How should we think about the balance between issuance and redemptions?

Thanks, Ripul.

So the first thing is to separate growth from urgency in the market.

So in India, corporate redemptions, yes, are rising, but issuance is still rising faster than redemption.

So even with improving demand over here, we saw that the market stays structurally long.

So why does that matter? because India's renewable energy build-out is moving quickly and wind and solar dominates the new capacity additions in the markets.

That means the certificate supply engine keeps expanding.

To what extent are emerging instruments, VPPAs, changing how buyers participate in the IRAC market even before they are widely adopted?