating, and also with respect to the incremental momentum.

Govindraj Ethiraj: This is a new series, of course, but what's shifting within that, Vivek? For example, are there components which are stronger than the others, which may not be so evident?

Vivek Kumar: Well, so if you look at how the divide has been between the agriculture sector, the industry, and the services sector, the bulk of the incremental strength is reflected in agri and services. Now, within the industrial sector, there is a bit of a slowdown. Now, for example, if I can just quote you the number, the manufacturing, which is the lion's share of industry, slowed down from 12.8% year-on-year growth in Q3 to 7.3% year-on-year growth in Q4. So, it's a perceptible amount of moderation. Now, two ways to look at it. One is that it's a good amount of deceleration.

We are coming off from almost 13% growth to just about 7.5% growth. Now, is 7.5% growth on the manufacturing bad? I would say it's still a reasonably strong amount of growth momentum in manufacturing, despite what has happened.

So, yes, growth did slow down incrementally on the manufacturing side. But per se, if you look at it, how is 7.3% manufacturing growth? It's still a very healthy number.

Not just, you know, in the current context, but otherwise also 7.3% manufacturing growth is a healthy number.

Govindraj Ethiraj: Right. And putting all this together, what's your outlook now for this next quarter, which is ending in June? And ahead, given what we know so far about the impact that the war has had on the economy, as well as on prices that have been now rising, including for consumers?

Vivek Kumar: So, this is where the storm comes into play. And the current unprecedented amount of geopolitical uncertainty is going to have its ripple effects starting Q1. So, we've seen the burden sharing already happening, playing out.

And the burden sharing is somewhat skewed on the production side than on the consumption side. By this, what we mean is that a lot of pass-through that we are seeing on account of energy prices is getting reflected in producer input prices. So, whether it is on the gas side or whether it is on the, let's say, fuel, diesel or petrol side, everywhere there is a sharp escalation in producer's input cost, whereas the consumption prices have not seen a similar amount of increase.

Nevertheless, the increase is happening. And from a consumption perspective, Govind, a typical household, whether it is a rural household or an urban household, spends about 5% to 6% in that range of their monthly per capita expenditure on items related to fuel. Now, if your fuel items are going up by 7%, 8%, in fact, as recent as I think yesterday, we saw the second round of LPG price hike on the retail side.

Now, if your fuel prices start inching up month over month, you will start seeing adjustment at some point in time. And that's on the consumption side. On the producer side also, the margins are expected to take a hit.

It's not a surprise that while yes, the Q4 earnings were reasonably strong, but all the commentaries that have come out, especially with respect to Q1 and the guidance that companies are providing for FY28 is extremely cautious. So, there are reasons to believe that the margin is across sectors, especially in sectors where the fuel price intensity is going to be higher, we'll see a significant amount of compression. So, both from the production side as well as from the consumption side, we feel that what is currently playing out in the geopolitical arena will start showing up in our growth momentum.

So, that's one part of the story. The other part of the story is that it's not just the Middle East crisis, you also have monsoon-related uncertainty. And 10% deficit is what the IMD is calling for.

That's a significant amount of below normal or in fact deficiency in monsoon. If that also were to play out, it is only going to increase whatever the drag that one is anticipating on the consumption side. So, net-net in terms of numbers, what we see is and what we feel is that the growth momentum is going to take a significant amount of moderation or in fact knock on impact.

And it could dip to as low as 6.2% on the GDP from 7.7% in FY26.

Govindraj Ethiraj: Vivek, thank you so much for joining me.

Vivek Kumar: Thank you.

What can we expect from Suzlon 2.0?

Wind turbine maker Suzlon has broadened its portfolio to build round-the-clock clean energy parks that combine solar, wind and batteries. The company will help customers set up and run renewable energy systems, assisting with project design, construction and maintenance through the entire life cycle.

Suzlon, which is headquartered in Pune, wants to scale the portfolio of managed energy assets four times to about 70 gigawatts in five years, it said in a statement on Wednesday. Suzlon has its own wind turbine manufacturing plants, and it plans to source solar equipment. And most wind sites can accommodate solar and battery systems, and the company is negotiating with operators to repurpose them.

I spoke with Suzlon Vice Chairman Girish Tanthi over the weekend in an exclusive interview, and I began by asking him to walk us through what Suzlon 2.0, as the company is now defining it, would look like.

INTERVIEW TRANSCRIPT

Girish Tanti: This is primarily driven by two, three things and if I were to kind of just highlight two critical elements, I think first is the pace up to the electrification that is happening with adoption of EVs and also general industries that is moving fast on their green transition and the more important one which has hit the world very hard lately is the energy security part of it and I think almost all nations across the world are now seeing how they can get their energy system resilient and be more self-sufficient in what they do.

If you look at home, India too, the kind of growth that we are seeing and we are further fuelled by 6% plus growth rate that we have. So if you look globally, the electricity demand across the world by 2050 will grow to almost 2 to 2.5X of where we are today. India during the same period will grow 5X.

So we are at almost double pace to rest of the world in terms of electricity demand fuelled by all these elements. Also India, the industrial load is something which is moving very fast. The cooling and heating systems are moving significantly fast.

Of course, we have the EV adoption which is growing significantly fast also. So all of these is kind of adding to that and if you look at our conventional energy, almost 75% plus of the fuel dependence is all on imports. So that is another challenge that India has and I think, you know, the vision.

Govindraj Ethiraj: You mean coal?

Girish Tanti: I mean in general.

Govindraj Ethiraj: Coal gas.

Girish Tanti: Yes, coal gas. In general, if you see the non-fossil fuels, if you put all of them together, effectively that is where we are and that brings in both the sensitivity, one on the availability, now that has become a question mark and then it is 4X issues also and inflation due to that. I think effectively what is happening is that the situation could have been even worse had we not started on this journey early.

Govindraj Ethiraj: Are you seeing more interest or enquiries after 28th of February 2026?

Girish Tanti: See I think there, it's not specific to that, but I think in general the pace up has just you know today like there was a time when we were talking say 2-3 years out. Now we are talking 5 years, 6 years out. So people have started planning for the future that looking much beyond and I think they are getting more certainty to the green transition thought process with solidity that this has to get done.

It's not a question of should we or shouldn't we, now it's just that how quickly can I get it done.

Govindraj Ethiraj: So what you are saying is that the war in West Asia has reinforced the belief that we need to… We need to move fast. Which was not so maybe urgent earlier.

Girish Tanti: Yeah, you could see that.

Govindraj Ethiraj: So tell me about your rebranding so to speak and you called it Suzlon 2.0. So what's fundamentally different from what it was?

Girish Tanti: So you know this is, it's kind of built on the foundation that our founder kind of you know put in place. Tulsi Bhai being a visionary you know he had kind of and we had the benefit of being along with him in that journey and it's just that now we are putting the next layers of growth aligned to that vision. So he had a vision to make Suzlon you know one of the leading global renewable energy company from that.

Until now, so there are fundamentally five things that we are doing as part of Suzlon 2.0 which is taking us from a pure wind company to a wind first full stack renewable energy company. So the first element that we are doing is on the RE tech which is primarily building our technology capabilities not just for wind but for solar and storage also. So that's the first bit of it.

Govindraj Ethiraj: And can you elaborate on that a little more?

Girish Tanti: Yeah, so there basically today if you see you know the market has moved. See until now wind solar was a kind of it was seen as an alternate energy source. Now when you are hitting 50% and growing beyond that you are becoming the primary source and what it means is that now you need to be firm and dispatchable to the core meaning you need to be available on demand anytime you need it.

And today with wind, solar and storage the price points where we are and the technology solutions that we are, we are getting closer to that situation and we are able to provide those kind of design on a standalone basis and in a grid connected system also. So effectively what we are doing is that we have that strong expertise in wind. We are trying to now expand that to be able to align to the market shift that has happened from a single source to a multi source that can you guys put everything together for us and you know you be our technology partner to implement a new technology.

So that's the first shift that we are doing. The second shift which we are doing is that the problem is that now we need scale and we need it yesterday you know it's almost like that and that's the answer to our second pillar that is there is the project development. So in project development basically we are decoupling the project execution from project development.

Project development is basically preparing the field ready for construction. In the earlier model what was happening is people were getting secured PPAs and then they were trying to go and build out. What we are now talking to our large customers is while that cycle can continue we need to prepare for tomorrow.

Otherwise there is a clog up that is happening on project execution and project delays and then transmission delays and then things don't happen. So unless we do not think ahead of the curve we will never be able to kind of make that bridge. So the Devco that we are doing now which we are expanding from a pure wind energy development which we have been doing for last 25 years.

How do we convert it into an FDRE development? Fortunately almost all wind sites you can add solar and storage. Conversely it's not true that if you have a.

Govindraj Ethiraj: What is FDRE?

Girish Tanti: So it's a form dispatchable renewable energy source. It's almost 24 7 green kind of power. So luckily for us that the wind sites that we have today we have about 20 gigawatts of project development that we are at any point in time working on of which about 8 gigawatts is matured project development meaning you can enter into contracts with customers for a firm commitment to get it to commissioning by a next date.

So we are now converting that to wherever customer needs solar and storage we are converting the development and we are now we would be offering customers that let us get into co-development where I lock in the project for you. We use the next 24 months to get it to a level that we have got all the field things tied off and ticked off. It's ready for construction and then we start the actual construction.

So you have a sure shot commissioning on that. So that's the Devco piece. Devco piece will largely allow customers to bring in certainty to bring predictability bring in scale and shorten the time to market.

Govindraj Ethiraj: So this is the Devco piece. If you were to give me the example of one such installation let's say in Rajasthan where you have abundance of both wind and solar. So how would it work?

Girish Tanti: So effectively what will happen is you will have a site you will have the wind farm over there along with it you will also have the solar installation you will have the battery installations also. So earlier if you were doing say just solar your uptime or availability of power would be about 26-27% of the time during the year because it's only when the sun is shining. If you do only wind then you get about 40-45% because wind blows throughout the year but effectively it's 45% of the time that you get wind.

If you put at the same location wind and solar that grows to almost 55% to 60%. So you are able to get power during when you need it for 50 to 65% of the time. You put a battery pack depending upon the sizing of the battery you could go to 100 also if you need.

So effectively then you are able to now have firm dispatchable green energy on demand when you need it 100% green on that ground. So that is the model that we are shifting from a pure solar to a pure wind to a 24-7 green energy solution. That's the piece that we are working on.

Govindraj Ethiraj: And suppose if I were to ask you to break it down by units so let's say you have one windmill I mean I know that in any place you will have more than one. Suppose you had one windmill of let's say 4 or 5 megawatts. You would add what?

How much would you add to balance it?

Girish Tanti: That's a very good question. So effectively depending upon what level of firmness you need means what certainty of power you need say do you need it for 85% of the time or 90% of the time even the thermal power projects they work with about 85% or so. So even if you have to benchmark to that level that okay I need 85 then typically with today's technology and you know the price points that are existing you will go with a combination of about 40 to 50% of wind.

You will go with similar 40 to 50% of solar. Again why I am giving that range is because location wise either the wind radiation I mean the wind potential could be higher and therefore the solar can be lesser or otherwise a different location. But in the range of 40 to 50% of each one of them is what you will put in that and then you would have about 10-15% of battery pack to make sure that you are able to deliver that.

Also what happens is the way you design it and this is a very important area which will be working closely with our customers is say you take an example of an industry and you have a plant and now you have a fixed load profile that I need power like this. So then we design the project to meet that power load conditions that will define whether you will take a 60% wind, a 40% solar and a 10% battery or you will have a 40% wind and 60% solar and maybe 20% battery which way you want to combine. So that optimum design to meet your load specific requirement be it an industry, be it a larger group cluster of companies or a utility or be it the larger grid of a state utility.

So you can design it at all levels. You can almost design it for the state load conditions also and do it from that area.

Govindraj Ethiraj: And your customers at this point, I mean two questions. I think one is who are your classic customers at this point of time? Secondly, if you are retrofitting at existing sites as you said, who is the buyer for it or who is bearing the capex?

Girish Tanti: So effectively if you see, there are three large customer base. One is the industrial customer base that you have, other is the PSU segment that you have on that ground and then you have the utility segment. And all of these today already have in their portfolio wind, solar, storage and they are adding storage on that.

So today they too are doing this balancing where we are coming in is we are saying that while you have been doing at a system level, can we bring that same capability at a project level so that you optimise it at there. For example, today if you have a grid line, you are putting a 25 kilometres grid line in Rajasthan to put up 100 gigawatts of solar, 100 megawatts of solar project. Utilisation of that grid is only 26% of the time, otherwise no electrons are moving there.

You put wind along with it, it will grow up to 55, 60% of the time. Your payback almost of the grid becomes half. You put battery, then it is even higher, your payback goes further significantly.

So your asset utilisation of all the grid infrastructure that you are building, the more balanced system you have of wind, solar, storage will ensure that your payback is faster and the efficiency and more importantly your grid stability, the quality of grid itself is enhanced.

Govindraj Ethiraj: And if I can go back to a question that I asked in the beginning, which followed on from what you said about how all countries are now growing almost at the same pace. Have you seen, one is of course what is the current split between domestic and international and secondly have you seen like an enquiry coming from a place that you would not have expected otherwise or a kind of industry that you would have not.

Girish Tanti: I think we just published the global wind energy report a month back at Madrid just last month and we are seeing that almost 15% increase in number of countries that have now adopted wind just in last one year, so which otherwise were not thinking on that ground. Same way now we are seeing the India model which we have, this Suzlan 2.0 model when we have discussed a little bit also with our global customers, they find it interesting globally also that firm and dispatchable nature of renewables is going to be the future globally also. And I think there too industries are moving to become self-resilient on their own also.

So I think we are seeing that trend globally where adoption is moving much faster and also hard to abate industries are moving much fast on the green side because it is affecting for the first time we are seeing that you know business plans can be curtailed due to non-availability of electricity. And I think we have never seen that I mean it was a past thing but that can be a future limitations also for countries and you know companies. So I think people are looking ahead of the curve to make sure that whatever is their growth plan, the electricity required for that happens.

And also another thing how much of it I can move from you know molecules to electrons, so that is the other because there is that risk which gets in with the molecules, so that is the other factor which has come in most of the companies now.