All macros favouring India, profit-making companies should pass on tax cuts to consumers: Deepak Parekh
5 years, 3 months ago

All macros favouring India, profit-making companies should pass on tax cuts to consumers: Deepak Parekh

Firstpost  

Last Friday, the government slashed corporate tax by almost 10 percentage points as part of efforts to pull the economy out of a six-year low growth rate with a Rs 1.45-lakh crore tax break. New Delhi: Confident about the Indian growth story getting a big boost from the recent corporate tax rate cuts, eminent banker Deepak Parekh has said profit-making companies should pass on a part of the benefits to consumers by lowering their product prices as that would also help increase their sales. “We were losing manufacturing units in sectors like textiles to these countries and fresh investments can now come to India with lower tax rates,” he said. Asked whether the steps were needed to give a push on the demand side too by lowering individual tax rates, Parekh said, “I think it would be difficult to bring down the rates for individuals as the tax for higher earning people has been just increased.” “What the government has done is a much neater way of doing it,” he said.

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History of this topic

Competitiveness, not protectionism, is the key to our future: Uday Kotak
1 week, 2 days ago

Competitiveness, not protectionism, is the key to our future: Uday Kotak

Live Mint  

Kotak, who is now 65, stepped down as the managing director of Kotak Mahindra Bank a year ago. In a career spanning nearly four decades, Kotak managed to build a financial conglomerate with total assets worth ₹6.2 trillion, spanning across banking, mutual funds, insurance, stock broking, car finance, investment banking, private equity, and alternative assets. While he avoids all questions …

Prudent policy: India should not let public debt eclipse the fiscal deficit
1 week, 2 days ago

Prudent policy: India should not let public debt eclipse the fiscal deficit

Live Mint  

In a 2020 address to the nation soon after the outbreak of covid, Prime Minister Narendra Modi cited age-old wisdom that advised against losing control of three things: fire, debt and disease. To cushion India’s economy from the pandemic’s shock, though, government spending had to vastly exceed its inflows, taking its fiscal deficit to 9% plus of GDP in 2020-21. …

Govt. on track to reduce fiscal deficit: Fitch
5 months, 2 weeks ago

Govt. on track to reduce fiscal deficit: Fitch

The Hindu  

Fitch Ratings on Friday exuded confidence that the Government of India should be able to achieve its enhanced goal of reducing the fiscal deficit to 4.9% of GDP this year, and further below 4.5% of GDP next year, but noted that the post-election Budget did not provide much clarity on medium-term targets. While the Budget did highlight “a desire to …

Budget may make some announcements to enable Global Minimum Tax
6 months ago

Budget may make some announcements to enable Global Minimum Tax

Deccan Chronicle  

The global minimum tax set to take effect in 2025 will have legal and economic ramifications for multinational corporations with an annual global turnover exceeding €750 million. “India being a signatory of the Global Minimum Tax Agreement and the regime set to take effect in 2025, the government will have to bring some enabling provisions and mechanisms in the Budget. …

Govt may revise fiscal deficit target to 5% of GDP in Budget
7 months ago

Govt may revise fiscal deficit target to 5% of GDP in Budget

Hindustan Times  

NEW DELHI: The full budget for FY25 may see a downward revision of India’s fiscal deficit target for the current financial year from previous target of 5.1% of the gross domestic product to at least 5% or less as North Block swings into action to translate Prime Minister Narendra Modi’s development agenda into budget proposals, three people aware of the …

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
11 months, 1 week ago

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary

The Hindu  

February 06, 2024 08:19 pm | Updated 09:05 pm IST - NEW DELHI India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25, led by an uptick in the more ‘equitable’ direct taxes, and the government will continue to simplify and rationalise the tax regime to reduce disputes, litigation and intrusive means of enforcement, …

Budget 2024: It’s tax buoyancy that shrank the deficit
11 months, 1 week ago

Budget 2024: It’s tax buoyancy that shrank the deficit

Live Mint  

A quick glance at the fiscal arithmetic reveals that there is no severe fiscal austerity proposed in the budget. Given nominal GDP growth of 10.5% and aggregate tax revenue growth of 11.5%, the government has met its fiscal deficit target through tax buoyancy, and not through severe public expenditure reduction. As against a 2023-24 Budget Estimate of ₹61,000 crore, the …

Explained | Is the government on track on fiscal deficit targets?
1 year, 11 months ago

Explained | Is the government on track on fiscal deficit targets?

The Hindu  

The story so far: In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman chose the path of relative fiscal prudence and projected a decline in fiscal deficit to 5.9% of gross domestic product in FY24, compared with 6.4% in FY23. In Union Budget 2023-24, the fiscal deficit to GDP is pegged at 5.9% in FY24. The primary deficit, which …

India on Cusp of Returning to High Growth Trajectory, Will Become World’s Third Largest Economy by 2027-28: Economist
1 year, 11 months ago

India on Cusp of Returning to High Growth Trajectory, Will Become World’s Third Largest Economy by 2027-28: Economist

News 18  

Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world’s third-largest economy by 2027-28. A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India’s GDP growth at 6.5 per cent in …

India to face challenges in meeting fiscal deficit target: Report
1 year, 11 months ago

India to face challenges in meeting fiscal deficit target: Report

Hindustan Times  

India could find it challenging to meet the fiscal deficit target of 4.5% of GDP in 2025-26, an analyst at Fitch Ratings said on Wednesday, adding that the country's sovereign rating continues to remain stable. Earlier in the day, an official at Moody's Investors Service had also said that the government's fiscal deficit target for 2025/26 could see some risks. …

Income tax cuts, factory perks: What to watch for in Budget 2023
1 year, 11 months ago

Income tax cuts, factory perks: What to watch for in Budget 2023

Live Mint  

India’s budget on Wednesday will test the government’s resolve to stay fiscally prudent as expectations of lower taxes, wider social security net and further boost to production gather steam before national elections. Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural …

Budget 2023: Why govt should consider tax relief despite limited fiscal room
1 year, 11 months ago

Budget 2023: Why govt should consider tax relief despite limited fiscal room

India Today  

An incremental tax relief in the upcoming Union Budget 2023 could help the central government provide consumption support to the Indian economy in FY24 and shield it from the worsening financial environment in the West. Recently, global economic experts, including International Monetary Fund Deputy Managing Director Gita Gopinath, noted that an inflation-driven price shock could disrupt the lives of people …

India will face especially complex policy challenges next fiscal year
2 years ago

India will face especially complex policy challenges next fiscal year

Live Mint  

The Indian economy has come out of the pandemic in far better shape than most other large economies as well as some of our neighbours. High nominal GDP growth over the past two years helped the government improve tax collections, and thus meet its deficit targets despite higher subsidies. It also meant that nominal growth was much higher than borrowing …

Centre could cut spending for first time in 3 years: Report
2 years, 2 months ago

Centre could cut spending for first time in 3 years: Report

Hindustan Times  

Spending by the Union Government this fiscal year could be less than budgeted for the first time in three years, two sources with direct knowledge of the matter told Reuters, amid a push to meet a fiscal deficit target of 6.4% of gross domestic product. Though tax cuts on fuel, aimed at reducing the impact of soaring global energy prices, …

India’s dilemma: Close fiscal deficit or help struggling millions
2 years, 11 months ago

India’s dilemma: Close fiscal deficit or help struggling millions

Al Jazeera  

To sustain economic recovery, the upcoming budget will have to balance fiscal prudence with funding the pandemic-struck. “I fear that if the upcoming budget goes for fiscal consolidation, the recovery won’t sustain,” says Lekha S Chakraborty, a professor at the National Institute of Public Finance and Policy. “The product hasn’t taken off not because it isn’t good but because COVID …

Govt seen boosting budget spending on infrastructure
2 years, 11 months ago

Govt seen boosting budget spending on infrastructure

Live Mint  

India plans to raise spending on infrastructure in its annual budget next week to set the economy on a firmer footing, but fiscal constraints leave little chance of concessions for households hurting from the pandemic, officials said. Yet these are likely to be overshadowed by spending to beef up transport and healthcare networks, which analysts estimate could rise between 12% …

India's fiscal deficit in 2020-21 lower than expected
3 years, 7 months ago

India's fiscal deficit in 2020-21 lower than expected

The Hindu  

India recorded a fiscal deficit of 9.3% of GDP in 2020-21, 0.2% lower than the revised estimate of 9.5% of GDP, according to the Controller General of Accounts. Total revenue receipts turned out to be about ₹88,000 crore higher than estimated, driven largely by higher excise and customs collections, while total expenditure was ₹61,000 crore more than the revised estimate. …

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur
4 years, 6 months ago

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur

Live Mint  

Minister of state for finance Anurag Thakur on Friday urged business leaders to start investing in the economy taking advantage of the lower corporate tax rate and other measures taken to make life easier for businesses. Thakur said that Indian industry used to talk about lower corporate tax rates prevalent in certain countries. Last September, finance minister Nirmala Sitharaman announced …

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey
4 years, 11 months ago

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey

Live Mint  

The steep cut in corporate tax rate will benefit large companies the most as smaller ones were already paying lower rates, the Economic Survey 2019-20 said on Friday. The pre-Budget Survey, tabled in Parliament, said most of the companies have a gross turnover of below ₹400 crore and are already taxed at the base corporate tax rate of 25 per …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

Union Budget 2020: Key expectations from Modi govt after year of turbulence
5 years ago

Union Budget 2020: Key expectations from Modi govt after year of turbulence

India Today  

Finance Minister Nirmala Sitharaman will present the Union Budget 2020 on February 1, at a time when India's economy is going through one of the worst periods of slowdown in decades. That said, here are some expectations from the upcoming budget: Personal income tax cut A cut in personal income tax rates is one of the most popular demands floated …

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth
5 years ago

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth

Firstpost  

The meeting assumes importance as the government is in the process of formulating Budget proposals for 2020-21 New Delhi: Prime Minister Narendra Modi is meeting economists and experts at the NITI Aayog to discuss the state of economy and steps to be taken to revive growth which is estimated to drop to 5 percent during the current fiscal. pic.twitter.com/ES5BLAZkl7 — …

Govt should infuse capital in economy without worrying about fiscal deficit; GDP growth for this fiscal on expected lines: FICCI
5 years ago

Govt should infuse capital in economy without worrying about fiscal deficit; GDP growth for this fiscal on expected lines: FICCI

Firstpost  

The government aims to restrict the fiscal deficit to 3.3 percent of the GDP for the financial year ending March 2020. New Delhi: The government should infuse capital in the economy without worrying about the fiscal deficit target as the GDP growth is estimated to slip to 11-year low of 5 percent during 2019-20, industry body FICCI said on Wednesday. …

Post 5 per cent GDP growth estimate, India Inc seeks fiscal stimulus
5 years ago

Post 5 per cent GDP growth estimate, India Inc seeks fiscal stimulus

New Indian Express  

NEW DELHI: With the 2019-2020 GDP growth rate projected to fall to 5 per cent, industry body Ficci on Wednesday suggested relaxing the fiscal deficit target as a measure to boost demand, saying infusion of capital into the economy is imperative to boost growth. Ficci President Sangita Reddy said that with the advance GDP estimates projecting the current fiscal's GDP …

Budget 2020 Expectations: Govt Likely To Reduce Personal Income Tax Rates To Spur Economic Growth
5 years ago

Budget 2020 Expectations: Govt Likely To Reduce Personal Income Tax Rates To Spur Economic Growth

ABP News  

Union Minister of Finance and Corporate Affairs Smt. For more details:https://t.co/v9N2RY7EBW pic.twitter.com/FXymoEhbrg — Ministry of Finance December 17, 2019 As the Modi government 2.0 is months away to present its Budget for 2020-21 fiscal likely on February 1, it is been expected that the Finance Ministry might trim personal income tax rates and reduce the tax levied on long term …

Tax breaks necessary but India needs more reforms, says CEA
5 years, 1 month ago

Tax breaks necessary but India needs more reforms, says CEA

Live Mint  

Corporate tax rate cuts are necessary but not sufficient to stimulate investments, for which the country needs more reforms, chief economic advisor Krishnamurthy Subramanian said on Tuesday. “Tax rate cuts are necessary, but are not necessarily sufficient conditions for attracting investments because investors look at after-tax returns,” Subramanian said while arguing for more investments. The government in September announced a …

Rajya Sabha members uncertain over investments flow after corporate tax reduction
5 years, 1 month ago

Rajya Sabha members uncertain over investments flow after corporate tax reduction

India TV News  

Opposition members in the Rajya Sabha on Thursday expressed doubt over the increase in investment by companies after a reduction in corporate taxes during a debate on The Taxation Laws Bill. Initiating the debate on the bill, which was tabled to replace an ordinance that was used to slash corporate tax rates, Congress member Jairam Ramesh alleged that corporate tax …

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen
5 years, 1 month ago

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen

Live Mint  

Pronab Sen, country director of the International Growth Centre, had a long and distinguished career in the government as the principal adviser in the Planning Commission, the first chief statistician of India as well as the chairman of the National Statistical Commission. In an interview, Sen spoke about the state of the economy, the challenge before the 15th Finance Commission …

Government needs to recognise real fiscal deficit, put more cash in people’s hands, say economists
5 years, 1 month ago

Government needs to recognise real fiscal deficit, put more cash in people’s hands, say economists

The Hindu  

The government needs to acknowledge its true fiscal deficit so that it can increase its expenditure and put money in people’s hands in order to stimulate demand and investments in the economy, economists said in reaction to the 25-quarter low GDP growth figure. They need to recognise that there is a real, genuine problem on the demand side, and there …

Fitch raises India's FY20 fiscal deficit forecast to 3.6 per cent of GDP
5 years, 2 months ago

Fitch raises India's FY20 fiscal deficit forecast to 3.6 per cent of GDP

India TV News  

Fitch Solutions on Wednesday raised India's fiscal deficit forecast to 3.6 per cent of the GDP for this fiscal year, from 3.4 per cent previously, due to weak revenue collections resulting from sluggish economic growth and government's sweeping corporate tax rate cut. "At Fitch Solutions, we are revising our forecast for India's central fiscal deficit to come in at 3.6 …

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation
5 years, 2 months ago

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

Firstpost  

New Delhi: The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said. The pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by …

Committed to have sound macro-economic environment to fuel growth: Sitharaman
5 years, 2 months ago

Committed to have sound macro-economic environment to fuel growth: Sitharaman

India TV News  

India is committed to have a sound macro-economic environment conducive to fuel growth and ensure inclusive development, Finance Minister Nirmala Sitharaman said on Saturday as IMF slashed India's growth rate to 6.1 per cent from 7.3 per cent for 2019. With a prudent mix of policies, we are committed to have a sound macro-economic environment conducive to fuel growth and …

IMF says corporate income tax cut will help revive investment in India
5 years, 2 months ago

IMF says corporate income tax cut will help revive investment in India

India TV News  

The International Monetary Fund on Friday supported India's recent decision to reduce corporate income tax, saying it has a positive impact on investment. We support their corporate income tax cut because it has a positive impact on investment," Changyong Rhee, Director, Asia and Pacific Department, IMF, told reporters at a news conference here. "The monetary policy stimulus and the announced …

‘Corporate tax cut is the single biggest reform in the last two decades’
5 years, 3 months ago

‘Corporate tax cut is the single biggest reform in the last two decades’

Live Mint  

B.K Goenka occupies a hot seat. Edited excerpts from an interview: The recent cut in corporate tax rate and other economic sops have brought cheer to the industry. The corporate tax cut is the single biggest reform in the last two decades and is no small achievement. One should understand that when the effective rate of corporate tax is slashed …

Opinion | Managing India’s economic downturn: the demand side
5 years, 3 months ago

Opinion | Managing India’s economic downturn: the demand side

Live Mint  

There is a downturn in India’s economy that can no longer be ignored or wished away. It began in late August with measures to boost the economy, correcting for mistakes on taxation, decriminalizing defaults on corporate social responsibility obligations, simplifying laws related to labour, companies and the environment, streamlining government procedures, facilitating capital flows in financial markets, and so on. …

Moody’s Cuts India’s Growth Forecast to 5.8% from 6.2% for FY20
5 years, 3 months ago

Moody’s Cuts India’s Growth Forecast to 5.8% from 6.2% for FY20

The Quint  

"While we expect a moderate pick-up in real GDP growth and inflation over the next two years supported by monetary and fiscal stimulus, we have revised down our projections for both. Moody's expected a 0.4 percentage point slippage in the fiscal deficit target of the government to 3.7 percent of the GDP in the current fiscal due to the corporate …

Government considering demands to reduce personal income tax rates, says NITI Aayog
5 years, 3 months ago

Government considering demands to reduce personal income tax rates, says NITI Aayog

India TV News  

The government is considering demands from the industry for a cut in personal income tax rates, NITI Aayog Vice-Chairman Rajiv Kumar has said. According to a report with NDTV, Rajiv Kumar said, "I have heard that there are demands of personal income tax rate cuts and I am fully confident that the government is holding consultations and discussions on this …

Corporate tax cut a signal to structural reforms, govt should focus on non-tax revenues to offset deficit: CEA
5 years, 3 months ago

Corporate tax cut a signal to structural reforms, govt should focus on non-tax revenues to offset deficit: CEA

Firstpost  

On 20 September, Finance Minister Nirmala Sitharaman had announced a reduction in the base corporate tax rate to 22% from 30% as part of stimulus measures to revive the slowing economic growth. Hyderabad: Describing the recent corporate tax cut as a signal to structural reforms, chief economic advisor KV Subramanian on Wednesday said the government needs to focus on non-tax …

Corporate tax cut may widen fiscal deficit by 40 bps: Fitch Ratings
5 years, 3 months ago

Corporate tax cut may widen fiscal deficit by 40 bps: Fitch Ratings

Live Mint  

New Delhi: Rating agency Fitch on Thursday said the Indian government’s decision to sharply cut corporate tax rates may increase fiscal deficit by 40 basis points over the budget estimate of 3.3% of gross domestic product for 2019-20. “Expenditure postponements are more difficult for the government given weak growth, and we expect the central government to miss its 3.3% of …

Six ways to slice the corporate tax cut
5 years, 3 months ago

Six ways to slice the corporate tax cut

Live Mint  

On 20 September, finance minister Nirmala Sitharaman announced that the government had decided to cut the corporate income tax rate to 22% for existing firms, and to 15% for new domestic firms in the manufacturing sector. Further, those who believe that the cut in corporate income tax is going to lead to price cuts haven’t really tried to answer whether …

Corp tax cut may be the beginning of more reforms
5 years, 3 months ago

Corp tax cut may be the beginning of more reforms

Live Mint  

The government last week cut tax rates on corporate incomes. The recent corporate tax rate cuts don’t seem to be an application of supply-side economics, rather an attempt to reform the corporate tax structure. Expert panels had found the corporate income tax system to be in need of reform and advised rate cuts, simplification and removal of provisions that introduced …

Corporate tax cut makes India attractive destination for investment: Guv Das
5 years, 3 months ago

Corporate tax cut makes India attractive destination for investment: Guv Das

Live Mint  

Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment. In the biggest reduction in 28 years, the government on Friday cut corporate tax rate by almost 10 percentage points as it looked to pull the economy out of …

Opinion | Modi has used tax cuts to slay the ghost of ‘suit boot ki sarkar’
5 years, 3 months ago

Opinion | Modi has used tax cuts to slay the ghost of ‘suit boot ki sarkar’

Live Mint  

Evidently, India’s finance minister does not read The Indian Express. Within days of that plea appearing in print, she had unveiled a radical corporate income tax cut and stunned the nation with the boldness of the measure and the vision behind it. The corporate tax cut cannot yet be called an economic stimulus measure because its effect will be felt …

After Sitharaman’s tax bonanza come the big challenges
5 years, 3 months ago

After Sitharaman’s tax bonanza come the big challenges

Live Mint  

Last week, the finance minister announced a cut in corporate income tax rates. The total revenue the government will forgo due to a lower corporate income tax and a few other changes is expected to be around ₹1.45 trillion. Up until the decision to cut the rates, the government expected to earn ₹7.66 trillion through corporate income taxes. Everything else …

Corporate tax cut credit positive, raises fiscal risks: Moody’s
5 years, 3 months ago

Corporate tax cut credit positive, raises fiscal risks: Moody’s

Live Mint  

Mumbai: Corporate tax reduction is credit positive for companies but increases the government's fiscal risks, global rating agency Moody's said on Saturday. However, it is credit negative for the sovereign, as it aggravates mounting risks for the government in meeting its fiscal deficit target, it said As such, the reduction in corporate income tax revenue —even when balanced against the …

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive
5 years, 3 months ago

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive

Firstpost  

India has finally become tax competitive. Welcoming the move, Frank D’Souza Partner and Leader Corporate and International Tax, PwC India said, “the reduction in the corporate tax rate is a welcome move and makes India attractive for new investments. G Radhakrishna, Chairman and Managing Director of RKEC Projects The announcement of reduction in corporate tax rate is really a big …

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt
5 years, 3 months ago

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt

Op India  

Concerns on taxation front have persisted for a major part of the last two decades. In a joint article with Dr Surjit Bhalla for the Indian Express, we arrived at a figure of 22 per cent as the optimal level of the corporate tax rate. Recently, the Hon’ble minister lowered the tax rate to 22 per cent without the exemptions …

Corp tax cut credit positive,but raises fiscal risks: Moody's
5 years, 3 months ago

Corp tax cut credit positive,but raises fiscal risks: Moody's

The Quint  

Mumbai, Sep 21 Corporate tax reduction is credit positive for companies but increases the government's fiscal risks, global rating agency Moody's said on Saturday. However, it is credit negative for the sovereign, as it aggravates mounting risks for the government in meeting its fiscal deficit target, it said As such, the reduction in corporate income tax revenue - even when …

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans
5 years, 3 months ago

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans

India Today  

Industry stalwarts welcomed the corporate tax cut but felt that it could have done much before. He added that the corporate tax cut will not help to reduce the prices of the flats beyond 5 per cent. # Amitabh Kant, CEO, NITI Aayog responded that the country has grown at an average 7.5 per cent in the last 5 years …

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