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PremiumBudget, Economic Survey Highlights: Union Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament on January 31, providing a detailed analysis of the Indian economy while focusing on certain key macroeconomic sectors. According to the survey, India's FY26 GDP growth is expected to be in the range of 6.3-6.8 per cent amid global uncertainty. The Economic Survey comes a day ahead of the presentation of Union Budget 2025.
Read the full Economic Survey here https://www.indiabudget.gov.in/economicsurvey/doc/eschapter/echap01.pdf
The Economic Survey is a document which provides a summary of the Indian economy's performance, government policies, and outlook for the upcoming financial year. It is divided into two parts: Part A analyses economic performance, reflecting on macroeconomic indicators and fiscal trends, while Part B addresses socio-economic issues such as education, poverty, climate change, and the outlook for GDP growth, inflation, and trade.
The Economic Survey is prepared by the economic division of the Department of Economic Affairs headed by the Chief Economic Advisor (CEA), V Anantha Nageswaran. For the latest updates on the Economic Survey, check here.
All the latest updates about the Budget 2025 can be tracked on livemint.com, the Budget Live blog.
Budget, Economic Survey Highlights: Radhika Rao, Executive Director and Senior Economist, DBS Bank basis on the The Economic Survey
"The Economic Survey was cautious on the growth outlook, suggesting that the nominal GDP assumption will stay around last year’s levels. The leitmotif of the survey revolved around the need to revive private sector investments, emphasizing on the need to be resilient in the face of rising external uncertainties and boost employment prospects.
This lays the ground for the FY26 Budget to retain a supply side push i.e. infrastructure focus and promote manufacturing as well as export capabilities but also focus on demand side measures including tax breaks, improving the mechanism of employment linked schemes and investments into human capital. Despite these wide-ranging priorities, we expect an uncompromising focus on fiscal consolidation," said Rao.
Budget, Economic Survey Highlights: The golden era of globalisation probably disappearing amid geopolitical and policy uncertainties, resulting in the economic growth slowdown, Chief Economic Adviser V Anantha Nageswaran said on Friday.
India's economy is likely to expand by 6.3-6.8 per cent in the coming fiscal, much lower than what is needed to become a developed country, and requires deregulation and reforms in areas like land and labour to stimulate growth, according to the government's pre-Budget Economic Survey.
"The era of globalisation is over...tailwind of globalisation is becoming more of a headwind...there is geopolitical and policy uncertainty both on the investment front and on the trade side, and the growth projections also reflect that," he told PTI in an interview.
The state of the economy document, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday, indicated that India's world-beating growth is moderating and more needs to be done to achieve the near 8 per cent annual rate needed to achieve the Viksit Bharat target by 2047.
The 6.3 per cent to 6.8 per cent growth rate in 2025-26 (April 2025 to March 2026 fiscal year) compares to an estimated 6.4 per cent growth in the current year ending March 31 - the weakest since the pandemic - and 8.2 per cent in the past 2023-24 financial year.
Budget, Economic Survey Highlights: Global roles within Global Capability Centres (GCCs) established in India are expected to grow over four-fold to 30,000 by 2030, the Economic Survey 2024-25 said on Friday.
According to experts, the view of the companies across the globe for India is changing from being a low-cost destination to centre for innovation and highly skilled talents that is leading to more global roles coming to the country.
The survey said India has established itself as a prominent player in leveraging its vast talent pool, which accounts for 28 per cent of the global (science, technology, engineering, mathematics) STEM workforce and 23 per cent of the global software engineering talent.
"Over the past decade, the GCC ecosystem in India has matured significantly, advancing into high-end engineering roles such as product managers and architects, with 35 per cent of transformation hubs exhibiting a strong presence of architects.
"Furthermore, global roles within GCCs are expanding rapidly, expected to grow from currently 6,500 to over 30,000 by 2030, supported by robust training programmes to develop leadership," the survey said.
Budget, Economic Survey Highlights: The lack of funding from developed countries to mitigate climate change in the Global South may prompt developing countries to "rework" their climate targets, India said on Friday.
In the Economic Survey 2024-25 tabled in Parliament, the government said the new financial package agreed at the 2024 UN climate conference (COP29) in Azerbaijan to support climate action in the developing world "presents little optimism".
With countries required to submit their next round of Nationally Determined Contributions or climate plans for the 2031-2035 period this year, the economic survey said the "funding shortfall may lead to a reworking of the climate targets".
According to the Paris Agreement signed in 2015, countries are encouraged to strengthen their climate targets every five years. India's Chief Economic Advisor V Anantha Nageswaran said domestic resources will be the key to climate action amid the lack of support from developed countries.
Therefore, resources for meeting development challenges may be affected, undermining progress toward sustainable development objectives and "compromising the integrity of international climate partnerships", he said.
Budget, Economic Survey Highlights: The percentage of self-employed individuals in India's workforce has increased to 58.4 per cent in 2023-24 from 52.2 per cent in 2017-18, indicating a rise in entrepreneurial activity and inclination towards flexible work options, the Economic Survey 2024-25 has said.
The pre-Budget document, tabled in Parliament on Friday, said India has experienced good employment growth in recent years, following the nation's sustained economic momentum. "The proportion of self-employed workers in the workforce has risen from 52.2 per cent in 2017-18 to 58.4 per cent in 2023-24. The shift reflects growing entrepreneurial activity and a preference for flexible work arrangements," it noted.
Additionally, the decrease in casual workers from 24.9 per cent to 19.8 per cent during the same period also suggests a movement towards more structured forms of self-employment, it said. Casual workers are individuals employed temporarily, typically hired only when their services are needed.
Among rural women, the share of "own account workers/employers" increased from 19 per cent in 2017-18 to 31.2 per cent in 2023-24, highlighting a significant move towards independent work and entrepreneurship.
Budget, Economic Survey Highlights: Swapnil Aggarwal, Director, VSRK Capital said,
"The Economic Survey 2025 provides an optimistic assessment of the Indian economy, projecting GDP growth for 2025 ranging from 6.3 per cent to 6.8 per cent. The main thrust of Economic Survey is on manufacturing, infrastructure, and digital transformation, especially on innovation in artificial intelligence and the growth of small and medium enterprises. The sectors will be instrumental in providing long-term stability and advancement of the economy.
The insights provide investors with a distinct set of opportunities in these rising areas. Given the stable macroeconomic environment, investors can leverage the backdrop to align their strategies in these growth sectors. Insights from the Economic Survey will also help wealth managers formulate long-duration investment strategies targeting sectors like AI, financial services, etc., and the whole infrastructure build out. There is also a very positive outlook for domestic and international investors due to the emphasis on digitization and continuous traction in the manufacturing sector.
India is on the verge of strengthening its economic fundamentals, and these pointers from the Economic Survey 2025 may serve as a reference for investment decision-making by furnishing a balanced view of potential risks and rewards to the upside on the market. Investors must factor in these trends when reassessing their portfolios for future growth," added Aggarwal.
Budget, Economic Survey Highlights: 90-hour work week debate
According to the Economic Survey 2025-26 tabled by Finance Minister Nirmala Sitharaman on Friday, January 31 ahead of the Union Budget 2025, India has tied with Germany, Vietnam, and UK in terms of the average weekly working hours at the highest level of 48 hours.
Malaysia stands at the second spot, with an average weekly working hours of 45, and Singapore is third, with an average of 44 hours per week. Further, the USA, South Korea, Japan, and Indonesia are tied at 40 hours per week.
Budget, Economic Survey Highlights:
Budget, Economic Survey Highlights: Puneet Singhania, Director at Master Trust Group sa
"The prospects for India's GDP growth rate are seen at about 6.3-6.8 per cent in FY 2025-26, thanks to sound economic fundamentals, prudent fiscal management, and steady private consumption. However, the country is presenting significant challenges to manufacturing critical goods in adequate scale and quality so as to meet infrastructure and investment requirements for a rapidly growing economy.
It poses concentration risk for the multiple sectors having a single source of supply, thus making India vulnerable to potential disruptions of the supply chain and price volatility. India's massive dependence on China for various products constitutes a risk factor. Hence, there is an immediate need to diversify India from China and attract investment into this sector.
The immediate need is to improve and initiate new reforms into the academic system in India so that it is not rendered ineffective by AI but is instead empowered by it, so that the country can take the lead in the new era.
A concerted effort of the government, private sector, and academia will then ensure that AI becomes an instrument of "labour augmentation", rather than "labour replacement" in the future world of work. With regard to the economy, retail inflation in India is expected to gradually align with the targets as global commodity prices decline, thereby easing core and food inflation.
While data indicate that core inflation has somewhat decreased, overall food inflation continues to remain elevated owing to the sharp increase in prices of certain food items, such as vegetables and pulses. Long-term stability can be fostered through better monitoring of prices, development of climate-resilient crops, and loss reduction post-harvesting"
Budget, Economic Survey Highlights: Though school dropout rates have steadily declined in recent years, challenges persist with retention rates in school education for all classes, according to the Economic Survey 20225 tabled in Parliament on Friday. Retention rate is the percentage of a cohort of pupils enrolled in the first grade of a given level of education in a given school year and who are expected to reach the last grade of the level.
"School dropout rates have steadily declined in recent years, standing at 1.9 per cent for primary, 5.2 per cent for upper primary and 14.1 per cent for secondary levels. However, challenges persist, with retention rates at 85.4 per cent for primary (class 1 to 5), 78 per cent for elementary (classes 1 to 8), 63.8 per cent for secondary (classes 1 to 10) and 45.6 per cent for higher secondary (classes 1 to 12)," said the survey.
The Survey highlighted that India's school education system serves 24.8 crore students across 14.72 lakh schools with 98 lakh teachers. Government schools comprise 69 per cent of the total, enrolling 50 per cent of students and employing 51 per cent of teachers, while private schools account for 22.5 per cent, enrolling 32.6 per cent of students and employing 38 per cent of teachers.
Budget, Economic Survey Highlights: Sahil Agarwal, CEO, Nimbus Group
The Economic Survey underscores the crucial role of the real estate sector in economic growth and projects sustained demand for both housing and office spaces over the long term. Given its significant contribution to GDP and employment, real estate remains one of the key pillars of India's economic expansion.
The sector has witnessed renewed confidence following the implementation of RERA (Real Estate Regulatory Authority), which has instilled greater transparency and accountability. As a result, both end-users and investors are now more willing to invest in projects developed by RERA-compliant builders, leading to a healthier and more robust market. Over time, we expect transparency and governance in the sector to improve even further, making it even more attractive for investment.
The Economic Survey rightly predicts that housing demand in India will reach 93 million units by 2036, a figure that underscores the enormous growth potential of the sector. Beyond just real estate, this surge in demand will also benefit auxiliary industries, such as construction materials, home décor, finance, and technology, creating a ripple effect across the economy.
However, to fully capitalize on this demand and drive further growth, we urge the government to grant long-pending industry status to the real estate sector. This will allow developers to access easier financing, lower borrowing costs, and incentives, ultimately enabling the sector to meet housing demand more effectively and contribute even more significantly to India's economic progress.
Budget, Economic Survey Highlights: The latest Economic Survey tabled in Parliament on Friday pointed to the various laws and initiatives that seek to deliver justice at the grassroots level and said rural courts or Gram Nyayalayas settled nearly three lakh cases in the past four years.
The survey referred to the Gram Nyayalayas Act, 2008, that aims to provide access to justice at the grassroots level in rural areas. It noted that 313 Gram Nyayalayas disposed of more than 2.99 lakh cases from December 2020 to October 2024.
Conceived as a tool to deliver affordable and quick access to justice, Gram Nyayalayas are today finding it difficult to live up to their purpose due to manpower shortage and financial crunch, the Union law ministry had recently informed Parliament.
The survey also referred to the National Legal Services Authority (NALSA), established under the Legal Services Authorities Act in 1987. The authority provides free legal services to disadvantaged sections of society to ensure equal access to justice.
Budget, Economic Survey Highlights: India needs to guard against the dominance of financial markets in shaping policy and macroeconomic outcomes, a phenomenon known as financialisation, to achieve the goal of Viksit Bharat by 2047. The consequences of financialisation are evident in advanced economies, where it has led to unprecedented levels of public and private sector debt -- some visible to regulators and some not.
"We also caution against the risk of financialisation and asset price bubbles that are now endemic to the West. That is why some measures India’s regulators took to rein in excessive and financially ruinous speculation for investors were necessary, not just for systemic stability. They were welfare measures in effect," said the economic survey 2025.
Excessive financialisation can hurt the economy, it said, adding that the costs may be particularly high for a low-middle-income country like India. Economic growth in such contexts becomes overly reliant on rising asset prices to offset leverage, exacerbating inequality and asset market considerations that may overly influence public policies, particularly regulatory ones, it added.
Budget, Economic Survey Highlights: India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday. The decline in export of finished steel during FY25 was mainly driven by gaps between international and domestic prices, the pre-Budget document for the 2024-25 fiscal year said.
The survey said India has been a net importer of steel from April to November period of the ongoing financial year, even as companies faced price pressures and lower global prices. The low price in the international market during this period resulted in a low margin on exports and cheaper imports, it said.
Capacity utilisation in manufacturing remains above the long-term average, and private sector order books have shown steady growth, alongside a rise in investment intentions. However, these gains could be tempered by the global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, the survey pointed out.
Budget, Economic Survey Highlights: The Economic Survey on Friday highlighted the growing unease and anxiety around Artificial Intelligence disrupting labour markets, and warned that if companies do not optimise the introduction of AI over a longer horizon or handle it with sensitivity, demand for policy intervention and the demand on fiscal resources to compensate, may become inevitable.
The pre-Budget document cited an IMF paper to say that governments may be forced to tax incremental profit of corporates that use AI to replace labour. "It will leave everyone worse off and the country's growth potential will suffer, as a result," it warned. A labour-surplus country like India cannot afford protracted labour displacement, the Economic Survey asserted.
With an entire chapter dedicated to 'Labour in the AI era' -- a reflection itself of the seriousness being accorded to the issue -- the Economic Survey noted that while impact of AI on labour will be felt across the world, "the problem is magnified for India, given its size and its relatively low per capita income".
"If companies do not optimise the introduction of AI over a longer horizon and do not handle it with sensitivity, the demand for policy intervention and the demand on fiscal resources to compensate will be irresistible," it said. The state has to resort to taxation of profits generated from replacement of labour with technology to mobilise those resources, as the IMF suggested in its paper, it noted.
The Survey called for regulatory framework tweaks to align AI use with societal values, and noted that structural changes to how children are educated will be needed too, in addition to safety nets that can shield existing workers from economic and social fallouts. Notably, it advocated a mechanism of enabling, insuring, and 'stewarding institutions' to help workers adapt to changing demands while providing essential safety nets.
The document, which details the state of the economy over the current fiscal year, went in-depth into the impact of AI on jobs, and not for the first time. The Economic Survey, even in 2024, had said the advent of AI casts a "huge pall of uncertainty" with regard to impact on workers across skill levels.
On Friday, it highlighted that the rapid advancement of AI presents both unprecedented opportunities and significant challenges for labour markets worldwide. These challenges, along with AI's experimental nature, create a window for policymakers to act.
"Concerns and fears about Artificial Intelligence (AI) disrupting labour markets have intensified as developments in the field have continually demonstrated rapid progress over the last four years," it said.
The increasing complexity of the models being developed today marks a paradigm shift in the field of AI, and in a few years, 'intelligent machines' will be capable of performing tasks that are predominantly handled by humans, it contended.
Budget, Economic Survey Highlights: The Congress slammed the BJP-led Centre on Friday after the latest Economic Survey was tabled in Parliament, saying it calls for Ease of Doing Business 2.0 but is silent on a whole new GST 2.0 and an end to the "tax terrorism" unleashed over the last 10 years.
Congress general secretary in-charge communications Jairam Ramesh said the Economic Survey has little to say about an Ease of Living 1.0 to ensure that the public-health crisis caused by growing pollution and chemical contamination begins to be dealt with seriously. "The Economic Survey of the Ministry of Finance is often a wish list of desired policies and a warning about undesirable ones. The latest Economic Survey is no different, and contains much for the government to ponder," Ramesh said on X.
He said the survey points out that the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has been a lifeline for the rural poor and has evolved into a "durable rural asset creation programme" for sustainable livelihood diversification. In an era of accelerated climate change, it has helped boost rural ecological health through improvement of soil quality and improved water management, Ramesh noted.
"The Prime Minister must therefore explain why he is throttling MGNREGA by reducing allocations, excluding 27 per cent of workers from getting paid by foisting an Aadhaar-based payment system on them, and keeping wages low," Ramesh said.
Budget, Economic Survey Highlights: The Economic Survey on Friday highlighted that under the Smart Cities mission, nearly 7,500 projects worth ₹1.5 lakh crore have been completed so far. The mission, which was launched in 2015, aims to develop smart cities with essential infrastructure, good quality of life and a sustainable environment, it noted.
"As of 13 January 2025, 8,058 projects worth 1.64 lakh crore have been proposed, with 7,479 projects worth 1.50 lakh crore completed," said the survey, which was tabled in Parliament on Friday.
The mission was launched on June 25, 2015, by Prime Minister Narendra Modi. It aims to enhance the quality of life in 100 selected cities by providing efficient services, robust infrastructure, and a sustainable environment.
According to the Ministry of Housing and Urban's website, the objective of the mission is to promote sustainable and inclusive cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment and application of 'Smart' Solutions.
Budget, Economic Survey Highlights:
The markets had been experiencing a prolonged rally, driven by liquidity inflows, strong corporate earnings, and optimism surrounding economic growth. However, key indicators suggested that valuations were stretched, with price-to-earnings ratios exceeding historical averages and certain sectors showing signs of overheating.
"In such an environment, we emphasized a prudent investment approach, focusing on capital preservation and selective stock picking. We explored opportunities in defensive sectors, such as pharma, FMCG, and utilities, which tend to perform well in uncertain market conditions, and, we took a bold call to shift to 100 per cent cash wherein we were the only PMS in India to do the same," said Anirudh Garg, Partner and Fund Manager at Invasset PMS
Budget, Economic Survey Highlights: The agriculture sector remains strong, consistently operating well above trend levels. The industrial sector has also found its footing above the pre-pandemic trajectory.
The robust growth rate in recent years has brought the services sector to its trend levels, according to the survey. The survey noted that retail headline inflation softened from 5.4 per cent in FY24 to 4.9 per cent in April –December 2024 due to various government initiatives and monetary policy measures.
India's gross foreign direct investment (FDI) inflows revived in FY25, increasing from $47.2 billion in the first eight months of FY24 to $55.6 billion in the same period of FY25, a YoY growth of 17.9 per cent.
Budget, Economic Survey Highlights: Potential risks for India in 2025 Elevated valuations and optimistic market sentiments in the US raise the likelihood of a meaningful market correction in 2025. Should such a correction occur, it could have a cascading effect on India, especially given the increased participation of young, relatively new retail investors. Many of these investors that have entered the market post-pandemic have never witnessed a significant and prolonged market correction. Hence, if one were to occur, its impact on sentiment and spending may be non-trivial.
Budget, Economic Survey Highlights: The total market capitalisation of BSE-listed stocks reached $5 trillion for the first time, ranking third after the United States and Japan. By the end of December 2024, BSE’s market capitalisation increased by 14.2% since March 2024 to reach ₹445.2 lakh crore. BSE market capitalisation to GDP ratio stood at 136% at the end of December 2024.
Budget, Economic Survey Highlights: The unemployment rate has reduced to 3.2 per cent in 2023-24 (July-June) from 6.0 per cent inn2017-18 (July-June), according to the survey.
Budget, Economic Survey Highlights: India’s current account deficit stood at 1.2% of GDP in Q2FY25 due to rising net services receipts and an increase in private transfer receipts, according to the Economic Survey.
Budget, Economic Survey Highlights: Capital expenditure has grown from FY21 to FY24. After the general elections, capex has grown by 8.2 per cent during July – November 2024 on an year on year basis.
Budget, Economic Survey Highlights: According to tfirst advance estimates of national income, India's real GDP growth was 6.4% in FY25, which remains close to the decadal average.
Budget, Economic Survey Highlights: Geopolitical risks remain elevated due to ongoing conflicts and tensions, posing significant risks to the global economic outlook, according to the survey.
Budget, Economic Survey Highlights: Union Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Parliament. The GDP growth is projected to be at 6.3%-6.8%.
Budget, Economic Survey Highlights: Both parts of the Economic Survey highlight economic indicators such as agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports and foreign exchange reserves, reflecting on the factors influencing the economy and their impact on the government's fiscal strategy.
Budget, Economic Survey Highlights: Prime Minister Narendra Modi said on Friday that this is the first Parliament session in which there is "no foreign interference" since the last 10 years.
“You must have noticed, since 2014, this is the first Parliament session, which saw no 'videshi chingari' (foreign interference) in our affairs, in which no foreign forces tried to ignite a fire. I had noticed this before every budget session. And many in our country leave no stone unturned to fan these sparks. This is the first session without any foreign meddling," PM Modi said while addressing the media.
Budget, Economic Survey Highlights: Foreign direct investment (FDI) inflows slowed in the previous fiscal year. The net FDI inflows to India dropped from $42 billion during FY23 to $26.5 billion in FY24. However, gross FDI inflows moderated by 0.6 per cent from $71.4 billion in FY23 to nearly $71 billion in FY24, according to the survey.
Budget, Economic Survey Highlights: The Economic Survey is likely to project GDP growth of 6.3%-6.8% in 2025-26, reported Reuters citing sources. It states that the economic conditions will remain sluggish next year.
Budget, Economic Survey Highlights: President Murmu highlights the ‘pillars of India’s governance model'
President Murmu, addressing the Budget Session of Parliament, said, “Reform, perform, and transform have become strong pillars of India's governance model."
Budget, Economic Survey Highlights: Emphasising the goal of Viksit Bharat, President Draupadi Murmu said, "We have only one aim: to become Viksit Bharat."
Budget, Economic Survey Highlights: On cybersecurity and digital fraud , President Murmu says, "My Government is continuously working towards ensuring efficiency in cyber security. Digital fraud, cybercrime and DeepFake are serious challenges to social, financial and national security."
Budget, Economic Survey Highlights: Addressing a joint sitting of the Parliament ahead of Economic Survey presentation, President Murmu says, "The country's aviation sector is progressing rapidly with the airline companies placing orders of 1700 new aircraft."
Budget, Economic Survey Highlights: India is on track to become third largest economy, says President Droupadi Murmu at the joint Parliament session.
Budget, Economic Survey Highlights: Congress MP Rajiv Shukla told ANI, "...We need to see the condition of the economy when the Economic Survey is tabled - the economy is not in good shape - both, Indian and foreign economic experts are saying this. Neither our GDP is growing nor we are succeeding in satisfying consumers, inflation is also on the rise. Foreign investors are pulling out their money and that's the reason our foreign exchange reserve is also falling."
Budget, Economic Survey Highlights: President Droupadi Murmu says, "Credit Guarantee Scheme for MSMEs and e-commerce export hubs are encouraging business in all sectors in the country."
Budget, Economic Survey Highlights: Reflecting on the confidence in Indian economic growth, Union Minister of Consumer Affairs Prahlad Joshi, told ANI, "India's economy is doing better compared to other economies in the world..."
He adds, "Arvind Kejriwal and the leaders of the so-called INDI alliance don't maintain the dignity of the institutions... It's condemnable the way Arvind Kejriwal is trying to create enmity between two states, just because he is losing in elections..."
Budget, Economic Survey Highlights: The Economic Survey was first presented in 1950-51 as part of the budget documents. From 1964 onwards, it was separated from the Union Budget and presented a day before the budget.
Budget, Economic Survey Highlights: The Indian economy grew more than 7 per cent for the third time in a row due to stable consumption demand and steadily improving investment demand.
India's current account deficit (CAD) for the last financial year stood at 0.7 per cent of the GDP during FY24.
Budget, Economic Survey Highlights: The Economic Survey presentation will be live streaming on Sansad TV and PIB India channels. Updates on the Economic Survey will available on Ministry of Finance Facebook page and official X handle of Finance Ministry, @FinMinIndia.
It can be downloaded from the India Budget website after the release, link.
Economic Survey 2025 Highlights: The Parliament's Budget session will begin on January 31 and conclude on April 4. The Economic Survey is typically tabled a day before the budget speech, so it will be presented on January 31 at 12 noon.
