Hello people of the internet, my name is Johnny, welcome back to yet another very exciting FNAF news video. In today's video, of course, we got a whole bunch of stuff to talk about, some major updates on the upcoming FNAF movie. That involves a brand new teaser showing brand new footage for the film, brand new behind the scenes, brand new looks at the animatronic characters. We finally got a look at Funko's upcoming holiday plushies as well as brand new footage based on the fanverse. So let's not waste any more time if you're excited for all this FNAF movie news cause I still got another FNAF news video coming out very soon. Subscribe to the channel, you don't want to miss out on that and also I apologize if my voice sounds weird, I lost it the other day and I think it's still trying to come back. But anyway, let's kick this video off by taking a look at a brand new gameplay preview being shown off for T-Joc, the Ignited Collection. Once again, this is another look at the first level in the brand new story mode for T-Joc, the office level. Specifically, in this preview we get a lot of shots of Ignited Freddy who actually has a brand new model. You may remember this model was originally going to be his new model for T-Joc, the Ignited Collection. And while we don't get a full look at the brand new model for Ignited Freddy, Coco Beans, one of the animators on the Ignited Collection did show off this behind the scenes. Once again, another amazing showcase for T-Joc, the gameplay looks awesome, the model looks awesome, I do hope we get a proper look soon. As well as the animation for Ignited Freddy and if you did forget, we are going to be getting a demo of the office later this year. Moving on now to Popko's Evergreen, we got Kane Carter taking to Twitter to say every single Popko's the weasel render has now been made for Evergreen. Over 60 unique positions and scenarios and even multiple animations. It's a lot for a single enemy in a FNAF style game, big thanks to Garrett too for getting us to this milestone. An absolutely amazing milestone shout out to Garrett once again, can't wait to see more Evergreen in the future. Sinking with Popko's, but also now moving on to merchandise, we got Kane Carter showing an updated edition of the long Popko's U2's plushie. She says after taking in feedback from multiple platforms, we have finalized a new design for the upcoming long Popko's plushie by U2's. The original version had some very basic eyes which also didn't match with the long candy's plushie, but here with this new version of the plush, I think it looks adorable, a massive improvement in my opinion. And Kane also confirmed that U2's upcoming sitting Popko's plushie will also be receiving these new eyes. Sticking with U2's, they had another AMA over on Reddit where they answered a whole bunch of FNAF questions, are we getting FNAF movie products? They answered, kind of. We have stuff planned around the movie, but it won't be specific to the movie. What we can say is the style we're doing hasn't been done before for FNAF figures, so we're excited. What month is the FNAF Help Wanted wave, which if you've forgotten it will include characters like Shadow Mangle, Dreadbear, Glitchtrap, and Grim Foxy. U2's replying whenever the game drops December-ish, which is an interesting response there. We're gonna tackle that a bit more in a future FNAF news video, so again, subscribe so you don't miss out on that. What characters will be in the FNAF Ruin Wave? The Ruin Wave will include Ruin Roxy, Ruin Chica, Ruin Monty, Ruin Eclipse, and the Nexus Entity. And the estimated time of release for that wave will be by the end of the year. Anything for the Mimic? They say maybe. And actually, once this got out over on Twitter, they did confirm they will be making a figure for the Mimic. Whatever happened to those illuminated and black-light FNAF 1 figures? Apparently, they're still in the works. Release date for the Springtrap plushie is currently unknown, but it should be out before the end of the year. And lastly, people asked about Scrap, Trap, and Spring Bonnie, both of which U2's replied with, maybe. Let's see what we can do. Going back to the Ruin Wave, they did release this preview of the figure of the Nexus Entity. Now of course, this is only his backside, though already he looks absolutely fantastic. I absolutely love the particles going around him. They got his wiring spot on, his digital effects spot on, like I said. And lastly, for U2's, they showed off this Freddy Fazbear holder figure. So you can make him hold your phone or your gaming controller, I guess, if you'd want to do that. Moving on now to Funko, we finally got our first look at the entire wave of holiday plushies.  Now personally, I think this wave is okay, I guess. There are some plushies I think really look good, like that Gingerbread Foxy, and honestly Elf Bonnie's kinda cute. But man, some of those characters like Nutcracker Foxy, I just cannot get around to loving. I'm curious to know what are your thoughts on these plushies as well as the entire rest of the holiday wave, the pops, the figures. And speaking of Funko Pops, we got brand new Bitty Pops being released soon. The first pack will contain Ballora, Funtime Foxy, and Circus Baby from Sister Location. Pack number 2, Foxy, Cupcake Chica, Pack number 3, Freddy Bonnie Balloon Boy. And lastly, Pack number 4, we got Nightmare Bonnie, Nightmare Chica, as well as Nightmare Freddy. Now with each box, there is a mystery 4th character that you can get. And on the back, it's revealed that that could be Nightmare Cupcake, Springtrap, Nightmare Foxy, or Funtime Freddy. So what are your thoughts on these Bitty Pops, you're gonna be picking them up as far as I'm aware they're released next month. And lastly for Funko, but also segwaying into the FNAF movie news, we are gonna be getting Funko FNAF movie merchandise. Now unfortunately, we don't know exactly what's going to be included in this wave of products. My personal hope is that Funko finally gets around to making some human FNAF characters like Mike, Vanessa, and Abby, and of course Afton from the movie. Updated FNAF 1 figures could be neat as well, they could be flocked with better articulation and updated molds. Of course I'm just spitballing here what do you want to see in this Funko FNAF movie wave. And now let's move on to FNAF movie news proper. First up we got this brand new behind the scenes photo being supplied by Garen Sparks. This photo is definitely interesting because a lot of fans have pointed out that the suits look a lot more clean, a lot more polished than they usually do in the teasers and trailers. That's leading a lot of people to speculate this could be an early version of Freddy Fazbear's Pizza before the suits got abandoned inside the restaurant before they started to get all worn down. It's also interesting the fact that these characters are sitting, that most likely means that the actors are inside these costumes right now, either that or maybe in an early version of Freddy's Pizza the animatronics were sitting instead of standing. I don't know. Again I'm personally led to believe that this is most likely a flashback towards an earlier point in time at Freddy's. Lastly on FNAF news we talked about how Halloween Horror Nights is going to be featuring the FNAF animatronics from the movie. And well since then the event has officially kicked off and this is what the characters look like on display at the event. This is really surreal to see. Of course we got main man Freddy Fazbear, Foxy, Chica as well as Bonnie. Now something interesting the notes by their feet do mention these are the original costumes. Now very likely this could just be the note saying these are the official animatronic costumes used in the film but I have seen a lot of people point towards why would you call them original if you're going to have other variants of them in the future so if that's the case that could be hinting towards the withers or the toys or really any other of the 50 million versions of Freddy's gang but getting an up close shot of these characters you can see just how much detail was put into them it's absolutely insane. Here's an up close shot of Cupcake as well he's also on display alongside Chica. He's a bit angry and upset at whoever's taking this photo. Now something I love about Foxy is that the tufts of fur on the side of his head are actually like super fuzzy as we can see in this up close shot. We can also see a whole bunch of the mechanisms inside the animatronic costume because Foxy's are ripped up and for some reason Freddy was propped up so his arms and shoulders are like super broad so it looks like he's super buff I guess. But either way all these characters look absolutely fantastic this is going to be going on for select nights at Universal Studios Hollywood and that lasts until now all the way to Halloween day October 31st so you still got a while if you do want to go check out these animatronics and if you do go to Halloween Horror Nights it's very likely you're going to see this brand new teaser for the film with brand new footage some interesting new shots to take into account first up we've got Mike entering the restaurant alone unlocking the gate opening the door going through the hallways he's all alone he doesn't have Abby or Vanessa or anyone by his side an extended shot of him talking to Vanessa as well as her turning on some lights which seem to activate the showtime we get another extended shot of Mike looking at the showtime then we have Max again in the back room with Freddy Bonnie in the supply closet with Hank where we get an absolutely terrifying shot of Bonnie in the darkness they introduced Chica of course Mr. Cupcake attacks Carl we get those shots again of Foxy hunting down Abby in the ball pit and then we get Mike reacting to William Afton with a bit more dialogue this time I'd love to know what are your thoughts on this brand new footage for the FNAF movie I still can't get over how terrifying Bonnie is in the supply closet with Hank and also I believe we're now 50 days until the release of the film as of the recording of this video and when it's posted so not too too much longer and in fact if you're living in the UK you might have to wait even less because apparently according to Universal Pictures UK themselves the FNAF movie will be released on October 25th in the United Kingdom instead of the typical October 27th that's certainly gonna be interesting to see how that goes down I'd highly recommend if you're out of the UK maybe stay off social media for those few days but I'd love to know UK fans are you excited that you might be getting the FNAF movie two days earlier than the rest of us Shmucks right well now let's move on to our final FNAF movie news topic for today and that is the official runtime for the film because we've got Cinemark AMC theaters and Adam Ticket listing the film with an official runtime of one hour and 50 minutes now quite frankly because all these platforms have gotten this release date at basically the same time and AMC especially has very reliable track records with listing proper legit runtimes for movies I would not be surprised at all if this is at least close if not the full official runtime for the film now obviously this is a bit lower just a bit than the three hour runtime we previously reported on now either that was just a massive troll on Blumhouse's part or maybe that's like the full entire footage that they shot for the full film and of course they had to edit it down because he can't just release a three hour long FNAF movie let's be honest here I do hope at the very least if we do have this less than two hour runtime maybe when it comes out on physical or maybe when it releases on peacock we can get a bit more footage you know a bit of an extended cut a coffin cut dare I say because again if that three hour runtime was correct that means we've lost over an hour of footage that is just not going to be used so here's hoping if again all these runtimes are legit we can get that extra bonus footage at some point in the future now an hour and 50 minutes is still quite long especially for a horror movie so quite frankly I'm pretty content with this runtime but that is going to do it for this FNAF news video like I said a lot more videos coming out soon another FNAF news video I still got to analyze this new FNAF trailer we got so stay in the lookout for that and so so much more thank you all so much for watching this video and I'll see you all on the flip side goodbye


Live from Las Vegas, it's theCUBE, covering ServiceNow Knowledge 2018. Brought to you by ServiceNow. Welcome back everyone to theCUBE's live coverage of ServiceNow Knowledge 18 here in Las Vegas. I'm your host, Rebecca Knight, along with my co-host, Dave Vellante. We're joined by Josh Khan. He is the general manager of Platform ServiceNow. Thanks so much for coming on theCUBE again. Yeah, really excited to be here. Thanks for being here, and thanks for being part of our event. Thank you, it's been a lot of fun. Newly-mitted. Yeah, that's right. Yes, congrats on the reason for motion. So tell us about your new role. Yeah, so I run the platform business unit. We use the word platform a lot of different ways at ServiceNow, and I think we're trying to get a little bit more clear about that, but on the one hand, our platform is the core foundation that all of our applications that our customers' applications are built on. It's also a way that independent software vendors and our customers can build their own applications. And so what my group is trying to do is really be more thoughtful and more structured about how we go about gathering those requirements from our customers and our independent software vendor partners and make sure we're building, bringing the products to market that meet their needs and that we're doing all of the things across the board as a company we need to do to make them successful because there's a lot that goes into long-term customer success from the sales teams to the solutions consultants to professional services and the customer success management team. So we're bringing all of those things to make sure that as our customers are building applications, we're helping them be successful. I remember we had Eric Brynjolfsson and Andy McAfee on and they were making a point, this is years ago when they wrote their, I think most recent book, they were saying platforms beat products.  Look, you can make a great living doing products, but we are entering a platform era. It reminds me of the old Scott McNeely car dealers versus car makers. If you want to be a car maker in this day and age, unfortunately, sun microsystems never became that car maker, but you've got to have a platform. What's your perspective on all that? Yeah, I totally agree. I think the every customer I talk to is looking for fewer, more strategic vendors and partners. And they're really saying, hey, be a strategic partner to me. Their digital transformation is everywhere. Disruption is everywhere. And they're saying, hey, we need a few people we can really count on to help us build a strategy and execute on that strategy to get to the next place. And isolated independent pieces of software tend to have a hard time becoming one of those strategic vendors. And I think the more you can be thought of as a platform, the more different kinds of workloads run on the same common shared infrastructure that provide shared data services that can provide simple ways to get work across each other, the more value that you can bring and the more you can be thought of in that strategic partner realm.  We use that terminology a lot. And I think there's no question that for a lot of the C-level executives, particularly the CIOs that I talk to, you are becoming, ServiceNow is becoming that a strategic platform provider. Who else is in there?  IBM, because of its huge services business in certain industries for sure. SAP, because of its massive ERP estate. I mean, I don't know, Oracle, maybe because it feels different, but maybe in some cases. But who do you see as your peers? Yeah, the category of players that are in this space are really people that are investing big in the cloud and investing big in intelligence and automation. And I think a lot of times automation can have kind of a negative connotation to it, but we really believe that automation can be used to serve people in the workplace and to make the world of work better for people, not just make the world of work work without people. And so, when you look around at the people that are moving into that strategic realm, it's cloud players. People who are providing either cloud infrastructure or cloud functions, a wide set of microservices, capabilities, people providing applications, software as a service that start to cover a broader and broader portfolio. I mean, clearly Workday is a thought of, oftentimes as a strategic partner to their customers because they provide a human capital management capability that's broader than just being a data repository. Salesforce is clearly a strategic partner to the sales and marketing organizations. And the reality, though, is a lot of work that happens in the enterprise cuts across these things. And so, there's an opportunity for us to work with the Salesforce's and the Workdays and the Googles and the Amazon Web Services of the world to help bring all of those things together. So I think what customers want is not only strategic technology providers, but strategic technology providers that'll work with each other. To solve customer problems. John Donahoe on, I guess it was Tuesday, was saying we're very comfortable being that horizontal layer. We don't have to be the top layer, although I would observe that the more applications you develop, the more interesting the whole landscape becomes. Yeah, well, I think that's absolutely true. I think we're in the early stages of this, right? If you look at the amount of money that's spent in IT, in the enterprise sector, and then you kind of start adding up all of these areas that I just mentioned, cloud and SaaS, and it's still a very small amount of that overall spend. So clearly, big legacy technology vendors are incredibly relevant still today, but the challenge they'll have is making sure they stay relevant as this tied shifts to more cloud, more intelligence, more automation in the workplace. I wonder if you could walk us through the process that you go through. When you are working closely with customers, collaborating, trying to figure out what their problems are and solve them, and then also solve the problems they don't even know they have. That you can provide solutions for. Yeah, actually it's amazing because in a lot of cases, the innovation, and this has been a phenomenal week because I've gotten to meet with so many customers and see what they're doing. And what tends to happen with ServiceNow is, the IT organization oftentimes it starts there. The IT organization brings it in for IT service management. And people start using that to request things that they need from IT, and they very quickly say, man, I have a process that would really benefit from exactly what you just did. Like, can you build my application on that? And so there starts to become this tidal wave of people asking the IT organization if they can start hosting applications on the platform. I'll give you one example from a company called Cox Automotive. Donna Woodruff, who's an innovation leader there and leads the ServiceNow platform team, found a process where they had a set of safety checks. They do it all these remote sites as a part of car auctions. And it was a very spreadsheet-driven process that involved a lot of people doing manual checks, but it also had regulatory implications, insurance implications, and workplace happiness implications. And they were able to take this, put it on ServiceNow, and automate a lot of that process, make it faster. I should say digitize it. You still need the people going through and doing the checks, but they're able to digitize it and make that person's job that much better. And so these applications are all over the place. They're in shared email inboxes. They're in Excel spreadsheets. They're in legacy applications. And we don't actually have to go drive the innovation of the ideas. They end up coming to the ServiceNow platform owners in our customers. I'd like you to comment on some of the advantages of the platform and maybe some of the challenges that you face when I think about enterprise software. I would generally characterize enterprise software as it's not a great user experience. Oftentimes, enterprise software products don't play well with other software products. They're highly complex. Oftentimes, there's lots of customization required, which means it's really hard to go from one state to another. Those are things that you generally don't suffer from. Other others that give you advantages and what are maybe some of the challenges that you face? Yeah, so I think it's true. Enterprise software, you used to have to train yourself to it, right? It's like, hey, we're going to roll out a new system. How are we going to train all the users? But you don't do that with the software we use in the consumer world, right? I mean, you download it from the app store and you start using it. And if you can't figure it out, it's not going to go. It ain't going to use it. That's exactly right. So we put a lot of that thought process from the consumer world into our technology, but not just the technology we provide. We're trying to make it easier for our customers to then provide that onto their internal and external customers as well. So things like the mobile application builder that we showed earlier today that's coming in Madrid, it's an incredibly simple way to build a beautiful mobile application for almost anything in the workplace. And again, as I was saying before, that a lot of the ideas for applications come from people in the workplace. We've got to make it easy enough for them to not only identify what the application potential is, but then build something that's amazing. So what we're trying to do is put a lot of those design concepts, not just into the end products we sell, but into tools and technology that are part of the platform and the platform business unit so that our customers can build something just like it in terms of experience, usability, simplicity and power without having to have a lot of developers, as many developers as we do. You and I have known each other for a number of years now and just we observed the other day off camera that you've been forced into a lot of challenges and I say forced, welcomed a lot of challenges. I love it, I love it, right? I mean it's like, hey, I'll take that, no problem. And you've had a variety of experiences at large companies. Things you've learned, opportunities ahead, maybe advice you'd give for others. I like the hard stuff. I'll tell you, I think one of the biggest things I've learned here, particularly at ServiceNow, is just the importance of staying focused on customers rather than competitors. I think a lot of times when you're in business roles or strategy roles, you can really think a lot about oh, who am I competing against? And you can forget that you really just need to solve the customer's problem as well as you possibly can. Be there for them when they need it. Have something that's compelling, that addresses their needs and stay laser focused on what works for them and at the end of the day you're going to be successful. So I think that's a strategy we've really tried to take to heart at ServiceNow is put the customers at the center of everything we do and we don't worry that much about competitors and they're out there and we know they're there and we studied them, but it's really the customer that gets us up every morning. You know, it's interesting. I've had this as well as John Furrier has this conversation with Andy Jassy a lot and they're like insanely focused on the customer. He says pretty much the exact same thing. Even though he'll say, if we get into a competitive situation, we'll take on everybody, but his point was both methods can work. You're a former company, EMC, I would put into the very competitive, you know, Oracle I think is the same way. Microsoft maybe used to be, maybe that's changing, but to a great extent would rip your face off if you were a competitor. And my question is this, is the efficacy of the head to head competitive drive as effective as it used to be and are we seeing a change toward a customer centric success model? I think there's two things going on. I think one is once a market really kind of reaches maturity, the competitive dynamic really heats up. Because you've got to gain share. Yeah, you've got to gain share.  I think in mature markets that's different. So I think a lot of times, you know, partly at EMC that was one of the dynamics we had. It was a very, very mature market on premise storage.  But I think there's also, you know, the changing tenor of the world. You know, people have a lot less, they don't care for that kind of dialogue as much anymore.  And so I think there's both dynamics that, one, in the markets we're in, they're so new, they're growing so fast that it's not as important. But also there's just not that people don't care for it. And it doesn't, I don't think it helps. If anything, sometimes it makes people wonder if they ought to be, oh, well, I didn't think about talking to them. Maybe we should go call the competitor you just mentioned. Yeah, yeah, yeah. So all that said, when you get into a fight, you got to fight hard and you got to come with, got to come with the best stuff. So I think that's the reality. Great answer. That's a good note to end on. Thanks so much, Josh, for coming on theCUBE again. It's been a real pleasure having you here. All right, thank you. Really appreciate it. I'm Rebecca Knight for Dave Vellante. We will have more from ServiceNow Knowledge 18 just after this.


So let's take a look, sort of a strange look at a river. This is going along the river towards the sea, and this river happens to have trees that grow up on the river bank, so you can sort of get an idea how we're looking at this. And what we want to do is ask what happens when we build a dam on this river, and we're concerned about the future of a couple of houses that used to be along the river, one just below the dam right down here, and the other one up above the dam up here, sitting along the river bank. Well, they build the dam, and the dam fills with water, and it doesn't quite take out the house up above, but the river is carrying mud, it's carrying sediment, and the sediment starts to deposit out into the lake to fill it with the delta. Now, rivers have to go downhill, so as the lake is replaced with the mud, if the river were to hit a perfectly flat spot like this, you know what it has to do? It has to build up so that it's headed downhill, and so as the river builds the delta out into the lake to fill the lake, why you have to sort of bury the house, and that makes the person who lives there mad. Now, the other side is even more interesting. There's no floods anymore, and the river loses the ability to carry giant mungus rocks, which might make the homeowner happy, but the water coming out from the dam is clean. It has no sediment in it, and if there's sand below the dam, why the water will start washing that sand away, and that will do a number of things.  You are not nearly as unhappy as the salmon that are trying to come upstream, because as you may know, salmon like to get really amorous around sand and gravel bars, and if the river has washed away the sand, then you can't have fun with your honey and leave your eggs there to do well, and so you have a big loss in salmon, as well as getting people's houses unhappy, and so putting a dam on a river makes a big difference.


Hi, it's Brittany. Hey, good morning. Okay, just a minute So I think I want to have a good view so you're gonna have to just look at me Get this set up here. It's early for me anyway. Whoa. Whoa. Sorry. Oh, sorry. So sorry It's early for me. Anyway, I think it's like six o'clock my time I'm on Eastern time right now because oh, oh why why why do you ask? Oh? because I am in Orlando, Florida. You guys should know that if you've been watching my stuff. I Don't want my Wonderful here. Just a minute. It's gonna be like the most unprofessional ever Okay, so um, actually, you know what? Maybe I should sit like this just a minute. Wait, wait, wait This is my view on my balcony. See you see my view see my view people see my view. Yeah, okay, okay So I'm gonna sit down. Let's talk to you Today is my birthday. I woke up 50 technically. I don't turn 50 till 947 a.m. But hey It's cold so I got my blanket this morning We're at a really fancy hotel called the Riviera hotel But just for tonight just for last night so I could wake up here fifth day. I love this hotel It's so fancy. So fancy. Can you hear me? Okay? Mm-hmm. I Meeting my leftover last night birthday cake the waitress or the server. She was awesome. I got sprinkles and everything It's from homecoming And my sister said don't eat too much because last night like I Had a Smoky peach Okay, hi. Sorry my alarm went off Last night. I was at Disney Springs at homecoming arts and it's homecoming. It's a good restaurant. It's like my favorite hmm One of my favorite that does name and they have this whole Like whiskey moonshine Menu thing I love it and my favorite is smoky peach. So I had a smoky peach sangria. So good Smokey peach moonshine sangria. I was very strong And I'm not used to drinking and so I was like I'm like I need to I think I think they need to slow down so Yeah, it was good though. So this is the so the server brought us It's their pineapple something or other cake pineapple. I'm not a huge fan of pineapple anymore. I used to like pineapple Not so much anymore I Have pineapple nightmares. It's not a SpongeBob thing. Oh My birthday breakfast Exciting, huh? So where am I? I'm in Walt Disney World Mm-hmm on my copy I'm on the patio. Actually, it's I think I'm We're not that high up this time Usually like we're way up at the top. We weren't our knots at this time, but Excuse me. I have a great view. It is cold. We were out late last night. So it is cold. It's like 57 I'm like But you know Florida's like that it's like cold in the morning cold in the evening and the middle of the day is where it's like warm so We're moving hotels today We're staying at another hotel because it's like on my list like I want to stay at this other place And so we're gonna go to a different hotel than I want to stay at some really excited And she's just kind of chilling in bed while I'm I'm doing my thing. I wanted to say hi to everybody Plus, I know my friends and my family will be watching my YouTube and they'll probably want to say happy 50th birthday to me Well, there is my birthday. Good morning. Hi. Happy birthday. Thank you Thank you. I don't be careful with that you guys this pineapple something and something cake. It's really good Like I said, I'm not a fan of pineapple You've had a pineapple and I have had a falling out. I'm attempting to reclaim the pineapple Friend of mine that said You go reclaim Disney. I'm like, what do you mean reclaim Disney? I mean, I know what you meant, but I'm like Like reclaim my youth turn back the hands of time If I could turn back time I'd be sure all right So I'm pretty excited for the day Hi, nice to see you I'm on my phone and it's like scrolling weird. So I don't know if I'll be able to say hi to everybody That's a tie but hi Hey above life channel.  It's my birthday and the server called me babe last night. I was like, what? My sister was like to me when she's like, okay, babe. I'm like, whoa What what? Excuse me. It was funny. She brought a great cake though.  Oh my god That's nice nice dinner It's cold Not sure what to say except it's my birthday That's all this is gonna be this is a live stream on above life channel and for the next 10 minutes or so, I'm just gonna say it's my birthday It is my birthday I Wish you guys are all here with me. Hi nice to see you. I should get my glasses on so I can read it Happy birthday. Thank you so much. I love your birthday wishes. I love birthdays. Anyway It's cold.  It's so cold This one is that way and it will get hot today Actually today, it's like the coolest day. I think it's gonna get up to 80 today Tomorrow's like 84 the next day like 86 yes and But it's weird, you know, like if you're familiar with Florida If you're familiar with Florida, it's cold in the morning and stuff It gets warm like maybe a midday like one or two like during this time of year and then It's cold and evening. It was cold last night. We were walking through Disney Springs and I was like And I had like a hoodie and My cargo pants on It's cold. I Should have brought a jacket and I know better. I know better. I've been to Florida enough. I know better But you layer you layer. That's what you do and I didn't bring any flannels. No flannels at all Yeah, no flannels One of the best things about staying at this hotel is the coffee bar.  That's the plan for my birthday. I Can see the moon. She looks gorgeous. We just had a full moon a couple days ago So it's beautiful. How do I feel? Um, I woke up happy like a Fresh breath of fresh air kind of like not a fresh start. That doesn't sound right. That sounds kind of cliche, but I feel like Like I own this day and it's not just like this sovereignty freedom liberation Independence kind of a vibe I have I feel like like I own it. Okay. I'm Like I'm claiming the day. That's how it feels to me I'm claiming the day Yeah, hi. Good morning. I see you. I am There's some places I want to go when I'm here. I don't know if I'll have a chance to do that There were a ton of cheerleaders on my plane. Hi. Nice to see you. Oh, hey, thank you There were a ton of cheerleaders on my plane apparently there's like 22,000 cheerleaders here this week I was a cheerleader in college and in high school. So Maybe it's karma Although last year at this time. I wasn't in Florida. I had just left Florida I had just left Disney World when the cheerleaders were arriving and now I'm here when the cheerleaders are here And I think it's because it's my birthday It's my birthday. They're here to cheer me on into the next leg of my adventure, right? I Feel happy today right now and I feel you know, like I'm claiming the day like yeah, that's mine I got it.   I Don't mind sharing it. I will totally share my life and share my day with you and the people who love me People who love me and support me. Yes, I'll totally share my day and my life with you 100% But it's mine mine mine mine mine mine mine mine Happy birthday to me. Oh All right, I should probably get a shower Pression up Pression up fresh fresh fresh not I'm not sure what I'm not sure what the exact timing of things are today and I don't I know I won't be on YouTube but I wanted to start the day here because I know like I said, I have really good friends and Some family who will be watching and they're probably curious about what I'm gonna do today or I'm sure if I went on Facebook I'd see my happy birthday wishes. I did get some text. Thank you I already got some love this morning. Thanks, buddy. I appreciate it.  We've had rules. We've fulfilled for people in our lives. We've been the good guy We've been the bad guy. We've been the uh, whatever give or take kind of thing But Can't drive looking at the rear view mirror Gotta focus on what's here. What's now Let's ride ahead of you in the road, right? So that's what I'm gonna do The best I can today So I will uh post some pictures. I think Somewhere all the wi-fi is weird here. So pen. I'll probably have to do it later tonight So cheers and coffee in the morning cocktails in the evening Or by Zen In the afternoon evening We'll say we'll see I couldn't last night. I bought a beautiful drink and I couldn't drink it I just couldn't do it. I couldn't do it. It just made me feel sick So, um, I think part of that's energy actually though In my body, but I couldn't do it I was sitting there at my favorite freaking place eating exactly what I wanted to eat I didn't exactly go wanted to have and I didn't did not feel good. I just made me feel achy so I'm going to take good care of my body today drink lots of water But I am going to have some samples and taste the things because there's lots of food Yummy food. I'll just have little bits though, but thank you for the birthday wishes. I appreciate it Technically 947 a.m. Is my birthday? So I have to wait a little bit to celebrate and plus I'm on eastern time. So Technically I'm still kind of 49 I'm still young yet I think I think I'll magically turn wiser, you know after that little clock ticks past, right? Right. Hey, thanks for being here above my channel. Thank you for being part of my journey I appreciate you very much and I look forward to Connecting in with you again, probably when I'm back That cold I'll probably be exhausted then I'll bother like oh my gosh I have like 50 clients and I have to work tomorrow and I have that Which is fine life is full and I'm blessed I'm very blessed okay, so Where am I? Oh, let's just show you this here. Let's turn this around Let me show you my view of here here here here. See the skyline. Are you guys you see it? This is the hotel.  I'm sorry Have a great day you guys I'll see you in Disney World Orlando, Florida


Welcome back to JSA TV, the newsroom for tech, telecom and data center professionals. I'm Buffy Herakides of JSA and we are back live from Channel Partners 2023 in fabulous Las Vegas. And joining me today is the lovely Madison Bednar of TCSP. Madison, welcome. First time here. Thank you. Yes it is. It's Channel Partners. First time here on JSA TV. It's such a pleasure and honor to have you today. Can you tell us a little bit more about TCSP and what they do? Yes, absolutely. So TCSP is the Technology Channel Sales Professionals, which is a nonprofit association for direct agents representing them and especially being an advocate against the FCC rulings that just came out in 2020 and really going to bat for them and their interests. That is such an important nonprofit organization for the agents here across the country. It's such an important thing that you guys are doing. You're our neighbor here at Channel Partners here at the Venetian in Las Vegas. And you mentioned this is your first time at Channel Partners. Is that right? Yes, yes it is. So my mother is Darcy Nealon from IQ Wired. We're based out of Dunbar and she is a CEO of the women-owned company IQ Wired. So we are here representing them and TCSP is my first time and it is very exciting. It is very exciting. What do you think about the show so far? Oh it's great. There are so many wonderful people here making wonderful connections and it's really the place to be. You're in Las Vegas. You better be here. I know this is the place to be not only for Las Vegas but for the channel, the biggest channel partner show to date over 7,500 attendees. Is that right? Yes and the floor is buzzing. We're right here at the entrance. So if you're here at the show be sure to stop by and say hello. And you're matching the greener data movement. So here at JSA we have greener data and we will be launching our second edition of the greener data book next earth day. But prior to that yes it's our sustainability movement. We'll be at ITW at the National Harbor. That's coming up May 14th to 17th and we're having a special event on May 16th. It is the meeting of the minds. You should come. I would love to invite you. Absolutely. Oh absolutely. We are all about sustainability and being green literally. Obviously we would love to have you for sure. Thank you. And you know I thought it was important that we got to chat with you to show the diversity right within the channel, within the organization JSA is also a woman-owned business. So we definitely want to support that especially in our industry where you don't see that as often or as common right. You are though more and more. We're here. We're here. Last night was the Alliance of Channel Women event. ACSW were you there? I was not. We you know there's a million things to do. Yeah there definitely is. It's hard to keep up but we are definitely a part of that organization. You should check it out. Okay well so where can viewers go if they want to learn more about your organization? TCSP.org and so there you can join free for a year and we're really just trying to band together in numbers so we can you know be better overall as a whole and rise rise to the top. Yeah for sure. So thank you so much Madison for joining us today live here at Channel Partners 2023 in Glamorous Las Vegas and thank you viewers for tuning in to another fabulous episode of JSA-TV Live. Happy channel networking.


Russians use aviation for remote mining of the Black Sea. The Russians use aviation for remote mining of the Black Sea, but the grain corridor continues to operate and expands. Speakers of the naval forces of the armed forces of Ukraine, Dmitry Platenshuk, stated this on the Freedom TV channel. He noted that the goal of the Russian occupiers is to interfere with Ukrainian exports and oust Ukraine from the world market as its main competitor. So they resort to things like remote mining. And they do this, of course, in the direction of our grain corridor. They use aviation for this. And you remember, of course, an SU-24 was recently shot down over the Black Sea. And he was shot down just at the moment when he was mining this water area. Accordingly for us, airspace remains the only problem because they actually cannot operate openly by sea, realizing how dangerous it is for them. Platenshuk said, the speaker emphasized that the Russians will not be able to force Ukraine to close the grain corridor. As for the mine danger, it is present. That's a fact. We monitor, we work on these moments. How, of course, we cannot disclose. But the navy and other components of the Ukrainian defence forces are constantly working to ensure security in our territorial waters, primarily in the interests of civil shipping. And we will continue to do this. The corridor will continue to operate. Platenshuk said, he also stated that 12 ships from the Russian Black Sea fleet are now considered destroyed, 22 damaged. He added that on the part of the Russian Federation, 10 ships are taking part in hostilities in the Black Sea.


Hello and welcome. You're watching us covering the budget 2021. We are going to try and analyze and find out what exactly is this great spending that Nirmala Sita Ramanji seems to be talking about. She apparently has said that she has spent, spent and spent and if we look at the data that the government has put out in the budget, it has said that spending has gone up sharply during the COVID period and that kind of spending should have really made us see not a V-shaped recovery but a rocket-shaped recovery. But we're going to look at that in detail. Has there really been spending? Because the fiscal deficit we know has apparently shot up to 9.5 percent. Spending had gone up sharply by about four or the lakh rupees, more than four lakh rupees than what was budgeted. Again, this year the fiscal deficit is going to go to 6.8 percent apparently because a lot is being spent. And if you are watching mainstream media since the morning, you would have seen the 10 out of 10 ratings. Some have said that this is the greatest budget since 1997. Some are saying it's the greatest budget in 30 years. We are going to try and look at this first, going to focus on the spending part of it. And I have with me Professor Arun Kumar. I have a senior economist, Chirashree Das Gupta. I have a foreign jai Gohar Thakurtha with me also on this show. So let me start with Professor Kumar first. When one looks at the spending, first I'm going to talk about the extra spending that was done supposedly during the COVID period. And if you just look at three heads, which is the money given to FCI, which was not being given all these years. Finally, the government seems to have decided that instead of asking FCI's food corporation of India to take loans to buy crops and then give the subsidies, it'll pay it from the budget. It apparently has done it this year itself. If I take that, if I take the additional fertilizer subsidy, we know which either has already been given or part of it will be spent now.  If we look at these three heads, then 93% of the additional spending is taken care of with just that. Again, if I look at this year's budget, then just the additional money being given to FCI and the additional interest payment, these take care of more than half the additional spending. So where is this fiscal stimulus coming from? And is there really a stimulus at all? Professor Kumar, I think you just have to unmute yourself. Yeah. So we need to look at the macro first. What is the macro situation? First time in a budget speech, the minister has not given the macro situation of the economy. The budget party always starts with what is the growth, what's the inflation, what's the balance of payment and so on is not there. And obviously, that is because the situation is rather grim. The government is assuming that the economy dropped by 7.7% in real terms. But actually, my understanding is it dropped by far more than that because the unorganized sector did very poorly. The government's understanding is that Q3 and Q4, the economies come back to almost where it was in 2019. Whereas we know that the unorganized sector unemployment is still very large. And secondly, the major components of the services sector have not come back online. For instance, whether it be airlines or hotels and restaurants, travel, tourism, et cetera. And services sector, the biggest component of the economy at 54%. So my understanding is the economy is still down by 10%. And therefore, this question of 7.7% decline is nowhere there. So the projections are based on the wrong assumptions about growth for this year and for the next year. So therefore, the revenue projections will be incorrect. And therefore, what is assumed as revenue is not likely to be there. And therefore, the fiscal deficit is likely to be even greater than 9.5%. So the fiscal problem is much greater than what the government is saying. And the public sector fiscal deficit is not included in this. And the states is not included in this. So the fiscal deficit for the public sector as a whole is running at roughly about 20%. Now, given all this, the government has therefore cut back on various social sector schemes. While it may have increased it on some, but it has cut back for the coming year on the rural employment guarantee scheme, cut back on various other schemes. Even on health, where the government says it's focusing, if you look at the budget, it has dropped from 84,000 crores to some like 75,000 crores or thereabouts. So it's even the health expenditure is going to come down because the government wants to curtail. Now, what's the implication of all this? The implication is that we needed to generate demand to boost growth. Now that boost to growth is not going to come because we're still at 34.5 lakh crores last year in revised estimate and 34.5 lakh crores this year. Now, if the 34.5 lakh crore of expenditure, your rate of growth is negative, then unless you raise the expenditures more, you're not going to get it. So therefore, my argument is that the government has not done what it needed to do, that is to pump in purchasing power into those who have got unemployed in the unorganized sector. PM Kisan has also come down from 75,000 crores by another 8,000 crores. So therefore, the point is that government needed to boost expenditures, boost investments so that the economy could come back online. That's not happening. And that is a worrying factor that is coming here also. Things are going to be pretty bad if the present trend remains. And when the fiscal deficit begins to rise, then they'll cut back on capital expenditure and they'll cut back on the social sector expenditures, which will again mean the demand will remain short. So I think we need to analyze the macro first and then go on to the separate sectoral aspects. So Paranjaya, first comments again on the macro picture. Do you accept what Professor Kumar is saying that the situation is much worse than what the government thinks? I would agree with him. How much worse I don't know. But the point is, I mean, he's absolutely correct. The Finance Minister has not talked about the macro numbers. But if we go by what was disclosed in the Economic Survey, once again, what we are seeing is more bluff and bluster. And this V-shaped recovery that they're talking about, that in nominal terms, the GDP growth in the coming financial year, the year that begins on the 1st of April, 2021 would be 15.4% and that according to the Economic Survey is the highest since independence. Now, these figures actually mean nothing, because if you look at what the government itself is saying, the contract... But interestingly, the budget doesn't seem to think it's 15.4%. If you look at it, the budget...  I mean, even if you go along with what the Economic Survey has said and you look the actual growth of the GDP according to the government, is less than 3% is barely about 2.5% because you're looking at a GDP which is low. The second point I think is, and that has already been made by Professor Arun Kumar, is that if you look at it in nominal terms, the total expenditure of the central government, if you look at the revised estimate for 2021 and the budget estimate for 2021-22, there's been almost identical. There's been no change. And the last point, and that I'm getting into sectors, and we can talk about agriculture and we can talk about healthcare, there's been this right up front, the finance minister made this... There's going to be apparently a huge rise in expenditure on healthcare through the tune of 137%. It's right up front in her budget speech. Now, you look at the numbers carefully. The revised estimates, the budget estimates, the Department of Medical and Public Health and look at issues like water supply, sanitation, Department of Health and Family Welfare, et cetera. Short point. The bulk of this increase is on account of the fact that the government intends spending 35,000 crores extra on vaccine, on COVID vaccines in the coming financial year. This is the single biggest component which has resulted in what appears to be a huge jump. Now, the economic services, you know, we're spending only 1% of our GDP on healthcare. We've been looking for decades on it. We should be spending 2%, 2%, 2.5%, we should be spending 3%. We are nowhere there. So, despite the claims about spend, spend, spend, much of it is just smoke and mirrors. It's just bluff and bluster. Please. Chirashree Das Gupta, let me bring you in for your first comments. Because in this speech, we heard the finance minister talk about how most money is going to be spent on Anganwadi's and she mentioned the portion Anganwadi and portion scheme which has been now renamed and made into Anganwadi and portion 2.4. This seems to be just a rehash of some older schemes and even here, the total allocation seems to have gone down. So, once again, it appears that some allocation in the health sector and when we talk about the gender budget, for instance, the gender budget appears to have dropped instead of going up. You'll have to unmute yourself, Chirashree. I think you're... Oh, sorry. The gender budget has gone down substantially. The total is 1.53 lakh crore, which is 0.4% of GDP. While last year, it was 1.06% of GDP. So, it's a very sharp fall there. And we must remember that the gender budget process in India is very flawed because it is always an overestimate because there are these two kinds of things that are done. One is where 100% spending is on women. The other is when 30% spending is on women. So, notionally, the government has anything that it doesn't have 100% spending. It assumes that it is spending 30%. So, any way the gender budget is always inflated. And even this inflated gender budget shows a huge cut. Now, coming to that portion of the scheme, they've merged a lot of schemes, ICDS, adolescent girls, national crush scheme, et cetera. Now, with that, the total allocation is 20% less, even after clubbing all these schemes than it was in 2020-21. The mid-day meal scheme has seen no increase. And so, what you... And the food subsidy, which is most important for the gender budget, has gone down by 42.5%. That's a huge cut. So, all of this and the LPG subsidy support is being cut by another 60%. So, in the overall macro picture where what we have had is not only huge amounts of unemployment, the LFPR shows how the unemployment really increased during the lockdown, but also what we have is people dropping out of the labor force. We also have a situation in which women's unpaid work burden is increasing. And in this situation, to slash the gender budget like this and overall allocations in social sector like this is going to be extremely detrimental for women and marginalized sections. So, Professor Kumar, coming back to the issue of spending, when you were talking about the macro issues and essentially what was required in a certain sense is... Your frame is frozen. I think we have lost Anindo. I think Anindo's frame is frozen.  Would you agree with that? So, Anindo, while we were waiting for you, this is really... Yeah. Please go ahead, Paranth. So, you know, what has happened is that both revenues have got squeezed by about 5 lakh crores and expenditures have risen by about 4 lakh crores if you look at the overall expenditures. And here are the major items where increases have taken place is one is defence which was expected by about 20,000 crores. And then you have subsidies which have gone up by a very substantial amount both on food and on fertilisers. And then you have increased expenditure on the health sector from 67,000 crores to 82,000 crores, that's 15,000 crores increase. And then a very substantial increase in what is called rural development. I think that's where some of the schemes that the government started, they are probably clubbed under the rural development scheme. And then you have the, you know, the transportation. And I think that's probably because of the, you know, railways that were being run, et cetera, et cetera, to transport migrants, et cetera. So these are some of the major schemes in which large increases have taken place, you know. So the point is that is that enough to boost the economy? You know, obviously, in spite of 9.5% fiscal deficit which should have boosted the economy, in spite of that the rate of growth of the economy has not really picked up as much as it should have, you know. And that's where my point is that if you keep the expenditures at roughly 34 and a half lakh crores and make the fiscal deficit fall from 9.5% to 6. something percent, then how would you get a boost to economy? And therefore the rate of growth of the economy will not pick up as much as the government says it would pick up. So even though I agree that the next year's rate of growth because of the low base of the, this year will be high. So you'll have probably a 10% rate of growth or 10% percent rate of growth because of the low base. But the point is you'll not reach the 2019 level of GDP. So the GDP level will remain below 2019 and therefore the tax revenues that you'll collect will be less than what they were in 2019. And that's why my suspicion is that the fiscal deficit will again begin to rise in the coming year.  So therefore, you know, what should have been done, that will not get done. And in that case, the rate of growth of the economy will not pick up the way it should pick up. Ponja, I think that one of the things that is worth pointing out, and I'm coming back to that again and again, is perhaps you could unpack it a bit. Because when we look at something like FCIs, Dr. Kumar pointed out that a lot of money has been spent in 2020, in the last year during COVID, and is going to be spent as well, which is the food subsidy given to food corporation of India. Now, all these years, food corporation of India was being told that buy crops, pass it on to the PDA system to the ration system, whatever is your cost, you have to borrow from NSS and other places. And that borrowing was ballooning and it had gone up to 3.3 lakh crore by the end of the previous fiscal. It appears that the government has paid up some of that and is also increasing the payment that it's doing. So in a sense, perhaps that is not additional expenditure at all, it was just dues that FCI had, which has been given to it. Because if it has 3.3 lakh crore of things that it was supposed to receive from the government, the government ended up spending 3.4 lakh crore this year, instead of 78,000 crore, it had initially said it would. So that additional amount is essentially the core of what the additional expenditure has been. Mandrega is a big expenditure, let me try and unpack these things to you. You rightly pointed out that the government is clearly realized that you cannot continue, I mean it's just not sustainable, where you have the food corporation of India continuing to borrow and that too from the national small savings fund. I mean it is clear that you cannot, I mean the increase in the revised estimate on the total government expenditure is largely because you have to discontinue, you have discontinued this kind of borrowing, which in any case you can argue was not required in the first place. Be that as it may, let's look at the issue of food subsidies. Now in comparison to the budget estimate of 1,15,570 crores, total budget estimate for the current financial year, it's gone up substantially to 4,22,618 crores in the revised estimate, that's more than three and a half times, almost four times. But when you look, compare the budget estimate of the current financial year to the budget estimate of the following year, you actually see a fall, you actually see a fall of more than 42%. Now that means the government, you are saying okay because there was a lockdown and because you are giving the PM Qeeshan scheme and giving free food, you don't want to continue along those lines. So that's in my opinion a very, very short-sighted kind of a policy because distress in the rural areas, I mean not a mention, I mean the economics survey didn't talk about migrant workers, not in the budget of Nirmala Sita Ramanji, there was not a mention of the Mahatma Gandhi National Rural Employment Guarantee Scheme. I mean the point is if you compare in 2021, what was the actual expenditure and compared to what you budgeted for, yes, you went up, of course you went up. The revised estimate went up from 71,000 crores, 71,686 crores to 110,000 crores in the revised estimate. But next year, what are you planning to do?  So in other words, the government seems to at one level, you're not talking about spend, spend, spend and yet it seems to be most reluctant to spend on that which could create jobs, which would help livelihoods. The economics survey talked about saving lives, what about livelihoods? I mean so these are all kind of clearly indicate the mindset of the government and your fiscal deficit is going up largely because your revenue collections are coming down and this is happening despite the huge increases that has happened in the price of petrol and diesel and I could unpack some of those numbers for you if you look at the budget estimate, compared to the budget estimate of corporate tax, corporate income tax and personal income tax, it's been false. I mean there's actually been a decline if you compare budget estimate 2021 with budget estimate 2122 and you look at GST collections also. If you look at the collection estimate of the revised estimate of 2021 and it is actually 25% less than the budget estimate and if you look at central excise it's gone up. Now the revenue secretary and the finance minister says that the additional sess on petrol and diesel is not going to affect prices. Look your prices are already sky high, it's about to touch 100 in certain parts of the country and what have you done? Okay you're not increasing this 2.5% sess on petrol and 4% on diesel so you're saying it's not going to affect consumer prices but what is going to happen? You're going to squeeze the state governments because excise duty has to be shared. You're increasing the sess and that's going to accrue to the union government. So these are the sort of games you're trying to play to boost your revenues. So this entire process by which the center appears to be raising its share of how much it's going to keep off tax revenues for instance. If one looks at it in the previous year the budget estimate of 2021 the states were supposed to get about 32.5% of the tax revenues that the government was collecting. The center was collecting was supposed to be transferred to the state. The previous year if you look at the actuals again more than 32.5% about nearly 33%. One third of what the government was collecting, center was collecting was going to states and this year that has been reduced to 30%. So clearly states are getting much less than what they were supposed to because of the way the architecture of this entire system has been created. Some structural aspects to this which I would like to talk about a little bit. So if you see that once GST was implemented the centralization of the taxation system became such that states became totally because they lost their revenue raising powers at the state level. They became totally dependent on central grants and the share from the tax pool. Now increasingly what is happening is on one hand this year the tax pool has as you rightly said it's reduced by about 40,000 crores the devolution to the states and on the other hand what has happened is that more and more of the schemes which are partly funded by the center partly funded by the states the burden of financing is being passed on to the states and the center is withdrawing from financing those. So what you have is on one hand more pressure on the states to increase their expenditure and on the other hand taking away their resource raising capacities. Now at the same time the FRBM acts have been imposed on the states through tight grants so if they don't implement the FRBM very strictly they don't get grants. So you will see in the last many years about 10 years if you see the record the fiscal deficit targets have been achieved mostly by the states because they are under tremendous pressure to compress expenditure and on the other hand the central government is giving up its responsibility and that same trend continues in the present budget. In fact in the speech itself I think the finance minister gave herself or gave the center time till 2024-25 to bring the fiscal deficit below four percent but I think as told states that they will still have to bring it there's down to below three percent by next year. Exactly and the other thing I just wanted to put a brief comment in is about the revenue side of the budget because I think this is also structural so if you see today in India for every hundred rupees of value that is produced in the manufacturing sector just one rupee eight paisa goes to labor so the share of labor in the total creation of value has gone down dismally. Now what you see is at the same time if you look at the wage surplus distribution what used to be in the mid 70s 65 percent of the value used to go to wages and 35 percent to surplus today it is just the opposite 35 percent goes to wages when 65 percent goes to the surplus out of which profits are made and one of the important features of this pandemic and the recession has been that despite all the hardships that have been faced by labor the brand has been faced by labor in terms of unemployment and labor space but nothing has affected the profitability of the corporate sector the profit share continues to increase and in such a situation to give further tax rebates further tax incentives further tax cuts to the big corporate sector at the cost of the entire country is something that points to the class basis of this government in terms of becoming solely the agent of the big corporate sector both domestic and international in terms of the if you see the incentives that have been given to the international financial companies as well as the tax cuts that have been given in this budget to the domestic big to domestic big business. Let me take that up with Professor Kumar you know if I look at the budget estimates then it's assumed that income tax collections will go down by about 12 percent compared to last year's estimates right and corporate tax collections will go down by 20 20 percent so the clearly the government believes that corporates will pay less tax than they had estimated last year but income tax will go down by just 12 percent now is there a case that at the bottom of the income tax you know if I break it up into people who pay tax up to 1.5 lakh rupees in a year because that is what we have the data that we have from the income tax assessment year of 2018-19 those who pay between 1 rupee to 1.5 lakh rupees account for nearly 88 percent of all taxpayers those are paid tax and they make up about 20 percent of all they account for about 20 percent of the total tax and if the government had given up that tax it would have cost them about 75,000 crore odd even if they've given them a bit of a thing let's say it would have cost them 40,000 not give up the entire tax was there a case to give some relief to that bottom part of the taxpayer because we know from CMI data that white-collar workers have lost jobs or have taken pay cuts in a huge number so you know my take always is that we must reduce indirect taxes and raise direct taxes you know because indirect taxes are regressive direct taxes are progressive so every time you cut taxes the well-off sections benefit so even though the lower segments benefit but if you look at the expenditure pattern bulk of the tax that is paid the indirect taxes are paid by the bottom 90 percent you know because it falls on everything so I think you know what the what is required for the economy and for the you know the poor people is that indirect taxes should be cut so GST should be reduced whereas direct taxes should be raised more people should be brought into the direct tax net at the moment as the prime minister in his august 15 speech said only 15 million people are effective taxpayers those who pay substantial amount of tax now in in a population of 1.38 billion if only 15 million are paying effective taxes that's about 1.1 percent you know so we need to raise direct taxes and cut indirect taxes so I'd say GST needs to be rationalized GST has a fundamental problem that it impacts the unorganized sector and it benefits the organized sector so demand has shifted from the unorganized sector to the organized sector and that's why the unorganized sector is in a crisis you know I'll quote to you the pressure cooker industries chairman who's made a statement two years back that we are growing at 24 percent because the unorganized sector and the pressure cooker industry is not able to cope with the GST and that is because GST is very complicated and therefore out of the 1.32 crore people who have registered under GST only about 85 lakh file return and of that also 5% pay 95% of the tax and 95% pay 5% of the tax so I think you know we need to completely reform GST we need to raise direct taxes you know whether it be income tax or corporation tax but what is clear is the government is trying to make some companies very big so monopolies are emerging whether it be telecom whether it be in ports whether it be in you know the airports etc so they are trying to make some companies very big you know and that's where I think crony capitalism is coming in and you know other companies are going to go down now the problem that we are facing in terms of taxation today okay that is something that we have to have reform of simplify the taxes whether it be GST or simplify the direct taxes whether it be income tax or corporation tax you know so that people cannot get away the more complex the taxes the more the black income generation so we need to simplify that now there's another point that I'd like to make in this context and which is that the center share of taxes you know as has been rightly pointed out by Farhan Joy you know that's not coming up to 42 percent because of the cesses etc that are levied and the center therefore manipulates you know how the cesses will be and what other taxes will be so the states share come down so states have a double whammy a their GST collection has gone down and then the center's share of what they were supposed to get that has gone down so that's why the states are in deep trouble and that's where bulk of the social sector expenditures take place so the social sector expenditures suffer therefore the employment generation suffers you know because education health drinking water these are the employment generating schemes so when you set up you know these kind of schemes and increase the expenditure then employment will go up but the government is talking about large infrastructure whether it be in railways or it be in roads etc but those are not employment intensive you know they may be using more cement and steel but not employment earlier you could see in a road project hundreds of people working now you see five people working with big bulldozers and big machines so what you need to do is big a big local infrastructure that's where this budget has another problem that not only manregas going down but no no scheme which will increase employment in urban areas and the kind of infrastructure it's talking about will not be very employment intensive so you need to generate employment pass on income to the poor people they'll do the expenditures they'll spend the entire amount if you give it to the upper classes they will mostly save it therefore the increase in expenditure will not take place therefore demand will not rise and therefore the rate of growth will not rise in fact I think that there's one of those schemes which is part of urban employment which was introduced last year allocation to that has been actually got has been reduced I think it's a PM or urban employment Yojana something like that the allocation has been reduced I want to move track a little bit for enjoy and ask you one thing that you know the rate at which we are planning the government is planning to privatize companies and if one looks at it 1.75 lakh crore that is what they want to get from this investment this year I know that this is this could be a tall claim because we've seen that happen two years ago 65,000 crore was what they'd budgeted got 50,000 crore last year it was 2.1 lakh crore they're going to end up with 32,000 crore only made about 15,000 till now next year 1.75 lakh crore another I would say 25-30,000 crore is probably dividends from public sector unit so if you look at this space that alone accounts for about 1% of GDP now once they've sold all the family silver every public asset what are they going to do about generating income to fix this fiscal deficit you know you are absolutely right on in doing this isn't keeping with the economic ideology of the present government I mean everything about the public sector is bad therefore privatize earlier you would say disinvest now you don't even use that word it's privatization and look what you've done so far you had an extremely ambitious target for the current financial year which was 2.1 lakh crores and as you rightly pointed out your revised estimate is saying 32,000 crores I mean you are it's barely 15% or about somewhere there what you want now you can say a bad bad state of the economy why how come your share markets are still booming yeah now in the budget estimate you've reduced that target from 2.1 lakh to 1.75 lakh crore what are you trying to do then you've not been able to go ahead with the privatization of air India with Bharat Petroleum with container corporation and then you want to add to that for one Hans and IDBI bank and shipping corporation I mean let me give you another spin to that story you want to there's a proposal to have an initial public offering of the shares of life insurance corporation now if that happens so far the life insurance corporation has been contributed to your disinvestment earnings because it has been buying up the shares of other public sector undertakings so it was really money from moving from one pocket of the government to the other government so despite their kind of ideological obsession with privatization being the solution to all your problems you're not even able to do that because you're sort of ignoring the reality on the ground you can have a stock market bubble which is helping a few companies or corporate conglomerates owned by these oligarchs or the crony capitalists but that does not reflect either the health of your economy or the health of the corporate sector and even as as professor Arun Kumar rightly pointed out even when you're spending on infrastructure you seem to be doing so with a sort of a political gain in mind I mean you look at the road projects and the proposed expenditure of the roads project this seem to be a lot of it focused on states which are going which are going to have an assembly elections Tamil Nadu Kerala Assam West Bengal and you know I want to make another point and that's about agriculture you know we have today lakhs of farmers who are agitating on the outskirts of the national capital you know the story better than anybody else it's been two months you've shut down the internet but what are you doing in the budget for them I mean you talk a lot about the farmers what have you done in the budget your allocation for agriculture if you compare budget estimate 2021 with budget estimate of 2021-22 there's actually in nominal terms of fall of about 8 percent now look at the PM Kisan scheme professor Arun Kumar had pointed out you had a budget allocation of 75,000 crores the actual expenditure is lower by about 10,000 crores and that's where they're saying that apparently it's because West Bengal has not given its names and some states have not given their names so they didn't spend but that's the question that since the BJP believes it's going to win West Bengal elections very soon then they shouldn't have allocated the additional 10,000 crore this year and then why have they retainted at 65,000 crore why have they reduced yeah and considering they're sure to be winning West Bengal and then everyone will be getting PM Kisan there then they should they should account for it and one small point you know you're once again repeating what is at best half truth and perhaps a downright lie about the minimum support price which is one of the big areas of contention in the farm laws now Nirmala Sitaraman like a predecessor Arun Jaitley you are claiming that the minimum support price is 50 percent of the cost of production that's your calculation you've decided you're going to have a particular way of calculating it it's A2 plus family labor that's supposed to be a cost of production which is very very different from what the Swaminathan committee had had had suggested you may not agree with it but in a sense once again you're trying to make claims which are not just born in my reality and even in the case of the farmers you know you talk a lot you're talking about that we will put the farm laws on hold for one and a half years you're going to put it out in a legally make it I mean we're going to say in writing we'll have the MSV but none of this gets reflected in your budget and if I can add one last point and I know I've been talking a lot and this is more about the state the macroeconomies and this I go back to the economic survey now claims suddenly the economic survey claims that the current account that is the balance of payments you are going to have a surplus after 17 years now as if it's such a great thing you're seeing a farm exchange reserves at a record high of over 580 billion US dollars in early January as if it's such a great thing no it's actually reflecting the terrible state of your economy because your exports have shrunk by 5.8 percent according to the economic survey but your imports have come down even more by over 11 percent 11.3 percent so you talk about a budget like never before you talk about spend spend spend but the hard numbers the figures tell you a very very different story. Okay I have one final question for Chirashree there and I'm going to read out something here which says that Morgan Stanley has raised its December 21 Sensex target to 55,000 from 50,000 it had said that by December 2021 they expected Sensex to hit 50,000 and they've now raised it to 55,000 after the budget and this is crucial because you're talking about the share of what goes to capital and what goes to labor here is what Morgan Stanley has to say and I'm quoting here if executed well this budget has potency to lift share of corporate profits in GDP augmenting the corporate tax rate cuts in September 19. Ogres well for a new private investment cycle recovery in local equity flows and EPS growth so Morgan Stanley is also betting that corporate profits share in GDP is actually going to go up thanks to this budget your comments on that Chirashree. Okay so see they didn't know the real picture they know what's been happening in the last six to seven years and the fact that corporate profits have kept increasing the share of corporate profits have kept increasing despite the slowdown despite the recession and despite the pandemic and so they're not wrong in project being optimistic about the share market but also in the specifically about the budget if you see that there are two aspects one is that there is been a large amount of tax exemption which has been given to foreign financial companies for portfolio financing okay there's also certain announcements about the tax audit ceiling being raised there's also announcements about tax defaulters not being chased for the moratorium on tax defaulters being extended so all of this together no doubt will be welcomed by the financial markets and hence they will feel optimistic about it but on the other hand if you look at it apart from the agriculture sector which foreign Joe has discussed in great details there are two things that are worth noting the first is that if you take away the expenditure on vaccination then the health budget has actually fallen by 8000 crores okay if you and that too in the middle of the pandemic so the what is basically needed which is in terms of like increasing our health infrastructure at the phc level there is no investment for that at all in the no planning for that if you look at the education budget the overall education budget has fallen by 8% and higher education budget has fallen by 2% and if you know you must be knowing that students for example since the start of the lockdown have been denied the scholarships until now the government has not really paid them scholarship these are ways of expenditure management to bring down the fiscal deficit so it is farmers it is workers it is students who are paying the price for the government's uh uh uh walk fiscal management ideas and it is the corporate sector which is benefiting from it it's very clear so instead of saying that this is a spend spend spend budget one would say that this is a privatized privatized privatized budget thank you so much for joining us even the way they are planning to just one small point how they're planning to manage the fiscal deficit 1.7 lakh crores from public sectors selling the family jewels which anyway has been commented upon the rest is solely market borrowings gross borrowings of about 8000 crores and market borrowings of about sorry gross borrowings of 12 lakh crores and market borrowing of 80,000 crores so this is the so borrow and sell that is the main motto of the budget Anandya there's also one yes which is yes you know the asset monetization you know public sector land railways all that monetization you know if you combine all that together in a period when incomes are low how would you monetize successfully unless you absolute prices you know and that's where I think you know asset prices can drop so I had a piece in the wire a little while back pointing out that if you did all this then asset prices will drop and the share market will then drop so I think the supply side responses that the government is trying for those will succeed only if the short run is taken care of if the short run is not taken care of properly then the long run also will not get taken care of and then the stock market would also probably collapse after a while because the P ratios have become very high you know so I think it's a very tricky situation financial systems are very unstable at the moment sorry about you know thank you thank you so much for thank you so much for joining us we've run out of time I'm sure that over the next few days we'll all be going through those papers and find a lot of more fine print no papers on in the no papers no papers no papers portable documents we'll be going through the portable documents and probably find more in the fine print and we'll keep coming back to you watch this space thank you so much for joining us thanks a lot