Former RBI Governor C Rangarajan On The Path To The Viksit Bharat | EXCLUSIVE

Summary

In this Independence Day special, Dr. Rangarajan, former Reserve Bank of India Governor, reflects on India's economic journey post-independence. He highlights India's rise to the fifth largest economy, self-sufficiency in food grain, and success in the service industry. Dr. Rangarajan also discusses policy shifts in the '90s, emphasizing the importance of reforms, investment rates, and job creation for India to become a developed nation by 2047. The conversation underscores the significance of the RBI's autonomy and its role in shaping India's economic policies.

Takeaways

• 😀 India is now recognized as the fifth largest economy in the world, a significant achievement considering its large population.
• 🌾 India has achieved self-sufficiency in food grain, a crucial development from the food scarcity of the 1950s and 1960s.
• 💻 The service industry, particularly computer-related services, has seen remarkable growth, with India becoming one of the largest exporters of these services.
• 🏭 India possesses a reasonably strong industrial base capable of producing a variety of capital goods, intermediate goods, and consumer goods.
• 👨‍👩‍👧‍👦 India's fertility rate has decreased to near two, suggesting that the population may stabilize within a couple of decades.
• 📉 A major policy mistake was the continuation of a development strategy from the 1950s that included high savings and investment rates, a dominant role for the state, import substitution, and emphasis on heavy industry, which was not adapted until the 1990s.
• 📈 The 1991 economic crisis led to significant reforms, including the dismantling of the complex system of permits and licenses, redefining the state's role, and embracing international trade.
• 🏦 Dr. Rangarajan, during his tenure as RBI Governor, played a pivotal role in converting the dollar-rupee rate to a market-driven exchange rate and liberalizing bank lending and deposit rates.
• 🏢 To achieve the goal of becoming a developed economy by 2047, India needs to maintain an investment rate of around 35% of GDP and create an environment conducive to private investment.
• 👩‍💼 Addressing the challenge of job creation and employment growth is critical for India's development, with a focus on sectors that are labor-intensive and can absorb new technologies.

Q & A

What significant economic reforms did Dr. Rangarajan implement during his tenure as the Reserve Bank Governor?

Dr. Rangarajan implemented several revolutionary steps including the conversion of the dollar-rupee exchange rate from an administered rate to a market-driven one, liberalization of bank lending and deposit rates, and ending the government's unlimited power to borrow.

How did Dr. Rangarajan's policies impact India's position in the global economy?

India's economic reforms under Dr. Rangarajan's guidance led to it being recognized as the fifth largest economy in the world, showing significant growth and development compared to previous decades.

What was Dr. Rangarajan's view on India's self-sufficiency in food grain?

Dr. Rangarajan considered India's self-sufficiency in food grain as a very important development, especially when compared to the difficult food situation in the 1950s and 1960s.

How did Dr. Rangarajan assess the performance of the service industry in India?

He praised the service industry, particularly the computer-related service industries, stating that India has done very well and is considered one of the largest exporters of these services.

What was Dr. Rangarajan's opinion on India's industrial base?

Dr. Rangarajan believed that India has a reasonably strong industrial base capable of producing a variety of capital goods, intermediate goods, and consumer goods.

What demographic trend did Dr. Rangarajan highlight as a positive development for India?

He mentioned that India's fertility rate has come down to close to two, indicating that the population may stabilize in another two decades, which is a positive development.

What policy mistake did Dr. Rangarajan identify from India's past economic strategies?

He identified the strategy of import substitution and the emphasis on heavy industry as elements that needed change, which did not occur until almost two decades later, resulting in a slower growth rate for the economy.

What was the most significant achievement of the economic reforms in 1991 according to Dr. Rangarajan?

The most significant achievement was not just solving the immediate crisis but also introducing reforms that dismantled the complex system of permits, licenses, and controls, redefined the role of the state, and embraced international trade.

What advice does Dr. Rangarajan have for the governance of public sector banks?

He suggests ensuring a proper system of selection for board members and making the board of directors responsible for the functioning of the banking system to improve efficiency.

What are the key policy changes Dr. Rangarajan recommends for India to become a developed country by 2047?

He recommends maintaining a high investment rate, adopting a multi-dimensional development strategy, and focusing on job creation, especially in sectors that are more labor-intensive.

How does Dr. Rangarajan view the role of the Reserve Bank of India over the past few decades?

He views the RBI as a strong institution with Governors of high integrity and scholarly excellence, maintaining its independence and providing leadership in monetary policy, especially with the adoption of the inflation targeting framework.

Outlines

00:00

📈 Economic Achievements and Policy Reflections

Dr. Rangarajan, a veteran policy maker and former Reserve Bank Governor, reflects on India's economic progress since its independence, highlighting its rise to the fifth largest economy, self-sufficiency in food grain, and advancements in the service industry. He also discusses the revolutionary steps taken during his tenure, including the transition to a market-driven exchange rate and the liberalization of bank lending and deposit rates. The conversation touches on India's industrial base and population stabilization, as well as the need for a high-income economy by 2047.

05:01

🔄 Historical Policy Critique and Financial Sector Reforms

In this segment, Dr. Rangarajan critiques India's past development strategies, particularly the import substitution policy and the emphasis on heavy industry, which he believes hindered growth. He acknowledges the need for change in the 1970s and 1980s but notes that reforms were delayed until 1991. The discussion shifts to the banking sector, where Dr. Rangarajan emphasizes the importance of competition and proper governance, suggesting that public sector banks need to become more competitive and that their board of directors should be selected through a robust system to ensure efficiency.

10:04

🛠️ Policy Shifts for a Developed India by 2047

Dr. Rangarajan outlines the necessary policy shifts for India to become a developed nation by 2047. He stresses the importance of increasing the per capita income, which requires sustained growth rates of around 6-7%. He advocates for a high investment rate, particularly from private sectors, and a multi-dimensional development strategy that goes beyond export-led growth. Additionally, he addresses the critical challenge of job creation and the need for a balance between high technology and labor-intensive sectors to ensure sustainable employment.

15:05

🏛️ Political Stability and Economic Aspirations

The conversation turns to India's political achievements, with Dr. Rangarajan acknowledging the country's ability to maintain democracy and avoid fragmentation despite economic challenges. He differentiates between political and economic achievements, noting that while India has done well in both areas, there is room for improvement, especially in job provision and economic well-being. The discussion underscores the interconnectedness of political stability and economic development in the country's journey towards becoming a developed nation.

20:08

🏦 RBI's Performance and Autonomy

Dr. Rangarajan evaluates the performance of the Reserve Bank of India (RBI) over the past several decades, commending its strong institutional framework and the integrity of its governors. He discusses the evolution of the RBI's role, from a supportive entity during the planning period to an independent body with greater autonomy, particularly after the introduction of the inflation targeting framework. Dr. Rangarajan supports the current policy framework and the autonomy it provides to the RBI, emphasizing the importance of maintaining this independence for the benefit of the economy and society.

Keywords

💡Independence

Independence refers to the state of being free from the control of another country or government. In the context of the video, it marks the 77th anniversary of India's independence from British rule, which is a significant event for the nation's history and identity. The video discusses how India has progressed economically since gaining independence.

💡Policymaker

A policymaker is an individual or group responsible for making decisions that shape government policies. Dr. Rangarajan, mentioned in the script, is described as one of India's longest-serving policymakers, highlighting his influential role in India's economic policies, particularly during his tenure as the Reserve Bank Governor.

💡Exchange Rate

The exchange rate is the value of one country's currency in terms of another. The script refers to the conversion of the dollar-rupee exchange rate from an administered rate to a market-driven one, indicating a shift towards a more liberalized financial system in India under Dr. Rangarajan's governance.

💡Liberalization

Liberalization in an economic context refers to the relaxation of government controls and regulations on industries and markets. The script discusses how bank lending and deposit rates were liberalized, meaning they were freed from government control and allowed to be determined by market forces.

💡Economic Advisory Council

An Economic Advisory Council is a group that provides advice on economic matters to a government or organization. Dr. Rajan served as the chairman of the Prime Minister's Economic Advisory Council, indicating his continued influence on India's economic policy after his term as the Reserve Bank Governor.

💡Service Industry

The service industry comprises the economic sector that provides intangible goods or services rather than physical commodities. The script notes India's success in the service industry, particularly in computer-related services, making it one of the largest exporters in this sector.

💡Fertility Rate

The fertility rate is the average number of children born per woman. The script mentions that India's fertility rate has declined to near two, suggesting a potential stabilization of the population in the coming decades, which has implications for economic growth and social policies.

💡Development Strategy

A development strategy outlines a country's approach to achieving economic growth and social progress. The script discusses the evolution of India's development strategy, including a shift from a state-dominated model to a more market-oriented approach in the late 20th century.

💡Public Sector Banks

Public sector banks are financial institutions owned by the state. The script refers to the listing of the State Bank and other public sector banks, indicating efforts to reform and modernize the banking sector, making it more competitive and efficient.

💡Autonomy

Autonomy refers to the independence or self-governance of an institution or entity. The script discusses the increased autonomy of the Reserve Bank of India, which has allowed it to operate more independently and make decisions based on economic considerations rather than direct government control.

💡Inflation Targeting

Inflation targeting is a monetary policy strategy where a central bank sets a target for inflation and uses its tools to steer inflation towards that target. The script mentions the adoption of an inflation targeting framework by the Reserve Bank of India, which is a significant shift towards a more rules-based approach to monetary policy.

Highlights

India is now the fifth largest economy in the world, a significant achievement considering its large population.

India has achieved self-sufficiency in food grain, a crucial development from the difficult food situations in the 1950s and 1960s.

The service industry, particularly computer-related services, has performed well, with India being one of the largest exporters of these services.

India has a reasonably strong industrial base capable of producing a variety of capital, intermediate, and consumer goods.

India's fertility rate has decreased to close to two, indicating potential population stabilization in the coming decades.

The 1991 economic crisis was a turning point, leading to significant reforms and the dismantling of the complex system of permits and licenses.

The role of the state was redefined, and the policy of import substitution was abandoned in favor of international trade.

The decision to devalue the currency and ship gold in 1991 was a difficult but necessary step to overcome economic challenges.

Public sector banks were listed, introducing a competitive system in the banking industry and improving efficiency.

The governance of public sector banks needs improvement, with a focus on the selection and responsibility of board directors.

For India to become a developed country by 2047, a per capita income increase to $113,000 is required, implying a growth rate of 6-7%.

The investment rate in India must remain at 35% of GDP to achieve the goal of becoming a developed country.

A multi-dimensional approach to development is necessary, moving beyond a single-goal strategy like export-led growth.

The challenge of job creation and employment is critical, with the need for a combination of high-tech and labor-intensive sectors.

Maintaining democracy and political stability in India is a significant achievement, especially when compared to regional and global contexts.

The Reserve Bank of India has been a strong institution with Governors of high integrity and scholarly excellence.

The autonomy and independence of the Reserve Bank have increased, especially with the adoption of the inflation targeting framework.

The new policy framework provides the Reserve Bank with the freedom to make independent decisions regarding monetary policy.

Transcripts

[Music]

welcome to Indian nomics India completes

77 years of Independence and at this

emotional juncture I thought it fit to

invite one of India's longest serving

policy makers Dr s rangarajan Dr

rangarajan was Reserve Bank Governor

from 1992 to

1997 during which time he converted

the dollar rupee from an administered

rate to a market driven exchange rate

Bank lending and deposit rates which

were set by The Reserve Bank were

liberalized and the government's

unlimited power to borrow was also ended

in short a lot of revolutionary steps Dr

Rajan of course continued his Innings of

policymaking as the chairman of the

prime minister's economic advisory

Council from 2004 to 2014 in between he

was also chairman of the 12th Finance

Commission

and of course he headed numerous other

important committees and commissions

notably like the statistics commission I

don't think we can get a wiser voice to

glance at the past 77 years and guide us

about the future than Padma Vian Dr

rangarajan sir thank you very much

indeed for joining us on a very

auspicious day okay thank you well first

up Sir you've uh seen a better part of

this 77 years and 37 of those as

actually policy maker uh what would you

say is the biggest achievement of the

Indian

economy Well India is now um described

as the fifth largest economy in the

world um of course we are a big country

uh we have a huge population uh that

itself gives us a large economy

nevertheless I think that as compared to

what it was in two decades ago uh coming

up to the level of the fifth largest

economy is an achievement by itself

though there are other important

problems secondly I would say that the

we have achieved self-sufficiency in

food grain um that is uh very important

development when you look at what we

were and and how difficult the food

situation was in India in the 50s and

60s thirdly I would say that in the case

of the service industry particularly the

computer related service Industries we

have done very well and we are counted

as one of the largest

exporters of the these Services um by

others therefore and I perhaps also

should mention that we do do have a

reasonably strong industrial base

capable of producing a variety of

capital goods intermediate goods and

consumer

goods also I will mention as lastly that

India's fertility rate has come down to

close to two and therefore in another

two decades perhaps the population will

stabilize though we should have taken

earlier much earlier action nevertheless

it is a fact that we are now at a level

or at a stage where we can say that in

two decades from now the population will

stabilize Fair Point sir well if you

have to I I do want to ask you more

about our uh goal uh to become a

developed economy or at least High

income economy vixit bat by uh 2047 but

before that a little more reminiscing

what would you say was our biggest

policy mistake

uh that uh didn't allow us to become

like say the Asian

tigers well the in the 50s and 60s and

even up to 70s and even 80s uh India's

strategy of development contained let me

say four elements one was uh raising the

savings and investment rate uh the

second was a dominant role for the state

U what we used to call uh acquiring the

commanding Heights of the

the and the third was the policy of

import substitution that we should

produce in India what we were importing

and fourthly an emphas industrialization

with the emphasis on heavy

industry I would say in the 50s

particularly we had no

clear

um situation which explained how a

developing or a develop underdeveloped

country in those days the term used

could

become strongly developing economy yeah

therefore we can't blame the policy

makers of of the 50s but it came to me

came clear that as we move further and

as we were approaching towards the end

of 70s or something the strategy that we

had adopted needed

change but I think the policy makers

didn't make the change at that time okay

it took us almost another two decades

before the changes could be made okay

therefore this broad strategy of

development that we adopted in the 50

though perhaps appropriate at that

particular time lost its way and I think

that resulted in our rate of growth um

of the economy um being around 3.7%

till the end of 1970s yeah I think we

needed a change at that time and we make

the change okay so the 70s and 8s

perhaps were the L decades till we found

ourselves uh in uh you know

1991 uh well coming to 1991

itself uh what do you think was the

toughest and the biggest achievement at

that

time well the point is

that there were two things one was to

manage the crisis because we have to get

out of the crisis yes that 1990 and

1991 yes steps to be taken first of all

to stabilize and then we felt that after

stabilizing we need to reform the Accord

because it is not question of just

simply the solving the problem the

balance of payments problem of 90 or 91

we have to build an economy which will

not face such crisises from time to time

and therefore we moved on uh to

introduce reforms and that started

almost in the 1991 and it picked up

speed in the next years and then it was

followed up by various governments I

would say the

decision to devalue in in in a deep way

in two states and even to ship gold yes

in 1991 period in order to overcome some

of the problems M are difficult

decisions and they had to be taken but

the most important thing is we did not

stop with solving the problems moved on

to make

reforms and if I would say in a short

sentence that we made a break with the

past in three important ways one we

dismantle the complex system of permits

and licenses and controls that dominated

the system second we redefined the role

of the state and thirdly we gave up the

policy of import substitution yeah at

any cost and decided to embrace the

international

tra so I will come back to the policies

that you have mentioned because we seem

to be going back to some of those

policies especially import substitution

under a diluted version called atbar but

more on that later let me come to the

way in which we handle public sector

Banks uh uh because that's uh that came

directly under the Reserve Bank you know

you under you and of course Dr Manan

Singh and the others you all got First

State Bank listed and eventually through

the decade other public sector Banks got

listed but since then we have not made

any major change in the governance of

public sector Banks what would you

advise some time ago your Deputy at that

time Dr Edy had said that they should be

brought under the company Act act what

would your advice be to the current

regime no I think the the most important

point is

that several steps were taken to um

introduce um and to initiate a

competitive system in the banking system

in the final analysis it is competition

that will finally lead to efficiency in

the system and um that uh attempt was um

uh um taken care of by allowing new um

private sector Banks into the banking

industry it's my time and as a result of

it I think we do have a situation in

which almost 30% of the banking system

is now in the private sector so we

really need to ensure that this

competitive system

does does REM and and we we really have

to ensure that

the the public sector banks in order to

survive and grow need to be very uh

competitive but you were asking about

the governance and so on I think the

most important thing is that the

um the the board of directors and how

they are nominated and how they selected

is a key thing in the final analysis the

management of a bank rests with the the

the board of directors and therefore the

most the key thing that I would really

recommend is ensure a proper system of

selection of people to the board of

directors and make the board of

directors as a whole responsible for the

functioning of the banking system and

that I think is a critical variable in

making the banking system more efficient

your point is taken S I think that's

what Dr red also argued in 2000 and

later on the PJ n Committee in 2013 that

bringing under the companies act uh you

know the board gets more powerful they

get independent directors and uh maybe

that will introduce the governance

element also the government can't use

PSU banks for their schemes like mudra

Etc which ties them down and leaves

private sector Banks a little Freer uh I

will time permitting ask you more about

the banking system but uh you also wrote

In the Hindu about how we should chase

our new goal of a vixit bat a developed

India by

2047 what would you say should be the

first two or three major policy changes

we need to

do first of all I think in order to be a

developed country our per capita income

has to move from the current level of

something like

$2,500 to

$113,000 M and this requires according

to the calculations made by several um

on on on some assumptions regarding the

price level inflation and the uh the

exchange rate we we need to we need to

grow at between six and 7% but perhaps

closer to

7% this

requires that the gross fixed capital

pration rate or the investment rate let

us say has to be about 35% if you assume

an incremental Capital output ratio of 5

is to one I think the the incremental

Capital output ratio in recent period

has been around five therefore the first

thing that we really need to do is that

we ensure that the investment rate in

the country REM remains at 35% of GDP

and um that is critical if you really

want to become a developed country we

are close to it I think we are now about

30

33.3% of the GDP and therefore it is not

something that

is it's beyond us but my my but but

there is one point there the recent

increase

in um investment rate has been because

of the uh increase in capital

expenditures by the government of

India that is not the answer I think the

real answer lies in the private

investment picking up because the

increase in capital expenditure or by

the central government has also been

followed by high fiscal deficit you look

at the fiscal deficit of the government

of India in the last four years they are

way above the 3% of the GDP which was

considered to be the appropriate

therefore we have to create appropriate

investment the climate for private

investment to pick up so that is one of

the important things that we have to to

do yeah the the the second thing is on

the strategy of development I think the

government must have some idea and I

would say

that the strategy of development must be

multi-dimensional the East Asian tigers

adopted a single goal yeah like exports

export Le growth now that export Le

growth is not possible now first of all

the developed countries are not growing

that fast second of all there is a

change in the attitude of the um

developed countries in terms of free

trade therefore while exports are

important the external demand is

important and in some sense exports are

critical test of efficiency of the

economy therefore we cannot ignore

exports but it is not the export Le

strategy that will really lead us to a

higher level and I and I would really

say that we really need to

um have a multi-dimensional approach to

strategy of development and the third

point that I would mention is that the

mo the

most or the biggest

challenge that is go that India will

have to face is about jobs yes and

employment yes um the the fact is

that the employment growth is not as

fast as the income grow growth it is

true jobless growth is bad but jobs

without growth is not sustainable yes

let us not say that let's go let us fill

the vacancies in the government of India

or the state governments that's not the

way to go about I think the real problem

is going to be that the new technologies

that are looming in the Horizon yes are

going to make the problem even more

difficult how to solve the problem the

solving the problem simple problem is

you can say why are you growing at 7%

why don't you grow at 8% yeah that is

not going to be very easy also because

of so many other considerations

including

um environmental control the need to

control emissions and so on and so forth

the thing is that even in spite of the

induction of high

technology there are sectors of the

economy which are relatively more labor

intensive I would suggest like food

processing industry I think what is

really required is a combination of

sectors of the

economy which will be partly highly um

labor intensive labor not Capital

intensive not I would that high

technology in iive and sectors of

economy which are relatively more labor

intensive I think that is the only way

in which we can really solve the the

problem the therefore these are the

three things I would mention which are

critically important if you want to get

to be a developed country by 2047 that's

a very succinct blueprint for how we

should proceed dran I have to take a

quick break and back with just a couple

of more questions

[Music]

welcome back to this very special uh

Independence Day special with Dr

rangarajan this is an economic special

Dr rangarajan thank you very much for

your patience so just a couple of

questions more would you say that uh one

of our big achievements is not economic

political I mean we did not fall apart

like say the Soviet Union or even

Britain is now threatening to uh and

secondly we maintained our democracy

would you say these are you know at

least as big if not bigger achievements

than our Economic

Development well um

politically um we have had some problems

as well and we continue to her problems

but certainly it is a tribute to the

people of this country that we remind a

democracy we remind I mean we cherish uh

some of the freedoms that have been

given the Constitution uh particularly

when we look at it um in the context of

what is happening in our neighboring

countries and in several parts of Asia

and Africa so that is true but you asked

me the first question was about what are

been our achievements yes therefore in

that context you will see that our

economic

achievements have fallen short of our

expectations yes and

they also fallen short of what many

other countries have done for example

South Korea yeah was an underdeveloped

country and its per capita income was

the same as that of India in the

1950s but then it has become a developed

country it is part of oecd and so on

therefore our aspirations to become a

developed country uh is very much

Justified yeah but at the same time I

think we have fallen short of our

expectations but nevertheless we

have as far as the economy is concerned

able to achieve many things um therefore

it is very difficult to compare

political achievements versus the

economic achievements I would only say

that in the case of both we have done

well in many respects and we can be

proud of what the achievements there but

at the same time we need to recognize

that we have fallen short of our own

expectation yes and we really need to uh

drive faster yeah no I agree with you

sir falling short in terms of providing

jobs to everybody and falling short in

terms of providing economic well-being

to everybody is also a political failure

and not just an economic failure I take

your point on that well finally Dr

rangarajan I still remember you as the

RBI Governor uh the RBI Governor par

exelans so uh let me uh conclude by

asking you what would be your uh comment

on the RBI uh its performance over the

last 30 40 years when you you know when

you have been uh you know heading the

ship well I think

RBI has been a strong

institution and uh people who have been

appointed as Governors have

been men I think so farly men men of

excellence and high

integrity uh and very scholarly um

therefore in in a sense the institution

has maintained its Integrity the

institution has been able to provide a

leadership in the area in which it has

been charged and therefore I I would

rate the performance of The Reserve Bank

of India um as very high um and the the

one issue that have been coming up

frequently has been the um autonomy or

Independence of the The Reserve Bank um

in the early period uh the in the the

planning period uh certainly uh

the dominant thinking was uh that the

government uh is playing an important

role and The Reserve Bank and many other

institutions are supposed to play a

supportive role I think that also

resulted in um BS of inflation from time

time to

time so so the the therefore the

important change that came around around

the early 1990s and continuing is really

to give a greater amount of autonomy and

Independence in the final analysis it is

the act of The Reserve Bank of India

which does it yes so as you mentioned

earlier we did away with automatic

monetization of fiscal deficit and so on

and did away with um determining the

deposit rate and so on yeah and I think

the after the fiscal responsibility in

the budget management act uh the other

important change was the uh inflation

targeting framework yes I believe that

it is an important development as far as

the Reserve Bank is concerned and the

way in which the Reserve Bank of India

has managed the the new framework is is

very good okay excellent and I I would

say that that gives

really um the the power of Independence

or autonomy to the to the Reserve Bank

after all even the governor of The

Reserve Bank or the Finance Minister

does not do not know whether the policy

rate is to be is going to be raised or

lowered yes it is really the monetary

policy committee which decides it

therefore I would really say that the

the the new framework gives the required

Freedom or autonomy for the for the for

the Reserve Bank and I'm quite sure that

there are issues that are arising even

with respect to the new policy framework

yes um how much time should we allow uh

the um uh the inflation rate to be

hanging be outside the the limit yes and

how quickly we should you do it and so

on and so forth I think the questions

are still um hanging around but I think

the experience of the management of the

new policy framework has been um good

and therefore I think as we go along we

should really um strengthen these

mechanism therefore

I to conclude this part of it I would

say that yes the Reserve Bank of India

has done well extremely well and um the

the the government and others also must

recognize that it is good to give this

freedom and autonomy to The Reserve Bank

it is to the good of the economy good to

the good of the society okay thank you

very much Dr agajan I believe you're 90

years old and to have such a Clear

Vision and advice for both the

government and the Reserve Bank at this

juncture is extremely uh creditable and

uh we are thankful to God that you are

still around to give us advice thank you

very much and here's wishing you every

happiness and good health okay thank you

thank you very much well that's it on

this very special edition of

Independence Day indan omits thanks for

watching

[Music]