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Rajesh Kumar Agrawal, the president of the Confederation of Nepalese Industries (CNI), has been involved in Nepal’s manufacturing sector since 1992. As the executive director of RMC Group, he oversees a diverse portfolio of products spanning cement, steel, and food industries. With 30 years of experience in the business, Agrawal has developed a profound understanding of financial management, ensuring the company’s financial stability and consistent profitability over the years. Kamal Dev Bhattarai and Pratik Ghimire of ApEx spoke to Agrawal about the state of the country’s economy and more. Excerpts:

What situation is our economy currently in?

Our economy is still going through a difficult situation. The official data shows improvements in some areas such as foreign exchange reserves, banks are loaded with cash, interest rates are going down among others. However, on the other side, we see that our exports are not increasing, in fact, they are decreasing gradually over the past three years and the government’s revenue is not increasing. Although some data shows an increase in revenue, we still need to conduct analysis to ascertain the actual situation. According to the statistics of the Gross Domestic Product (GDP) of the last three quarters, there is not a visible improvement. Last year’s projected GDP was 3.87 which is mainly due to the contribution of the energy sector. Production and manufacturing sectors are still in the negative growth—they are not doing very well. Due to a low aggregate demand, the economy is not able to take off. 

However, I don’t see low exports as the most alarming economic concern for us because production needs to increase first in order to see a growth in exports. Production itself is low in our economy right now. The sector’s contribution in our GDP is decreasing. In such a situation, how can our exports increase? In some sectors, exports are increasing such as IT. But for production and manufacture based products, exports will only increase following an increase in production. Therefore, the CNI sees a push in production as the main goal rather than an increase in exports. Unless we are self-sufficient in the production of any good, there is no possibility of exports. For example, we used to import cement. After the government’s support, the production of cement within the country increased and we became self-sufficient. Since the last two years, we have been exporting cement as well. Therefore, low exports are not the major issue of concern, the main problems currently at hand are decreased productions and increased imports.

Post covid, countries in Asia and worldwide seem to be improving their aggregate demands. Why is it that Nepal has not seen any improvement whatsoever?

The main reason is policy-induced slowness in the economy. The pandemic was an unimaginable period that no one had anticipated. However, after that, the policies we adopted have caused the situation we are currently in. There is no other reason or any external shock. For example, the policy to reduce demand and increase interest rate was introduced in order to influence currency rate. The rate, however, was influenced entirely by our exports and was out of our control. Our decision to introduce such a strong policy resulted in an increased amount of imports, which put pressure on our foreign currency rates. Then, we moved towards a policy to ban imports. This caused panic in the economy. We had to take a loan from an international organization, which had its own set of terms and conditions. To fulfill those terms, we introduced some new policies. 

Loans in the private sector increased. We introduced policies to reduce these loans. Then, there was a boost in the real estate industry. We focused on controlling the prices. Then the share market boomed, and our focus shifted on controlling that increase. All these controlling policies continue to have effects on our current economy and we still bear consequences. The CNI believes that we are experiencing a policy-induced slowness. And the policies that were adopted due to whatever reasons at the time should have been reversed after a year. Some policies were reversed to some level in the last year but it happened too late. Therefore, its consequences still occur and will remain for quite some time.

The policies that we adopted for our imports out of panic are the biggest blunder that happened in the last five years, is that true?

That is not the only reason. It has not caused a major effect in the internal production sector because the policies were to ban import of luxurious goods. The main effects the policy had was on a sentimental level among the citizens. It generated fear regarding the future of the economy, affected government’s revenue, and gave rise to illegal business. The policy we took to lower demand and increase interest rates and to reduce loans in the private sector made major impacts. All the policies we adopted acted as a brake to our economy. If we slowed down gradually at a slower rate, the economy would absorb better. We could have increased interest rates by 0.25 or 0.5 percent as internationally advised, but we adopted a drastic two percent increase even when the situation did not favor. Policies were changed so fast that the economy was unable to keep up. All these controlling policies had an effect on cooperatives as well. We were unable to revive the cooperative sector—which is so closely connected to the general public and small businesses—even after reversing these policies. 

The restrictions implemented from Nepal Rastra Bank (NRB) at that time on the real estate business should be relaxed. The cap on investments in the share market could be removed to send a positive message. NRB has issued a working capital guideline for the loans in the private sector which has caused major effects in the production sector. NRB’s direct lending is 40 percent which is being misused in agriculture and energy industries. Asset classification guidelines have also been issued which is not efficient for group businesses. 

Apart from that, another need is to increase demand. However, the government does not have sufficient funds for that. Contractors are not being paid. A suggestion is to issue 10-year bonds for these contractors equal to the amount to be paid and 90 percent of the bond can be withdrawn from the bank. The government should immediately form a committee to limit projects and focus the budget on projects of greater importance rather than coming up with plans with insufficient budgets. It will take a great deal of time to improve the economy if we don’t take a focused approach for things.

To what extent does our political situation affect the economy?

The political environment definitely affects the economy. Our major problem is the frequent government change. The government is changing every six months. Many tactical decisions require the government’s initiation to move forward. With frequent government change, policies cannot be implemented in such short time periods. How can ministers make decisions when they are not even sure how long they will be in the position for? 

Political stability is of extreme importance because policies drive everything in an economy. There are still some old laws that need to be rectified. With the rapid change occurring worldwide, laws have to be updated accordingly. For this, a stable government and a stable bureaucracy is of extreme importance. There are three years left till the next election. A lot can be done in these three years. Everyone has now understood that for the economy to be stable, current problems need to be dealt with differently. Without political stability, we cannot escape these issues.

There has been growing concern about corruption and criminal activities within government and law enforcement sectors. This has caused an increasing sense of insecurity among businesspeople and has contributed to capital flight. How do you view this?

There are a lot of reasons for this. Firstly, if someone has committed any crime or misdemeanor, it has to be investigated, even if it is from two years ago or ten years ago. However, the old laws that I talked of before have been creating a big problem. If someone is proven guilty, they have to be punished. But right now, even people that have not been proven guilty are being put in jail. We are not asking to release the guilty. But a respected businessperson is not going to run away and there is no reason to put them in jail to be investigated. This is what we at the CNI feel. For this, we have appealed for the provision of an anticipatory bail. 

Some bankers were also convicted some time ago for signatures while issuing loans. While making so many decisions at once, some might go wrong. We have to analyze whether misdemeanors are done intentionally or not. Maybe some government officials could have made mistakes? Investigations are important. But putting someone in jail first, then moving towards investigations is not the way to go. If you see a possibility of the person running away, then sure, it is right to capture them. But if someone is willing to show up when called upon, it is not right to put them in jail before proven guilty.

The CNI suggests that financial penalties should be issued for financial crimes—jails are not the only solution. For example, if there is a tax evasion of 100m and if the person agrees to negotiate and pay the amount, then it’s done. Using the country’s resources to investigate further for like ten years into the case is useless if the person is willing to accept, negotiate and pay.

The kind of investments and support that we are looking for from the international community seems to be falling. FDI seems to be declining. What seems to be the problem?

Ultimately, when the economy is flourishing, there are opportunities, that is when investments come. Currently, our domestic investors themselves are not willing to invest. How can we expect foreign investment? Currently businesses are only able to operate at 30-40 percent capacity. How can new investments be driven under such circumstances? 

Visa might be causing some trouble at the moment for foreign investors because it is only issued for a year and there are some complications for visa issuance to investors’ families. Apart from that, there is no major issue in terms of our laws in attracting FDI. It is simply that the economy needs improvement and the investors need  to see opportunities. Such as in hydropower, opportunities can be seen, like exporting 10,000 MW. Tourism is also seeing some small investments but no major ones, perhaps because there are two international airports but they are not able to operate. Policies also need to be right.

According to your personal forecast, what is the future outlook for our economy?

We see the future as bright. Because we are in so many problems, there are as many possibilities. Chaos creates opportunities. Therefore, there are a lot of opportunities here. As I said before, political stability, bureaucratic stability, and policies need improvement. After that, there should be no problems. There are so many opportunities in infrastructures, and hydropower. There is so much untapped potential in the tourism sector. We have a big market with our neighboring countries which creates huge possibilities for production and trade. Education sector also has a lot of opportunities. If we can establish good universities and modernize our education system, we can develop the sector. Health tourism also has a lot of potential because healthcare is affordable here. In agriculture as well, there are opportunities. We need to go into commercial farming. If the policies can be fixed, there is a lot of scope in many sectors in Nepal. 

Upendra Prasad Poudyal is the chairperson of Nabil Bank with over three decades of experience. He previously worked at Standard Chartered Bank Limited (1986–2000) and NMB Bank Limited (2000–2017). His expertise spans project finance, international banking, and leadership roles, including his tenure as President of the Nepal Bankers’ Association (2014–2016) and the Confederation of Banks and Financial Institutions Nepal (CBFIN). Poudyal is also the immediate past President of the Management Association of Nepal (MAN) and represents the Asia-Pacific chapter of the Global Alliance for Banking on Values. A staunch advocate for sustainability, he emphasizes the importance of resilience and values-driven banking.

In an interview with Kamal Dev Bhattarai and Pratik Ghimire of ApEx, Poudyal shared his insights on Nepal’s economy, challenges, and the need for sustainable banking.

As a senior banker, having worked in the banking sector for such a long time, how much do you think our country’s economy has improved overall, what are its challenges?

Nepal’s economy has faced recurring crises, from the Maoist movement to the 2015 earthquake and the Covid-19 pandemic. Each event caused economic contraction, paralyzing industries, and creating uncertainty in the banking sector. The 2015 earthquake, for instance, halted activities for a year, while the pandemic further eroded economic momentum. During this time, a pivotal regulatory change required banks to increase their capital from Rs 2bn to Rs 8bn. This bolstered their ability to finance larger projects but also intensified competition, pushing banks to adopt more business-oriented models. However, these changes were necessary for resilience and growth.

What are the current challenges faced by our economy?

Currently, our economy faces multifaceted challenges. Youth migration has depleted the workforce, business activities are shrinking, and default rates are climbing. Government capital expenditure, which should stimulate demand, remains underutilized, while liquidity and foreign exchange issues persist. Despite these setbacks, the remittance sector continues to stabilize the economy, offering a silver lining.

Confidence is critical for economic growth. How would you describe the current state of confidence in Nepal?

Confidence is alarmingly low across all sectors—from businesses to financial institutions. Reviving this confidence is crucial. The central bank could ease monetary policies to encourage investment and growth. Our GDP-to-credit ratio is high, highlighting our reliance on credit for economic activities. To address this, stakeholders—banks, businesses, and the government—must collaborate, understanding each other’s challenges and perspectives. Solutions should prioritize the economy’s long-term stability rather than short-term gains.

Is it time for banks and businesses to move beyond profit-oriented thinking?

Absolutely. We can’t see everything from one perspective. Banking and business models must adopt long-term, sustainable approaches. Banks grow with their customers, and the private sector—contributing 80 percent to the economy—grows with support from banks and the government. The country should also think that if the private sector flourishes, the government, too, flourishes. At the same time, the private sector should be aware of its dependency on the government and the banking system.

The interconnectedness of sectors is often overlooked. For instance, rising interest rates are a result of broader liquidity and cost factors but are often viewed as solely the bank's responsibility. People tend to view it as the bank’s doing solely. While banks’ assets have grown, profits have plateaued over the last five years. This demonstrates the need for a balanced, holistic approach where all stakeholders support each other for mutual benefit.

How do you see the changing perceptions towards the banking sector?

Traditionally, the banking sector is a business, and therefore profit-focused. But simultaneously, the banking sector can and should be defined in an alternate way, which I only realized eight years later. When I attended a banking conference, called the Global Alliance for Banking on Values Annual Meeting, there were different bankers with different mindsets. They always thought of a banking system aimed at delivering sustainable development with social, environmental, and economic considerations. These sets of banks work with a triple bottom-line approach to their banking model. Social and environmental impact should be considered in banking, they believed. Profit is a pillar, but there is a triple bottom line: people, planet, and profit. In this model, they are grounded in communities and focused on real economies, meaning they are based on the generation of goods and services and employment-generating ventures. The impact of banking should be positive, according to this philosophy. I want to connect this to the alternative definition of the banking sector. When resources are deployed, employment is generated, and so are goods and services. Another philosophy within the banking sector dictates that a bank should clearly understand a client’s business as well as the associated risks, and the customers’ well-being.

A bank is an institution based on trust. A bank should be resilient to outside disruptions. With that being said, banks should be able to absorb outside shocks, for example, during the covid pandemic. Risks are often compromised, and parameters could be altered in order to maintain the stability and resiliency of banks. Transparency is also a major concern in the banking sector. We need a high level of transparency in a way that is government-inclusive. No group should be able to exert undue influence on the bank’s decisions and governing system. All levels of the bank should cooperate to maintain transparency. After the global financial crisis of 2007-2008, the profit-driven concept of banking was proven wrong. Society and environment-driven banks drove the Global Alliance for Banking on Values in 2009. This value-based banking principle is entirely based on sustainability.

How aware are Nepali banks and policymakers about sustainable banking?

Awareness is growing. In 2016, I attended the Global Alliance for Banking on Values conference and was inspired to bring this philosophy to Nepal. By 2017, Nepal hosted the Alliance’s annual meeting, inaugurated by the Prime Minister. Since then, initiatives such as the Nepal Rastra Bank’s Environmental Risk Management System and green finance taxonomy have gained traction. Many banks now have sustainability managers, and academic institutions like Tribhuvan University are introducing Environmental Social Governance courses.

How will value-based banking contribute to sustainable development goals (SDGs)?

The banking sector directly impacts the seven goals of the SDGs. To safeguard the targets of the SDGs, environmentally conscious investments are essential, and value-based banking is already doing this. IFC performance standards look at social issues as well. For example, if a hydropower project requires the destruction of a religious site, we need to ensure that this can be avoided as far as possible, with reasonable compensation for the land. Banks, during project analysis, now consider social factors such as these under the value-based model. Value-based banking has all several impacts. Biodiversity and nature conservation is one significant area of impact. For example, in villages, if a Rs 15,000-20,000 investment is given for the use of induction cookers, the use of wood for cooking reduces, making an impact on nature. Another area is women’s empowerment. Wage disparity is still a prevalent issue that we need to fight. Additionally, clean energy is another aspect. We aim to replace fossil fuels. Financial inclusion is another area of concern that value-based banking addresses. Finally, peace and justice are also promoted through value-based banking. 

Ranjan Adiga, whose debut short story collection ‘Leech and Other Stories’ was published by Penguin Random House India in April this year, says he has always felt like an outsider. Though his family has lived in Nepal for generations, a unique last name meant he was never Nepali enough. “My family moved to Bangkok when I was 10. I couldn’t speak in English properly, let alone Thai, and I felt out of place there too,” he says. Later, in college in India, despite having been mistaken as an Indian all his life, he struggled to fit in. Since then, he’s lived in Bahrain and the US but both these places never felt like home.  “My life story is that I’ve always been an outsider,” he says. 

In a conversation with Cilla Khatry of ApEx, he says perhaps that’s the reason why he is drawn to stories of outsiders—people who live on the margins of society, those who are trying to find their way or those who feel like they have been left out in some ways. Excerpts:

What is your writing process? Do you have a writing ritual?

I don’t wait for inspiration to strike. Over the years, I have tried to build a writing habit. I try to write every single day, even if it’s just for 15 minutes. Writing is a craft. You have to work on it. I don’t have the luxury of deciding when I’ll write. There is no fixed time so I’ll snatch whatever I can get. Sometimes, I just doodle or write rubbish but I’ll still sit at my desk and try to write. I believe the habit of writing has to be ingrained in your personality and for that a writer has to sit down and write every day. It’s okay even if you just stare at the screen for 15 minutes but you have to sit down and be thinking about the story and be willing to construct sentences.

How long do you take to write a story?

Every story is different. Some stories take time. Others come together really fast. Every story is several drafts in the making. Writing is rewriting. You have to keep chipping away at it. ‘A Short Visit’ was put together in two weeks as my agent didn’t like one of the stories I had submitted and my publisher wasn’t sure about it either. They gave me two weeks to write a new one. Usually, it takes me months to complete a story. I based it on my friend’s experience, changed the names, and tweaked the details. Surprisingly, it didn’t take long once I had the plot in my head. For others, where I have to build the plot as I go, it takes a while.

What compels you to write short stories?

I really love the concept of capturing the complexities of lives and characters in a shorter format. I also find it easier to write short stories than to write something longer. Some say writing short stories is difficult. You have to pack everything in a more concise form but I feel like I have much more control over the stories I’m telling. If something is not working, I can just scrap it. You have more chances to fail and pick yourself up again.

Why do you think stories are important in today’s society?

Stories are important because that is how people learn about other cultures and representation is so important. I think Nepal is underrepresented in South Asian literature. Most people have a stereotypical view of Nepal. Either they haven’t heard about the country or they start talking about Buddhism or the Himalayas. I wanted to represent the complex stories of Nepali life, and I was thinking about the western audience when I was writing my book.

We learn to be empathetic and connect with people who aren’t like us through stories. You can’t live multiple lives but you get a taste of what different lives feel like through fictional characters. And not to forget that knowledge comes through narratives, be it through TV shows, movies, or books.

In short stories, you don’t need to flesh out the characters as much as you would in a longer piece of fiction. What is your technique in getting people to care about these characters?

People relate to other people’s internal conflicts and vulnerabilities. No one likes someone who is perfect all the time. Those people don’t exist. It’s hard to relate to cardboard cutout characters, especially in this Instagram age where everyone is trying to put up their best faces in public. When I write, I try to tap into the character’s weaknesses and traits that make them human and relatable. Every character has some sort of inner turmoil that they are trying to navigate. It makes readers care about them even if they don’t like the character. I try to tap into the vulnerabilities to create an emotional bond that makes the readers connect with them.

Is writing cathartic?

Some stories can be cathartic and some stories give you more turmoil. Sometimes when I write a story, I feel like I need therapy after completing it. ‘Denver’ and ‘A Short Visit’ made me feel like that. On the other hand, writing some stories gives me a sense of release. It’s almost like writing a journal as you have communicated something that is deep within you. Writing is tough because it’s indirectly putting yourself on the page. But the good thing about fiction is you can render your thoughts and feelings through a different character, create a distance, and examine your emotions that way.

All writers draw from their own experience or from what they see around them. How do you toe the line between the stories being personal and fictionalizing them?

You have to confront your fears while writing. That is what gives humanity and power to your work. But the good thing about fiction is that it gives you the room to be imaginative and to add or make things up. Everything shouldn’t be taken as being the author’s point of view. I’m not writing to vent. I want my stories to be captivating so I have to think about them from the reader’s perspective. Only then will I be compelled to start playing around with a story. Even though a particular scene might mean a lot to me, it means nothing if it’s not serving the story. I try to make sure that even if the characters aren’t questioning and examining their biases, the story does that for them.

Are you afraid of feedback and criticism?

A writer has to be his/her own critic. You have to be able to look at your work objectively. It comes with experience and training. It’s something you develop. I workshop my stories with the students of the creative writing class I teach in the US. They read and give me feedback. Some of them have been really scathing but it has taught me to take criticism in my stride. Also, if you’re putting your work out there, you have to have a thick skin. I have faced so many rejections that it has taught me not to take things personally. A rejection doesn’t necessarily mean your work is bad. It might mean it’s not right for the publisher you have approached.

Do you have writer’s block? How do you deal with it?

Don’t all writers have writer’s block? I was writing for eight to 10 hours a day for about six months while working on my short story collection. There are 10 stories in the book but I must have written around 25. Some of the stories are new ones that I wrote from scratch while others are drafts that went through major revisions. Whenever I couldn’t work on a certain story, I let it be and worked on something else and went back to it later. That often did the trick. Other times, I wrote about not being able to write and got into the flow of writing that way.

What’s the best piece of writing advice you have been given?

I had a teacher who would always ask, “What’s at stake for the main character? What’s the big picture? Why should I care about your story?” It took a long time to understand what he meant. Initially when I started writing, I was immature and thus possessive about my stories. Now, I always try to ensure that a character has enough emotional frequency to be relatable. I’m not afraid of ‘killing my darlings’ or deleting lines or paragraphs that I think are absolute genius if they aren’t working for the story.

What advice do you have for aspiring writers?

You don’t have to go to a creative writing college to learn how to write. It helps but it’s not necessary. But you have to read and do so indiscriminately. Read, revise, and reflect—these are the 3Rs of being a good writer. Read different genres, and authors of various nationalities and gender. Don’t be afraid of revisions. Your first draft should never be your final draft. If you can find someone, preferably a reader, to go through your work and give you feedback, there is nothing as valuable as that. Then, you have to reflect on things and analyze your thoughts and actions. You don’t learn from experience. You learn by reflecting on them. This is an invaluable tool to give your writing the nuance it needs.

Which are some of your favorite books? 

There are plenty but let’s start with short stories as most of my literary heroes are short story writers. There’s Anton Chekhov and Raymond Carver who are absolute geniuses. I love short stories by Bernard Malamud. He’s an American Jewish author whose works explore the immigrant experience. ‘How We Fight for Our Lives’ by Saeed Jones is a coming-of-age memoir. Jones is a poet and when a poet writes prose, it’s a whole other thing. A poet, I think, will spend days on a line and make it perfect.

I also enjoy reading Bhupi Sherchan. I think he was especially good at capturing character details. I like everything Chimamanda Ngozi Adichie has written. Her writing is simple but she tackles important issues. ‘Purple Hibiscus’ is one of my favorites. It would be remiss if I didn’t mention Samrat Upadhay for telling stories about Nepal and inspiring me to do the same. ‘Dopesick’ by Beth Macy is a non-fiction book about the opioid addiction in America. This book taught me the value of research.

Subhankar Sen is the Executive Director (Lubes) of Bharat Petroleum Corporation Limited (BPCL). Shreya Shrestha from ApEx interviewed him about BPCL performance and the oil market in Nepal.

Can you brief about MAK Lubricants performance worldwide?

MAK Lubricants is from Bharat Petroleum, India’s national oil company, which covers the entire spectrum of automobile and industrial lubricants. Today, we cater to all models of automobiles and every industrial sector. We are really happy to say that we have one of the best research and development teams that work from Mumbai. They are constantly working on new formulations, sustainable lubricant grades because that is the need of the hour. Both across automobiles and industrial sectors. We have a presence across the length and breadth of India, and we are very proud that we are the one of the oldest lubricant brands in Nepal. We have an excellent parther in Sipradi who have been with us since 23 years.

Nepal is a very big market for us and very important as well. Just the way, it is a very important neighbor of India. It’s a very important market because we recognize that the economy of Nepal which is expected to grow with 4-5 percent which is also one of the highest growing economies in this part of the world, and we recognize that the consumer aspirations in Nepal are much as anywhere else in the world. We are looking at various propositions where we offer a complete solution. We are moving from a product centric organization to a solution centric organization. One of the initiatives that we have just started in Nepal is a MAK Serve, which is basically a proposition which takes care of the vehicle and lubricant is just one part of it. We also offer an end to end solution which is just like a car care. 

Across the world, we are present in over nine countries and we have plans to grow about 35 countries across the world and our immediate focus remains our immediate neighbors which is Nepal and Bangladesh where we have a long standing presence.

In this competitive industry, how do you differentiate yourself?

The first point of difference is always quality and I can tell you with a lot of conviction that our lubricant products are made out of the finest base oils in the world. Our base oils which are group 2+ and group 3, manufactured in our Mumbai factory, are acknowledged to be the finest formulations. Whether we are providing the lubricant or not, it's our oil which is going out of the majority of the vehicles. So that’s the foundation of the belief that our products are one of the finest. Ultimately, what does the customer want? They want a) quality b) peace of mind c) better value for money. And when all these three are put together, we can confidently say that MAK Lubricant is providing the best propositions to the customer.

What are your future plans for Nepali market?

For Nepali market, we are now going to focus on the newer grades for the newer vehicles because we have seen a lot of new models on the roads, including two-wheelers with four-stroke engines and passenger vehicles. We are focused on investing a lot both in terms of bringing new products, new value propositions, new service oriented offerings like MAK Serve. We are also looking for an industrial sector and we have a range of industrial products. We are making a beginning in certain areas and we believe that while we go forward working closely with Sipradi, we will be able to add a lot of value to the industries in Nepal from the perspective of total cost of ownership  with the products that we will provide.

What are some of the major trends in the industry and how is BPCL gearing for the same?

Asia and the Indian subcontinent in particular is where a lot of action is happening these days. Asia is at the top of the world and we see trends happening in terms of consumer aspirations to always go for propositions which are better both in terms of value and quality. We see ourselves doing a lot of work in the environmental sustainability area. In fact we are doing  a lot of work for sustainable products. So, back in India we have a large portfolio of sustainable products which are across the sectors and we hope to bring that to Nepal at the earliest. We have seen Nepal is also moving towards BS6 while regulations may come in but there are a lot of BS6 vehicles which are already on the road. So, pollution is one area where we believe we can play a role in bringing down automobile pollution by introducing some of our grades which are absolutely wonderful when it comes to reducing C02 emissions.

With the growth in EVs, how has the lubricant industry been impacted?

Well EV certainly is not the form factor of mobility and we are investing ourselves quite heavily in EV. In India, we can share that we have the largest network of EV fast charging stations which have 1,000 fast charging stations and we have set up across what we called fast charging highway corridors. The entire country is mapped. While we have done that on the charging space. On the Lubricant side, it's just  engine oil that is not required in EVs, everything else is required.we are specializing ourselves in looking at new technology for EV fluids. There are a whole lot of Lubricants which would be required, there are moving parts in Electric Vehicles. So, those will require friction to be taken care of so in that space, we see ourselves playing a big role. We see healthy co-existence in both segments and for times to come, I think that’s the way  it’s gonna be . Both segments will grow and we believe that there is space for growth. So, we are there as a solution provider for personal commercial mobility. Whichever form factor mobility comes in, MAK Lubricants will always be there.