The Markets Rise On Tariff Developments
The indices were up on Thursday once again, touching 10-week high levels
On Episode 681 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Prothi, Director General at Coalition for Disaster Resilient Infrastructure as well as Ambareesh Baliga, Veteran Market Expert.
SHOW NOTES
(00:00) Stories of the Day
(00:50) The markets rise on tariff developments and rate cuts
(04:26) How far can domestic flows support markets?
(12:36) How Mumbai is India’s millionaire capital
(14:24) Building more disaster resilience is critical if we are to learn from the extreme weather events we saw in recent months in India
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 [email protected].
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Good morning, it's Friday, the 19th of September, and this is Govindraj Ethiraj broadcasting and streaming weekdays from Mumbai, India's financial capital.
Our top stories and themes.
The stock markets rise once again on tariff developments and rate cuts hit a near 10-week high.
How far can domestic flows support markets?
Mumbai is India's millionaire capital.
And building more disaster resilience is critical for India if we are to learn from the extreme weather events we saw in recent months.
A 10-Week High
The indices were up on Thursday once again, touching 10-week high levels thanks to IT and pharmaceutical shares after the United States Federal Reserve announced a quarter-point rate cut which may have little impact in the near term and on signs of easing trade tensions which may have some impact. The US may soon scrap the penal import tariffs on Indian goods and also cut reciprocal tariffs of 10 to 15% from the existing 25%. India's chief economist said on Tuesday.
But he also said that he was personally confident that in the next few months, if not earlier, we would see a resolution to that extra penal tariff of 25%. He said that it may also be the case that the reciprocal tariff of 25% may come down to levels which we were earlier anticipating between 10 and 15% Reuters reported him saying, which of course is a very high level of confidence given that everything finally lands on the table of US President Donald Trump. And the last time that happened, we were pretty shocked if not odd.
And let's see how it goes this time. This is a background that has hit Indian exports to the United States firmly, which is also India's largest trading partner. Exports fell to about $6.8 billion in August down from $8 billion in July. Overall exports were down to a nine month low of $35 billion in August against $37 billion in July.
The markets meanwhile continued their steady rise, which have of course recovered everything that they had lost to that tariff hit. And the trading day saw a stronger undercurrent keeping prices up more than most recent days. The Sensex was up 320 points to close at 83,013.
The Nifty 50 was up 93 points to close at 25,423. In the broader markets, the Nifty mid cap 100 and small cap 100 were up .38 and .29% each. Now since we've spent several months talking about it and preparing for it in more ways than one, a few words of the US Federal Reserve, which cut interest rates by a quarter point bringing overnight funds rate ranging between four and 4.25%. Now, the move was fully priced in the market.
So traders got what they expected, says CNBC. And while Federal Reserve Unity projects an image of independence bolstering its credibility in the eyes of financial markets, the expected rate cut did little to cheer markets according to CNBC, which of course should not be surprising given that the markets have been using every signal and contrast signal to buy stocks in anticipation of those rate cuts. On Wednesday, the S&P 500 and Nasdaq Composite were down with the Dow Jones Industrial Average only rising slightly.
Things turned around Friday morning or rather overnight. Meanwhile, in a surprise and somewhat even shocking deal, Nvidia has said it will invest $5 billion in Intel as part of a deal to co-develop data centre and PC chips. And if you recall, Intel took on the US government as an investor last month or rather was forced to do so.
Intel shares jumped 30% to around $32 a share in pre-market trading following news of that deal. Nvidia CEO Jensen Wang said that the historic collaboration tightly couples Nvidia's AI and accelerated computing stack with Intel's CPUs and its vast x86 ecosystem. And that's a fusion of two world-class platforms.
All of this reported by CNBC. Now, Nvidia joins SoftBank and the US government in supporting Intel's turnaround. Back home, the rupee weakened alongside other Asian currencies as investors digested the US Federal Reserve's much-expected interest rate cut and Reuters reported that the rupee closed at Rs 88.13 against the US dollar, which was down 0.36% for the day.
Asian currencies were down between 0.1 and 0.6%. The dollar was also down to 96.9 against a basket of major currencies but up from a three and a half year low hit in the immediate aftermath of the Fed policy announcement, according to Reuters. Now, we quoted a report from Kodak Institutional Equities yesterday which essentially said the markets have not really moved in a year's time, despite some $90 billion of domestic institutional investor flows from last September to this one. And also building up to the point that flows are not sufficient to send markets up may seem intuitive.
And fundamentals were also important, which have been weak in several quarters, that report said. Another report from HSBC looks at returns across the four key asset classes in India, equities, government bonds, corporate bonds, and foreign exchange. And it says that after a strong brand, returns across all four have softened in the past year.
And yet this has happened at a time when global market volatility has fallen and emerging markets have posted very strong returns. So why has India not joined the party that report asks? Or it reframes the question and says, what drives returns in India? Now, that's obviously something we ask on the core report too. Now, the HSBC report says global drivers, especially global growth matter more for equities.
And it says that one may think that this is at odds with the common perception that domestic inflows hold up the market and they do play an important role. But while they can put a floor on returns, foreign investors are needed for equities to rise meaningfully. So how do we interpret all of this? I reached out to Ambareesh Baliga, veteran market analyst, to get his view on what he saw as the markets and the market's behaviour in the last year and the role of foreign institutional investors.
INTERVIEW TRANSCRIPT
Ambareesh Baliga: No, see, if you see the last one year, yes, we saw a lifetime high in September last year, because it was just a one-way move for the markets post-COVID. I mean, except for a small correction of about 15-16% sometime from January 2022 to June 2022. Other than that, it was one way up.
And like I said, we saw the lifetime high last September. And post that, we again saw a very good correction of about 16-17% till about February 2025. Now, if you see from point to point, you feel that the market is at the same level.
But from an investor's perspective, I would say that it was a huge opportunity for a lot of investors who possibly were waiting for a good correction to in fact get into the market or buy fresh. And those investors got that opportunity because like when the markets corrected that 16-17%, there were a number of stocks, and a number of sectors which corrected heavily. I mean, some of them even 35-40%, even 50%.
So, that was an opportunity for most of the investors. And those who utilised it are today sitting on a huge amount of profits. Why did it fall?
That's again a billion-dollar question. But then, if you look at the earnings, they were not really keeping in pace. And at some point of time, because of the FII continuous selling, we saw that correction.
But if over a few decades back, why a few decades? Just one decade back, at that point of time, if we had seen even a bit of FII selling, even a part of what they have sold in the last one year, we would have seen the markets cracking. But that did not happen basically because there was a huge amount of domestic liquidity which was flowing.
Govindraj Ethiraj: Right. So, okay. So, I'll split that into two parts.
So, the first is really to understand domestic flows. So, there is a general narrative that domestic flows are very strong and then they will take the markets up. So, that clearly has not happened.
I mean, should we acknowledge that or is there a caveat?
Ambareesh Baliga: No, I mean, depending on which point you're looking at. Because if you see from last year to now, yes, I mean, we are where we are. But then if you see from February till now, we are clearly up more than 20%.
18 to 20% we are up from those levels. So, whether you attribute that to domestic buying, that's a question mark. But then at the same time, we should also realise that the corporate earnings haven't really kept pace.
So, there is some sort of pressure as far as the corporate earnings are concerned.
Govindraj Ethiraj: Okay. And I'll come to earnings in a moment. So, let me ask now the converse question, which is that we're obviously seeing a lot of FII selling.
So, can we also say therefore, that unless there is FII buying, then the markets are unlikely to really rise or rise substantially?
Ambareesh Baliga: Rise substantially, yes. But I don't think today we need FII money for the markets to rise. The amount of flows which are coming in from the domestic investors, especially if you look at SIPs.
In fact, last year, when I was expecting the markets to correct, and it corrected as expected, fortunately, although with a huge lag, I was expecting the markets to correct much earlier in 2024. But then my understanding and my feeling at that time was that if the markets correct decently well, we could have these domestic investors possibly going back in the sense they may stop their SIPs, they may stop investing fresh in the markets. But that did not happen.
In fact, I was proven wrong as far as that is concerned. And that is quite surprising to the retail investors, I think their thinking has changed to a certain extent. In fact, they are looking at any major falls as a buying opportunity.
And if you see the SIPs, we are seeing record numbers except maybe for the last one month when we saw a bit of a dip. Otherwise, the amount of funds which are coming in from there, I think this demand supply of funds is what could be driving the markets at least in the short to medium term. Longer term anyway, it has to be the fundamentals, it has to be how the economy is performing, how each of the sectors are performing.
But at least in the short to medium term, it is basically the firm flow.
Govindraj Ethiraj: Now coming to earnings, so would it be then correct to say or let me pose the question. So is smart money really selling off because earnings are not keeping pace so far? Whereas non smart money, maybe that's not the right word, but let's say money that's going into SIPs because it's committed.
And most people have, of course, locked themselves into SIPs and they stay locked in. And that really has no choice but to go into the markets, whereas the smart money is constantly using every rise to sell, including FIIs. You can say that.
Ambareesh Baliga: You can say that because FIIs can be termed as smart money. The domestic S&I's again is smart money. So I think there's a decent amount of selling happening even from the domestic S&I's.
Whereas the mutual funds who are getting this huge amount of SIPs don't have a choice but to invest. That's what is creating this demand supply mismatch. From a short to medium term angle, you'll see the market momentum continuing as long as the SIPs are flowing in.
Govindraj Ethiraj: Right. So if you're saying that finally earnings is what's going to drive the markets with a stronger momentum, where are we on that cycle? Again, it's a matter of hope.
Ambareesh Baliga: Because about two to three quarters back, we were expecting that possibly from June 2025, we should start seeing a decent uptick. And then came the tariff issues and the rest of the geopolitical issues. And again, the September quarter may not be any different than what we have seen in the June quarter.
So now there's an expectation that with the sort of GST cuts which you have seen, and hopefully a U-turn by US as far as tariffs are concerned, from December quarter onwards, we could possibly see a decent uptick, December and March. There's a hope that that is what could drive the markets going ahead. But till then, I think the liquidity is what will keep it up.
But at the same time, let me tell you that even as of now, if you look from a fundamental angle, the markets are a tad bit expensive. But that doesn't mean that the markets will stop here, because the liquidity flows are strong, momentum is strong. So markets can move up, possibly to 26,000 levels, maybe it can cross the lifetime highs which we have seen in September last year.
But then to go much beyond that would be a bit difficult. We could possibly consolidate there, correct a bit and wait for the earnings to show up.
Govindraj Ethiraj: So we're barely three and a half percent away from the lifetime highs, right at this point?
Ambareesh Baliga: Yeah, maybe beyond this, the markets could just about consolidate.
Govindraj Ethiraj: Right. Ambareesh, it's been a pleasure speaking with you as always. Thank you so much for joining me.
Ambareesh Baliga: Thank you.
India's Millionaire Capital
India is seeing a dramatic rise in affluence with the number of millionaire households, which is a net worth of more than eight and a half crore rupees, jumping 90% to about 8.7 lakh in 2025 from about 4.5 lakhs in 2021. That's 870,000 now from about 450,000 in 21, according to the Mercedes-Benz Hurun India Wealth Report.
The report was unveiled alongside the inaugural Mercedes-Benz Hurun India Index, that's the MBHx, and the Luxury Consumer Survey, which highlighted Mumbai as the country's millionaire capital with 1.42 lakh wealthy households, followed by Delhi at 68,200, Bangalore 31,600, and Maharashtra, that's the state in which Mumbai is, leads states with 1.78 lakh or 178,000 millionaire families, according to that MBHx, which is a composite measure of Mercedes-Benz sales, new billionaire entrants, Sensex performance, and GDP, which has jumped about 200%, signalling resilient wealth creation despite global uncertainties, as we can see all around us. The survey findings also show that millionaires' preference for digital payments, stocks, real estate, and gold as top investments, the top brand choices are Rolex, Danish, Emirates, and HDFC Bank.
Let's Switch Gears
Monsoons 2025 has seen unprecedented rains once again. In recent months, India saw floods in states like Punjab, Himachal Pradesh, and Jammu and Kashmir, leading to considerable loss of life and property.
This time, we also saw crops being impacted in Punjab, as we discussed, quoting a CRISL report a few weeks ago, affecting food supply chains as well as the country. And then in Uttarakhand, we saw loss of life and property once again due to flash floods, something that we've seen in previous years as well. The Coalition for Disaster-Resilient Infrastructure, or CDRI, is a global partnership now spanning 59 countries and was launched in 2019 by India's Prime Minister Narendra Modi and the Government of India to promote resilient infrastructure against climate and disaster risks.
Just as a background, some 14% of global GDP growth is at risk each year from infrastructure losses due to climate change and disasters. 80% of this risk is concentrated in the critical power, transport, and telecom sectors. The CDRI is a multi-stakeholder initiative, involving national governments, United Nations agencies, and the private sector, and it aims to expand the development of resilient infrastructure systems to support sustainable development worldwide.
For instance, the CDRI's focus on urban resilience involves enhancing urban safety and sustainability by equipping cities with risk assessment tools, disaster preparedness, access to funding, and resilient infrastructure. Following a recent call for proposals, for example, which saw some 100 responses, 16 cities across 5 countries, including India, will soon benefit from impactful scalable solutions for safer urban futures, according to the CDRI. Now, with increasing disasters triggered by high-intensity weather patterns of the likes we have seen and are seeing in recent months, how can we be better prepared for the future? I reached out to Amit Proti, the Director General of the CDRI, and I began by asking him how he was seeing the global response to extreme weather events, and the resultant destruction, and a situation where countries are forced to firefight and gear themselves up for the future at the same time.
INTERVIEW TRANSCRIPT
Amit Prothi: You know, when we look at it, I see three challenges with what's going on today. I think, one, the amount of rainfall we're experiencing is a link to global warming. When the planet is getting hotter, the volumes that clouds are holding are bigger, they're dispersing water quickly, it's falling quickly, and it's falling in a way which we didn't anticipate in the past.
So, there's a whole change in the way precipitation is happening, which is then resulting in us being not necessarily very well prepared. So, from our point of view, what we're trying to do is, you know, three things. I think, one, can we do a better job of predicting?
So, that whole understanding of future risk, understanding of how climate change is impacting today and what will be the impacts in the future, what is the amount of rainfall we need to be prepared for? So, that whole side of data and modelling is something that we're trying to see how CDRI can influence. The second part of it is, you know, how does one prepare for that in the future?
I mean, yes, it's already happening, but we're also continuously building our infrastructure. So, can we build our infrastructure now with a better understanding of that risk? Does that mean our standards need to be improved?
Does that mean that, you know, we have to incorporate certain technologies? Do we need to rethink how we're addressing the problem of infrastructure, you know, housing, roads, telecommunication power? What do we do when it comes to the changing risk profile in the future?
So, you know, we're focusing on that. And the third part of it is the capacity to then respond. You know, we need our experts, our professionals, to start to get more refined in understanding the complexity of the problem and then addressing that.
So, for CDRI, we're trying to look at it along these three pathways. I think what has happened in Punjab, Himachal, Uttarakhand is really, really tragic. It is something that, you know, I can't say it's going to drastically improve overnight, but at least we know that we have to be better prepared.
And that forces us to be thinking along with all of the nuance, you know, data, like I said, capacity building, models, codes, et cetera. We really need to start working at a much, much faster pace towards that.
Govindraj Ethiraj: Right. So let me pick up the first one. And you talked about, can we do a better job of predicting?
We can see that there's a lot of effort going on, including the use of better technology and so on. So where are we broadly in that? And what should be our aspirational goal here?
I mean, in terms of what is the best case situation in terms of looking ahead?
Amit Prothi: So the best case situation is, you know, can we start to use new technologies? Can we start to use AI? Can we start to have data that is much more fine tuned to say, okay, in a certain location, what is the predictability of excessive rain?
What is the, you know, because extreme heat is also part of this issue of climate change. Can we be much, much, I think the answer is not, can we be? The answer is we can be, but how do we get there?
How do we use the emerging technologies? How do we use things like AI? How do we use the availability now of so much data to innovate in a way where our ability to predict immediately and in the long term gets much, much more refined.
There's already a lot of work in the private sector in that space. So, you know, some of the most advanced modelling today that is happening is coming from the private sector because banks started to ask for this information for their own investments. The private sector started to respond to it, but it's not yet easily available in the public domain.
So it's really important to say, how does one do this modelling in a way that, you know, our public entities can start to actually be better prepared with a better understanding of all of the data. You know, we are, for example, sponsoring some work related to artificial intelligence and early warning in the Dominican Republic. You know, so we're trying to also see how we use technology and emerging technologies in particular to be much more refined with our predictability models.
They're called probabilistic risk modelling, but we really try to, you know, see how we can be better at that.
Govindraj Ethiraj: Since you mentioned the private sector, you've also done this global business survey insights and I'll come to that in a second. Let me pick up the other point that you talked about, which is preparing in general for the future, which is really on ground. What could we do or how could we be better prepared?
Are there any sort of immediate lessons from what we've been seeing in recent months?
Amit Prothi: So, you know, I don't want, because I've not really looked at what's going on from that lens in the states that we're looking at, but just even the images that you see online, if you remember that image of, you know, that water body just coming in Uttarkashi and take away part of hill and then now there are natural channels in our hill states. I mean, there are these gullies where water does flow. People in the cities usually or in the locations have an idea that water flows here, there's a certain amount of water during a certain period, you know, that understanding is there.
Now we need to add to that a lens of this, you know, what is the extreme amount of water that could go through? And if we can start to understand that, then it comes down to, can we then look at our development in a way? Can we look at our patterns of development where some of those areas that are really fragile, that may be, you know, riverbeds, that may be, you know, parts of mountains that are more prone to maybe landslides, can we identify them and then bring them into our planning processes in our codes and standards to say, let's not build in those locations.
Let's be better informed in those areas and avoid them. Now, resilience actually also says that the concept of resilience is that sometimes we will have floods, we will have damage. The question is, can we then work towards reducing the duration of that period where, you know, the infrastructure may not be performing or can we quickly bounce back from an event because it has become a disaster?
We couldn't necessarily be, you know, our infrastructure couldn't prepare for all of it. So there is flooding, there is a, you know, there is something that happens and then can we bounce back quickly? And can we then use that disaster in a way that when we rebuild, we're building it to better standards.
So there's the whole theory of, you know, building back better in this discourse of resilience as well. Again, you know, the idea is you avoid losses, right? The idea is that you have to avoid losses.
That's loss of people, that's loss of property, that's loss of economic activity. That's the fundamental principle behind resilience. Sometimes if there is a disaster, then that last part of reducing the economic impact can also be by quickly recovering from what has happened and paying more attention to that as well.
And I'll maybe give you one quick example to make it more real. We're working with island nations across the world. And in the Caribbean, we're actually currently working with three island nations who are saying that we will actually store equipment to repair the power grid.
So each island is actually storing some of that equipment. Tomorrow, if there's a cyclone that comes to any of those islands, they'll actually have access to the equipment immediately so that they can restore their power. When you think about what happened in Hurricane Maria in Puerto Rico, Puerto Rico was hit by Hurricane Maria and the island lost power for close to a year.
So there's a huge impact on the economy when that happens. So then the question is, okay, there's a hurricane, it has damaged infrastructure, can we very quickly restore it? So all of those sorts of things that we're trying to think about.
Govindraj Ethiraj: And let me come to the last point that you talked about, which is the capacity, which is really people. Now, there are two, I guess, two or three kinds of capacity. One is, of course, at a policy and at a more macro level.
And second is the people who are on ground, the way they build or rebuild, since you talked about building back better, and the skills that they are able to bring to bear to do that. So again, where are we today on that score?
Amit Prothi: I don't want to use that scoring because in a way, I also want to acknowledge that the pace of development that India is undergoing today, if you look around the world, the scale and the pace has not actually happened in too many countries in the past. The only other country which one can maybe point to is China, and China is a very, very different country than ours. So we have to build infrastructure.
It's incredibly important for our development trajectory. That pace is not going to get reduced. So now the thing is, how does the capacity of our professionals get better?
And so for us as a coalition, what we're trying to do is how do we fast track exchange of solutions? How do we fast track development of new curriculum in academia? How do we get professionals from India to experience what is going on in other countries?
For example, you know, the Netherlands does a pretty good job of water management. Australia does a good job of asset management. They're all members of the coalition.
Italy does a very good job when it comes to earthquake engineering. So what we are trying to do is how the coalition builds capacities within our professionals by actually linking them to others who actually either solve the problem or have been thinking about it long enough so that they understand the complexity. We are working through the Dutch government support institution in the Netherlands that's advising on CDRI's urban water strategy.
So we're trying to see how through that experience of the Netherlands, who are considered some of the best, we bring their learnings to the coalition members through the secretariat. So we're trying to actually leverage the coalition in terms of capacity building itself. I mean, you know, we are still relatively small, but then we are partnering with the National Institute of Disaster Management, with the National Disaster Management Authority in India, and others saying, here are how other countries have dealt with it, or here are frameworks that we can actually, you know, replicate within India.
So we work with the Department of Telecommunication in India, for example. We work with the Odisha state government to understand the vulnerability of the power grid along the coast. Those are lessons that then we are bringing to other states to say, this is how in the infrastructure sector, one can understand challenges from disasters, including climate change.
And how do you replicate that in your own state or city? All of that is work in progress.
Govindraj Ethiraj: You mentioned the Dutch, I recall encountering at a CDRI conference, one of the practitioners or academics who was involved in this project where they flooded the streets to create a sort of benchmark.
Amit Prothi: Yeah. So, you know, the Dutch, because if you think about the Netherlands, they've had to deal with water for centuries and centuries and centuries. And it's interesting, I went and visited a water board.
Water boards in the Netherlands are governing bodies at the regional level. That water board was established, I think, in the 1400s, and it still exists. So they've been thinking about challenges of water for a very long time, the old dikes to protect against the coast, etc.
Now, in the urban residence field, there are some examples from the Netherlands, for example, the city of Rotterdam, which gets flooded from coastal flooding, riverine flooding, precipitation that falls and groundwater that comes up. So they've got all these sources of flooding. They've been looking at their city and saying, how do we manage water across the entire city in a way where we are either holding water for a certain amount of time.
So when your precipitation falls and if it flows very quickly, it could contribute to flooding. So they've actually experimented with parking garages that can hold water when there's excessive rain. They've got, you know, football or basketball fields that you can play basketball for the rest of the year, but sometimes that acts as a pond when it needs storage capacity.
They're experimenting with roof gardens where they delay water by storing it on rooftops. So they've actually distributed that whole infrastructure. So they have a canal, that canal actually, you know, you can walk along that canal, but when they need excessive capacity, water actually overflows onto the sidewalks.
That is also contained within walls. So it's not very unlike the ghats of India, right? The water level can go up and down.
The ghat functions as a flood wall because it protects the coast of an urban city, but also then you're using it for your cultural practices, etc. But that flexibility in infrastructure, that multi-purposeness in infrastructure is something that is now happening across a lot of cities that they're trying to experiment with. How do they use multiple spaces to manage the water?
And the Netherlands does a pretty good job with that.
Govindraj Ethiraj: Right, that's quite fascinating. So last question, Amit. So you also did a survey and a lot of our audiences are business audiences.
It was basically a global business survey to look at how organisations were looking at from a readiness enforcement response point of view. What are your key takeaways from that exercise?
Amit Prothi: The key takeaways are, I think the businesses, again, if you break them up by scale, the larger ones are much more aware of their risks and are, you know, much more organised around how they address floods, all of these challenges that they're facing. The smaller ones are not quite. In some cases, we also are finding that while businesses have a business continuity plan or a disaster management plan, they've never tested it.
So they don't actually know if it works or not. They have it on paper, but they've never really tried it. And it's really critical now that I'll give you an example again.
If you build your factory so that it's prepared for flooding, but your workers are not able to come to the factory, it doesn't matter that the building is standing and can withstand the flood. So that level of thinking that, you know, how do I ensure business continuity? How do I ensure that my building is functioning so I'm able to manufacture?
But how do I also ensure that my supply chain is actually continuing as well? I need supplies from my small suppliers. Are they resilient?
Are their workers able to reach them? So there's a lot of thinking that is still required. What we've found is that larger businesses understand their own risks.
To some extent, they do understand risks to their supply chains. But once it starts coming down to infrastructure needs, for example, you know, if you need to ship things or if you need to put things on a road that has to be connecting your goods to somewhere else, that's where we're finding there's a lot of gaps still in the private sector side. But a lot of plans exist.
That was one thing I was pleasantly surprised by is that there is actually a lot of documentation in this space of disaster management under business continuity. But it is when it comes down to the brass tacks, to the practical side, I think that's where there is more. They need to game it more.
They need to actually do more scenario analysis. They need to work with, you know, we do fire drills, right? But we don't necessarily do a flood drill.
We don't necessarily drill for cyclones. That's all the findings in the report. We're going to be launching the report in about a month and a half's time.
But early findings of the survey.
Govindraj Ethiraj: And I look forward to that as well. Thank you so much for joining me, Amit.
Amit Prothi: Thanks, Govind.
