Indian Economy News & Discussion - Nov 27 2017

[Suraj]

I wrongly believed economy won’t revive without a stronger fiscal stimulus: Swaminathan Aiyar

Yes I explicitly mentioned Aiyar on this thread a couple of weeks ago, as an example of someone who was willing to admit when he was wrong. Anyone's entitled to make an opinion, but their willingness to state when they're wrong is what marks them as honest.

[vijayk]

https://swarajyamag.com/economy/nirmala ... hard-times
Nirmala Sitharaman Interview: Every Opportunity To Undertake Reforms Must Be Seized, Even If It Comes During Hard Times

You inherited a slowing economy and Covid pushed that into a slump. But the government has been more focused on long-term reforms rather than shorter-term demand boost… Is there a belief that some of these reforms could, in fact, help address the crisis in the short run? Or is it all about the long term…?

We do not look at it like that. What has to be done for the short-term, we are doing, whether it is considered adequate or not. Secondly, every opportunity you get to undertake reforms, especially when they come up during testing times, is a challenge that must be met head-on. You do not let the opportunity go. That’s the driving force of the Prime Minister. Whatever be the need, whether it is relief to address the distress of the poorest of the poor (or about small companies), it must be done. He ensured that we did that within 48 hours (of the lockdown).

With respect to Atmanirbhar Bharat, where several reforms appear to be only for the medium or long term, there are elements packed into it that are immediate in nature. So, categorising reforms into watertight binaries, with no scope for overlap, is not the way we look at the phenomenon of transformation.

Atmanirbharta means that which we can produce we should produce and not depend on imports. That where we (already) had the ability to produce, we should ramp up capacity. And that which we produced (in the past), and where we lost due to predatory pricing or whatever, should be brought back. It does not mean stopping imports of items which we just simply don’t have the capacity to produce.

The states argue that agriculture is in the state list…

We have only legislated that bit which allows inter-state trade. Where have we transgressed into state domain? If anything, I will rub this point a bit further, APMCs are determined by state laws. The Congress, in its 2019 Lok Sabha manifesto, clearly promised to disband them. Did the Congress then not know that APMC disbanding is encroaching on the states’ domain? How did you put this in the Lok Sabha manifesto? It was not about a state election. The Congress is clearly tying itself up in knots. It (the opposition) is clearly political and hypocritical, and unfortunately, they are clearly misleading the Indian farmer.

[disha]

Apart from jal jeevan mission, we must also track the economic benefits of housing construction.

GOI has initiated 6 lighthouse projects with technologies from across the world in 6 different cities. Goal is to set up 6000 units in a year and then scale it up for urban development and rejuvenation.

This is a big big big productivity boost. Imagine creating 20 homes in a day scaled up to thousands of units in a day! And with better use of energy and natural minerals and a better design and more safer.

Please check it out at https://ghtc-india.gov.in/Content/LHP.html

Of course, GOI sites will be like presentations by the babooze, for the babooze and of the babooze, but for a common person on the ground to have a shot at a decent, clean and safe living itself is immense. On top of it, new construction technologies get initiated.

[disha]

Apart from jal jeevan mission, we must also track the economic benefits of housing construction.

GOI has initiated 6 lighthouse projects with technologies from across the world in 6 different cities. Goal is to set up 6000 units in a year and then scale it up for urban development and rejuvenation.

This is a big big big productivity boost. Imagine creating 20 homes in a day scaled up to thousands of units in a day! And with better use of energy and natural minerals and a better design and more safer.

Please check it out at https://ghtc-india.gov.in/Content/LHP.html

Of course, GOI sites will be like presentations by the babooze, for the babooze and of the babooze, but for a common person on the ground to have a shot at a decent, clean and safe living itself is immense. On top of it, new construction technologies get initiated.

Added later: I see A. Nandy sir has already beat me to this. Still watch out for the thousands of housing units per day coming online from 2021/2022 onwards.

[Suraj]

CV sales may be slow to grow because of potential impact of the DFCs on road freight.
Most auto-makers end 2020 on the fast lane; CV sales still lagging

To wit:
Railways freight loading sees 8.54 per cent growth in December 2020

Indian Railways loaded 118.13 million tonnes (mt) of cargo in December 2020, which is 8.54 per cent higher compared to last year’s loading for the same period (108.84 mt), said an official release.

[M_Joshi]

FPIs Bet Big On India's Economy: Invest Record Rs 68,558 Crore In Indian Equities And Debt

Betting big on the prospects of the Indian economy, the foreign investors have pumped in Rs 68,558 crore into Indian markets in December, reports Livemint.

The robust inflows include Rs 6,542 crore investment into debt markets and Rs 62,016 crore investment into the equities segment. This marks the highest quantum of money invested into the Indian equities in a single month ever since the NSDL began to report the FPI inflow data.

This gains significance as it comes at the backdrop of foreign inflows of Rs 60,358 crore into Indian markets in November, which was the highest-ever inflow of funds recorded ever in a single month. Before this, in October, Indian equities had witnessed an inflow of Rs 22,033 crore.

[A Nandy]

https://swarajyamag.com/insta/govt-plan ... s-database

PSU Disinvestment: Union Government Invites Expressions Of Interest For 26% Stake Sale In BEML Along With Transfer Of Management Control

[A Nandy]

https://swarajyamag.com/news-brief/pm-t ... estern-dfc

After inaugurating the 351-km section in the Eastern DFC last week, Prime Minister Narendra Modi is slated to flag off the commercial operation of goods service in the 306-km long section between Rewari and Madar in the Western DFC on January 7.

The section to be inaugurated on Thursday comprises 79 km in Mahendragarh and Rewari districts of Haryana and approximately 227 km in Rajasthan.

DFC moving faaast.

[arvin]

https://swarajyamag.com/insta/govt-plan ... s-database

PSU Disinvestment: Union Government Invites Expressions Of Interest For 26% Stake Sale In BEML Along With Transfer Of Management Control

Above Link points to some other story. Correct link below.

https://swarajyamag.com/insta/psu-disin ... nt-control

[vijayk]

[Vips]

UPI ends 2020 on high note, scales past Rs 4-lakh-cr milestone in December; volume up 70% from year-ago.

UPI transactions ended 2020 on a high note. The value for digital transactions done via UPI stormed past the Rs 4-lakh-crore mark in December, according to the latest UPI data from the National Payments Corporation of India (NPCI). 2.23 billion transactions worth Rs 4.16 lakh crore were recorded in December, up from 2.21 billion transactions involving Rs 3.91 lakh crore in November. The year-on-year growth in volume stood at 70 per cent from 1.30 billion transactions while the value of UPI transactions increased 105 per cent from 2.02 lakh crore in December 2019. Moreover, the number of banks live on the UPI platform increased from 143 to 207 during the 12-month period.

Among the leading UPI players, Google Pay and PhonePe had together cornered over 82 per cent of the market by volume and over 86 per cent by value in November. While Google Pay processed 960.02 million transactions involving Rs 1.61 lakh crore, PhonePe, saw 868.4 million transactions worth Rs 1.75 lakh crore. Paytm had processed 260 million payments.

The transaction volume and value have apparently scaled up faster during the Covid and lockdown phases as people switched to digital mode to avoid cash usage. The volume jumped by 908.47 million transactions during the 10-month period from 1.32 billion transactions in February 2020, according to the analysis of NPCI data. However, in comparison, similar volume growth of 908.47 million transactions, before Covid, took 17 months (from September 2018) to reach the February 2020 level.

UPI is currently the biggest among the NPCI operated systems including NACH, IMPS, AEPS, BBPS, RuPay, etc. As of October FY21, out of 3.39 billion retail transactions on all NPCI platforms, 2.07 billion transactions were recorded on UPI followed by 340.03 million transactions with respect to NFS inter-bank ATM cash withdrawals, 318.97 million transactions on the instant payment inter-bank electronic funds transfer system — Immediate Payment Service (IMPS), and 245.55 million transactions on the National Automated Clearing House (NACH), according to the NPCI data.

Importantly, the Reserve Bank of India had on Friday launched a ‘composite Digital Payments Index (DPI)’ to measure the extent of digitisation of payments in India based on parameters including payment enablers, payment infrastructure – demand-side and supply-side factors, payment performance, and consumer centricity, according to the RBI.

[Suraj]

Another datapoint suggesting strong Q3 performance:
Power consumption grows 4.8% in first half of December

actually i would rate this as the most important in this time. One of my old colleagues found this to be a very reliable indicator during demo time as well. In pandemic, when fuel consumption is limited, this is a strong indicator.

Power consumption grows 6.1pc in December

After a gap of six months, power consumption recorded a year-on-year growth of 4.5 per cent in September and 11.6 per cent in October.

In November, the power consumption growth slowed to 3.12 per cent to 96.88 BU compared to 93.94 BU in the same month last year mainly due to early onset of winters.

Experts said that the 6.1 per cent growth in power consumption and all time high peak power demand of 182.88GW in the month of December clearly indicate that there is considerable spurt in economic activity in the country.

They think that the power demand growth would be more stable in coming months.

[kit]

Lithium resources and exploration in India

https://auto.economictimes.indiatimes.c ... u/74183545

Good to see GOI proactive in acquiring assets abroad

https://indianexpress.com/article/india ... e-7131626/

[vimal]

India's manufacturing sector ends 2020 on brighter note

https://auto.economictimes.indiatimes.c ... e/80091828

BENGALURU, - India's factory sector ended a rough 2020 on a stronger note as manufacturers boosted production to meet rising demand, a private survey showed on Monday, although the employment situation worsened as firms continued to reduce headcounts.

Manufacturing has been one of the main engines driving a recovery in Asia's third-largest economy after a coronavirus-induced slump early in the year. Business activity is slowly improving after contracting at an annual pace of 23.9% and 7.5% respectively in the April-June and July-September quarters.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, rose slightly to 56.4 in December from November's 56.3, above the 50-level separating growth from contraction for a fifth month.

"The latest PMI results for the Indian manufacturing sector continued to point to an economy on the mend, as a supportive demand environment and firms' efforts to rebuild safety stocks underpinned another sharp rise in production," noted Pollyanna De Lima, economics associate director at IHS Markit.

Both new orders and output continued to grow strongly, albeit at a slower pace. New export orders rose at the slowest pace in four months as a recent surge in coronavirus cases dampened overseas demand.

Rising demand, however, failed to improve conditions in the labour market, with manufacturers continuing to cut jobs.

"Once again, the survey brought the bad news of falling employment. However, the trend for jobs is at least moving in the right direction as the rate of contraction softened to the weakest in the current nine-month period of reduction," added De Lima.

[chetak]

kerala seems to have come in way down the list

Ministry of Finance@FinMinIndia · Jan 1

GST Revenue collection for December 2020 recorded all time high since implementation of GST

The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore

https://pib.gov.in/PressReleaseIframePa ... ID=1685332

[vijayk]

WANTED 3000 female candidates for mobile manufacturing company @sriperambathur. Age:18-26,Education:10th(pass/fail)&above.Net salary:9722/-.Free food and accommodation.Contact:9003032043/9962031738

Received from a friend in whatsapp ...

Looks like in spite of winstron, this is going good...

not sure if they are having difficulty in recruiting or not but bodes well

https://swarajyamag.com/news-brief/modi ... the-region

Modi Cabinet Approves Krishnapatnam Industrial Corridor In Andhra Pradesh: What That Means For The State And The Region

Last week, the Cabinet Committee on Economic Affairs (CCEA) approved the setting up of an industrial corridor at Krishnapatnam in Andhra Pradesh.

The CCEA, headed by Prime Minister Narendra Modi, has approved the project at an estimated cost of Rs. 2,139.44 crore. This comes when the Krishnapatnam port has witnessed nearly 20 per cent growth over the last few months.

A Press Information Bureau (PIB) statement said that the objective of setting up the industrial corridor is to create a greenfield of industrial cities with sustainable, “plug and play” (ready to start immediately,) and information and communication technology enabled utilities to facilitate investments in the manufacturing sector.

The industrial corridor will be self-sustained with world-class infrastructure, road and rail connectivity for freight movement to and from ports and logistic hubs along with reliable power and quality social infrastructure.

The project, part of the Government’s plan to create similar corridors across the country, is envisioned on the backbone of major transportation corridors such as Eastern and Western Dedicated Freight Corridors, Expressways and National Highways, proximity to ports, airports and junctions.

A feature of the industrial corridor is that developed land parcels will be ready for immediate allotment to attract investments. The industrial corridor programme is aimed at furthering the objective of “Atmanirbar Bharat Abhiyan”.

Besides Krishnapatnam, Tumakuru in Karnataka, which is part of the Chennai-Bengaluru Industrial Corridor (CBIC), will also see a similar project coming up.

The Krishnapatnam industrial corridor will now be an integral part of the CBIC.

[vijayk]

https://www.indiabudget.gov.in/economicsurvey/
Economic Survey

[Suraj]

https://www.indiabudget.gov.in/economicsurvey/
Economic Survey

Technically, the 2019-20 ES is the previous one. It's confusing because the years don't line up exactly. The Economic Survey is for the current (about to end) year. The Budget is for the next year. Therefore the upcoming ES/Budget will be Economic Survey 2020-21 and Budget 2021-22 .

[VinodTK]

[A Nandy]

https://toycathon.mic.gov.in/

India, despite being a home of many globally popular games like Chess, Ludo, Snakes and Ladders, is not among leading developers and manufacturers of toys.

Under the ‘AatmaNirbhar Bharat Abhiyan’ initiated by our Hon’ble Prime Minister, Shri. Narendra Modi, Toycathon-2021 is conceived to challenge India’s innovative minds to conceptualize novel Toy and Games based on Bharatiya civilization, history, culture, mythology and ethos.

Toycathon 2021 is an inter-ministerial initiative organized by Ministry of Education’s Innovation Cell with support from All India Council for Technical Education, Ministry of Women and Child Development, Ministry of Commerce and Industry, Ministry of MSME, Ministry of Textiles and Ministry of Information and Broadcasting.

Currently, India’s toy market stands at around 1.5 Billion USD, which primarily is dominated by imported toys. Moreover, majority of these toys do not represent Indian heritage, civilization and value systems.

Toycathon 2021 is a unique opportunity for Students, Teachers, Start-ups and Toy experts/professionals in India to submit their innovative toys/games concepts and win large number of prizes worth Rs. 50 lakhs.

Winners of Toycathon 2021 will also get an opportunity to showcase their concepts during ‘National Toy Fair’ starting 27th Feb which will be attended by Hon’ble Prime Minister Shri Narendra Modi. Moreover, efforts will be made to commercialize the exceptional toy concepts will support from Industry and investors.

I hope we do this and more. Take on lego and the others. Soft cultural effects

[Suraj]

India Witnessing 'V-Shaped' Economic Recovery Since June: Finance Ministry Report

India has been witnessing a 'V-shaped' recovery since June with the gradual easing of restrictions on economic activities, said a Finance Ministry report.

"The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year," it said.

The Monthly Economic Recovery for December by the Department of Economic Affairs (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally.

The agricultural sector remains the bright spot of Indian economy, with healthy year-on-year growth of 2.9 per cent in rabi sowing, accelerating tractor sales, and reservoirs' live storage at 122 per cent of decadal average.

"This rise in rural incomes is mirrored in the healthy, though moderated, sales in passenger vehicles, two and three wheelers and tractor, and a rebound in vehicle registrations for the first time after March 2020," it added.

A great article on how the IBC was applied to resurrect Jet Airways from bankruptcy:
Jet Airways: A Timeline Of India’s First Airline Restructuring Saga Under The New IBC

Two years ago, India’s oldest private airline — Jet Airways — suspended operations. The last flight on 17 April 2019 flew from Amritsar to Mumbai. The suspension was inevitable, given that the cash-flow had dried up and the balance sheet overburdened by unserviceable debt.

Lenders refused to put in any more funds and the airline became insolvent. A 26-year journey had come to an end. Jet Airways found itself knocking on the doors of the newly established National Companies Law Tribunal (NCLT).

It was to be the first Indian airline and the first aviation sector case to undergo restructuring under the Insolvency and Bankruptcy Code (IBC).

...

[Kakkaji]

Uttar Pradesh: December tax revenue up by 25 percent, state collects Rs 2522 crore more

For the fifth month in a row, Uttar Pradesh’s tax revenue collection has increased by an impressive 25%, with the state having collected Rs 2,522 crore more in December 2020 than December 2019.

An official of the finance department told FE said that though the state had managed to collect only 86.2% of the target revenue, he was optimistic that the coming quarter would yield better results. “The state’s revenue collection has been continuously showing an upward trend despite the pandemic, and this shows that the state’s economy is fast recovering. We hope to further improve our revenue collection in the last quarter,” he said

[disha]

I am trying to put together a list of projects & project categories/policies by the current GOI which is going to have an outsized impact on the economy.

For example, if GOI constructs a new stadium, the tangible returns are not huge, the intangible returns may be more game medals. Still it does not cause any "outsized" impact on the economy.

However, putting together DFC has a direct tangible extremely outsized impact on the economy while the Jal Jeevan mission has an intangible but outsized impact on the economy as well.

I think anything that returns 2x the cost y-o-y for the next 5 years (let's say amortization is okay as well, say a one-time 16x now is same as 2x over 4 years y-o-y).

DFC: This is a no-brainer. It is all physics. How many joules of energy is spent moving one kg of freight over a distance of 1 km in a given unit of time.

Frieght trains used to travel <30 kmph average and now can travel @90 kmph average. That is a straightforward 3x gain. Also the number of wagons. "Seshnag" trains are going to be common https://www.indiatimes.com/trending/soc ... 16917.html where 3x (@150 wagons) are joined together. On top of it, double stacking of wagons. That is another 2x. On top of it better route utilization and that is running 3x more trains.

That itself is @54x impact!

[Vamsee]

^^^^

If you want to track them...

1. PLI
2. DMIC
3. (hopefully) Privatization of PSUs (Particularly AirIndia)

[arshyam]

Nirmala Sitharaman's stewardship of the economy will go down in history on par with Manmohan Singh's post-91 role. The V-shaped recovery is pointing to a sustained bull run from now on.

[Suraj]

India considers creating bank with $13.7 billion equity capital to fund roads

India is considering a proposal to create a bank to help fund port, road and power projects as Prime Minister Narendra Modi’s administration aims to lift Asia’s third-largest economy out of the recession.

The new entity, likely to be part of the budget announcement in February, may have an equity capital of 1 trillion rupees ($13.7 billion), people with knowledge of the matter said, asking not to be identified as the matter isn’t public. The existing India Infrastructure Finance Co., which has a 20 billion rupee corpus, will be merged with the bank, they said.

Initially, the institution will be funded by the government, which will later invite investors, the people said. It could be on the lines of state-run National Investment and Infrastructure Fund Ltd., which counts the Canada Pension Plan Investment Board, Asian Development Bank and Abu Dhabi Investment Authority among its investors.

Attracting foreign investment is also crucial to meet Modi’s goal of spending $1.5 trillion on new roads, rail links and other infrastructure over the next five years

[dsreedhar]

Add to the list the new initiative - Light House building project

[nam]

Other item I can think of is investment in to high speed cheap broadband to home, specially towards Tier 2 & 3 cities.

This would allow these cities to provide cheaper resources, WFH and specially woman who can work from home. Along with this, digital ecosystem like massive date centers and data storage, which could be sold to cloud giants.

It will also allow people to earn revenues from digital means like youtube. Our sheer population size means, we can make and break youtube, instagram etc stars and influencer. If you notice nowadays, lots of non-Indian youtube stars chase Indian audience numbers by participating in Indian content. Create a major means of soft power of our culture and entertainment like Bollywood.

Thanks to CCP's keeping the Chini population away, allows us to dominate this channel.

[nam]

Another one is battery technology to reduce oil import bills, thereby effecting trade imbalance. Our economy growth and inflation is heavily dependent on oil imports.

[vimal]

^^ A dirty secret on YouTube is that if you want to get to million views fast add the word India/Indian to it . Many uploaders add the word India with no Indian content and the views just ballon up with Indian viewers. It’s sad we don’t have a local video site. We are enriching firangis with no benefit to us.

[Suraj]

Another one is battery technology to reduce oil import bills, thereby effecting trade imbalance. Our economy growth and inflation is heavily dependent on oil imports.

Already covered by PLI round 2:

This better graphic indicates what were added in round 2 vs what was in round 1:

[nam]

^^ A dirty secret on YouTube is that if you want to get to million views fast add the word India/Indian to it . Many uploaders add the word India with no Indian content and the views just ballon up with Indian viewers. It’s sad we don’t have a local video site. We are enriching firangis with no benefit to us.

That is actually good. Once the market is in place, you use competition laws to crack down on firangi monopoly. A video startup with funding to hire celebrity or Indian youtube stars to advertise, should be able to push the popularity quite quickly.

We need to have oversized dominance on English digital content. Bollywood content is now going places due to youtube. T Series is the largest subscribed channel. Another example is Amir Khan and China. That is some serious money Bollywood has earned in China.

[sudarshan]

^^ A dirty secret on YouTube is that if you want to get to million views fast add the word India/Indian to it . Many uploaders add the word India with no Indian content and the views just ballon up with Indian viewers. It’s sad we don’t have a local video site. We are enriching firangis with no benefit to us.

Need to use the power. If Indians are tricked into viewing those videos with no Indian content, Indians should simply down-vote the video. If views balloon, so will down-votes and negative comments. Then there will be incentive for genuine Indian content to come up.

End OT from me.

[Suraj]

Looking at this again after a few weeks. The Russians are about $7 billion ahead at $592B
Forex reserves swell by $4.483 billion to record $585.324 billion

The country’s foreign exchange reserves surged by USD 4.483 billion to touch a record high of USD 585.324 billion in the week ended January 1, RBI data showed on Friday.

Indian economy to rebound with 8.9% growth in FY22

Indian economy is likely to rebound with an 8.9 per cent growth in the fiscal year beginning April 2021 after economic activity showed significant improvement in the last quarter, IHS Markit said on Friday.

The National Statistical Organisation (NSO) on Thursday predicted that the economy will contract 7.7 per cent in the current financial year ending in March, the worst performance in four decades.

Mathematically, 8.9% growth upon 7.7% contraction means complete recovery to pre-COVID economic size.

[chetak]

^^^^^^^
Indian economy will peak nicely, just in time for 2024.

[Rishi_Tri]

India was essentially shut for last week of March'20, whole of April'20, largely shut in May'20, partially shut in June'20 and July'20, largely open in Aug'20 and Sep'20 (but limited number of people were going out), and fully open only from Oct'20 onwards.

Large parts of economy - domestic tourism, travel, public entertainment, restaurants, hotels and lodging etc are struggling to say the least. Infra projects that were stopped in their tracks because of migrant labor flight are all too well known.

Go to any MSME forum (I have been to some) and one shall see faces that are stoic in face of utter and total disaster.

The destruction caused to the nation especially Urban India is barely captured in the numbers that we read in papers. GDP projections, or sales data from large firms especially don't reflect the continued distress of MSMEs or the common populace.

Economy contraction for full FY may very well be in double digits. Any GDP rebound needs to be in double digits and for many years. Anything less shall mean continued pain.

Even then, Middle class and MSME shall take years to recover. We are not a nation where we get doles if we go jobless or our businesses shutter.

{Deleted}

[Rishi_Tri]

My experience in setting up own firm and getting GST in post Corona world.

Started the process of setting up own outfit sometime middle of last year. It took about 12 weeks. Getting incorporated used to take about 2-3 weeks before Corona. But its understandable given that economy was just about coming to life in middle of '20. But yes, documentation is stringent and so is scrutiny. Might as well be.

Since I was taking a step by step approach, I applied for GST late last year and the application fell bang in middle of changes to the process of getting GST. As is now widely known, GST involves physical verification. So mine went like this:

Applied for GST and submitted documents.
Responded to additional information requirements.
Visit by GST department was scheduled but the person involved didn't turn up.
Next thing I find: my GST application has been rejected for want of Electricity Bill! I had supplied Broadband Bill.
Resubmitted my application and this time with Gas Bill.
GST visit was scheduled again.
GST official came and did thorough check of the incorporation docs, understood the business in detail, examined the product in question, looked over the premises, asked questions on why the need for GST, and asked for GST number and name of the firm to be prominently displayed.
GST application was approved.
The whole process took about 10 weeks.

So the physical verification is indeed happening on the ground (at least in Tier I city) and it is very thorough. Documentation needs to be perfect and application supported by Govt Documents otherwise the application shall be rejected.

All in All, if you are incorporating, include extra 8-10 weeks if you need GST.

[Suraj]

What location is this ? Thanks for the real world input.

[csaurabh]

That sounds a lot more rigorous than what I went through. I got mine in 2018.

[vijayk]