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But the way the government has come into action in the last two-four days, like increasing the import duty on gold and silver. People are starting to wonder whether the problem is really more serious and deep or the government is just taking precautions. No, it is the government's job that as the war increases, that is, as problems arise, they first feel that this problem will not last long.
So, they made it business as usual. Correct. Ok. Then I saw that the brothers had stood up on both sides. Yes, this is not something that can be solved. Yes, reconciliation is not happening. And now what is the war, earlier the war used to end in 10, 15, 20 days. What is it now, it has been going on for years.
If four to five such stand-offs happened by chance, it happened due to some reason. So then you should be prepared, right? So that's what I think may be the government view is that it is not getting resolved very very soon. If not years, it might take months, and then let's move, okay, you increase the price of petrol, increase the price of diesel, I mean, what hurts the consumer, the government does that work last, correct, now it is doing it finally, so I think they are getting prepared, first Modi ji gave a statement the day before yesterday that brother, I mean, there are problems, in return for declaring emergency, I mean, like it happened in March, it happened in March 2020, during the time of Covid, I just received a message of that type and from this one thing is clear that more than the people, I think the bureaucracy got the message that boss, we have to now move in and it will now come in line, whether it is duty on gold or capital gains tax, whatever problems there are for FI, they will be heard a little, that means, so the three big things in which our dollars are used, one is crude import, we import crude oil the most, second is gold, so we do not have many options, we can import crude oil, so we can import a little here But the royalty on crude oil production has been reduced so that things can get a little better.
Secondly, duty on gold and silver and thirdly, maximum dollar requirement is required, here we sell it to FI and take it away after buying dollars. What do you think? Is this the right time when taxes related to capital market, be it STT or capital gains tax, should be reduced not only for FIs but for all of us?
For you and me, domestic is one thing but don't ignore the issue of party, I mean India has to become developed, if we have the ambition of a developed India, then one means like you want to make the most attractive capital market, only this should become the most attractive for us, now like California state has the highest taxes, right, who cares about getting up and leaving, even the biggest industries leave their jobs there, brother, but I will not reduce it, I mean we are not in that condition, we need forex, our rupee is not convertible, we need forex, so whatever source there is of forex.
Look, foreigners, foreign investors, they earn money by counting means. Now your currency is so weak that whatever you have earned in dollars, you bring it in dollars and when the time comes to take it out in rupees, then it gets reduced by ₹3 in conversion, sir. That's it, the one who is there, I mean the people sitting on the board said, friend, leave it, where have you put it?
C India is very important for us. India is not that important for them. Correct. So basically, you will have to make your country's system most attractive. Instead of them running after us, we will have to run after them. Well, we will have to run away. We will have to run away. And this is the opportunity when there is such an environment, then whatever you give them, meaning evening, money, punishment, means nothing from my side, nothing should be spared.
Tell us what you want. Yes, it is up to them to complete all that and then it is their wish. It is not that even if we do all this, they will come or stop avoiding us. The fear is the same. No, look at fear, fear is nothing in front of fear. What we are is see my c ultimately from where the value is derived for them as well as corporate performance correct.
Economic performance right? The performance of your economy, the way it is going, everyone is saying that the Indian economy is 7-8%, that is very less, there is very little space in the large economy. My inflation is also very limited. It's not like I have 8% growth. I have inflation of 6-7%. I have 3-4% inflation.
So my point is that half the problem with inflation is coming from the currency devaluation. Ok? So basically, if my problem is so much on currency, then I mean, I can do as much renewable energy as I can, as much gas as I can, as much coal as I can, I can do all that, but this brother brings bad money, instead of giving them, I think I should make it most attractive as much as I can, I mean, I cannot do everything.
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