2015 in review

The WordPress.com stats helper monkeys prepared a 2015 annual report for this blog.

Here’s an excerpt:

The concert hall at the Sydney Opera House holds 2,700 people. This blog was viewed about 25,000 times in 2015. If it were a concert at Sydney Opera House, it would take about 9 sold-out performances for that many people to see it.

Click here to see the complete report.


A new Parliament building, please!

Hi Readers! Here’s a satirical piece on India’s Parliament building that was carried under my column “Tweakonomics” in the Hindu Business Line. You can see it at http://www.thehindubusinessline.com/opinion/wah-sansad-mahal/article8045876.ece, else read it here directly! Keep reading, keep smiling!


Shah Jahan constructed the Taj Mahal at Agra. Sumitra Mahajan wants a new Sansad Mahal at New Delhi. If the former was an ode to love, justification for the latter is as techno-legal as it gets, ranging from the stiffly legal references of Article 81 to creating technological capacities. Such Parliamentary fervour after such amazing sessions! Really, they quite deceive us, our Sansad members.

Why a new building?

Top reason is Arvind Subramaniam. It’s he who has created this Shah Jahan-minus-the-love aka Keynesian furore in our to-hell-with-growth Parliamentarians. The man claims that the growth forecast stands revised downwards from 8.1% to 7.3%. So let’s make it in India and get the growth rate moving. After visiting nearly all countries that make anything at all, we’ve realized that no one wants to really make much to begin with (it’s a global slowdown, stupid!) and if at all they do, they certainly won’t make it in India.

So let the Government spend some more. On what, is the golden question. Spend too much, and those firangi buggers at Moody’s will give us a downgrade. Spend too little, and Arvind threatens to release a new document with 7.0% growth. Do nothing and the Opposition will disrupt the Budget session. It’s quite a tricky little question.

Hmmm. So here’s the answer. Spend on a project that gets the multipliers working, so that Arvind is happy. Spend on a project that has the capacity to raise its own revenue source, and Moody’s will be happy. Spend on a project that will be used by the Opposition as well, and keep them at bay.

Hurrah! It’s the Parliament! Getting that going will create huge demand for steel and cement and construction material. Welcome, employment. This will push private investments as well, creating the impetus for growth. That takes care of the CEA. Next, impose a Sansad Bachao, Sansad Banao cess. What we really need is Sansad Padhao, but that’s another matter altogether. Surely Moody’s cannot get upset about such a deficit neutral project. What’s more, voters absolutely cannot resist Hindi-named taxes. Hehehe!

As far as the Opposition is concerned, this project takes the cake. They’ll not only support it, but positively beam and urge the Government to spend more. The only condition is that we use Italian marble in the construction. Why, they may even behave themselves in the Budget session and finally pass the GST. Yeah, that the Government may have to re-name it the Great Sansad Tax is another matter altogether.

Apart from the terrific economic benefits of the move, there are also those other, rather important issues that justify the new building. Ms. Mahajan claims that the current building is under “stress”. Being a mute witness to such high-on-adrenalin chair-upturning and yelling sessions does that to the strongest of stones.

Making the new premises technologically capable will make the Parliament a paperless organization. That is truly a masterstroke and will end all possibilities of the Opposition flinging paper balls to disrupt the session. Wish they would make it pepper-free as well. Let’s put nation building on hold. First, the Parliament building, please.

Marketing, Economics, Politics and a dash of Bajirao- Mastani

I am sure you are here because the title doesn’t make sense. Well, however, I have stuck to Basics of Writing 101 like a leech and the title of my blog actually is about everything that I will write about in this article: Some marketing strategies, some politics, some economics and a bit, ok, a huge bit on the Bajirao- Mastani controversy.

First things first.  I saw the movie. This is largely thanks to Nephew, who came visiting us yesterday. Nephew is personally responsible for the success of the Make CDs in India campaign and the Immediately CD Banaao Yojana.  I wouldn’t be surprised if the Confederation of Indian CD Industries award him for having contributed in sound amounts to their Awaas Yojana as well as to the Sarva Shiksha Abhiyaan of their ickle ones.

Dig into his sack, and you are likely to find the latest movies, all available in fairly good prints. Rumor has it that Nephew was given a sneak peek into the Force even before it had awakened.

Nephew’s Arrival is normally accompanied by yelps of delight by Lil One, whose eyes light up in anticipation of the treat. Hubby too keeps a supply of ready-to-eat popcorn to coincide with the Departure, so that we can then have the entire movie experience, popcorn included.

This time Nephew had brought two movies, Dilwale and Bajirao Mastani. There was a split vote, with Hubby wanting to watch the controversial historical film and Lil One hankering after the SRK-Varun Dhawan combo.  I cast the deciding vote.

I voted for Bajirao-Mastani, partly because I didn’t want to watch it. I had obviously seen the Pinga trailers before and had not been amused. To have Kashi bai, the Peshwa queen, drape the navvari sari in that unbecoming, revealing fashion, was an error of the worst degree, and coming from an experienced filmmaker like Bhansali, was unforgivable to my simple way of looking at things. I am no historian, but you don’t need to be one to know that there was no way that Kashi bai would ever dance a pinga with Mastani. We are talking about an extremely conservative, traditional, Brahmin Peshwa family in Pune. Again, add to it the confronting yet condoning look that Kashi bai gives Mastani during the dance and the weird lyrics and you are left feeling distinctly annoyed.

So I watched the movie, waiting for the scenes where I would object, dislike it some more, criticize it some more and then tell others not to watch it.

It didn’t happen. For most part, the movie is compelling and the viewer is pulled into the storyline. The Bhansali grandeur and his treatment of the emotional quotient is engaging. At no point is it crass or vulgar. However, Pinga was still unacceptable. I did not like it earlier, as a dance by itself, and I did not like it in the movie, as a part of the larger story. It does not fit. By the time you move to the rather tragic end, however, you do forget the irritation that the song created in your mind.

After watching the movie, the scenes that I remember are not the ones from the dance. Pinga is not really Bajirao-Mastani.

And this is the fatal error involved in the movie. The product is not bad, the packaging is. Had the dance not been released earlier, the entire controversy would have reduced considerably. You cannot release the song which is the most removed from the movie as a first look. No matter what your fetish with the two lead heroines dancing together. This cannot be the first look because it is not the final impression. Bhansali erred as a film maker in creating the song, but I think he erred more fatally in the marketing of his magnum opus. It is not enough that you create well, it is equally, sometime even more important that you project well.

This is a costly mistake by Bhansali, and one with a powerful parallel from the world of Econ Mom. But again, I am not only going to talk about economics. As the blog title promises, I will want to talk about politics as well.

NDA Government, 1999. Came to power promising reforms. And delivered significantly huge outlays on, hold your breath, social sector reforms.

They started the Food for work program (which later got hyped as the MNREGA during the UPA regime in 2005), created huge spending on Sarva Shiksha Abhyaan, looked into targeting the PDS etc.

However, whenever asked what they did for the country, they projected growth, not distribution as their core areas. The talk always centred on the Pradhan Mantri Gram Sadak Yojana (PMGSY), the telecom policy, the Look East policy. They created their movie (and a good one at that) carefully looking at distributional aspects, but the first look and the lasting look they gave it is one of growth.

Contrast this to the UPA Bhansali saga. UPA came to power with a coalition. While most people do snigger sarcastically when they think about the UPA achievements, the fact is that UPA carried out a lot of economic reforms to keep the pace going. It was they who rationalized tax structures, got the SEZ Act passed, got RTI into place, got the Land Acquisition Bill changed and proposed the GST structure.

However, whilst talking about their achievements, well, ummmm, they firstly didn’t speak much at all. And when they did, they chose to speak about the Common Minimum Program, which incidentally, true to its name, seems to have delivered commonly, the minimum of output. UPA always projected wiping tears off everyone’s face (are you trying to make me laugh?) as a national priority. What was projected was their achievement in rural employment through MNREGA and food security and education. Rahul Gandhi did nothing to change that impression through that ummmm, fateful interview on women empowerment.

If economic reform is the product, political talk is the marketing ploy. That the product has to be robust goes without saying. But if parties are not wily enough to play their political cards correctly, you land up in a fatal error despite creating good economic momentum. A fatal pinga error.

The Fed Rate Hike: Mann ki Baat

Dear Reader,

Hi! What could be the Mann ki Baat of Ms. Yellen and Dr. Rajan pre- and post- rate hike? What do Central Bankers talk to each other about?

Get the answer in the article Mann Ki Baat, which appeared today under Tweakonomics, my column at the Hindu Business Line! You can read the article at http://www.thehindubusinessline.com/opinion/mann-ki-baat/article8011018.ece, or read it here directly.

Incidentally, with this piece, I complete a hundred blogs. Thank you for being here and for reading through random thoughts. Enjoy!


When the Fed and the RBI chat

JY (jovial): Hi, there, Raghu! How’s everything?

RR (sourly): How do you think everything would be? We’re sweating here, Janet. All because the growth numbers are so hot in the US. You put in a rate hike tomorrow and the Sensex will swing. And then the currency markets. And now I need to figure out the equilibrium exchange rate at which intervention needs to begin. Where should I intervene? At 68? At 69? And are FOREX reserves of $350 billion enough? Has the market truly factored in all the information? Oh God, aren’t you supposed to be a dove?

JY (smiling): Well, you know what it means to be an economist, Raghu. The best of doves develop claws when data tells you job growth and consumer sentiment is strong. Just like you said so intelligently, my dear. My name is Janet Yellen, and I do what I have to do.

RR (dourly): At least keep it at 25 bps. Don’t you overdo it. What with the Yelling in the Parliament and Yellen in the Fed, my job has really become Yecarious, errr, precarious.

JY (laughing now): You never really know, do you? Keep your fingers crossed and those dollar reserves ready. You are going to need them!

17th December, 2015. Call is placed from RBI to the Fed.

RR (jovial): Hi there, Janet! How’s everything?

JY (sourly): How do you think everything would be, Raghu? Everything’s gone off smooth as silk. These analysts are all talking in glorious terms about the Fed managing market expectations correctly. But I am so bugged, I can’t tell you. Managing market expectations means that once the Fed puts in the hike, it does not create a tsunami, like the one Ben caused with the taper tantrum. But, no matter how much you manage expectations, Asian stocks and currencies have to fall. Period. That’s International Macroeconomics 101. But almost all Asian markets have risen a bit. Aaaaargh! Even China. Currencies are holding up so well, it’s positively embarrassing. We are the dollar, dammit. Some respect is due, bro.

RR (smiling): Well, you know what it means to be an economist, Janet. The best of claws won’t help in making a killing on markets if data suggests there is better sentiment elsewhere. So, you did what you did and I’ll do what I have to do now, which is incidentally, not much!

JY (dourly): Look, Raghu, at least don’t let the Rupee appreciate too much. Keep the Rupee at about 66.5, okay? Don’t you overdo it. I am taking such an image beating here.

RR (laughing now): You never really know, do you, Janet? But don’t worry. We are not in a mood to get into steep appreciation right now.

JY (thoughtfully): What I can’t fathom, Raghu, is how investors are staying with India. Your basic tax reforms are pending. Your Parliament won’t pass GST citing some of the craziest things I ever heard. And if your MPs don’t learn to de-link the intolerance debate from the GST, you’ll find some very intolerant movements on the markets. With such terrible political vibes and the Fed hike, I was sure that FIIs would move away from India. How did you manage to retain them?

RR: Well Janet, markets are subject to push and pull forces. Financial Economics 101.We may have some of the most misbehaved Parliamentarians here creating a push. But you have Donald. Our Trump card!

Econ Mom and a starry, starry night

“I am going to be a scientist.” That was Lil One just back from school, talking very earnestly. They seem to have had some kind of a discussion on career options in school, I thought. “I mean, science is so….exciting, Mom. It really explains everything.”

“True, that. But there are also careers to be made in social sciences like Economics, Psychology, Political Sciences. Give that a thought too. These sciences work for the betterment of the society, they try to enhance the welfare of people in the society through policy making. That is also very important.”

“Yes, Mom, I know. But, end of the day, social sciences only concern themselves with…with.. man-made stuff. Pure sciences explain more fundamental stuff. They explain the basics, the nano particles, the forces….” Lil One was struggling to put something he obviously felt strongly about in words.

Hmmm…Nanotechnology trumps microeconomics, seemed to be the thought of the day for Econ Mom.

“Well, Scientist, you’ll like this piece of news then. We are attending a Meteor Shower night sky session this Sunday night.”

“Does that mean no school Monday? Yyyyaaaaaaaaay!”

Sigh. Quite the wrong tone, there. I wish he’d asked me what meteor showers are. On me remarking that we are attending astronomy events for quite the wrong reasons and did he even know what meteor showers are, pat came the answer.

“But everyone knows that. Meteoroids are those bits of rock that travel through space, Ma. But those that are really tiny fall to Earth and burn off due to the atmospheric friction; those are called meteors or shooting stars.” he told me in a superior tone.

“Those things that you keep crying about in that stupid movie Kuch Kuch Hota Hain are meteors.” Ouch! I bared my teeth at him even as he made an exaggerated action of having seen a shooting star and clasping his hands in prayer, asking for a wish, SRK style. “Mmmmm…mom, I am going to ask for new game CDs” he grinned wickedly. “And there will be hundreds of shooting stars to ask wishes from.” Sigh.

One battle won, I braced myself for the war. As usual, Hubby was on another planet altogether. “What? Sunday night? Why can’t we do this star gazing Saturday night?” he glinted at me teasingly.

“Oh God! Didn’t they call you straight from Gemini asking you if its convenient to do showers Sunday night? I’ll tell the next alien I meet to kindly make sure that all further celestial events are planned Friday or Saturday night, ok?” I answered sarcastically. Hubby and Lil One rolled their eyes at each other. They do that when Econ Mom tries sci-fi humor.

We went to Nasrapur, some 40 kms away from Pune on Sunday night with a local astronomy club, Jyotirvidya Parisansthan. This is the oldest astronomy club in India, and I’ve been a fan for many many years now. When we got out of the bus, I already knew that we were going to have a terrific time. Just a look at the night sky was enough to take my breath away. There  were countless number of stars, literally countless.

“Starry starry nights…” I hummed instinctively, “Paint your palette blue and gray…”

How long has it been since I saw so many stars in Pune? As a kid, I remember Mom teaching me identification of the basic Nakshatras….Ashwini, Bharani, Krittika, Rohini, Mruga, Ardra, Punarvasu…however, I haven’t been really able to pass on this wisdom to Lil One, because the night sky is just so not visible in Pune. It is such a sad commentary on economic growth which has happened in such a haphazard, unsustainable, unplanned fashion that we had to get out 40 kms just to see the night sky. I hummed some more…

“They did not listen, they did not know how.. Perhaps they’ll listen now”

“Now, I am going to put you all through a very basic sky watching course. But frankly, tonight, we are not here to do star gazing. That means no major telescope sighting. We are here to observe the Geminid meteor showers and count the shower sightings,” said our instructor, jerking me out of Don Mclean’s powerful number on Van Gogh.

Every year, around mid-December, the Earth passes through the huge amount of rocky debris left by an object called 3200 Phaethon, which is a rock comet. Annually, at this time of year, the debris from 3200 Phaethon crashes into Earth’s upper atmosphere at some 130,000 kilometers (80,000 miles) per hour, to vaporize as colorful Geminid meteors. The showers peak at around 2:00 a.m. when the radiant point in the Gemini constellation is highest in the sky.


Just when we were being put through the basic cursory sky watch course, there was a sudden “Ooooooooooh” from the crowd. Our first Geminid. It is so quick, and it doesn’t necessarily originate from the Gemini constellation. Its radiant can be traced backwards to Gemini.

We were then asked to just open up our mattresses and lie down under the stars and watch out for the showers. The volunteers had divided the sky into North, South, East and West and were scientifically recording the numbers and whether the meteor was part of Geminid or just some random show-off rockstar.

We however, had the whole sky to ourselves. A truly amazing feeling. It was a real cold night and to be directly under the meteor showers was quite an experience. Every 2 minutes, another fella would streak across the night sky, drawing “Ooooooooooooohs” and “Aaaaaaaaaaahs” from the crowd. There were a couple of meteors, that were literally fireballs and lit up an entire tree for a few seconds. Is such kind of beauty even possible?

“This world was never meant ,” I continued, “for one as beautiful as you…”

A coffee break at about 1:40 a.m and we were ready to settle to now see the meteors peaking at about 2:00 a.m. The next one hour was a visual treat and it left us delighted and wondrous of all the creations of the Master, which we don’t even bother to watch most of the times.

As I lay below the star studded sky, my mind was filled with thoughts beyond the mundane. The smallness of my being, the insignificance of my existence, the laughability of man-made issues and policies…Lil One was right, I thought suddenly. There is infinitum to be explained in pure sciences.

“Now I understand…, what you tried to say to me…”

As a shooting star went past, I asked of it in the most unscientific, mommy fashion , that my Lil One find his passion correctly. The star winked and fell. Amen.


Lil One missed school on Monday, we all had to sleep through the day! He came back from school on Tuesday with a definite swagger and giggled, “Today, I had a fight with super-smartie Ankita. She tried to tell me that astronomy is boring.”

“You can’t be fighting girls. NOT ok,” I admonished.

“Chill Mom. I said something she didn’t even understand. Heehee. I told her if she didn’t shut up, I’ll show her Ursa Major in the day.”

So much for Starry, starry nights. Sigh!

Delhi traffic: At odds and evens

Dear Reader,

Hi! This article appeared under my column “Tweakonomics” in the Hindu Business Line today. You may like to see it at http://www.thehindubusinessline.com/opinion/columns/at-odds-and-evens/article7966663.ece. Else, read it here directly! Enjoy and do send in your comments!


Dunno if Delhi’s pollution will be controlled. But Delhi’s GDP is definitely set to go up as the Government will only allow even-and-odd numbered cars on alternate days. The multiplier effect will now explode, thereby creating jobs, employment, growth, and more number of cars for the Aam Admi, and a seriously good chance of getting re-elected for the Aam Admi Party. Ms. Sheila Dixit is ruing how she missed this bus, errrr, this passenger car.

Just look at the numbers. There are 260 lakh passenger cars registered in Delhi as of March 2015. In 2014-15, Delhiites added 1.8 lakh cars to their already enviable and unviable kitty. At least 15000 of these must have been bought by those on whom P. Chidambaram wistfully dreamt of levying the super rich tax. At least 3000 of these will now make a beeline to the nearest Audi/ BMW/ Mercedes-Benz showroom, trying to buy a car which hosts that super number so that one can manage to reach the workplace even at odd times. Another 2000 may settle for an odd City or even a Jetta. Car makers are rubbing their hands in glee at the prospect.

Those not having the budgets or the parking spaces to buy a new car need not despair. A new range of services are being offered by roadside repair shops, which will now sell instant plate-change offerings. Due to heavy demand, the price of getting another number plate done has increased from Rs.1000 to Rs.5000. The casts and moulds industry is experiencing heavy demand to fabricate such insta-change car accessories.

Patanjali is thinking of seriously getting into the segment. The idea is that the one should be able to change the Patanjali number-plate in the 2 minutes in which the Patanjali noodles get cooked. Later, wash the hands with Patanjali soap and you are as good as new.

The demand for new cars and accessories will thus act as the ultimate growth driver, pushing Delhi’s growth rate to an unbelievable 20%. And that’s not all. For every new car manufactured, 7 more people get employed. All those poor crooks who used to surreptitiously paint cars and number plates after robberies will now get to legitimize their skilful profiles. Such a surge in employment was not seen in Delhi even during the good old days of the Commonwealth Games.

In all the merriment that ensued in the corridors after such cheerful thoughts, there came a more sobering, practical problem. How in the world will the Delhi Police, who stand steadfast in their duty at the traffic signal, read the number plates of those cars that zip through happily at 95 kmph? Visibility tests startlingly revealed that one can only read the numbers if the car passes at a more sedate pace of 25 kmph. Hence, in addition to the earlier even and odd guideline, the Delhi Government is now in the process of issuing a speed limit guideline as well. The number of cars will be halved and the time taken to office will be doubled.

Schools are thrilled to bits with the new pedagogy with which to make Maths more interesting. They have appealed to the Delhi Government to also have days when only composite or prime numbers will be allowed. One school has raised an RTI against the RTO demanding an explanation as to why number plates cannot be issued in all rational numbers on the number line and why only positive integers have been allowed so far. A case for fractions is also being fought. A divisive number game on irrational traffic integration. It’s the limit!



Econ Mom as the Finance Commission, Hubby as the Planning Commission

The topic of pocket money has suddenly become fairly hot in the Phadke household. I am frankly, not too sold out about it. Whenever Lil One needs funds (normally Rs. 10 to buy Lays), I give it to him and that pretty much is that. Since I am the single window for fund disbursal, I have an automatic tab on the frequency with which he eats Lays/ chocolates/ ice-creams. And hold on. I am NOT a control freak. I am just…mom.

However, some parent in Lil One’s classroom has started giving pocket money and the trend has caught on. And (and this is REALLY important), Greg, the wimpy kid (groan!), apparently gets “mom bucks” too. Sigh! Don’t know why I am so proud of being mom to a reading kid. I sometimes pine for those non-reading, non-argumentative types.

So, apparently, all kids in the class are currently divided into those with the funds and those without. Lil One has been increasingly vocal about “always” being part of the have-nots and the deep image beating he’s taking at school.

“But you always get the money when you want it!” I tried to reason.

“Yes, but since my friends get pocket money, they don’t have to ask their mom every time they buy wafers. I have to. Also, many of them save their money and then they are going to put those savings into a bank account.”

Hmm. I raised my eyebrows at Hubby, who gave a tiny thumbs up from the other end of the room. “Ok, but it’s only Rs.10 a week. And it’ll be given weekly. No advance (Lil One didn’t really understand this bit but it sounded superbly official and he nodded, impressed with my financial intuition). And you have to do a small chore for me every week to earn your money.” Lil One was digesting this new information as well as the new official avatar of mommy, when Hubby piped in with a wink, “And if she is really being stingy, I’ll try to chip in. Ok? Umm…additional Rs.10 from my end occasionally if you are good! Of course, with mommy’s permission.”

“Yaay!”yelled Lil One and rushed downstairs to inform all about finally having joined the elite “haves” club.

Though I really smiled at that typical last sweet offer by Hubby, Econ Mom was uncomfortable. “Occasionally, if you are good” is BAD news. Period.

Being fond of economics as well as politics, Econ Mom is kind of passionate about the fiscal federalism structure in India as governed by officially the Finance Commission, and over a period of time, also by the Planning Commission.

The Finance Commission was set up by an act of the Constitution; the makers of our Constitution were acutely aware that States would need more funds for their development whereas their control over revenue sources, such as taxes, was typically restricted. Hence, the Finance Commission was to be set up by the President, every 5 years, to decide how much of the pool of the Central taxes could be shared with the states. The Finance Commissions have always worked out a formula based devolution of taxes; this year the Fourteenth Finance Commission (FFC) increased the States’ share in the Central tax pool from 32% to 42%. (You can read more about this in an earlier blog of mine dedicated to the FFC.)

However, the (erstwhile) Planning Commission was just an arm of the Government and not really a constitutional authority. It was set up as an independent think tank to drive planning goals for the development of the country. Nowhere do its guidelines mention disbursal of funds to drive the plans as a part of its objectives.

However, as the history of our Center-State relations goes, the Planning Commission also became an authority to sanction “Plan Support” to State Governments in accordance with the Plan objectives or schemes mentioned in their Economic Surveys. Now, the disbursals by the Planning Commission are not really in accordance with any formula; rather, they were need-based and hence, often found to be driven politically rather than economically.

If one examines the trends in the disbursals of the Finance Commissions, one finds that they are often progressive in nature; poorer states get a bigger share of the Central pool of taxes. However, the same cannot be said of the disbursals by the Planning Commission; in fact casual observation of the data suggests to me that more funds are normally given in Plan Support to those State Governments which are aligned to the National Government.

Dissolving the Planning Commission and setting up of the NITI took the country by political storm with plenty of observers interpreting the event to be a mistrust of Nehruvian institutions by the NDA. And whilst that may be true (I don’t really have a comment on that), the fact is that unless the Commission stood completely dissolved, it would have been very difficult to get it back to the format it was originally designed for. A think tank. Not an additional fund-tank.

It was a good move and frankly, the only move to solve the issue. Fund disbursal has to be rule-driven. Only then is it possible to drive sound economic outcomes in a transparent manner.

Lil One came rushing home. “Mom, I’m so, so, so thrilled about you giving me pocket money. Thank you!”

“You’re welcome, honey. But..”

“Don’t tell me you are cancelling it. You said yes! And you were convinced!”

“Of course I am going to give you your pocket money. It’s just that I’m not okay with Dad giving you that additional bit.”

“Oh! That’s fine with me, Mom. I don’t really need that additional bit.”

And so that’s that. Hubby is now NITI, whereas I continue with being the Finance Commission.