EP 179: Biden says stands by Ukraine & will convey this to Putin; Oli says misunderstanding resolved

Sree Iyer: Namaskar. Today is the 8th of June 2021, Tuesday and Daily Global Insights with Sri and Sree, episode number 179. Let’s take a look at US news first, Biden assures Zelensky, that he firmly stands with Ukraine sovereignty and will communicate the same with Putin. Welcome, Sridhar Chityalaji and what are your thoughts?

Sridhar Chityala: Namaskar. Good morning to everybody on a bright sunny day here and another scatter expected in New York. So, we had 91 degrees yesterday. The message that Biden wants to deliver to the world as, you know, he’s the tzar in town. He has a pretty good relationship with Mr Vladimir Putin and can deliver a direct message in terms of what his views are. His views are, he believes in the sovereignty of Ukraine. He supports Mr Zelensky and that’s the message that he’s going to carry Putin. Whether Putin listens or not is an entirely different matter, but that’s the message Mr Biden is delivering.

Sree Iyer: Harris staff says climate and economy are the main drivers behind migration after Guatemala President blames the United States. So, right now Vice President Kamala Devi Harris is on a visit to Guatemala and then to Mexico and I think these comments came when she was in Guatemala. Your thoughts, sir.

Sridhar Chityala: Yes, I think she has come back and her comments say that mostly even her staff are making the point that it is effectively climate and economy that is driving people to leave, whereas the Guatemalan President says, no, you guys have opened the border. You are encouraging. You are giving them all kinds of incentives and you’re talking up for people to legally or illegally cross the border. So this is what has driven the momentum and it’s actually affecting our economy as more and more people are leaving. These are the people who really matter to stay and make our economy grow are leaving the place.

Sree Iyer: So that’s a disruptor for the economy of Guatemala and perhaps Mexico.

Sridhar Chityala: It is, it is Guatemala, El Salvador and including Mexico, which is one of the reasons why you know the lady Kamala Harris, Vice President, her Majesty, Kamala Harris has stated that she’s prepared to spend 400 million dollars to build infrastructure in that country to enhance the job opportunities, which was stoutly rejected by the Republicans and saying, what the hell is going on here? You can’t borrow money on the back of the balance sheet of the United States and give it to countries. They have to build their own economies, and we can help them with the trade, but we can’t be injecting Capital into every part of the world. This is the dichotomy between the two policies.

Sree Iyer: In other news, House Democrats are telling Blinken the Secretary of State about Hamas. Every rocket fired, by Hamas on Israel is a war crime. So, now the House Democrats have also started speaking up against Hamas. So what do you think the squads going to say, Sir?

Sridhar Chityala: What do you think Squad going to say? The squad is saying already that the United States is very similar to Hamas and the Taliban. It has undisputedly has created damage in other parts of the world. So, therefore, it is also a Hamas if you want to blame Hamas, if you want to blame the Taliban, it is also Taliban. This is a statement from the great character called Alexandria Ocasio-Cortez – AOC as she is called, this is a statement.

Sree Iyer: Interesting that Democrats should look to the people like AOC and Rasheeda Tlaib, Ilhan Omar and Pramila Jaipal as those who are going to be leading their party in the future. Every one of them has their priorities misplace as this particular resolution from the House Democrat state. So maybe the Democratic moderates and perhaps the other wings of Democrats, we don’t even know how many there are. They are beginning to say, wait a minute, this is not representative of this party. So, interesting times ahead for us to see, sir. Blinken says that he cannot put a percentage number behind the notion that Covid originated in a lab. Nobody is asking him to put a percentage number sir, it is whether it happened or not happened. There is no percentage here involved.

Sridhar Chityala: Well, the question was asked, what do you think or in your estimate the chances that Covid originated in the Wuhan virus lab. What do you think? His view was, I can’t tell you, I can’t even put a percentage, they were a 50% chance or 60% chance. So this is as usual you know, reflexive response to that question.  It is very sad coming from a Secretary of State. On the contrary, you have Mike Pompeo the former Secretary of State explicitly right throughout the course of 2020, even today making the statement that this is a Chinese version of the virus, it originated from their lab, it escaped and they have to pay reparations for it.

Sree Iyer: Now, Supreme Court rules against permanent residency for illegal migrants, who entered the country illegally, I think this ruling is very important. The thoughts people are entertaining that somehow they can mingle into the American diaspora get lost into the Crowds disappear and dissolve into the city and be magically provided with the want to give them voting rights in a few years that’s how I see it, sir, your thoughts.

Sridhar Chityala: Yes, I think just before we transition, I also want to finish that Blinken did not answer that question around how he is going to make China accountable. So which is even more disconcerting, he is not made this point to add to that.

So, moving to your specific question is I agree with, in fact, Biden Administration also agrees with this decision which is to say those who have entered illegally and state illegally are not eligible. So, therefore, Biden Administration is supportive. So, there are illegal aliens who are being allowed to come into the country and stamp. So that’s why I use the word legally illegal. If you recall through some of the DGJ, we have used the word legally illegal.

So there’s a differentiation between illegal-illegal and legal-illegal.  We are part of the surge entered legally in an illegal manner, you will be carried and travelled across in Airlines and buses and be located in the cities. But if you come illegally and occupy places illegally and make a contest for citizenship or rights to stay here, then you’re not allowed. This is the difference.

Sree Iyer: Senator Manchin to vote against Democrats in the sweeping election bill and there is no progress in infrastructure climate and America child plan deals. A quick thing about the sweeping election bill, Do we know what is in there, sir? Are they going to normalize the process of election across this country with the same process being followed in every County? Do you know what is in there, sir?

Sridhar Chityala: I will give a very simple answer to this question. Please read the book that is being released by Sree Iyerji. So, if you read that book include sum total of everything that is written by him in the book that is, what is the new election Reform Bill? Okay, please include. Read his book you will find sum total of all the changes. That’s number one. Number two, they withdraw the control from the state and make it federal management of the elections. So that’s also probably what Sree Iyer has written. Then, effectively, I have answered his question because the answers to the question that is raised are the content of his book.

Sree Iyer: Well, I hope this happens and I also hope that Blockchain is the technology that will underpin this because that will give a free expression of thoughts and views for every American citizen. You can change your vote a hundred times the last vote that you cast before the election date, ends shall be your vote, and you can go back and see how many turns you changed it. For, what reason you changed, it, just knock yourself out. Most importantly, 100% of America can be made to vote. You can take away benefits if they don’t vote because the vote will be on your cell phone, that’s where it should be, that’s where it is headed. And I hope my dream comes true because there are bigger things that I have, bigger plans, I have for blockchain technology to be implemented. Just tooting my own horn, but thanks for segueing into my book, sir. And viewers, this book is going to be released very very soon and we are now in the process of building up the production capacity going through final edits right now and we’ll definitely let you know stay tuned.

Sir, in another news Democratic internal report indicates that defund police and socialism is not resonating with the very voters that they are hoping to resonate with the Latino and the African-American voters. This must come as a shock to the squad.

Sridhar Chityala: The squad is in denial mode, but the Democratic Party is deeply rattled. This is their own research, it’s internal research that Democrats have conducted. And they find that, you know, there is clear swing, you know, from the Latino and the Africa, the African American voters. Again in our DGI show, I had stated a very common-sense oriented African-American will not agree to any of the things that were going on in 2020, that is still going on in 2021 often they find themselves when you talk to them, they are the people who are left behind and most affected notwithstanding the fact that the Democrats think they are at actually helping there more hurting the community rather than helping the community. As far as Latinos are concerned, they’re very clear they want work, they want jobs. They’re very hard-working people and they do not want all these kinds of dolouts they want less taxes, and they want to have the freedom to earn money and send money to support their families around Central America, and Latin America. So therefore I think that they’re slowly people are beginning to find that the core constituents that make up the Democratic party are shifting because they are not resonating with the policies that Democrats are coming out.

Sree Iyer:  India related news, the Modi government is going to be providing free Covid-19, vaccines to States for everyone, aged about 18 and above, and it will also centralize the vaccine drive.  This after they tried, allowing the states to get their own vaccine and finding out that companies abroad, the one that they were trying to import from did not want to deal with the states. Sir, your thoughts, I think this is a good move because you saw a lot of botch up happening at the state level. Also, illegal selling, and so on and so forth. I think this is a move in the right direction. I think the country needs to get vaccinated as quickly as possible. Your thoughts, sir.

Sridhar Chityala: My thoughts, are that it is a good move. But, you know, to address the specific issue of vaccination. The mainstream media doesn’t report the truth out there. Yesterday, the Indian government published a table, the table that shows vaccines available in States and the number of vaccines utilized. In some of the states, it’s quite appalling that the utilization is less than 30%. In other words, 70% of the vaccines are in the custody of the states. That’s number one.

The second point is some of these people through internal audits they found that quite a bit of them has been wasted or has been misused. So therefore there is a tremendous amount of wastage, without being cognizant of the costs.

Third, some of the states have found that there are nobody responding to their Global tenders which is a reflection that there is no belief. The vaccine makers are concerned about their own brand implications of supplying to some of these states which have not demonstrated delivery. So when you look at all these facts Sree Iyerji, I think the centralization model that works in that Covid wave one in terms of managing the vaccination thus far, I think that we will begin to see far more progress. India is very much used to this concept of centralization. Though personally, I don’t believe in centralization, I think you require execution, must occur places, Proximus to where people are. It is very difficult to manage everything from a centre. But, unfortunately, India is used to a centralized system, the decentralised did not work so they have to go back to the centralized model.

Sree Iyer: Viewers, we are going to have a very clinical analysis of the seven years of the Modi government, and it probably will air either tomorrow or the day after keep you posted. Just stay tuned. It’s a very, very hard amount of research that’s Sridhar Chityalaji had done and came up with the observation. So, we are going to be looking at the entire gamut of all the things that the Modi government did. What are the hits? What are the Misses? What are the commissions? What is the Omission? So, please do watch that program and give your comments. Send in your comments, you can send them on our YouTube channel or you can also use the other social media platform wherever you are consuming the news.

In other news, the Modi government is still confident of vaccinating everyone by December 2021. I think with the kind of population that India has and even in the United States, we are seeing that the vaccination drive is beginning to slow down a little bit because those who don’t want to get vaccinated are still dragging their feet. What are the chances that India will be completely vaccinated by the end of this year? Sir, your thoughts.

Sridhar Chityala: First and foremost, in terms of the supply and then before we go to the demand and utilization, I think the supply side, we had already indicated two of the big manufacturers, you know, Bharat Biotech and Serum labs have already committed that they would be scaling up their manufacturing to, you know, 10 crores and 7 crores or 10 crores and 8 crores respectively. That’s about 180 million or 170 -180  vaccinations per month. This excludes what is to come out from Sputnik, this also excludes the other manufacturers who are making up the numbers of 10-20 million for the rest of the year. So, in terms of the supply side, the supply side seems to be fairly well in control. Contrary to the rest of the world, Indians seem much more open to vaccinations because they have historically, been subjected to various types of vaccinations to deal with many contagious diseases. And, you know, so therefore like Chicken Pox, Cholera, Smallpox and all these kinds of things they are used to, therefore, the probability of India, reaching, 70- 75, % of the population vaccinated is very high. I don’t know whether you will have 100% but 75%, but the addressable Universal demand will be met. In the United States, we are getting headwinds

between 30% and 50%, we’re just around 40%, between 30 and 40%. But in some of the states, there are no takers so you can go to that state and get a vaccine. They just refuse to accept, that they think this is all because of all the various controversies that have cropped up over Covid-19. The question that they’re asking is, is this vaccine going to be some kind of foreign body into my system, which is going to monitor, what is it going to do to my general disposition. So there’s a lot of concern in the United States to get past the threshold. In many parts of the world, they seem to be moving up. Australia seems to be in the same category. They don’t want to get vaccinated but there are countries that require the vaccine. So, just go back to your specific question. I think India will reach definitely a 70 to 80 % threshold.

Sree Iyer: Modi announces the extension of Garib Kalyan Yojna till Diwali. 80, crores or 800 million Indians will be getting free relations. That’s almost 8 out of 14, which is like, you know, more than 60 %, Sir.

Sridhar Chityala: This is quite an amazing program. I think that nobody is able to appreciate the magnitude of the scale. Many people received it during the first wave. They are going to continue this in the second wave because of this Lockdown, you know, on/off, on/off, on/off, people are impacted. But the scale of this program is just is monstrous, it’s going to be funded, when you have free vaccines, when you add these free rations, imagine the amount of cost to the balance sheet of the government. So, people only talk about the Reserve Bank of India, which transferred X amount of excess amount of profits from its account to the centre or to the federal or to the Indian government. But they don’t factor in the amount of outlays against which that money is being dealt. I think my view is people have to appreciate the magnitude of this and also the efficient way, without sinking the balance sheet, we are sinking, the balance sheet in the United States. We are borrowing the hell out here, but to various programs, at least, to some extent, there is some diligence in the Indian model.

Sree Iyer: More than 30,000 children have been orphaned or during the pandemic says a child rights body. There is a very detailed article on PGurus.com on this. We do encourage viewers to read the article for a complete perspective. The most important thing is how the Modi government is handling this with a very Humane touch. I think all kudos to Modiji for making sure that he is leaving no child behind in this path towards progress. I can’t say enough good things. We may have some agreements and disagreements about some other things. But on this particular thing, I think Modiji has got it right. Your thoughts, sir.

Sridhar Chityala: I have read the article. It’s a very good article and it’s a very good program. I think most important thing is that they are owning up and saying, look we have got the PM Cares program, we will assess and allocate money for this purpose. We just want to make sure that the money has reached the right people. If it has not we will put corrections in place to do so. I agree with these sentiments and I encourage people to read the article that PGurus has put out.

Sree Iyer: Misunderstanding with India resolved says, Nepal’s PM KP Oli. Let’s hope this will take the relations forward because for the longest time Nepal has been flirting with China. I hope, this again brings things back on an even keel because Nepal was the last Hindu country, which also went secular some years ago. Sir, your thoughts.

Sridhar Chityala: My thoughts are that this is very good. I heard Snippets of this interview, I was just curious. It is really fascinating, Mr Oli says, ‘we need vaccines. If China gives vaccines we will take them. But India is our big brother, we have agreements, we have disagreements. But at the end of the day, we are part of one single-family and we are grateful to India for giving us 2.1 million vaccines when we needed.’ So it seems to be all hunky-dory between Nepal and India. There was this rumour floating around that, it looks like Modi, and BJP or the present Indian government put a lot of steak into KP Oli when there was that conflict when there was a question mark whether he is going to turn out. So it seems like he has turned out, notwithstanding the fact that like Israel Nepal cannot have a stable government. It seems to change the government, at the flick of the moment. So let’s hope that this guy comes back and there is peace and harmony between the two large Hindu Nations.

Sree Iyer: As a matter of fact, we had a video conversation with a Nepali journalist, a few months ago, to understand the reason why Nepal is going through this turmoil. The most important thing is, the Communist Party of Nepal is split into two parts. And the agreement was made that one will rule for the first half and the other one will rule for the second half. As always, this happens in these kinds of agreement, the first half doesn’t want to relinquish. That’s where things stood. You can go back to the YouTube channel of PGurus to look at this perspective. This came about 6-8 months ago.

Also, in other news, fresh stimulus unliking in Q1. The focus will be on Budget Capital spending says the Finance Minister of India Nirmala Sitharaman. Do you think this is correct? In your opinion, how should things be?

Sridhar Chityala: Let’s just give it a little more time and eventually, we will see the stimulus.

Sree Iyer: The eternal optimist here. In Global News, Biden will seek an action plan on ransomware attack and the G7 and NATO Summit. Sir, United States is the technology leader. The United States should be presenting its plan. What is the action plan that the other countries can say, sir, US is the sitting with the NSA which has the most powerful computers in the world.

Sridhar Chityala: It’s interesting. Here is the point. The breaking news is that United States FBI and internal agencies have been successful in recovering, 2.3 million, Bitcoin value, that the dark side had demanded. They demanded 4 million. I don’t know whether part of the money has left, but 2.3 million has been recovered. There was a press briefing and they were able to access the server and in the process, access the virtual purse and be able to neutralize those coins and give them back. So they did recover. So he is going in well-armed, which is say two components. One component is that people have to put new cybersecurity software to mitigate any such attacks. The second is that the security infrastructure in the country should be enhanced so that there is accessibility to these virtual wallets and you will be able to enforce them. The intelligence agencies were asked the details but they were very clear that they will not spell out the details for the sake of trade secret. So, therefore, they want to preserve the trade secret. But they made the other important point that if the infrastructure is within your country, in other words, if these wallets were residents within the shores of the United States in some servers, then the FBI has the right to access those servers as opposed to being in Cayman or in Shanghai or in Russia or somewhere else in the world.

Sree Iyer: G7 plans to write Taiwan Strait into a summit statement. So I think perhaps now the issue of Taiwan, the sovereignty of Taiwan and whatever is happening in and around Taiwan, and China’s aggression is now going to be codified and written down in the G7 plan. Is that how we should read this?

Sridhar Chityala: I think that’s exactly what it is. Two Democratic senators and one Republican senator were in Taiwan on June 6th to visit and take a look. The China media was up the ante and basically to say that these guys came in on a C-17 transport plane under the pretext of aid. Then, we find they had come for a political agenda so they’re given their report. Taiwan is truly, truly a red line rather than what used to be the red line before. So, therefore, I think it’s a telling endorsement that Taiwan has become a flagship for the world in their unified attempt to take on China.

Sree Iyer: Iran team is weeks away from nuclear break out as the Biden team is still mired in confusion. Where is this report coming from, and what is the basis for that?

Sridhar Chityala: The report is actually coming from independent intelligence agencies, which deal with the Middle East, they’re not coming from the United States. There’s also probably Europe, which is monitoring the situation. There is obviously a considerable amount of work that the Israelis have been doing in terms of monitoring what’s going on. I think it’s true, we just reported a few days ago in DGI that China continues to supply nuclear material, both to North Korea, as well as to Iran. So, therefore, there are no surprises here. There is a very big deal between China and Iran. China uses Iran and North Korea as a buffer in terms of negotiating with the west. So there’s no surprise. This has been going on, IAEA, everybody has reported that there is an inevitable and imminent threat that is coming from Iran.

Sree Iyer: Sir, one question I have about China. It’s trying to be like an octopus spreading its tentacles everywhere. Yet one of its most important components, let’s say push comes to shore and there is a war with China arranged on one side and the rest of the world on the other side. They have not effectively tested their Weaponry in the field.

Sridhar Chityala: I think your observations are spot on. They have never had a war. Most of their thing is internal suppression or separation in some selected areas or selected domains where they have a foothold. For example, North Korea. They’ve used only surrogate media. They have used what you call indirect influence in many countries, media, politicians, advocates, by advocates I don’t mean lawyers, but those who propagate Chinese stories. That’s what they have used, they’ve never fought a war. So it remains untested. To me, every major power when it unleashes power disproportionate to its capacity, it is bound to fall. I think China is very much, very fast going down that lane. They have this master plan that Xi has constructed, which is to own the world and the way he is aspiring for Supreme Civilization. But I think that if you live in a collaborative society, you cannot have a confrontational unilateral architecture that is prevalent. So, I think that if the world is on one side and China is on the other side, it’s just going to face some disastrous consequences.

Sree Iyer: In Hungary, protests erupt against the construction of the Chinese University campus for Shanghai’s Fudan University. So this is like a satellite campus that Shanghai wants to establish in Hungary and that’s where the protesters are, sir?

Sridhar Chityala: There are massive protests. Hungary doesn’t want to do anything with China. It is the Fudan university, it has a satellite presence there and so for the time being, the Hungarian government has stalled the plan for the University.

Sree Iyer: China military flybys near Taiwan reduce after the United States’ Japan statement on the 16th of April or 16th May, sir?

Sridhar Chityala: April 16th. That was their joint statement which they issued and we again have reported in DGI. There is a lull in the Taiwanese strait and it is possible that China is trying to be soft and negotiate with the United States on trade and other kinds of matters. So that’s probably the reason why the rhetoric, as well as the incursions, are less. Otherwise, every day they used to have incursions, they seem to have turned their eye on incursions to Japan and that’s why we reported yesterday – the 112th successive day of incursion, right Proximus to Senkaku Islands. So let us wait and see what happens.

Sree Iyer: CCP propaganda infiltration of Italian media has been revealed. It should come as no surprise because the infiltration has been widespread across the world. In fact, there are millions of name that is coming out. In fact, they came out in one big set. Nobody has really acted upon it because the house is on fire, covid needs to be contained. But now as the normalcy is beginning to come, many of the countries are beginning to start looking at how did things come to this state and I think that’s where this relationship or the infiltration has been outed, sir.

Sridhar Chityala: Indeed. The reason why Italy is very important is… For want of time, we are already into the 32nd minute, so we won’t delve into the detail. If you recall the initial origins of covid, it was first spotted in Northern Italy and then it came from there into various parts of the world. So, therefore, there is some correlation as to why the Italian media is infiltrated and inundated with a lot of CCP advocates and that is a little bit of a concern. But their own investigations have revealed. What they will do is a different matter. But unfortunately, the revelations are out there for everybody to see.

Sree Iyer: In other news, Japan teams up with Finland on 6G development. Israel envoy plans a mega outreach with the ASEAN even after Netanyahu’s exit There will be no change in policy he says. So essentially Israel is continuing what they did under Netanyahu assuming that Naftali Bennett is going to be the new prime minister. As a country, the policy doesn’t change. This appears to be the stance. Sir, what are your thoughts?

Sridhar Chityala: As a growing concern that because of this jamboree or mega-ship of the coalition, whether the continuation of the policies that were under Netanyahu would continue under this new regime, or would they shift more left and more towards different countries and different parts of the world. This is the concern that people have. ASEAN is a very important partner to Israel. So the Israeli Envoy or the Ambassador says, ‘The policies continue. I am here.’ So he is on megaphone diplomacy reaching out to various people and says, business as usual, business as usual, business as usual.

Sree Iyer: Let’s take a look at the Markets. Stocks are mixed on lingering inflation concerns. Dow drops a hundred points. How do you expect the top stocks to perform today, sir?

Sridhar Chityala: S&P is up. Futures are up. Nasdaq futures are up. Dow is a little bit down. But you expect Dow to make its way as the earnings report come out. It’s driven by earnings. But let me also caveat, Dow is up 15% as it did for the year. S&P’s up 14% for the year. S&P target has been revised from 4200 when it was projected to 4400 the index. So you are looking at another 5% increase in the growth of the S&P. I already said 15% to Dow, so you can expect another 3%-4% rise in the Dow as we move forward.

Inflation means an increase in rates, and Janet Yellen has made the statement, ‘A rate hike is not bad for the economy, it is actually good for the economy.’ This is her statement after the initial statements that ‘we will not be raising rates for some time, but the markets are jumping. The demand is jumping, but there are not enough people to meet them. This is the other side of the problem on the macroeconomics which is labour. So I think what they’re trying to do here is, the markets are on the rise, the economy is on the rise. The economy is expected to be somewhere between 5%-6%. So, rather than worrying about the gyrations on a day-to-day basis, overall, you can still make 5%-6%, if you are investing purely on the index leave alone the stock for the rest of the year.

People are also investing in Bitcoin. They’re also beginning to see Coinbase stock going up. There’re a lot of questions that are coming about, ‘What do we do with crypto?’ So the US markets as far as 2021 is concerned is in decent shape.

Sree Iyer: The Fed is preparing the markets for tapering of the asset purchase program. These are distressed or non-distressed or what quality of assets are we talking about?

Sridhar Chityala: So the United States to pump economy especially into the corporate and the banking sector, they were in this process called $100-$120 billion monthly asset purchase program. So they inject money, take some assets from the bank and say I’ll give you $100 million. So now they are saying that the market is flushed with cash. So there’s no need for us to continue with these programs. They have already tapered it to 80 and at some stage, they will announce that the asset purchase programs will stop. Because this is what is building up the balance sheet of the Fed, the debit side of the balance sheet of the Fed against the assets, which the institutions have pledged for. So eventually they will start unloading them back into the market and they will be bought back. But right now we are seeing a building up of the balance sheet of the Fed.

Sree Iyer: This is the thing that Sridharji had alluded to, previously, in this conversation. The United States investigators recover most of the ransom paid to the Colonial pipeline. This is huge, in my opinion, because this also tells people that those who want to park their assets anonymously using digital currencies are now served notice that they cannot do so. So the true purpose of Bitcoin will start emerging. Perhaps, this is going to be the point where this is the last straw that broke the camel’s back. That’s how I read it. I think the best days of Bitcoin are behind it. Let’s see how it plays out. What are your thoughts, sir?

Sridhar Chityala: I think there are three essential things. One is, Janet Yellen has mentioned that they have to be compliant with the law, with the norms. That’s one. Number two, they’re going to be taxed, especially for gains that they achieve. And third, if you commit a crime, I think they are finding a way to figure out how to crack the code on the crime as long as the infrastructure is within the jurisdiction of the country which is investigating and enforcing the law. So these things make up as the good principles around which you build an ecosystem of value.

Sree Iyer: The United States just needs one country to be behind it and I think it is game over and I think that’s the United Kingdom because if you look at it, most of the tax havens where British protectorates and many people actually use the British company house and other infrastructure to open bank accounts and what have you in these tax Havens as we had been predicting. Again, remember DGI is the tip of the spear, we’re way ahead of the news cycles. We are very proud of the fact that we can look at the data and tell you what is coming down the pipeline. And just to let our viewers know tomorrow and the day after we may not have DGI but we may have equivalent programs. But we will be back again on Friday morning bright and early. Sridharji, as always a pleasure, sharing your thoughts on the channel here with us and we will be back again like I said on Friday. Namaskar, see you all very soon.

Sridhar Chityala: Namaskar. Thank you. Have a wonderful day. We’ll see you all on Friday.