Is CBAM already influencing discussions around carbon accounting, power procurement and competitiveness? And do you see India's carbon market helping domestic industry adapt to a carbon-priced global economy?

Vipul, thanks for the questions.

But before answering your questions, I just wanted to touch upon a point covered by Anirudh in earlier discussion.

So just to reinforce that Indian carbon market, which is CCTS, is also based on cap and trade mechanism.

But he rightly pointed out it is a intensity-based target.

So if you want to really have the carbon market to be effective, this intensity target need to be stringent and also need to be uniformly applied across the sectors.

Unlike when you have a absolute target, gives to different installation and operations a different absolute emission.

How do you view mechanisms such as joint crediting mechanism and broader Article 6 carbon markets? What would make them a meaningful component of corporate decarbonization and carbon management strategies in India?