Sree Iyer: Namaskar, today is July 8th, Thursday, and Welcome to Daily Global Insights with Sri and Sree, Episode 199. We have a lot to cover and shall jump straight to Global News. Sridharji, welcome to PGurus Channel and we are starting with the global news item.
In an astonishing announcement, Kurt Campbell, Biden Point man for Asia, tells the United States does not support Taiwan’s Independence and further states that he understands the sensitivities involved in this issue and commits to step up further engagement with East Asia. Who runs the United States? Who are defining the policies in your opinion, sir?
Sridhar Chityala: I think, it’s a billion-dollar question as to who is running the United States and who is setting the policies, who, when you wake up in the morning is directing a specific announcement. So, this is a classic case that is going to stir up the pot with Kurt going around and saying making a statement, you know, we are not focused on Taiwan Independence, understanding the sensitivities of issues, without mentioning what the sensitivities are? And our real focus is on re-engaging the Southeast Asian, or ASEAN nations. I think certainly, I think it is putting the cat amongst the Pigeons. Having said that the indispensability of Taiwan’s Independence and, you know, putting everything aside, casting everything aside and prioritizing this as the topmost overall, the South China Sea issues. And now this statement from the point man, for Indo-Pacific, Kurt Campbell is nothing, but as you rightly said, the context, there’s more chaos rather than, you know, normalcy.
Sree Iyer: Japan appoints Mr Takeo Akiba San as the new National Security Advisor and the head of the National Security Secretariat. The veteran diplomat, who was in the foreign Ministry earned the reputation as an icebreaker and is also known for his diplomatic skills in dealing with complex situations. Your thoughts, sir.
Sridhar Chityala: Well, I think that Japan has read the US foreign policy better than the US public or many in the US Administration itself. The fact that they have recognised that there is going to be this yo-yo on the US foreign policy. So, Japan is now saying, we got to take charge of our own destiny. We got to have our own diplomats dealing with the situations that are likely to come. Japan has made it very clear that Taiwan is a red line as far as Japan is concerned because it’s a lurking danger that only can spill over in Japan. And even went on to state that should there be an issue around Taiwan, they will unleash their self-defence forces to make sure that Taiwan’s independence is preserved and protected. So, this is a very great move by the Japanese bringing in a very seasoned National Security and defence and a career Diplomat into the mix of things to deal with a situation that’s likely to arise in Asia.
Sree Iyer: China’s hostility endures the rise of a more antagonistic India and the borders are now armed to the teeth and any minor skirmish can flare up a big conflict. China’s brinkmanship is at its peak now; it has appointed a new Commander to oversee border operations. And I’m also hearing that the previous Commander has now been promoted. So to say that even the Galwan defeat was not a defeat after all. How do you read this Sridharji?
Sridhar Chityala: I think the way I read it is that the brinkmanship will continue China under Xi Jinping never takes a step backwards. He basically tries to create this illusion of what you call engagement and rhetoric but often you find, it only is using this window of time from a consolidation. It comes back even stronger and more rhetoric and more brinkmanship is what you see. You are seeing this in Taiwan, you are seeing this in the South China Sea. You are seeing the same in Africa. You are seeing it in the Indian Ocean. You’re seeing it in the Pacific, of course, the Himalayan kingdom is one of the citadel unfinished jobs of Xi Jinping and the past Chinese regimes. So we will continue to see problems on the India-China border, they will never be peace in that region. Unless there is a change in the CCP leadership that looks at the world in a different context than the present lens with which they are brewing the world.
Sree Iyer: Singapore omits Sinovac from vaccination totally. We’ve been saying this about the adverse reaction to Sinovac from many countries. So I think this is now becoming more and more of a flood. Sridharji, Sinovac is China’s Flagship vaccine product. I think they are trying to come up with another one also now I think Sinopec if I’m not wrong. So this they have blundered badly. First, you create the virus and now you can’t come up with a vaccine for that, what gives, sir? But how is it that it is still under so much control inside China?
Sridhar Chityala: Yes, China is controlled by CCP so therefore there’s nothing that one can do in terms of pointing out its flaws unless they realize it by themselves. So Sinovac is emerging as a classic failure in conjunction with the classic distribution of Alpha, Beta, Delta Lambda and I don’t know what’s to come next.
Sree Iyer: Well, there are only 26 characters in the Greek alphabet, so, we’ll know soon it’s going to be a combination of two characters at one time.
The Russian Black Sea skirmishes will linger on and the recent incident entails tracking of a Spanish ship in the Black Sea by the Russians. Crimea and NATO footprint in the Black Sea are the causes for concern. The waning interest in the South China Sea and growing interest in the Black Sea and Atlantic by the US Foreign Policy thinkers seem to be driving the issues. Now, vaccines and the lifting of restrictions are speeding up Euro recovery. Let’s hope that this continues because we know and we have told you that the UK is going to lift all its restrictions in a few days. Sridharji, do you think that Delta is going to give Europe a miss? What are your thoughts?
Sridhar Chityala: Delta is already in Europe, it’s in the UK, it’s in Germany, and it’s in Poland. So, How is that going to give it a miss, there is a perceived hope. I think Boris Johnson answered the question. Pandemic is not going to go away. We can’t keep people locked eternally. People have to get used to living with it, just like you know many other aliments that they live with. So and people are prepared to say, okay, you know, we know we have a pandemic, we know we have issues, we know there’s a vaccine available now. In the absence of a vaccine people have a tendency to say, okay, you know, I can blame that there are no vaccines. So, now these vaccines are available and by the way, the UK is around 70%. Germany is also somewhere around those high numbers and the Netherlands is probably almost fully vaccinated. So, you have many countries in Europe who are saying, we have a vaccine, we have vaccinated people. So let’s deal with the situation. I think that’s what points to people getting out when the Delta comes in or Lambda comes in. I’m sure that they will deal with it, as the case may be.
Russia, I think you have answered everything in that context. So, if you talk about foreign policy disasters, we have a disaster in the South China Sea. We have a disaster in the East China Sea. We now have a disaster in NATO, all unwarranted things, especially the first two South China Sea should have been the focus and everything should have been curtailed in that point rather than leaving the finger in every piece of the pie. There is still two more to come.
Sree Iyer: Haitian president assassinated at home by gunmen and a state of emergency has been declared. And it appears that the purported assassins have also been eliminated, which kind of begs the question, then you will never know who actually ordered the hit. So we’re going to wait and see how things play out. Now, there is an attack on Erbil Airport, in Iraq. Iran offers to help to mediate and resolve Taliban-Afghan differences. Looters ransacked Bagram Air Base in Afghanistan after the US troops leave. Sir, taken together looks like the Taliban is slowly but steadily taking over control of Afghanistan.
Sridhar Chityala: Rapidly sir, not slowly and steadily but rapidly and quickly taking charge of the destiny of Afghanistan. There’s no doubt about it. And there was rapid disintegration of Afghan is very visible. Apparently, the Bagram airport was ransacked and looted the moment that troops left. No, wonder the troops left in the middle of the night. Switching off the lights without telling anybody because if they had made an announced the withdrawal. You can only assume the skirmishes that could have occurred. So when you look at the world in context, so Biden is now, beginning to feel the heat on the Afghan situation. Already, we have you know skirmishes in Iraq Syria, then, we have the Russian situation. Then, we have the Taiwanese situation, then, you have the South China situation. And then you add the Himalayan Kingdom, which now they have completely neglected but very different case when Mike Pompeo and President Trump were at the helm that was the concentration point in conjunction with the South China Sea. So, in a nutshell, the world is heading towards some kind of chaos in conjunction with the Covid situation. Let’s hope to get out of it.
Sree Iyer: And let’s take a look at India news, I am the longest guest of India says, Dalai Lama. The Minister of External Affairs S Jaishankar is going to make a refuelling halt on his way to Russia and perhaps, will be stopping at Afghanistan, and oil will be on the agenda. India also prepares contingency plans as a situation deteriorates in Afghanistan. People should remember that, at least, 5,000 Hindus and Sikhs and other minorities stuck in the Kabul area in and around that area needs to be perhaps now evacuated on an emergency basis, we have to wait and see how that plays out.
India’s Commerce Minister Piyush Goyal is continuing to be the Commerce Minister. Piyush Goyal pictures for services, trade agreement among friendly nations of the Indo-Pacific. The trade has grown from $33 billion in 2001 to $262 billion in 2020. The minister also emphasized the need to build capacity in Information Technology and e-commerce. Now, Piyush Goyal is also going to be handling Textiles, Railways has been taken out of his hands, will talk a little bit more about the cabinet reshuffle in our next news item. Sir, your thoughts.
Sridhar Chityala: So, my thoughts are, first and foremost you can see there’s a proactive engagement by the Indians. As far as Afghanistan is concerned and so, they made a stopover, this meeting did occur, they had a meeting with the Iranian president to discuss Afghanistan and the consequences in and around the region. In the same breath, it looks like Tehran is saying that you can be an independent trusted arbitrator between the Taliban and the mainstream Afghans. Having said that, I think that moving from a security matter to a trade matter. It’s very refreshing to see that India is moving away, from Quad thinking, keeping the quad thinking alive. But at the same time, the Strategic flexibility of developing trade Partnerships with like-minded Nations.
262 billion trade, around that 12 countries is quite a significant dollar value by virtue of the trade and you have a whole host of the nation in that mix ranging from UAE to Singapore too, so on. So, this again augurs well for India, it’s extending its reach and working with like-minded nations in terms of developing the trade between various Nations that indirectly contributes towards the economic growth of those Nations. But it’s also equally important to point out. One of the areas that China is also focusing on is Information Technology and Commerce platform. It’s good that Minister Piyush Goyal has pointed out that let’s kind of built capacity and capabilities for people who are following this domain.
Now, Singapore has reached saturation point in the data centres and moving some of them into offshore that means, they are going to be located in ships in the ocean the data centres capabilities. So, this is all in that context of it seems like India has got the priorities right, in terms of what is going on and engaging with like-minded partners.
Sree Iyer: The Indian cabinet reshuffle reflects the national priorities and geopolitical shifts in civil aviation, Commerce, Trade, Textiles agriculture, Medium and Small Scale Industry (MSE sector), Shipping and Waterways, Petroleum all given importance in the choices. I was watching some channels yesterday on how people are looking at this, sir. First, perhaps you can give us your thoughts, and then I will add in my two cents.
Sridhar Chityala: So I’m giving from an outside-in from our point of view rather than inside. Now, they have used the diplomats very well. For example, Hardeep Puri gets petroleum, from Pradhan. Now if you see the expansion of the footprint around the petroleum, you know, he diplomatically reaches helps and then he works very closely with his esteemed colleague Dr Jaishankar. Then, when you look at trade and commerce, you find that Textiles, agriculture, food, hammers it’s all have been Consolidated under Piyush, which gives the Strategic importance around not only that Commerce and Global deals. But, also the two important sectors, which were neglected Agriculture, and textiles right under his stewardship.
They have unbundled the SME sector from Gadkari and given it with a dedicated focus to the Minister, who can focus on that specific sector for sourcing capital to the expansion of the credit to providing any kind of augmented support. Then, when you take a look at the shipping ports, which was again under the national infrastructure under Gadkari, they are given a dedicated Minister for focus around the shipping ports and so on.
So, to me as a person who looks at it from the outside and then, Civil Aviation goes to the young man, Scindia and India are going to be one of the most densely travel countries in the world. The Air traffic is expected to be number one. So, therefore it requires a dedicated Focus rather than a lump test. So, when I look at this overall context and also the people behind the very qualified people running the show at least on paper, it looks very good. Again Rajeev Chandrashekar and Mr Vaishnav both technocrats being given the importance of those Ministries is again a reflection that the right people are being placed into the roles. Now, I don’t know, all the political connotations, I’m only looking at it from an outside-in from a technical point of view.
Sree Iyer: So, I was watching a channel where two respected people were giving completely opposite points of view. One said, that the fact that Ravi Shankar Prasad and Prakash Javadekar and a few others have been dropped tells you that Modi was looking at the performance of some of these ministers in changing the portfolios. The other person said, look PMO rules, everything they are handing down the diktats, they are telling people what they should be doing. So, there isn’t really much independence in each Ministry other than the fact that they have Lal Bati, they call it red colour thing on top of their cars to move out. So these are contrasting points of view where the truth is, will only be revealed after perhaps three to six months the time when you can look at specific ministers and their accomplishments and how they present themselves, the facts of their ministry in public. Communication has been naturally scarce in this administration of Narendra Modi for seven years, they haven’t really had a serious press conference where the public is free to ask any questions. I wonder what there is to hide, even when they’re high points, they didn’t do that. So that’s just a way of functioning. It really seems like the Janta seems to like it. So we have to take it from that point of view. This is a democracy.
Let’s go on to the next one, Some states to roll out new labour reforms in three to five months. It’s the law that has been passed in the parliament. Public Enterprises are brought under the finance ministry as many Enterprises are either listed for disinvestment or IPO. That was one surprise, that the Finance Minister has not been changed. So, we don’t know what is going on and again, when you look at that, it gives lends Credence to the observation of one of the panellists that are the PMO, which is calling the short. If you have just a placeholder as a minister, it doesn’t matter. So these are just views, we should not take them as facts, unless somebody comes in, like, somebody of the heft of the Prime Minister comes and says, this is how we are operating. It’s a very presidential form of government. We have to wait and see how it goes. Sir, your thoughts before we move onto the US news.
Sridhar Chityala: So my view is that, in a democracy, there are always going to be two views. One view is Yes, the other view is No. So, therefore, you accept and take it with a pinch of salt and move on. The second I look at it as, and then we can conclude and move on to transition, is metrics measures performance, not press conferences, not announcements. So at the end of the day… In India, almost every day there’s an election, every day there is a fight that is going on, every channel has got lots of noise. So there are a lot of interactions that are going on. But let’s look at the metrics, that’s how I look at it, what’re the metrics of measurement and see whether India is making progress and then whether it is calibrating to make the change. Covid is a classic example of what happened and where they have moved relative to the rest of the world. So on that note, we transition in the interest of time.
Sree Iyer: Let’s take a look at the United States news. MAGA – Make America Great Again versus Masters. Trump sues Google, you can see I’m standing in front of Google, Facebook, Twitter to end illegal censorship of the conservatives. Big Tech is the biggest misinformation pusher on the basis of litigation. Now, a lot of people have weighed in saying that such cases have really bit the dust. What is different about this? Perhaps, Sridharji can cast some light on how this particular lawsuit is different from all the other ones that have been tried for about the last six months?
Sridhar Chityala: Well, I think that there are two things here. One is political and the second is judicial or legal. So there is a political spring in what President Trump is attempting to do, which is to say, ‘I’m not bringing class-action suit. Let’s bring these key people to the front end of the eyeballs of the discussions and let them reveal what the basis is. So at the end of the day, this case may fizzle out, but lots of things could come out as to the whole governance process, which in itself is a question mark in some of these institutions. So, my view is, while as you correctly pointed out, if you just Google this class action suit, all the first two pages point to the links or to the left-liberal media. Nothing but rhetoric, which is to say this is President Trump’s rhetoric and this will bite the dust, as you rightly pointed out. But somewhere as you go down to maybe the third page or the fourth page, you’ll find a link which says, ‘hey, there may be an interesting perspective, whether there are discriminatory practices that are being applied for two similar sets of actions but judged differently in two different circumstances.’ Whether, that is established as part of the game remains to be seen and I think that is the aim of the President is to come to say we are being discriminated. You can be like one of the station’s that say, I only support these views and therefore if you are that, you please come and advertise on my platform. Then it is perfectly legal. But you can’t say, you are objective and use discriminatory practices to put down. That’s what is going to come out of this case.
Sree Iyer: We are running a little over time, but I just want to add one cent of my thought on this. The reporting of the origin of the covid virus and how that has gone from one end to the other and how these social media platforms have reflected, I’m sure it is going to be presented as evidence on the part of Trump to say that these people were wrong initially to suppress it because the lives could have been saved if they had been more objective in their reporting. This is just me, reading the tea leaves, I could be wrong, but there is compelling evidence about this. So this could be something that could sway the mind of the jury on how they reported something which actually harmed lives. So let’s wait and see how it plays out. Very, very interesting days ahead.
Biden’s broken reopening as more job openings get posted and on the contrary, hiring has declined is highlighting the ongoing shortage of workers. Workers prefer to stay home and earn generous payouts as part of the human infrastructure Bill. This needs to stop. The Democrats are saying that the human infrastructure bill is a once-in-a-lifetime opportunity to fix racial inequalities. This by subsidizing everything from buying homes to going to college, paying for internet service, to be funded by the government. Bills to be pushed through without Republican votes. They still enjoy a very slender majority in Senate where the vice president will be coming to cast in her vote. I’m sure at some point, there’s going to be pushback from the office of the vice president because you have to see how things are headed, I could be wrong about it but I have a feeling that that cushion may not be available for very long. Your thoughts, sir.
Sridhar Chityala: My thoughts are very simple. Clearly, not synchronizing the timing of the withdrawal of the unemployment as well as the direct payments early enough is creating a problem for the revival of the economy. He said that the economy would be revived by some of it but doesn’t look like that, we could be slipping into winter because everybody is saying you give me the benefits. And by the way, there are a number of class-action suits that have been filed by individuals for States denying them the benefits that are being given at the federal level. So those cases were likely to take up and people are saying we’re going to stay back at home. So I think this has been very badly played out. There is also the other thing that you pointed out which is namely the human infrastructure bill. It looks like it’s not going to solve the problem. It is just a social dispensation that people are talking about, whether it will stop racial discrimination, is an entirely different subject. That begs the question as to where his priorities are.
There is another domestic policy mishandling that is going on. Again, I still don’t believe this is Biden’s agenda. This is somebody else running the agenda. I don’t even know how much of it is cognizant to Biden. Anyway, on that note, we can cover this topic for 5-6 minutes but we don’t have time. We’re already very very late to our time obligations.
Sree Iyer: We are from the government and we are here to help, defending the controversial door-to-door campaign. Is this another scandal in making following the 2020 election challenges? Is the government collecting data for political purposes? These are some of the questions being asked about the latest proposal of the Biden Administration to go from door to door to administer the vaccination. There are some states where the vaccination rate is very low and it is those states that are experiencing a spike in covid numbers. Sir, with your permission I’m going to put up the covid numbers at this point in the United States. As we could look at California, Virginia, Maryland, Kentucky, Washington, and so on and so forth, California sits right at the top with total cases of close to 4 million, sir. I want you to take it away and then we can discuss some more about what’s happening around the world.
Sridhar Chityala: There are 2 specific reasons why we are finding out, this data is not being pointed out. active cases in the United States remain at 4.8. This is probably the third time or fourth time, we are making this point. And then if you take a look at the active cases, in each of the States, California tops, the list that 1.68 million followed by Virginia at 612,000, and then followed by Maryland, which is at 441,000 and the list goes on. You can see it on the screen, but the point that we’re making is, if you have so many active cases, I’m going to jump ahead and talk about another comment that has come from CDC. More than 50% of these cases is the Delta variant. The world raised a hue and cry are on India. Here, in the United States, which was one of the first countries to vaccinate and have the vaccination program in place, we still have 4.8 million active cases and over 50% of them are Delta variant cases is a real warning, a real problem. Those are the headwinds that we can see as we get into the winter because winter is when we have winter virus – flu virus coming in and can be a potentially challenging situation for the United States. This is the significance of this data.
Sree Iyer: 75 house members write to Biden making a bipartisan appeal to open the US-Canada borders to ease international travel and allow people to come in from the north of the United States. Also, we have to wait and see how this plays out. The largest teachers union, which advocated the CRT theory, we said this thing a few days ago, now, quietly removes all resolutions appeals and notes of the pro-CRT theory. Wow! what a volte-face. Your thoughts, sir.
Sridhar Chityala: In 48 hours, repercussions, teachers get shown up those who provide this kind of… One of the things is you present historical evidence and facts as they are. Why should you calibrate it as a racial theory, pro-racial theory, critical race theory, anti-racial theory, it all seems like the progressive self-propagating agenda. There’s a number of things that I would have listed as to what we have seen here in Brooklyn, for example, certain flights getting burnt, people agitating in the main streets of Manhattan. Why is this? Why have all these kinds of activities crept in, is it to self justify, are you using various mechanisms to self-justify? And basically, this is the belief of many that they’re going to take it right to the schools and Advocate that what is being done is justified because of some of the past actions. Obviously, there have been repercussions and you see the big Union, the national employees’ teachers union or national teachers union and all of a sudden to withdraw the staff in 48 hours doesn’t smell very good in terms of the integrity and the genuineness of some of the issues that are being bloated out.
Sree Iyer: Sir, I also wanted to touch upon the covid situation in India. We missed that thing, my apologies. Now, I have that graphic on the screen, sir. There are about 3.6 million vaccinations in the day passed, and if you could just touch upon that screen, it is the screen that comes after the US numbers.
Sridhar Chityala: Okay. I think the critical message on the Indian situation is, India is approaching close to 400 million vaccines, close to 300 million will be vaccinated with one dose and about 65-70 million people vaccinated with two doses. It augurs well in terms of acceleration. India added Moderna to its list. Sputnik is now there, Covaxin, Covishield, very soon they’re likely to add the fifth, which is the Cadillac vaccine. So India seems to be getting better. It remains to be seen whether they’re well organized and orchestrated to deal with the situation that could arise from the Delta variant that is not yet widespread but it is prevalent in India. So that is the key challenge. But when you look at the numbers, they have really made progress even on vaccination rates as well as the active cases. The active cases are now roughly around 450,000, which is equal to one state in the United States or 4 times India is equal to 1 California. That just puts in a context where we are, in terms of the active cases of covid.
Sree Iyer: In markets news, the United States stocks posted a positive turn on Wednesday, as big Tech names, like Apple. Microsoft carried both the S&P 500 and the NASDAQ Composite to new all-time highs. The downshift in the benchmark 10-year Treasury note yield continued on Wednesday when the rate fell below 1.3% to its lowest level since February. So, with your permission, I put up the next chart, which talks about the rise of Dow and S&P 500 and NASDAQ and then we can take a look at the 10-year Treasury note.
Sridhar Chityala: The markets are up yesterday. The markets are going to be down today by 450 points. We will come to that in a minute. But yesterday’s chart reflects the end of day market positions. We are already at almost a yearend targets and that was predicted by the market pundits. That’s the message of that specific chart. All the Tech Stocks did well, especially when the rates go down, the tech stocks go up, when the rates go up, the economic recovery starts or the values stocks go up.
Sree Iyer: Let’s take a look at the 10-year treasury number sir. That’s the chart I have got now, sir. The US 10-year treasury yield now is at 1.32%, it used to be at 1.65 in April.
Sridhar Chityala: Yes, 30 basis points slip in four months is a reflection that there is more money going to be flooded into the system. And that means there’s going to be discounting of the US dollar and the bond market is preparing itself for not inflation but potential fall out by virtue of the excess liquidity. The reason why there are 450 points earning in the Futures, a dip today is that there is now a growing fear whether the economic recovery will happen as predicted by virtue of this covid situation around the world and general economic recovery around the world is casting doubt on the market. And the bond market is probably doing very well contrary to what we predicted. Kudos to Jerome Powell who said let’s hold the rates. We are not going to lift the rates, and we will lift the rates if required in 2023 twice. But let’s hold the rates and you can see that the bond markets have regulated themselves to the excess liquidity that is coming into the system, excessive borrowing that is happening but without the compounding economic recovery, that is expected. All of 2021, this big number 8%, 6% etc is just the spurt caused by the peak demand that will come in but it will normalize and taper as we go into the outer years past 2022 or 2022 onwards. So one has to factor that in 2021 is bumpy but from 2022 onwards one has to be very careful in the allocation of the capital.
Sree Iyer: A couple of announcements before we round it off today. One is that we had a slight outage of the internet from my side, the server went down and it came up two minutes late, so I apologize. These are things that are beyond our control. In fact, we had a power cycle problem also over the night. Things are really getting heated up in California now. So that was why it was delayed by a couple of minutes. But our viewers have been very patient, they waited and then we came back online fairly quickly. The other thing is about Ask Karthik, 2 weeks we missed it but he is back today. We will be going live at 9 p.m. IST, 11:30 a.m. eastern standard time. So do tune in for that.
As always Sridharji, let’s sign off, tomorrow is a special day. It is episode number 200. We have some very special small segments over 50-second video clips for you to watch as to how we have evolved over the last several months. Sridharji, this journey has been a miraculous journey, we have really risen and look at the number of things we predicted and they all turned out to be true. We are continuing to reinforce the fact that we are the tip of the spear. Your thoughts, sir, and then we can sign off today.
Sridhar Chityala: Thank you so much first Sree Iyerji and thank you so much to all the audience’s who have supported and have been part of this journey and 200 sessions are a very good milestone, very happy to continue to contribute to the growing trends as well as analyze and interpret the way we see it. It doesn’t mean that it has to be correct all the time but we back it up with our own versions of data, which we present as well. All our analysis and insights are based on the data that we use as a mechanism and the basis for sharing our views, and opinions. Hope you all have found it useful and we look forward to your continued support as we embark on the next phase.
Sree Iyer: Thank you very much, sir, namaskar and see you all tomorrow.
Sridhar Chityala: Namaskar and thank you.