India

“In India, the CPMs, yeah, in India, the CPMs are way lower... Like India is sub two dollars. But in America, and I think in the Scandinavian countries, it's like, 10, 12 in some cases, 20 dollars, depending on the niche you're in.”

“They launched in 2018 in India. They burnt to the tune of sixty million dollars a month to seventy million dollars a month in India.”

“We still lose something like 40, 50% of the electricity that we generate from the point it's generated to the point of consumption.”

“I think India has just passed an interesting regulation which is making intermediaries accountable, right? And I think, and I'm not here to praise the government in any way, but I think it's the right thing to do.”

“Ban it. If you have the b**** when you become the chief of the country, that'll be my input to you.”

“India has, ah, two crore weddings a year. One crore weddings, two crore families. We produce two and half crore children every year. So, and our wedding economy is 15 lakh crores.”

“And I believe, 20% of India or 30% of India, in some sense, lives on government aid.”

“The difference between the West and India is in the West, people are going into a coffee shop to actually drink coffee. The culture of buying a coffee and walking, especially in New York, is such a big thing that the financials work out for them. Here, if you …”

“I would say 11 to 13% would be the consuming class.”

“What she's trying to solve is she's fundamentally building the first women focused fitness brand, right? Because in India, most fitness brands have always been associated with men. Like no one saw women focus problems.”

“You look at Southeast Asia, e-commerce, they started four years after India. About fifteen million people who sell online, online just in Indonesia. India is still a million, million and a half.”

“I just feel like a lot of this as per capita goes up. This 2000 goes to 4000. Most of the increase is happening in discretionary, not like people fulfill their non-discretionary needs anyways, right? So it's going to come here. So I feel that this aspiration t…”

“Very, very India has about sixty million small businesses, about million, million and a half only sell anything online.”

“Amul, Amul I think is the biggest brand India has created ever.”

“And 85% of India retail happens via a lot of these long tail unbranded small businesses.”

“What happens to most of the ill-gotten wealth, black money in India, it goes and sits in real estate. There's no way of taxing that.”

“There are people like Monsanto, big agri companies who earn 305 hundred crores a year. They don't pay tax because they take advantage of that farm loan waiver.”

“Every international investor I talk to today is really critical, especially in America, in the West, in Europe. They're really critical about their own economy, but I would say 80, 90% are sanguine about the prospect of India, and wanting, wanting some form of…”

“I think we missed that bus on being a global ambassador from storytelling.”

“90% of the revenues come from cricket in India because nobody else is playing cricket.”

“What about the 97%? They go into these engineering colleges in, let's say tier two, tier three cities. Their job placement rate is Two percent, five percent, 10%.”

“If you open up completely, you also become mercy even more to something the Fed may do. That is really silly. That causes violent capital flight. That was nothing to do with you.”

“We are the only large bank in India to offer a bank account with zero minimum balance, which is very compelling for most of India that does not have 10,000 rupees.”

“If you're in the US, you need to own a stadium, you need to own the infrastructure here, you don't need necessarily, even in cricket, to necessarily own the venue, and they're normally quite segregated.”

“We have only five million people in the country who go to gym, who pay for any kind of gym membership out of a country of, you know, 1.4 billion people. It's a .4% penetration. Compared to about 20% in US, 15% in Europe.”

“You start with fifty million, for diabetes go up to as many as one hundred fifty million people who are diabetic or pre-diabetic, right?”

“I think in three, four years, we were the largest fashion retailer in the country. 20 14 merged with Flipkart.”

“I think the only way to get that five million number to go up is I don't know if people will, I mean, you need to, people will go for fitness reasons, you know, I mean, I think it has to be sport reason. I think, you know, sport has to be promoted in this coun…”

“You know, we spend less than one percent on research.”

“Now, obviously, the Modi government has done extremely well. It's been around for a long time, and they've basically made sure that economic policies are very stable, and that really appeals to the outside world, whether it's investors, whether it's other gove…”

“Of course, a few years later, I was very lucky that I was able to get the brightest minds to join me, and I therefore consider myself really the first startup in the country.”

“Therefore, if you look at in, in India, we are the only company that has managed to develop biosimilars for global markets. No other Indian company has been able to take their products to the US. Or Europe.”

“Whilst breweries were very willing to help me, to ask me to come and help them fix their problems, do troubleshooting, which I did. I even commissioned a brewery in Calcutta. But when it came to giving me a job, I think no one wanted to risk that. They all sai…”

“So in 2004, I launched India's first recombinant human insulin, and I brought the prices crashing down so much so that I forced the innovator brands to also come down to my pricing. And so now of course nobody uses animal insulin. So I was able to bring the pr…”

“Television will be at least, Eight to ten billion dollars. All in, right? Like with the number of channels.”

“The size of the number of people who've, ah, who've paid subscription at least once, at any given point in time, is anywhere between 80 to ninety million people.”

“Indians watch About 1.3 trillion hours worth of video, like, of all kinds in a year. In China, that number is about 3,000,003 trillion.”

“Smartphones in India, they tend to get set up in a majority of the cases, as much as two out of three smartphones tend to get set up by the male in the house.”

“There's a BCG meta report. That says that the streaming subscription kind of business in India is about two billion.”

“The top 10 richest celebrities in the world, 70% are musicians. India doesn't have one in the top thousand, I guess.”

“Like, I mean, the average time, for instance, per day that an Indian spends, On this, like watching video on a smartphone is over an hour.”

“Studies show, I think this was a Bain study or something, consumers of short-form content are overwhelmingly male, as much as 75% are male, are 25 years and less, and by the way, majority of them come from tier two cities, and the high majority, I'm talking 65…”

“In that same report, interestingly, they say that the kind of video media business so that that actually includes social media. No, no, it doesn't include social media includes television include streaming includes movie studios is. 2022 was about 12 to fourte…”

“The reach of TV, because you have to include free dish as well, right? The reach of TV is about eight hundred million people.”

“Less than five percent of electronics sold in India were assembled here. Okay. So you should, you know, you start with assembly, then you have to make components and so on and so forth, right? That number is now, I don't know what the latest number is, but it'…”

“Only two by the way, China and India.”

“Three years ago, you could get to 300 crores offline, online, and then you went offline. Today, that number is more like 50 to a hundred crores for two reasons. One, online has gotten more expensive as the more and more brands have come up online, so cost of a…”

“I don't think socialism works at all. And we have more than enough precedent of that. I think capitalism has to be appreciated. And that probably is the most likely scenario in which our country can get lucky and go towards that five trillion, 10 trillion doll…”

“About 6000 of them. 6000 active angel investors.”

“So in India broadly, there are 9000 screens, about 2000 of them happen to be multiplex screens.”

“Everybody who invested into fitness I think we all overestimated the size of the sector while the change is happening in the very affluent sectors, like all of us here. But Overall, people don't care that much about fitness yet in India. Care about it enough t…”

“To give you the exact number, it would be like about today collectively .3% of grocery.”

“There are fifty million people in India that you're truly building a product for. If you're going down the premiumization route and the more premium you go, the higher the rate of growth seems to be.”

“Because in India today to launch a brand, a DTC brand, you need two stars. One from the south and one from the north.”

“The biggest community and content led example is Baba Ramdev. Right. You can sell that. You can do it and make it super Indian and actually do it. That's the biggest creator led story in India that has happened.”

“I read that 94% India still buys Chakki Aata. That was 2013.”

“I would say by the way, 60% is still disorganized, right? I think ready to stitch is still a very large segment. Most of ethnic, which is a very large portion of fashion is still unorganized.”

“My sense is I think the market in India for, I think we're not yet evolved to a stage of restrained capitalism where you don't want to actually demonstrate that you bought something expensive. I think that market is very, very, very small.”

“India has two and a half crore babies produced, and even 12% of that is 30 lakhs in the community which we want to make them spend money on.”

“Another research which we found out was the total package good consumption in India, FMCG package good in value terms, is 70% of excess is by this India one.”

“In distribution led India where the physical distribution happens. The shopkeeper is a key influencer to convince you.”

“The 30 million, what do you call, three crore households in this country, are basically contributing to 60% of India's consumption.”

“The data of FMCG which came in for August, It was quite disappointing. It was showing 11 month, 11% lower than last month, and even year to year, it was around 12, 13% lower.”

“We are getting formalized as an economy, and formal economy is more expensive than an informal economy. I think that's playing around a little bit. For the first time, the formalization is quite complete now. Yeah. And that is, that means 18% extra. And I thin…”

“Call it for one 41 50 rupees. Maybe the rate has changed slightly, but one 41 50 rupees, you can get to 23,000 pin codes or 26,000.”

“The overall market is growing a little bit over GDP. Branded is growing two, three X faster because unbranded to branded is happening. And online, by the way, will grow faster.”

“But, India as a market, from a food perspective, from a consumer, consumer perspective, is going to be the biggest, ah, the third biggest consumer market in the world by 2030. After the U.S. And China.”

“One in three people today is either middle class or wealthier today. By 2030, that number is going to become one in two. A country with 1.5 billion means seven hundred and fifty million people will be middle class and able to afford the products that we're sel…”

“We've seen, for example, a tougher challenge selling pizzas than burgers. Whereas the demand for pizzas is far more than burgers in India. It's like literally like our dinner and our snack and our lunch. Pizza has reached that. There are fewer burger places. A…”

“Just to put things in perspective, the restaurant industry overall is the second highest employer of human capital in India after agriculture. Ten million people directly employed.”

“So about 40 to 50, about 50 to 55. 50 to fifty billion is what. And it's growing compounded annually at 20%, 21%.”

“For example, if you were to import coffee beans, and I think Starbucks faces this challenge. It's a 180% duty on coffee. It's more than what you'd pay for a car because you're protecting your agricultural economy.”

“They're going to CDRs a lot more. The market is four times as big, is growing at 20%, whereas QSRs have kind of hit a road bump.”

“India is a very value conscious market. It's not a price sensitive market. It's a value sensitive market.”

“Compounded annually, we're growing around 21%, which means every three and a half odd years, you're doubling in size. So the number of people employed will double in size.”

“We're still grappling with 36. I think after many years of struggle, I think we've been able to get it from 36 to 32.”

“I've always believed that the, in India, the English content, you do it for the money. The Hindi content, you do it for the power.”

“I think the amount of money brands are spending on purely social media influencers, because you can extrapolate and everybody's an influencer, right? If your profession is social media influencer, like you, for example, I would assume that number is between 15…”

“Elections are coming up. So political content, young people are getting into politics. Older people don't have the balls to speak about politics nowadays. So if some kid speaks about politics, it'll actually garner a lot of attention.”

“So if I get a thousand view, a thousand dollars from American audience, I get a hundred dollars from Indian audience.”

“At some point you will not get more famous. At some point you will saturate every single person in India that could potentially like you. Then you'll have this amazing and sad decline, and then the platforms want to show a different face, a different podcast, …”

“In India, products that either save you money save you money or make you more money will make a lot of money. Products that save you time don't necessarily make that much money.”

“Today, total installed capacity is about one 75 gigawatts in India.”

“Actually in two wheelers, it's the largest fast charging network in the country.”

“I think in the next 24 months, cells will start being produced in India, right? And maybe in 48 months, we'll have a very small chunk.”

“Charging standard has become the national standard.”

“We're estimating, you know, two-wheelers maybe 50 to 70% by twenty-thirty. Cars maybe 30%. Three-wheelers maybe a hundred percent by twenty-thirty.”

“The challenge of setting up cell manufacturing in India for a while now has been demanding. And the minimum investment required is pretty high. Like if you're not putting, if you're not bringing four, 5000 crores to the table, practically, it'll be very diffic…”

“So you set up recycling. I think it is such a stable business. It's two fifty million vehicles going to go to three fifty million vehicles and annually out of that three, thirty million is going to come back. And 1015 years later, a very large chunk of that wi…”

“Long term distribution is not really a moat in India.”

“India's target of five billion tons of indigenous green hydrogen production would require approximately fifty million tons of water.”

“I'm almost certain a carbon tax is headed our way in India.”

“Electric vehicles at five percent GST, but a battery pack, right? Batteries are at 18%, right? So it's also hard, A, for a lot of companies only making electric vehicles where they'll have an inverted duty structure, because the input will over time be more th…”

“So your entry, entry point to building an e-to-wheeler in the market today, your table stakes of just entering this business, in my opinion, is about a hundred million. If you're bringing a hundred million, you can enter the game, and then you'll have to raise…”

“The numbers doubled. It was sixty billion dollars in 2018. Yeah. When we were writing the white paper for BlueSmart. Now that number is hundred and twenty billion dollars.”

“So energy R&D is forty-five billion. Right? A hundred and fifty million of that goes into clean energy R&D. A third of it goes into fossil fuels. The rest is nuclear. Over all these years, Three percent is going into clean energy and going into renewable energ…”

“What happened in India is that they said we'll give free power to farmers. The farmers stopped being metered, right? And when the farmers stopped being metered, you didn't know what was happening to the electricity. And so industry started conniving with the l…”

“So for solar, the lowest you can get these days is around two rupees. Right. Now it gets complicated because they're starting to say, well, what about solar and storage? So solar and storage ends up being around four rupees, but it's not enough storage to come…”

“So we do something called extreme weather database. And we put together all the extreme weather events as defined by IMD and then produce a report at the end of each year. It's one extreme weather event a day, as defined by IMD.”

“We now have this measure called aggregate technical and commercial losses i.e. Theft, and that can vary from 15 to 30% across states.”

“By the time it gets applied to a customer, it's about seven to 11 rupees. So the first question that we have is the inefficiencies in the system that take the supply from the one or two rupees to the 11 rupees.”

“The gestation time for a fission reactor is on the order of 10, 10, 12 years in India. It's often longer.”

“I think for my sense, bioenergy and everything around to do with bioenergy, waste management, and circularity. I think if you look at these three elements, which are sort of interconnected in a ways because it promotes circularity. I think that's in India very…”

“So the average is now 3.6. After, after depreciation, a new plant is closer to five.”

“I think India's number is, if I'm not wrong, it's around 200 gigawatt hours by 2030.”

“Most cities of India do not have underground sewage to intercept sewage and to take it to a sewage treatment plant, clean it up, and then take it to a river.”

“And today the advice to a 20 year is go and try to touch Khadi because it's the only fabric in the world, which only exists in India. There's no other, every other fabric is global. This is only India.”

“And we make, we are the only country who grows organic denim.”

“I had a choice of doing jeans wear or formal brand. This is the only two fashion Concept existing in India. There's nothing called smartware. And which exists in Europe. It doesn't exist in in the rest of the world. There is no, so there's genes There's busine…”

“Yeah, a hundred percent. And I think before I retire, it would be done.”

“Those ingredients were banned in a few countries to be used on a baby's skin, which were being widely used in India.”

“Six are quantitative in nature, like GDP rate, fiscal deficit, inflation, past track record of servicing debt. The other 10 or 11 parameters are arbitrary in nature. It's more coming around perception and stuff like that.”

“And at the same time, India is, according to me, the most hungry country to ask for, give me more and give me new. Just don't give me the same.”

“Store. Store. Because country dynamics Roads are getting built. Malls are getting up. What great builders are building today in terms of malls. It's crazy.”

“We are a clothing manufacturing country. We're not a fashion business country. We don't create fashion. We don't buy, design, sell fashion, other than the designers that we have who are doing, I think the best in the world also.”

“We have Dior making their entire marriage gowns in Bombay. That's also embroidered in India.”

“And we are the largest online in the country, not metaphorically, but in genuine terms.”

“So if you are an Indian corporation, you may be like any big company, you don't get a rating because your sovereign itself is not rated that.”

“I think what these three agencies together are doing is extremely unfair and bad, very detrimental to the long-term growth of India.”

“Formulations get developed outside of India, and then they are imported within India, and then they are adjusted for India, which dilutes the performance of the product.”

“India has surpassed US and Brazil in terms of mobile game downloads. India has five sixty eight million online gamers.”

“As India's only listed gaming company, it's worth 5000 crores.”

“Most of the people I know building for Roblox, they don't do it on their phone. They do it on a PC, and because there aren't a lot of homes with PCs, that may be one of the things holding India back.”

“I actually think that this is going to be an incredibly rare moment in time and probably, you know, I, and I believe unprecedented, unprecedented in history where you're going to have the opportunity for some kid in India To become like a billionaire as a sing…”

“Now, I would say that design is the weakest area in India. So, finding a good designer, I don't even know where you go to learn that here.”

“I believe like, people who are actually regularly playing one specific, one or two specific games, and at least willing to pay. Maybe they haven't paid at all, or they might pay once in a, like, maybe three, five, six months, which has capacity to pay or willi…”

“When you ban, you've seen in many states, for example, in India, where games have been banned. The online real money games have been banned. The business has usually gone underground. To more irresponsible players. Which completely exposes the users.”

“I think the other thing is more of a cultural issue that I have discovered over the past few years that I've been here in India, which is that gaming, at least, and you guys please disagree with me, but in my experience, it seems like gaming is not looked upon…”

“India will produce the best of games in coming years, but it's not going to happen at least for the next five years.”

“I would say people who have played at the highest level of e-sports, that is playing official tournaments for a franchise or not a franchise. We don't have franchise, but for a registered e-sports team, I think they could be doing close to 35 lakhs a year. By …”

“When I talk about India's top gamers, professional gamers or content creators, I believe they are nothing. There could be 100,000, lakhs of more skilled gamers and better content creators sitting at home. But it's so much about luck that you, they were at the …”

“I'd probably build, pick some AI thing, And just use the Google, Microsoft platforms and go on top of that and try and, because I'd be in touch with the customer so well and improving my data, keep ahead You know, and I'd say, okay, who's the most demanding cu…”

“I think it's very possible That the health advice piece, that the U.S. Will overregulate that, and, ah, you know, just see the risk and not, not the benefit, and that middle-income countries, and I put India at the top of the list, will engage in a dialogue an…”

“Later, they go back create a development center for us that's now in four locations, 25,000 people”

“If you take direct and indirect it'd be close to a billion a year.”

“So if you're an entrepreneur who's trying to build foundational models, models from the very ground up, like Google does, or Microsoft with OpenAI does, and they have four or five others, You have to raise, you know, two, three billion dollars. Now maybe some …”

“And I believe there is space for a Gave based spirit in India. If There is enough money to educate people that, okay, yes, tequila is, has to be blue, weber, gawe from the region of tequila, from the region of five, six states. But there is a space for a gawe-…”

“Rum and tunics and RTDs. Radio drink beverages. That's about five to seven years from now, but I see that picking up.”

“Four hundred million is the hard liquor. So four hundred million cases. Country liquor would be again a three hundred million cases market.”

“So by the time you go to Thana and you're going to the suburbs and everything, you're still growing because you're doing primary sales, but your original core consumers doesn't come back to you repeat. This, you start going from Thana now to Nasik, from Nasik …”

“The Americans were mixing their whiskies with coke, but we in India are anyway mixing with soda and water. So if you're going to create a seltzer, everybody's making their own seltzers here. So how are you even, it's, so it's to make something like that from a…”

“Today we are proud that magic is the seventh largest vodka in the world. And in India, out of all the vodkas, starting from a regular to a Grey Goose or a Kaufman, 60% of any vodka sold is magic.”

“Legally event, alcohol brands in India, they cannot do their own events. They can do their own events, but they cannot market the content legally online post doing an event.”

“Today, to certain states in India, women are not legally allowed to serve also, like even waitressing wise, or be actually making drinks.”

“When I've looked at fashion, cosmetic, brands led by celebrities, In India have not worked. Globally have worked.”

“In a state, suppose if you are there, you address the 10 trendiest bar. So the minute you are there, other bars will copy you. They'll say that if you give, like, if you have an entry to one on-premise, like say a sidecar in Delhi. If anyone knows that, okay, …”

“The data I'm accessing today is we typically tend to mimic the West in terms of consumption patterns in India. And the fact that the Gen Z are drinking lesser than millennials is something which is of a worry to me.”

“Vodka has been the largest growing category in the last five years.”

“So the interesting thing is in India is the only country in the tropical zone where you do roughly around three hundred and fifty million cases of heart liquor, considering you also country regular spirits also, and about the same quantity of beer. But if you …”

“Yeah, like, 25,000 crores in revenue. It's, I think, the most profitable liquor company, but entirely.”

“In our industry, if you want to go all India, you have to have 35 bottling units.”

“So we're still a whiskey market. Like we will be a whiskey market for a really long time, so.”

“Listen, women in this country are also really oppressed. Like, really oppressed. And I see it in a city like Mumbai. So what happens in India, we don't even know. So it'd be very unfair to say that men are more oppressed.”

“I feel like India is the place to build companies right now. So much money is coming in from outside chasing entrepreneurship in India. We living here have this, ah, proximity advantage.”

“In India, the consumer is so price conscious that there is no moat of a brand at all.”

“Fastag essentially gives every vehicle an ID, which is connected to a value instrument, a wallet, or a bank account. And that streamlined the movement of vehicles on highways. And today that does 2.5 billion transactions a year.”

“So on the normal GDP, if you had looked at it, it'll take in 46 years to get to the level of banking penetration that we did in nine years, because you accelerated with digital technology.”

“That was completely made with the UPI, and now half the transactions IPO are on the mobile phone, UPI as bar transactions. That made IPOs so much easier to do.”

“So I think this building a LLM is a mug's game for us. It's great for somebody there, but not for us. Our job is to leverage all this technology in a very low cost way to deliver value to our people.”

“In my view, It'll get more and more liberalized, because India will get lots and lots of dollars. Only we get a hundred and eight billion dollars of remittances, that'll go to, say, two hundred billion.”

“India has been very, very successful for them. I think it's been their most profitable market outside of the US.”

“India is sort of where, and you know, my dad also says it's like where America maybe was in the eighties or seventies or eighties, where most companies were family businesses. They will slowly transition into, you know, being public. I think your world also ge…”

“The reason why GCCs keep coming up is because from the commercial office take-up, they're taking up almost 28 to 30% of your office space. I think now, co-working was at 25, 26%. It's come down to 21%. IT has actually come down to maybe 10 to 15% from new spac…”

“Actually, if you look at the listed entities, the margins, like you said, profit after tax is very slim. It's very slim. That's it. That's in a, yeah, in a good year. Otherwise, sometimes it's a high single digits also. Pat, I'm talking about.”

“India is going to have its probably most successful year of office leasing. I think just in the first half of this year, some thirty four million square feet of office space has been transacted. And that's half the year. Second half of the year is usually more…”

“It's not physically possible to even just build, you know, that type of capacity where you would, where supply would outpace the demand. So the time it takes to just put up an apartment or like get the approvals and all that is like, you know, five, seven year…”

“Right now, urban cities are at 35% urbanized. Like, 35% of the population lives in urban cities, which is about four hundred and eighty million people. This is expected to go up to 40% by some 20, 30 or so, which is 600, which is, sorry, yeah, about six hundre…”

“While you can cut your time, the timelines by almost a third, the cost was also like three to four X higher.”

“Mercedes as an example, the entire unit, the entire interactive system in every Mercedes car gets built. You know, out of India.”

“In office, you, while you get the annual yield of whatever, eight percent or nine percent, between seven to nine percent, you actually make your money when you sell it also, or you put a capital value to it. So then you have a cap rate of, say, eight percent, …”

“There was hardly any media then, Nikhil. I mean, you had Door Darshan for most of my years at school... In the seventies and early eighties. So it was media wasn't a big part of our lives. Maybe more radio, but Nothing that was you know, intrusive or sensation…”

“जैसे इस क्राइसिस के समय हमने लगातार कहा है कि हम न्यूट्रल नहीं हैं मैं लगातार कहता हूँ हम न्यूट्रल नहीं हैं जो लोग कहते हैं हम न्यूट्रल हैं मैं न्यूट्रल नहीं हूँ मैं शान्ती के पक्ष में हूँ मेरा पक्ष है शान्ती और मैं उसके लिए जो प”

“एक समय था, कि स्टार्ट अपर लब सर्वनाश्ट, आज स्टार्ट अप की एक प्रतिष्ठा बन गई है, एक क्रेडिविटर बन गई है, और इसलिए मैं मानता हूँ कि छोटे से गाउं में भी फेलियर भी होगा, तो लोग उसको आदर्स मानें, कि यार, दम वाला बच्चा ह”

“First of all, I would like to say to the mothers, daughters and young girls, that today in our country, there is almost every country, कम अधिक मातरा में हो लेकिर करीब फिप्टी परसेंट विमेन डिजर्वेशन है, पंचायत में, गार्पदान नगरपाली का, महानगरपाली का”

“BMI levels in India need to be lower because our fat thresholds are lower, right? Unless in Indian doctors and in have had this now, and where did this data get kind of research in Singapore, right? Because they are putting money into doing this research to se…”

“Today, India does not have quality data sets, and somebody will have to figure out. Either they create their own personalized labs, work with wearable companies like us, or work with hospitals. But we need trainable data sets. Without trainable data sets, our …”

“Because even if we talk about whey protein, it's not that we have whey protein companies in India, you know, like besides Amul, I don't think they're just importing. We are importing everything. And when it comes to whey protein, we're just mixing stuff, label…”

“In India, we pay more for real estate wherever the AQI is the most. Delhi is, is the most prime real estate in the country and the worst air quality.”

“I mean, so they've gotten to a thousand plus crores, right, 97 cities, so.”

“With the effects of climate change kicking in, there are a lot of theories that say that India might emerge a winner because the taller altitudes growing regions will get hotter, which will make Arabica less and less viable. So, theoretically that means that R…”

“Like a Zara in India, which was growing at 30, 40% or a H&M a year ago, is now either not growing or flatlining.”

“I feel like, unfortunately for us, it will very much stick around and dominate because If you look at the US, which I'm familiar with, people have been ordering groceries, let's say in the US online for like a decade now. But the behavior that they got used to…”

“Well, it's anywhere between the fifth and seventh largest producer of coffee in the world, despite not being known for it.”

“There's only around 5000 branded coffee shops and another equivalent amount of unbranded.”

“No, there's no caffeine regulation.”

“When you look at the West and you account for real estate to cost of cups sold, you're able to serve up a lot more cups because the culture is of people buying a coffee and then walking with it. India somehow has out, sidestepped that altogether. Nobody's buyi…”

“And the only reason Instagram is still fine is because TikTok is banned in, in, in many countries and particularly in India.”

“India should definitely train its own models. And not... India should have its own, like, deep seek like company that, that trains models and like competes, not just on Indian languages, but on global benchmarks.”

“I brought the biggest delegation of any prime minister on any visit that we've had from New Zealand, and I had a big business delegation, and also a community delegation, and also our indigenous Kapa Haka, our team, performing arts team with us as well.”

“Smartphones globally is about 1.2 billion units every year. In India, it's one 20 to one forty million annually, depending on what number you look at. So if you assume that the ASP is 300 dollars, then 1.2 billion, that's over three hundred billion dollars, ju…”

“If you see the reciprocal tariff, even on mobile phones, it's, you know, in it's 16 and a half percent. Right. So if anything coming into India is, there is a duty of 16 and a half, going to US as of now is zero percent.”

“In a category like a truly wireless for an example, the India market would be like sixty million units. In a category like audio devices for an example like this market would be like sixty million devices, which is six crores.”

“India is projecting a market of five hundred billion dollars by 2030. It's a huge market. 60% of that is components.”

“He was talking about Qualcomm or MTK. Their biggest R&D centers are in India.”

“I think to reach the next stage it can't just be manufacturing and exports, because ultimately that's not the highest value add. The next stage will be to design and engineer here as well.”

“In India it requires a social change wherein you no longer say, if you do something wrong, police will come. Yeah. As a kid, if you're going to say, hey, police barthari, hella utta madu, hella maath kedu, police barthari, until you start showing it as a fearf…”

“It's not the question of technology. It's the question of need, societal need. Do you re actually require a self-driving car here is the question at that price. So if you see US, ah, there is the dearth of drivers, especially for long haul, ah, trailers like t…”

“Something like the, on the order of 15%, or Like, ah, which translates to about forty-five billion hours of watch time of content created by Indian creators is actually consumed outside of India”

“Four out of five Indians is on YouTube.”

“We have 15,000 creators in India, over a million subs. When I was here last, just a few months ago, ah, that number was, I think, 11,000. When I first started at YouTube, like, 10 years ago, that number was, like, four or five.”

“The international performance of kind of programming from Japanese anime to Turkish soaps, to all kinds of different things that you would not expect would work very well in India, work very well in India.”

“No, it's across the, it's across all the programs. Whatever suits the individual.”

“That's the beauty of the personalization work that we've been doing since the company began, is we're not doing those shows instead of doing these other shows. We're doing those in addition to them. So that if you like these kind of shows, then that's what you…”

“I think there was a belief for a conventional wisdom was that India is all Bollywood and India is all local. And actually the taste of their international shows play really, really well in India. So the taste is very broad and very global.”

“India has not shown a propensity for large capex projects with unclear returns. Perhaps is the best way to say it. Right? You can't walk around and raise fifty billion dollars and build two nuclear plants to fund AGI today, irrespective of who you are, and irr…”

“Failure is not as easily accepted anywhere in the world, but in Silicon Valley. Yeah. There are founders here who had companies fail and started second company and third company. There are founders who, you know, done something wrong, come back and started com…”

“A village in India, I will get better cardiac advice, cardiac care, than I can get at Stanford, because Stanford will still, in 15 years, have their cardiologists, and in the village, there'll be AI. Almost certainly true.”

“As part of Aadhaar, today we have UPI, which takes away the need for Visa and MasterCard, so it's a three percent tax on the economy that Indians don't pay, but everybody in the U.S. Pays.”

“I think it's very, you know, BPO as a business will disappear. Software IT services will mostly disappear. Disappear means transform pretty radically.”

“And in particular, India is now our second largest market in the world.”

“We've taken a lot of feedback from users in India about what they'd like from us. Better support for languages, more affordable access much more, and we've been able to put that into this model and upgrades to ChatGPT.”

“As I mentioned earlier, I think India may be our largest market in the world at some point in the not very distant future.”

“We didn't think we could win in India, and we wanted to really focus on mobility.”

“We've got, I think over 1.4 million now drivers, auto, you know, two wheelers, three wheelers, and four wheelers in India.”

“When we talk about the business in India, and it's the third largest country in terms of mobility trips, so India's really important to us”

“No one talks about wealth in SF. Some circles. Yeah, yeah, sure. I mean, compare that to India where it's like, it's so in your face, like how rich somebody is, is so in your face here. People don't have to drive a fancy car to show they're rich. They don't ha…”

“None of the top models are Indian models. They're American and they're Chinese in any field. I mean, audio, video, image.”

“ChatGPT is number one market is now India”

“On the, on AI, I don't think there is any local advantage. So I think everyone is competing on the same playing field.”

“We, as Indians, from a very young age, Our thought to run away from risk. We are trained not to depict any form of rebellion. Our teachers are not our teachers. Our teachers are our gods where questioning them is almost offending them. Religion plays a huge pa…”

“I think India has a two decade advantage from a pure median age perspective. Like the youngest talent in the world is in India right now. And I feel like if you don't capture it in the next two decades, like that shifts to Africa or shifts to the next country.”

“Because for our per capita income level at 3000 dollars or so, our tax to GDP ratio is pretty high.”

“Like if you look at how many users, any of these Instagram, Twitter, et cetera, have the highest user base is India.”

“The first sign of opening up in India happened, in fact, in the early 19 eighties. You know, people would usually associate India's opening up in 1991, right? When the big reforms took place with Narasimha Rao, Manmohan Singh. But there was also a phase in the…”

“The cost of insuring vaulting gold is maybe, in India, I know the price is, maybe the actual cost is about 30 bips. At scale, it would be even lower. That is lower than managing cryptocurrencies in a way.”

“We tried that. We tried that in the 19 sixties. We tried that in the 19 seventies. It was called something called import substitution, which is exactly what you're referring to, and it didn't work. It left us very uncompetitive.”

“India gave its people lots of political freedom. That you can vote, and the way you want, and you have democracy. These countries did not give their people much political freedom, but they gave their people much more economic freedom compared to India.”

“As far as India is concerned, given a per capita income, I think that it's not as if we are Much more corrupt.”

“There was a 10 year phase when Bihar seemed to really grow very rapidly, which was from 2005 to 20 15. But it's gone back into stagnating.”

“But if you're short and you're right, you pay 40% tax. If you're long and you're right, you pay 10%.”

“The other stuff of not having a welfare state, et cetera, that's all theoretical. There's no way that's happening.”

“For example, the 19 sixties, Korea, India, Brazil, they all had similar per capita income, which means that they were similarly rich or poor whichever way you want to look at it.”

“Like the regulatory burden is still much greater in India than any other country that I know of.”

“India doesn't have a very robust lending and borrowing mechanism. So you can't really borrow companies to short. Yeah. Largely people choose to short through derivative contracts, which have, the liquid contracts have a shelf life of not longer than three mont…”

“One of my big top trends was this, that I expect much more that the large caps to outperform small to mid caps for the small caps for at least the foreseeable future.”

“But that's where we, I don't think we have that, that capability as yet. I don't see the evidence.”

“But I, and also, as I said, the responsibility also has to be down with the chief ministers as well. Especially for FDI.”

“Foreign investors are much happier piggybacking on some local person who knows how to navigate the system, rather than come greenfield and set something up.”

“Today the maximum number of billionaires in India today are manufacturing. About 200 billionaires in India today. About, I think, forty-odd are in manufacturing.”

“And therefore we'll never grow at a rate of more than six percent on a sustained basis has been my view for a very long period of time.”

“From an economic standpoint, China and Singapore, especially then, Were far more, ah, free than India.”

“In the last decade, small cap companies in India have outperformed large cap companies, and they are more expensive today.”

“The government should not be bailing out private sector companies, and should sort of, you know, keep, because I think that that creates an impression that the government is favoring the incumbent. Because after all, if companies are failing, it's, you know, i…”

“The word anti-incumbency was in fact coined in India from what I know. You know, like my sophologist friends Pranoy Roy and Dorab Soparivala with whom I travel on election trips.”

“In, you know, like, 91, 92, 93, we saw lots of reforms. And then, once the pressure was off, that momentum began to flag.”

“One big reason why so many people in this country are forced to do stuff which is strictly not per the law or the regulatory framework is because those laws and, ah, regulations are so onerous that to do business in India, you almost have to beat them.”

“I think there's a level of fear is there, which is that if you end up saying something, or if you end up doing something, you know, that there may be consequences for you. I think that That has become much more in India today than it used to be 2030 years ago.”

“Because if you look at the East Asian countries, when they were doing well, since we've spoken so much about East Asia today as an example, they were attracting FDI of three to four percent of GDP. We have never really broken much above one percent of GDP, the…”

“I find this competitive federalism is India's greatest strength, and the more the center can allow that, if Modi really wants to leave behind a legacy, I think that in terms of, ah, this is where I would say, you know, should be the real priority.”

“What I do is I maintain a rank of all the states, ah, and where they stand on their per capita income and what the movements have been over time. So Karnataka has seen the sharpest movement in the last 1020 years, in fact.”

“I feel like shorting is such a essential part of the ecosystem. It makes our markets so much more robust. It's an artificial flow when a correction is happening, shorts will cover, but also price discovery becomes a lot more efficient. I feel like we really ne…”

“I personally believe that if India were to become capital account convertible, more money would come in than go out.”

“Our per capita income is, you know, barely 3000 dollars.”

“Has to, there's only one, and I think it's manufacturing. I'm saying, if it, if growth has to happen, I don't see, like, anything else.”

“We're in a world, at least Trump's world is a very transactional world. And this is what I said even when he, like when he got elected. So let's not think that there's something major strategic going on here. This is a transactional world. If tomorrow somethin…”

“So we have 15% market share in trimmers all India. We sell 7000 trimmers a day. 7000 trimmers a day all India. Yeah. At a thousand rupee price point.”

“Today, prestige is only four percent of the beauty market. As I was telling him, it'll be 10% in the next three to four years.”

“And in fact, there is at least five X headroom, five X times headroom to grow in terms in terms of acquisition and you know, even premiumization, like a huge amount of prestige sales come from tier two and tier three cities. So we should not assume that those …”