Menu

Government Spending

  • Home>
  • Government Spending
Interest Payment Burden to reduce in FY26
Equities, Markets - January 29, 2025

Understanding Revenue Deficit: Implications for Government Finance and Economic Stability

Understanding Revenue Deficit: Implications for Government Finance and Economic Stability

Overview
The revenue deficit indicates if the nation is borrowing money to make ends meet or if its regular income is sufficient to pay for daily expenses such as salaries, pensions, and subsidies. Consider a family that makes Rs 50,000 a month but spends Rs 60,000 on necessities. At first, that Rs 10,000 deficit might not seem like much, but in the long run, it could ruin their plans to save for a home or send their children to college. Similar to this, a revenue shortfall indicates that the government’s revenue is insufficient to cover its operating expenses, forcing it to borrow money for daily survival rather than for expansion.

Fiscal Deficit Vs Revenue Deficit
The fiscal deficit, which is a more comprehensive metric that accounts for all government borrowing and spending (including capital and revenue), is distinct from the revenue deficit. The revenue deficit particularly draws attention to the difference between daily operating costs and earnings, whereas the fiscal deficit represents the overall shortfall in the government’s budget. While the fiscal deficit provides a comprehensive picture of borrowing requirements and long-term financial health, the revenue deficit helps evaluate how well the government handles its monthly income and spending.

By leveraging capital receipts or other non-revenue sources to make up the whole difference, the government can also manage a sizable revenue deficit while maintaining fiscal control. For example, even if revenue receipts are insufficient, the fiscal deficit can be partially compensated by the proceeds from disinvestment or borrowing for infrastructure projects. A large revenue loss however still denotes inefficiencies since it shows that money is being borrowed for operating costs rather than profitable ventures.

Importance of Revenue Deficit
For the economy, revenue deficit is comparable to a doctor’s report. The government is borrowing to keep the lights on while the revenue deficit is consistently substantial, which is bad for long-term financial stability. India’s revenue deficit for the fiscal year 2024–2025 is estimated to be Rs 5.80 lakh crore, or 1.8% of GDP, which is a significant improvement from the 4% deficit in 2022–2023. This indicates that the government is cutting back on spending.

A revenue deficit indicates that the government is having to borrow money or draw from reserves in order to pay its debts because it is not making enough money to cover its operating costs. A government’s capacity to invest in long-term economic initiatives like infrastructure or education is diminished when it borrows money to cover a revenue shortfall. In terms of indicating inefficiency, a continuous income shortfall could be a symptom of ineffective revenue production or excessive expenditure on wasteful spending.

Revenue Deficit so far
The Balance of Payments crisis in 1991 brought attention to the revenue deficit. With declining reserves and growing debt, India was on the verge of an economic collapse. This turning point resulted in extensive reforms and made budget discussions more focused on budgetary restraint. The revenue shortfall has since emerged as a crucial indicator of a government’s sound financial management. Prior to the pandemic, when the revenue shortfall of the GDP was 7.3%, the revenue deficit had been declining. Since then, the recovery has been rigorously monitored, with a revenue deficit of about 1.8% of GDP.

Revenue Deficit in Budget 2025
Observe the government’s goal for the fiscal year’s revenue deficit and the actions it intends to take to lower it. Seek ways to increase non-tax revenue streams, rationalize subsidies, or improve tax compliance. Additionally, to comprehend the government’s overall financial aims, compare it with the fiscal deficit target.

The government’s ability to finance development initiatives is directly impacted by the revenue shortfall, which is a crucial sign of its financial health. You can better grasp the difficulties of balancing the nation’s accounts and how it may impact your pocketbook if you know how it operates and how it differs from fiscal deficit.

The image added is for representation purposes only

India’s export in auto industry reach 19 percent

, , 0 Comment
Read More
24% Tariffs: Japan Faces Economic Shockwaves
Business, Equities, Markets - January 23, 2025

Weak Capex result in lesser centre’s spending

Weak Capex result in lesser centre’s spending

Overview
India’s remarkable economic expansion appears to have encountered a roadblock. Along with other factors including the global downturn and geopolitical concerns, the decrease in central government spending is now commonly seen as the primary cause of the weak growth at home.

Further, the government is battling economic issues such as slower domestic growth, rising welfare spending, and the need for consistent capital investment, even as the country approaches the date of the budget presentation, with Finance Minister Nirmala Sitharaman scheduled to present the Union Budget in the Lok Sabha on February 1. A declining rupee, muted economic growth, and increased global geopolitical uncertainty—especially with Donald Trump taking the helm as the 47th US President—will all be factors in the Budget.

Capex over the years
The total amount spent by the center has been declining since FY2021, when it reached a decadal high of 17.7% of GDP. Motilal Oswal Securities Financial Services notes in its study that the Center’s spending is expected to fall to a six-year low of 14.3% in FY2026. Keep in mind that revenue expenditures and capital expenditures (capex) make up the majority of government spending. Even after the general elections, government projects and capital expenditures have not improved, which has worried economists in recent years. As of November 2024, the overall expenditure was 56.9 percent of the Budgeted Estimate (FY2025), which is a two-decade low, down from 58.9 percent in FY2024. Regretfully, even the Center’s overall spending growth in FY2024 has fallen into the single digits (7.7%).

Key Reason for lowered government spending rate
The Center’s capex shortage is the reason for the lower spending. The government has used less than half of the Budget Estimates for capital expenditures between April and November, according to statistics made public by the Controller General of Accounts. Economists emphasize that in order to reach the FY2025 objective of INR 11.1 trillion, the Center’s capital expenditures must increase by 65% year over year between December and March. According to the Motilal Oswal estimate, FY2025’s capital expenditures will be short by almost INR1 trillion.

Budget Expectations
Motilal Oswal believes that capital expenditure loans to the states ought to be connected to their performance indicators, like the welfare-to-capex ratio and capital expenditure accomplishment in relation to budgetary goals. For example, states that prioritize welfare programs (such as monthly stipends) ought to be closely examined prior to being granted interest-free loans. It said that this will assist solve the Rs 1 trillion capex shortage projected in FY25 and guarantee fiscal prudence.

Simplifying GST slabs and lowering these burdens will increase disposable incomes, as indirect taxes make up over 60% of total tax receipts. According to Motilal Oswal, corporations should either make dividend income tax deductible or go back to previous methods in order to avoid double taxation. Investors may benefit from these actions, which may also increase tax compliance.

According to the brokerage business, increasing household income must come before increasing consumption. Supporting the nation’s second-largest employer, the construction industry, and giving MSMEs non-inflationary aid will help sustainably increase incomes. In order to help MSMEs stay competitive and integrate into the formal economy, Motilal Oswal fought for targeted aid.

Motilal Oswal stated that the government should aim for a fiscal deficit of 4.5% of GDP in FY26 while raising capital expenditures by 10% to 15%, even though revenue growth is slower. A capital expenditure surge is essential for economic momentum because FY25 spending is expected to fall to a six-year low of 14.3% of GDP. Based on CGA statistics, GoI’s capital expenditures decreased by 14.7% in the first seven months of the fiscal year. To achieve the 17.1% annual growth that was anticipated, GoI’s capital expenditures would need to increase by 60.5% in the remaining five months of the fiscal year.

Despite a significant tax cut in 2019, corporate capital expenditures climbed at a mere 8% CAGR from FY20 to FY24. According to Motilal Oswal, policymakers ought to concentrate on establishing an atmosphere that is conducive to sustainable investments, particularly when government capital expenditures are increasing at a 16 percent compound annual growth rate throughout the same time frame.

Conclusion
In the meantime, the private sector is also in a cautious attitude. Corporate concerns about growing input costs and geopolitical uncertainty are also reflected in the slowdown in domestic private investments during the third quarter of FY2025. Additionally, Indian corporations’ weak third-quarter results highlight declining consumption, which may subsequently reduce investor interest.

The image added is for representation purposes only

Impact of Trump 2.0 on Indian Equity Market

, , 0 Comment
Read More
India Eyes Stronger Growth in FY25, Stays on Fiscal Target Path
Business, Equities, Markets - January 14, 2025

India Eyes Stronger Growth in FY25, Stays on Fiscal Target Path

India Eyes Stronger Growth in FY25, Stays on Fiscal Target Path

India’s government is poised to project higher economic growth for the upcoming fiscal year, signaling optimism amid recent slowdown concerns. According to government officials, the anticipated nominal GDP growth is expected to be between 10.3% and 10.5%, surpassing the current fiscal year’s forecast of 9.7%.

This positive outlook aims to alleviate market apprehensions about an economic deceleration that have emerged since November. Despite this optimism, the economy is projected to experience its slowest growth in four years during 2024/25.

N.R. Bhanumurthy, director at the Madras School of Economics, considers the nominal GDP estimate for the next fiscal year to be realistic. He attributes potential growth to increased government capital spending, advancements in agriculture, and a resurgence in exports.

Finance Minister Nirmala Sitharaman is expected to announce personal income tax reductions in the forthcoming budget on February 1. This move aims to stimulate demand among salaried individuals who have curtailed discretionary spending due to sluggish wage growth and elevated food inflation.

Importantly, these tax cuts are not anticipated to derail India’s fiscal consolidation efforts. The government projects the current fiscal year’s budget deficit to be 10 to 20 basis points below the initially estimated 4.9%, partly due to spending delays caused by last year’s national elections and monsoons. Additionally, the target to reduce the fiscal deficit to below 4.5% in the forthcoming financial year remains intact.

Nominal economic growth, which combines real GDP and inflation, serves as a foundation for forecasting government revenue, expenditure, and deficits. Prime Minister Narendra Modi’s administration has previously implemented measures such as corporate tax reductions, production-linked incentives for manufacturers, and increased infrastructure spending to bolster growth.

Despite these initiatives, challenges persist. Job creation has not kept pace with the needs of the world’s most populous nation, and wage growth for urban salaried workers remains subdued. Consequently, discretionary spending has declined, exacerbated by significant increases in food prices, particularly vegetables.

Business groups are advocating for additional measures, including reductions in fuel taxes, sustained infrastructure investment, and lower import duties, to further stimulate economic activity.

In summary, while the Indian government is set to forecast stronger economic growth for the next fiscal year and remains committed to fiscal discipline, addressing underlying challenges such as job creation, wage stagnation, and inflation will be crucial to achieving these projections.

The image added is for representation purposes only

Indian Gem & Jewelry Market Set to Grow from $85 Billion to $130 Billion by 2030

, , , 0 Comment
Read More
Fiscal Discipline in Focus: Government Plans Deficit Reduction by FY26
Business, Equities, Market News, Markets - January 6, 2025

Fiscal Discipline in Focus: Government Plans Deficit Reduction by FY26

Fiscal Discipline in Focus: Government Plans Deficit Reduction by FY26

The Indian Government recently announced to focus on improving the quality of spending which would bolster the social security net and aim at bringing down the fiscal deficit to below 4.5% of GDP by the fiscal year 2025-26 (FY26). Government’s dedication to reduce the monetary deficit aligns with its willpower to financial prudence while ensuring financial increase and social welfare.

The Union Government has shown commitment towards its roadmap to fiscal consolidation as announced in the FY21-22 Budget which aimed at reducing the fiscal deficit to below 4.5% of GDP by FY 25-26. This dedication is showcased in the Finance Ministry’s half yearly review of fiscal trends which comply with the Fiscal Responsibility and Budget Management Act, 2003. These announcements were tabled at Lok Sabha last week in the light of the upcoming Budget for FY 25-26 in Parliament on 1st February.

Going in depth of the Finance Ministry’s document, this push will be improving the quality of government spending while enhancing social security for the needy and poor. This measure would strengthen the nation’s macro-economic parameters and support financial stability. In the Budget of FY25, capital investment was hiked by 33% to Rs. 11.1 trillion (3.3% of GDP). Investment such as infrastructure, manufacturing, etc. leading to long-term while creating employment.

This fiscal consolidation thrust comes at the time of global uncertainties which are caused by wars in Europe and the Middle-East which have created inflationary pressures and caused domestic and global challenges on the face of development. India’s fiscal deficit peaked during the pandemic period at 9.2% in FY21 throwing light on the emergency spending at the time of crisis. Since the pandemic the government is aiming at consolidating fiscal deficit while ensuring the much needed funding to crucial sectors of the economy. The government’s macroeconomic measures have insulated the nation from getting affected by global pressures.

Going into the specifics, the budget estimates (BE) for FY 24-25 projected government expenditure of around Rs. 48.21 lakh crore. Out of the total expenditure, around Rs. 37.09 lakh crore gets allocated to revenue expenditure (including operational and recurring costs) and the remaining amounting to Rs. 11.11 lakh crore for capital expenditure (included long-term investment in infrastructure and developmental projects). Of the total expenditure, Rs. 21.11 lakh crore was in the first half of FY25 of about 43.80% of the budget estimates. Further, the projected figures for capital expenditure by the government (Capex) was about Rs. 15.02 lakh crore. Additionally, the Gross tax Revenue (GTR) was estimated at Rs. 38.40 lakh crore with a tax to GDP ratio of 11.8%. While, total non-debt receipt stood at Rs. 32.02 lakh crore, which comprised tax revenue of about Rs. 25.83 lakh crore, non-tax revenue was about Rs. 5.46 lakh crore and capital receipt of about Rs. 0.78 lakh crore.

With the above estimates of the cost of procurement, the fiscal deficit in BE 2024-25 was pegged at Rs 16.13 lakh crore or 4.9 per cent of GDP. Deficit in FY25 H1 is estimated at Rs 4.75 lakh crore or about 29.4 percent of BE. Funding the financial crisis by raising Rs 11.13 lakh crore from the market (G-sec + T-Bills), draw the remaining Rs 5 lakh crore from other sources, such as NSSF, State Provident Fund, external debt, which is lower than residual income and immediacy.

Discussing the impact of fiscal deficit on markets, there is a positive nudge witnessed in market sentiment. India’s benchmark 10-year bond yield fell sharply over four years in 2024 as government fiscal discipline and the addition of debt to global indices boosted demand, as investors waited for the domestic rate easing in 2025. The yield ended at 6.7597% on Tuesday, down 42 basis points on the year after falling 15 bps in 2023. This was the biggest fall since it fell 66 bps in 2020. Bond yields started the year on a downtrend, continuing to prompt the government to cut its borrowing, while strong demand from domestic and foreign investors meant that supply was taken early. The government adhered to its fiscal plan and reduced its fiscal deficit target as well as market lending, at a time when corpus with long-term investors such as insurance and pension funds had grown.

In summary, the Indian government’s commitment to decreasing the fiscal deficit to 4.5% of GDP by FY26 at the same time as improving expenditure and getting closer to financial consolidation. However, reaching these goals will require navigating complicated demanding situations, inclusive of populist pressures, international uncertainties, and revenue mobilization constraints. By keeping a strategic cognizance on best spending and lengthy-term sustainability, India can make sure that its economic rules help strong and inclusive economic increase.

The image added is for representation purposes only

TCS Unveils Pace Studio in Philippines to Boost Digital Innovation

, , 0 Comment
Read More
Auto industry anticipates boost in demand by wedding season and recovery of infra projects
Business, Equities, Market News, Markets - December 24, 2024

Auto Sector Eyes 5% Growth in 2025

Auto Sector Eyes 5% Growth in 2025

Auto Sector Eyes 5% Growth in 2025
Passenger vehicle sales in India are expected to grow by 5% in calendar year 2025, underscoring healthy consumer demand despite a high base. This growth projection stems from factors such as increased government spending, a favorable monsoon, and strong rural market sentiment bolstered by robust crop yields, according to senior industry executives.

While the SUV segment continues to dominate, there are signs of a resurgence in demand for entry-level small cars, as evidenced by a notable uptick in two-wheeler sales in recent months. This trend suggests a broader recovery in consumer confidence, particularly among price-sensitive buyers.

Recent Performance and Growth Drivers
Passenger vehicle sales faced subdued growth during the initial months of the fiscal year, with sales rising by only about 1% in October and 4% in November. The first quarter of FY25 witnessed a modest 3% growth. However, the industry has demonstrated resilience, particularly in the aftermath of the pandemic, when India emerged as one of the few markets globally to witness a sharp rebound in auto sales. In 2023, car sales surpassed the 4 million mark for the first time, a milestone repeated in 2024.

With the general elections concluded, automakers anticipate a pickup in government spending, further fueling demand. Additionally, a better-than-expected monsoon is set to enhance rural consumption, providing a critical boost to passenger vehicle sales in 2025.

Industry Insights
Hardeep Singh Brar, Senior Vice President and Head of Sales and Marketing at Kia India, expressed optimism about the coming year. “I feel next year the industry will grow by 5%. Government investments will be back. IT layoffs are behind us,” he said. Brar highlighted early signs of recovery in the sector, including fresh hiring initiatives by leading companies and favorable monsoon conditions.

Economic activity in 2025 is expected to rise, primarily driven by rural consumption and an anticipated increase in government expenditure. In its latest report, HDFC Securities emphasized India’s economic resilience, noting that the country is likely to outperform its global peers in GDP growth. Dhiraj Relli, Managing Director and CEO of HDFC Securities, commented, “India will largely be an outlier in GDP growth compared to its global counterparts. We anticipate the growth for FY26 to be volume-led, with BFSI, industrials, cement, energy, and IT sectors being the engine drivers.”

The Indian economy is projected to expand by 6.7% in FY26, creating a conducive environment for sustained growth in the automobile sector. According to an industry veteran, the market dynamics in terms of demand and supply have normalized, paving the way for steady growth. “While the percentage growth is likely to be small, it is important to factor in that this growth is coming on a very high base of about 4.3 million units,” the veteran noted. Encouragingly, small car sales, which had been under pressure, appear to be stabilizing, as indicated by the strong performance in two-wheeler sales.

Two-Wheeler Sales: A Positive Indicator
Sales of motorcycles, scooters, and mopeds rose significantly by 16.2% to 18.44 million units between January and November 2024, according to data from the Society of Indian Automobile Manufacturers (SIAM). This growth reflects improving consumer sentiment, particularly in rural areas, and bodes well for the broader automotive market. A rise in two-wheeler sales is often a precursor to increased demand for entry-level passenger vehicles, as it signals improved affordability and mobility aspirations among consumers.

Seasonal Impact and Inventory Replenishment
In December 2024, car dispatches from factories to dealerships surged by an estimated 10-12%, reaching 315,000-322,000 units. This uptick was primarily driven by manufacturers replenishing stocks at dealerships following robust festive season sales. The festive period traditionally accounts for a significant portion of annual automobile sales in India, and the strong performance during this time further underscores the sector’s recovery.

Outlook for 2025
The Indian automobile market’s growth prospects for 2025 are bolstered by several factors:

Government Spending: With elections concluded, an uptick in infrastructure and development projects is expected, which will indirectly support automobile sales by boosting economic activity and disposable incomes.

Favorable Monsoon: A good monsoon not only ensures robust agricultural output but also strengthens rural purchasing power, a key driver for small car and two-wheeler sales.

Economic Stability: The stabilization of global macroeconomic conditions, coupled with India’s projected GDP growth of 6.7%, provides a solid foundation for sustained demand.

Normalization of Supply Chains: After grappling with supply chain disruptions in recent years, the industry is now operating in a more stable environment, ensuring timely deliveries and reducing waiting periods for popular models.

Consumer Sentiment: The return of hiring activity in key sectors and the resolution of IT layoffs have improved consumer confidence. This, combined with increased affordability due to stable financing options, is likely to drive demand across segments.

Challenges Ahead
Despite the optimistic outlook, the industry faces certain challenges. High interest rates and elevated fuel prices could weigh on affordability for some consumers. Additionally, the push towards electric vehicles (EVs) and stricter emission norms may require significant investments from automakers, potentially impacting their short-term profitability.

Nonetheless, the industry is well-positioned to navigate these challenges. Automakers are increasingly focusing on product innovation and expanding their EV portfolios to align with evolving consumer preferences and regulatory requirements.

Conclusion
The Indian passenger vehicle market is set to maintain its growth trajectory in 2025, driven by favorable economic conditions, strong rural demand, and increased government spending. While challenges remain, the industry’s resilience and adaptability, coupled with supportive macroeconomic factors, are likely to ensure a steady pace of growth. With sales projected to rise by 5% on a high base, the coming year promises to be another milestone in the Indian automotive sector’s recovery and expansion.

The image added is for representation purposes only

TCS Unveils Pace Studio in Philippines to Boost Digital Innovation

, , , 0 Comment
Read More
Fiscal Discipline in Focus: Government Plans Deficit Reduction by FY26
Business, Equities, Expert Views, Investor Forum, Market News, Markets, Research, Research Reports, Result Updates - September 20, 2024

Government Expands Capex, Keeps Deficit in Check

Government Expands Capex, Keeps Deficit in Check

As of July 24, 2024, the central government’s fiscal deficit has decreased to ₹1.41 lakh crore, down from ₹1.54 lakh crore in the same period last year. This positive trend reflects the government’s ongoing commitment to fiscal prudence and responsible economic management.

This reduction in fiscal deficit to two primary factors: a moderate growth in tax revenues and controlled government spending, according to a recent analysis by financial services firm Anand Rathi. The fiscal deficit for April-July 2024 was at ₹2.8 lakh crore, representing 17.2% of the annual target, indicating better budget control than the previous year. This marks a significant improvement from the previous year when the deficit had reached ₹6.1 lakh crore during the same period.

Interestingly, government expenditure during these initial months has been more restrained compared to the previous year. Capital expenditure, in particular, has seen a notable decrease of 17.6% year-on-year. This cautious approach to spending suggests that the government is carefully balancing its growth initiatives with fiscal responsibility.

Personal income tax collections have been a notable strength in the current financial environment, demonstrating resilience and outperforming expectations. As the deadline for annual tax returns approached in July 2024, these collections surged by an impressive 64% compared to the same month last year. This strong showing has resulted in personal income tax revenues reaching 33% of the budgeted target for the fiscal year 2024-25, indicating a healthy pace of collection.

The corporate tax situation is more nuanced and multifaceted compared to other areas of tax revenue. After briefly showing signs of recovery in June 2024, corporate tax collections have once again turned negative. This fluctuation is partly attributed to ongoing tax refunds, which have impacted the net collection figures. The volatility in corporate tax revenues highlights the challenges faced by businesses and the need for continued economic support and reforms.

On a more positive note, indirect tax collections have shown improvement, particularly in the realm of customs duties. Customs duty collections have significantly rose, posting a 29% increase compared to the same period last year. This increase could be indicative of recovering international trade volumes or changes in import patterns.

While divestment receipts have remained stagnant, suggesting potential challenges in the government’s asset monetization plans, there’s been a substantial boost in non-tax revenues. These have surged by 70% year-on-year, providing a welcome cushion to the government’s overall revenue position. This increase in non-tax revenues could be attributed to various factors such as dividends from public sector enterprises, fees, and other miscellaneous sources.

Government expenditure for the initial quarter of the fiscal year has reached 27% of the annual budget allocation, indicating a gradual recovery in spending patterns. This figure provides insight into the pace of government expenditure and its alignment with annual budgetary plans. July 2024 saw a mixed picture, with monthly revenue expenditure decreasing by 14% year-on-year, while capital expenditure rebounded strongly with a 108% year-on-year growth.

Despite this recent rebound in capital spending, it’s important to note that overall capital expenditure for the first four months of the fiscal year remains 18% lower than the previous year. This slower pace of capital spending can be partially attributed to the implementation of the model code of conduct during the first two months of the year, coinciding with the general elections. The subsequent recovery in spending after the elections has been limited, as the government awaited the full-year budget announcement.

The government expenditure is expected to accelerate in the coming months. This anticipated increase is likely to be triggered by the release of funds following the Parliament’s approval of the finance bill. As budgetary allocations are formalized and disbursed, we can expect to see a pickup in both developmental and welfare spending.

A significant boost to the government’s fiscal position has come from an unexpected quarter – the Reserve Bank of India (RBI). The government’s finances received a significant boost from the central bank’s unprecedented dividend payment, which amounted to ₹2.11 lakh crore. This windfall, combined with the strong performance of personal income tax collections, has created a more favorable fiscal environment. These positive developments may help offset potential shortfalls in other areas, particularly in divestment collections, which have yet to gain significant momentum this fiscal year.

The government’s ability to maintain this balance between fiscal prudence and necessary expenditure will be key to supporting India’s economic growth trajectory. Factors such as global economic conditions, domestic consumption patterns, and the pace of structural reforms will all play important roles in shaping the fiscal outcomes for the remainder of the year.

In conclusion, the latest fiscal data presents a picture of cautious optimism. While challenges remain, particularly in areas like corporate tax collections and divestment proceeds, the overall trend suggests that the government is making strides in its fiscal consolidation efforts. The coming months will be critical in determining whether this positive momentum can be sustained and translated into long-term economic benefits for the nation.

The image added is for representation purposes only

TCS Unveils Pace Studio in Philippines to Boost Digital Innovation

, , , 0 Comment
Read More