Aim to eradicate black money; focus on UP elections, says Naidu

 “Unearthing black money is step one, eradicating it from the system is step two” says Naidu in an exclusive interview to CNBC-TV18’s Shereen Bhan.

Naidu says from the Day 1 this government has moved towards fulfilling its poll promises.

The aim of this government is to move India towards digital transactions and the necessary infrastructure for digital ecosystem is being put into place.

Talking about his ministry’s portfolio under which comes ‘housing for all’ - it is a massive project which needs lot of funding and so had to ask for extra funding from the centre.

To make this project a success, there is a need for interest rates cuts, make more money available from banks etc. So the ministry has asked for priority sector status for this housing project and hopes Prime Minister will agree.

Ease of approvals is another focus area of the ministry, says Naidu. If the approval time is reduced considerably, it helps cut costs, so the ministry has met stakeholders in real estate and fellow ministries around nine times, he adds.

Ministry aims at providing all realty approvals within 30-60 days.

Talking about the upcoming Uttar Pradesh (UP) elections, he says it is a very important state because of its sheer size and more importantly because it is still lagging development.

“If India has to develop, UP has to develop,” says Naidu. The dates for elections are likely to be announced in first week of January, he adds.

In the interview, he also spoke about the need for a new policy for the broadcast sector.Below is the verbatim transcript of Venkaiah Naidu’s interview to Shereen Bhan on CNBC-TV18.Q: Let me start by asking you about demonetisation. Prime Minister had asked for 50 days, the 50 days ended yesterday. We have seen merely some relaxation coming in only as far as the withdrawal limits at ATMs are concerned. The hope was, and the expectation was that the withdrawal limits that were imposed would have been lifted altogether. If things have improved, then why do the withdrawal limits still stay?A: Things are improving gradually; they will improve further and moreover wait for tomorrow. Q: So there could be another announcement tomorrow? A: Wait for tomorrow, you can understand what I mean to say. The Prime Minister is going to address the nation, so he will take the people into confidence. So, we have to wait till tomorrow and then start discussing further. Q: So you are giving us a hint that perhaps we could see some more changes being brought in as far as the withdrawal limits are concerned. However, if I were to ask you to assess and you have always been candid and forthcoming in your comments, if I were to ask you to assess the performance over the last 50 days -- I think it is premature to call it either a failure, it would also be premature to call it a success because there is only anecdotal evidence that we have to go with at this point in time. How would you assess the last 50 days? A: What is the purpose of a remonetisation or demonetisation, is because the Reserve Bank of India (RBI) always says the amount of money they put into circulation, majority of it does not come back to the system. The biggest achievement, the core achievement of this exercise is the notes have come into open. How many of them are black, how many of them are white that will be known in due course after scrutiny, but the notes have come out that itself is a great success. Q: So you are saying the fact that actually deposits have surged which was not the case earlier because even the Attorney General in the Supreme Court has himself admitted that the deposit number has exceeded the governments own estimates. So hope was that actually money won’t come back so the RBI will be able to extinguish that liability and give a dividend to the government. A: You have to look at it from the other angle. This much money has come back, so, that means that has come into the system. Once it comes into the system, the revenue for the government will increase because there will be wider tax net, a lot of people will be coming into that regime. That will be really helpful to the country and exactly how much is the actual money, and how much is black money will be known little later, then we can analyse and discuss. Q: You are right and which is why I said it is premature to either call this a failure or a success because we don’t know what is going to be the increase as far as tax is concerned. A: Success is -- basically we are moving towards success. Moreover, this is only one step to eradicate the influence of black money and corruption. A lot of things will follow. Also, you have seen the government is acting systematically. It is not an all of sudden idea, not a sudden announcement. Of course timing, you cannot give an indication then announce it, but if you look at it, one has to look at it in holistic manner, a comprehensive manner.What was the issue in 2014 election? One issue was leadership; there was a policy paralysis.  Second was corruption and black money; that was the major issue. People with all hope voted for Narendra Modi, that he is a doer; he will do something in that regard. So, on the first day of our cabinet meeting, May 24 2014 he was sworn in, May 26 2014 we all were sworn in to the May 27 first cabinet meeting, first item in the cabinet was constituting and Special Investigation Team (SIT) to track the black money/abroad and then bring it back -- that started there. Then in July 1 2015, we brought legislation for the black money which is abroad, for that action has been taken. The third thing is, we negotiated, we entered into an agreement with multi tax avoidable treaty with Mauritius and Cyprus. Today you have seen the Finance Minister announce yesterday we had an agreement with Singapore also to exchange information. In between we had an agreement with Switzerland and then we have negotiated with America and we also we had that factor Fair and Accurate Credit Transactions Act (FACTA). So, one after another, the government and the Prime Minister was steadily moving towards unearthing black money and elimination of the black money from the system. Then afterwards this Income Declaration Scheme (IDS), for that also Prime Minister has given three months time and he has cautioned and forewarned the people also. After that then the government also has notified the 1988, this benami property transaction act which was brought in 1988, it was not notified for the reasons best known to the Congress Party. Our government after coming to power, we have done it and now this big announcement about demonetisation. So, we are moving step by step, we are moving very cautiously because India is a huge country; we have a big problem of 86 percent of the currency transactions having high denomination notes. Some people are comparing with America, with Germany and all – you cannot compare lemons with apples – one. Second, even in America, for the information of those critics, I would like to tell them 25 percent only cash transaction, 75 percent is digital transaction there also. So, we also want to move in that direction so that the moment you go for a digital transaction, there is less scope for corruption, less scope for black money.Q: I don’t think anybody argues with the purpose or that objective if that is indeed the end objective. I think the argument has been whether this kind of shock therapy was a need of the hour, whether this is a self inflicted goal and whether the infrastructure is actually ready? Chandrababu Naidu, the Chief Minister of Andhra Pradesh who heads the digital committee that has been setup by the government, himself in his interim report to the Prime Minister has said that the infrastructure is not ready, you need to import MPOS. A: Infrastructure for digital transfer, it is a big transformation. However, I must tell you, such things, such announcements have to be sudden. Otherwise if you inform all the 92,000 bank branches and then 2,20,000 ATMs and then 1,50,000 postmen and all, the purpose will be lost.Q: But the incentivisation of digital transactions that is happening now could it not have happened before demonetisation? A: One can argue that way also but my point is, that has started before. What is this Jan Dhan Yojana? Prime Minister after settling in office, the call he has given to the people of the country is open bank accounts. Some people started laughing at it but we could make 26 crore people to open their bank account. 26 crore means each family four to five members, that means 90-95 percent of the population has come under banking net. Inclusive growth, you need bank accounts. Now, Prime Minister also started talking about Jan Dhan Yojana, Aadhaar, and Mobile (JAM) and today you have 99 percent are Aadhaar seeded; that is also moving in that direction and then mobile. Now you have more than 100 crore mobile phones and ultimately he wants to link Jan Dhan, Aadhaar and mobile while transfer takes easily. So, these things are happening simultaneously. However, one can argue, you could have started all this even earlier also, oaky I have no quarrel with them, but point is we have inherited so many problems. Please understand and appreciate, I call upon CNBC viewers also, we have inherited such a situation, a horrible situation, fiscal deficit, revenue deficit, trade deficit, current account deficit, above all trust deficit. He was addressing one after another and simultaneously addressing all the issues. Even the work culture, we have gone for biometric, improvement of attendance in the government officers, we have gone for neem coated urea, there is no line, no queue, no waiting for urea now, that is available to everybody and then taking care of digitisation of the provident fund accounts - that has been done greatly, people are happy in that account and all and then with regard to kisan credit cards also, we have given impetus to that. All these things are being done but one thing I don’t quarrel with them, expectations are very high. People feel that Modi has come, everything will change and all. In a country which has been ruled and ruined for last so many years and then while the system has become rotten, he is trying to repair one after another. He has given us a three line mantra. He said reform, perform and, transform. Now, as an I&B Minister I add inform also. You have to inform the people and make them ready. This is what we are doing. So, that way, demonetisation exercise is long overdue. If I like to recall this demonetisation was recommended in 1971 by MN Wanchoo Committee.Q: The Prime Minister has made that argument in his speech but it is a very different context, it is a very different economy and it is a very different situation. A: When 1971 itself there was need for demonetisation and Justice Wanchoo committee makes recommendation -- 1971 was small volume – that is what you were trying to say; I do agree and 1978 some demonetisation has been done by Janta government also – same DNA, we were also part of it. However, today economy is very big, the size of the economy is very big and circulation of the notes also are huge and that is why this is very much needed and it is timely action taken by the Prime Minister because there is a parallel economy going on in the country. You have a neighbor who is trying to aid, abate and fund a trained terrorist across the country, providing them counterfeit currency, you have drug trafficking, you have woman trafficking, you have arms dealers and all, all these problems are there. That is why we are compelled to take this action where bitter pill for long term ill.   _PAGEBREAK_Q: Bitter pill for long term gains.A: Bitter pill for long term ill and temporary pain for long term gain.Q: You have said that this is just the first step in a continuum of steps that the government intends to take. The SIT has made several other recommendations. The SIT never recommended demonetisation but the SIT had talked about disincentivising high value cash use. What can we expect now? Are we likely to see some of the other recommendations of the SIT being taken forward?A: Definitely, every recommendation of the SIT is being discussed, considered at various levels and also we are receiving public suggestions also. We should ultimately move in the direction of eliminating middlemen, eliminating leakage. You remember late Rajiv Gandhi long back he lamented saying if I send if I send Rs 100 from Delhi by the time it reaches Anantapur only Rs 15 is reaching, 85 percent is leakage. That is why this jump. Jan Dhan, Aadhaar and mobile, that is the ultimate solution and then Direct Benefit Transfer (DBT). Congress party talked about it, but they did not - DBT, your scholarship, your pension, your subsidy, your compensation, your insurance claims, all those things, these are all the steps and then these benami properties also is a major issue. Then correction in the land prices, talking to the states and also with regard to registration, stamp duty.Q: The business of correction of land prices has been an argument that the government has presented and this perhaps ties in then with your plan for housing for all which is the stated objective of the government. The hope is that in Budget 2017 housing is going to be the big focus area. I know other ministries, the railway ministries asked for more funds in terms of the gross budgetary supports, the highway and roads ministry has asked for more and they have been turned down by the finance ministry is what we are given to understand. Perhaps the allocations will remain the same as last year. Your ministry might get more from the finance ministry. What have you asked for?A: These are all quite but natural for every ministry to ask for more funds because there is demand everywhere. I don't follow with them. If I were to be a railway minister I would have argued for railways. But housing is a core area where the Prime Minister has made an assurance to the people by 2022 housing for all. So, it is a massive task I have in front of me. So, I have been asking the Finance Minister, even I made a presentation before the Prime Minister also that I need good amount of money, the money that is given is not sufficient. Now everything has geared up.Q: What have you asked for?A: I cannot talk about exact number of amount I have asked because Budget is coming.Q: Is there a 10 percent increase over last year's allocation, 15-20 percent?A: I have a twofold request or objective. One is to reduce the interest considerably, for that also I need money. But banks are not going to give it free. You need to give money. So, I have already shown that direction that for affordable housing I am giving 6.5 percent interest subvention. For a credit linked subsidy. For the ordinary houses in some areas and all I am going to give Rs 1.50 lakh. That itself thousands of crores of money. So, I have impressed upon the Finance Minister, I met him. My officers also met them, made a presentation. Even I have written to Prime Minister, requested to the Prime Minister, discussed with the Prime Minister also I can be frank on that that this is a sector which requires good support. Shall I tell you one thing, the Prime Minister in our parliamentary party meeting while talking about demonetisation he said whatever benefits we get my priority is gaav, garib, kisan, mazdoor, mahila and yuva. Housing, health and education, these are the priority areas. So, I am hopeful that definitely housing will get a big boost in the Budget.Q: We are also hearing that perhaps there could be further relaxations as far as the rebate for housing loans etc are concerned. What should be now factor in as the next steps to try and boost these sectors because this is the sector which has seen sluggish growth, the real estate to be fair, even prior to demonetisation was seeing very sluggish growth. It has a multiplier impact on cement, steel etc. So, what can we realistically expect now beyond more allocations?A: You need to have a multipronged approach. One approach is we brought the real estate regulation development bill. Second is we have a relaxed FDI norms. Third is income tax exemptions have been given for investment in the housing sector. Fourth also the FDI restrictions about the quantum. Now the main issue is about reducing interest rates, second making more money available through banking system. That's why I have been arguing with the finance ministry to give me priority sector lending for the housing. I made out a strong case.Q: What is his response?A: I am sure too he is positive. The only thing is how much he is able to collect - collection are improving is what he said yesterday. So, I am hoping that importance will be given to housing sector.Q: One of the other things that I have heard is that perhaps the government will try and bring down the approvals required for low cost housing, for affordable housing. The government may also make in a sense a land bank available to private developers who will look the possibility of low cost and affordable housing. Is that on the table at all?A: Yes, the first one that is high on the table is about ease of approvals and then you have to go around from 46 agencies or organisation to get your permissions. It is taking a lot of time and then there is escalation of the cost also. So, the builders are very much concerned. Not only builders but also state housing boars also, corporations also, they are all agitated. That is a reality, even I am aware of it. So, as a minister I have held meetings with seven of my colleagues, nine times so far. And the final meeting is going to take place in the presence of the Prime Minister on all these ease of approvals. One have to come to civil aviation, permission of civil aviation, one has to come to the forest and environment, one has to come to railways sometimes. Defence ministry, consumer affairs ministry and then urban development. And then various ministries. We all have come together almost we are on the verge of finalising and for example civil aviation they will give colour code maps. If you are within that reach there is no need to come to Delhi for example. Environment, up to a particular amount the local bodies are going to be empowered then they can dispose it off, they need not refer to Delhi. That is the way of ease of approvals and reducing the time consumed for giving of approvals. That will go a big way.Q: So, when can we expect the announcement on this?A: Shortly. I want to do it before the Budget or during the Budget. I need to complete the last meeting with the Prime Minister. Then we have already issued guidelines for Mumbai and Delhi with regard to approvals and because the World Bank also ratings also takes into consideration Mumbai and Delhi. We have made a beginning there and we want within 30 days to 60 days whether your application is approved or deemed to have been approved. That is the approach.Q: What is the current approval period? Could take forever?A: Yes, not only that here I can tell you I have been to New York recently and also Berlin and I was interacting with them. Everything they are all talking very high. Then I asked them how much time here your organisation takes before the construction permits, they were looking at each other and then they said sometimes 1-1.5 years. Even in those countries. So, keeping that in mind we are trying to streamline the entire system. At the same time for example you have to take care of the environment, government lands that are being encroached by many people and then the safety and security of defence installation. That is why you need to take permission. Jabalpur, you need to take permission, Chandigarh, you need to take permission of defence establishments and all. So, everywhere we are trying to reduce the time that is consumed in this process.Q: Two pronged strategy, one of course will be lower interest rates, perhaps further relief as far as loans etc are concerned to try and give housing sector a fillip and the second could be to bring down the approval process both in terms of the number of approvals required and the timeline to get those approvals?A: But to buttress my argument in favour of my request I told them see what happened during Atal Bihari Vajpayee's period the interest has come down to 7.25-7.5 percent. So, there was a boom in the housing sector.Q: Is that the kind of expectation that interest rates will come down to the Vajpayee time era?A: That is my aim. Let us see what is going to happen.Q: Let me also ask you about the other big ticket item and that is smart cities and once again we are now headed towards the actual implementation phase. What is the expectation there as far as smart cities are concerned and how confident do you feel?A: As far as smart cities' concerned there are no problems now. Initially there were problems. First of all there is need for change of mindset. Secondly the urban local bodies hitherto are looking up. Now they have been asked to look inwards. They should also raise some resources, they must be ready for reforms and all. That is why smart city selection or identification is not based on political consideration or regional geographical and everything. Now execution of projects through public-private partnership (PPP) model. The PPP model though 35 models their ambassador have come, they met me were all eager to invest. They want to first of all find out one is the approval system, second is about the credit rating of the cities. This is a new concept now, more than around 72 cities they have already done credit rating. At the end of the day I want to have all the 500 cities which are selected under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and then 100 cities of smart cities, they should all go for credit rating._PAGEBREAK_Q: What about the possibility of Municipal Bonds as well? A: That also is there. We are actively canvassing about the same and then in-principle approval is there already but only thing is the state government should really prepare them for the same and then we are moving in that direction also. Q: Are you going to be asking for higher allocation for the smart city projects in this Budget as well? A: No. I have to first of all make the cities ready, they have to create SPV, they have to prepare a detailed project report and then they must start executing with what I have given. Then I will have a strong case to ask for the Finance Minister support additionally for this. I am asking more money for housing, I am asking more money for AMRUT though I have sanctioned maximum number – 82 percent of the money that is given to me already has been sanctioned. Housing also for information I must tell you, during the UPAs 10 years period, the total number of houses sanctioned was 12,70,000. In this short period of one and a half years once that scheme was approved, so far I have approved 14,70,000 houses. So, that speaks of the importance given, priority given to the housing sector.Q: Let me then ask you little bit about politics as well. We have seen a big development in the state of Uttar Pradesh; this is going to be the key state as far as the BJP is concerned. Do you believe that what has happened in UP with the split in the Samajwadi Party, the BJP is going to be the biggest beneficiary?A: UP is a very important state. Important in the sense, it is the largest state. If the country has to develop, first UP has to develop. UP is lagging behind. We used to talk about the BIMARU states and all, in that UP is top. However, unfortunately though the other states like Madhya Pradesh, Chhattisgarh, Jharkhand, Rajasthan, they all picked up and Bihar also is in an upward swing comparatively, but UP that is not the case because there is lack of governance and then corruption.Now, focus is on UP because, as I told you, Prime Minister told us that you must work as a team India, cooperative federalism; you must take the states with us. We tried our best but the state is not forthcoming all these days. Secondly, BJP has a good organisational base. Thirdly, in the Lok Sabha election, thanks to the leadership of Modi we got 71 seats. So, our stakes are high in Uttar Pradesh. We are focusing more on Uttar Pradesh.Q: What is the strategy going to be?A: The strategy is very simple, country is moving forward and UP should not lag behind; please join the nation’s effort of development.Q: Will you follow what you did in Delhi, Bihar, etc where you didn’t really put up a chief ministerial candidate till the very end?A: Even Maharashtra where we have won, we have not put up a candidate. Even in Jharkhand, where we have won, we have not put a candidate. Haryana, we have won, in spite of our not projecting anybody as a Chief Minister. By and large that will be the idea. Focus will be more on development and good governance. SP, BSP, and Congress, they have spoiled UP, they have pushed the state to backwardness and now BJP will give you all the development that is needed. So, join the nation, walk with Modi and work with Modi’s government.Q: What is the latest in terms of the election dates? Has there been any fresh conversation with the election commission?A: They may announce it in the first week; that are the indications.Q: In the first week of January the election commission is likely to announce the dates?A: Yes.Q: What about the possibility of Presidents rule in UP given what happened last time?A: We don’t know what is going to happen. It all depends on the number, if the present Chief Minister enjoying the number that is required, there is no question of center intervening and restabilising the state government. Governor has already gone on record; he is closely watching the situation. How this father-son fight is going to finally take shape, we don’t know. They come together, they again fall apart and then again they come together and then again fall apart, what is going to happen in the final stage, we can’t say. We have no interest about their internal affairs.Q: Do you think demonetisation is going to be a big political benefit to the BJP in UP?

A: Either you like it or not, demonetisation is going to be big issue in the election. They will make it, if not we, our opponents will make. Naturally we will also join the debate. We have seen the election results that have come in Gujarat. It is a sweep for the BJP; more than 80 percent. Then before that you have Municipal elections in Gujarat; BJP has won handsome. Maharashtra local body election, BJP has won handsome. Rajasthan local body election, BJP has won handsome and even in Chandigarh which is cosmopolitan city where you have good population of UP and Bihar people, including slums, out of 22 seats, BJP has won 20. Akali Dal, out of four they could win 1 seat. So, now the message is very clear.

In Chhattisgarh, Bhilai corporation, BJP has won, Sarangarh also BJP has won. Read the Express story, a small village where atrocities against ladies have taken place and it made a big issue -- there were atrocities but that is a local happening but they made it a nation issue. There, in that village also BJP sarpanch has been elected. These are all happening after demonetisation. Uttar Pradesh also, demonetisation has been an issue and I am sure people will vote for BJP because they believe in the commitment of Narendra Modi.

Q: You talk a lot about urban development which is just one of the ministries that you have but let me also ask you about Information and Broadcasting. What next now as far as the I&B ministry is concerned. You said that you have added inform to reform, transform and perform. One of the areas where the FDI cap hasn't been allowed to be hiked is in the field of broadcast media. Are we likely to see any changes there?

A: That is an issue that is being debated. We are yet to come to a conclusion. Two things are on top of my agenda. One is with regard to Cinematography Act - Censor - the Shyam Benegal Commitee has made recommendations. I am working on that.

Shyam Benegal Committee recommendations have been forwarded to Central Board of Film Certification (often referred to as the Censor Board), they have given their views. Now, I am also talking to other stakeholders._PAGEBREAK_Q: Do you believe that there is a need to overhaul the manner in which the Censor Board has been operated?

A: Yes, there is a need. In what manner to do it is under discussion. I also told my officials, I have taken over the ministry recently, I told my officers that we must go for an information broadcasting policy; we have healthy policy, we have labour policy, we have so many policies but we don't have broadcasting policy. However, with the new technology coming in, new aspirations and all, you have a press council for print media. You don't have any arrangement of sharing that information for electronic media; they have their own organisations and all. So keeping all these things in mind there is a need for a policy but before finalising the policy all the stakeholders will be taken into confidence.

Q: Does that policy mean regulation of the media because so far it is self regulated?

A: Self regulation although it is working - that also will be assessed and they will also be taken into confidence. My point is where should there be two yardsticks; one for print and other for electronic. Why this superiority complex and all. Print has got its own importance and electronic has also got its importance. We have seen instances where some of the media organisations have not followed even the so-called self regulation also. Sensationalism is becoming the order of the day.

Q: So the government wants to regulate, specifically the electronic media?

A: We will see how to bring in the changes that are required. There is no question of government getting into it and then directly monitoring it on everyday basis. Some organisation, some system has to be created but in what manner and how it will be is under discussion.

Q: Will this see a government appointed committee that will oversee. How will this work. What is the thought process?

A: It is too early to make any comment on that. It will be after a wider consultation with all the stakeholders and it will be an independent neutral body. A government body is already there. We have a monitoring committee of the secretaries and all. There are problems with that all and we have our own broadcast association body also and there are problems in that all. However, with regard to rating for advertisement - Broadcast Audience Research Council (BARC), earlier there was another organisation and on that also there were problems. So we have to visit all this and then by experience and then improve upon them.

Q: One of the things since we are talking about information and we are talking about the media. I think one of the fears is that is there going to be less and less space for debate because those are the cornerstones of democracy.

A: Who told this?

Q: I am asking you. I am not making any judgement?

A: I am not answering you. I am answering those people who are raising this issue. India is the most tolerant country. India is the most democratic country in the entire world today and you can write article saying if Narendra Modi dies tomorrow X will be the Prime Minister. A noted journalist has written an article in one of the pink papers. He never even corrected also - you have freedom in this country wherein you can attack anybody, you call the Prime Minister as Hitler, you call him as Mussolini, you call him as Gaddafi and they all are being published, they are being aired by different people, parties and all. So who have restricted our freedom? My point is it used to be a one-way traffic earlier and now the other view has also been heard. So that they are not able to tolerate because one set of mind people have occupied the entire media space, they were dictating and they were giving pravachans as if it is a veda vachan - today the other view is also allowed, so that they are not able to bear. Since independence it was one family, one party which was ruling the country, so they developed a set of people and then the dynasty was projected then held, applauded all these days. However, in 1969 Congress split, Indiraji became weak, so then sort the support of the communists. Communists were waiting in the wing, they jumped to her support and then they had a quid pro quo agreement saying that you rule the country but give all the institutions to us. All the institutions were handover to leftists in the country; cultural bodies...

Q: Are you going to now be reclaiming those institutions?

A: My point is they will be made independent. The objectivity, professionalism is neither a question of left or right; it will be straight. You have to be professionally competent. So only your view, which used to say till yesterday and there used be ridiculousness, ridicule Hindu. Why should you ridicule a Hindu; respect of all religions irrespective of caste, creed, sex, religion and region. India is one - alag bhasha, alag vesh phir bhi apna ek desh. We believe in Vasudhaiva Kutumbakam but you try to ridicule and you brought in minority, majority and you brand all others are communal. What we are saying is be fair, let there be objectivity. Dissent - agreed. Disintegration - not agreed. This is the approach of the government.

Q: We are just a month away from the Budget because the Budget is on February 1. As part of this continuum, this package that you talk about - housing is going to be big ticket sector that we should all watch out for and you made that clear. What is next? What else should we look at?

A: It is the domain of the finance minister. I should not be seen encroaching upon but the wish of the people is the health sector for the poor, the education for the poor and the problems of agriculture is becoming unviable and that is why a lot of migration is also taking place. The input cost is going high and there is no adequate compensation available to them because of the vagaries of monsoon. The Prime Minister has already come with Pradhan Mantri Fasal Bima Yojana - that is the wish of the people, let us see how the finance minister is going to address all the issues.

Q: What should we expect from the Prime Minister today - a big announcement or a thank you speech.

A: Happy New Year and happy news.