Sree Iyer: Namaskar, this is episode 206 of Daily Global Insights with Sri and Sree. Mondays are busy and we will jump straight to Global News. Sridharji, in my first news item, Australia is willing to be patient and wants to sort issues out with China via dialogue. Dan Tehan, Australian trade minister, is visiting Japan on a tour that will take him to Vietnam, Singapore, Korea, and the United States to expand trade ties and reduce dependence on China. He is giving both sides. He says that you know, I’m going to try and reduce my dependence on China, at the same time I want good relations with China. How do you see this?
Sridhar Chityala: It’s a very interesting statement and an observation, Dan is saying that I want to be patient and I’ll be patient to work with the Chinese because we have an existing trade deal with them. Having said that we also want to work out are fairly balanced approach. So we are not in this situation of being dependent totally on China, which puts the security of Australia to risk. So hence I am expanding and making the visit. So I think this much of the pressure is coming from the Australian industry, which is to say, you need to have a gradual transition plan. You cannot afford to have a unilateral program of the complete cut off from one side. So, that’s how I see it. Remember Australia is also part of what is Quad as is called what is left of it. And Australia is also part of multilateral relationships with the United States and the rest of the nation’s protecting the borders.
Sree Iyer: Japan to deploy F35b fighters to bolster Nansei Islands Defense. Kyoshu will host Vertical-landing Jets amid increased military activity. The US Marines, drill in the Japanese language to better align with Strategic Defence Forces, it’s called SDF. So Japan is preparing for war.
Sridhar Chityala: Japan is very clear that the war is inevitable, the rhetoric that is coming from China implies that Taiwan is at imminent threat, which simply implies that Senkaku is on the radar, which is adjacent to it, where there has been consistent incursion from the Chinese, so they say, we got to get ready and we are going to defend China, and we’re going to defend the East China Sea.
Sree Iyer: Thailand bans public gatherings as Covid Cases increase and daily deaths rise. Protestors clash with the police. Hundreds of Thailand, medical workers were infected, despite Sinovac vaccinations. Sinovac, China created an Anti-virus vaccine. This is now really, really really causing a huge upheaval in people’s lives, isn’t it?
Sridhar Chityala: It is causing huge upheaval. What is bothering the Thai people is that the Frontline workers who were given the first set of vaccines. As is the case in most countries in the world, which went through this vaccination program. They find that they themselves are now infected. So what do you do in terms of the resolution of the crisis in their respective, country? It is actually agitations in Thailand going on people come out because of the various bans and inability of the government to address the specific issue. So China is the epicentre of the world’s problem. Doesn’t matter what the problem is, but the major issue today, that is confronting, and the world is around the Covid pandemic and their own vaccination program, which is totally ineffective.
Sree Iyer: China and Russia Vow aid to Afghanistan as Violence and Tensions Rise. Afghan Ambassador’s daughter abducted and brutally assaulted and released in Pakistan. We will be having a detailed one-on-one with Lieutenant General Ravi Shankar. I’ve already recorded it, it will be airing in the next couple of days, do tune in for some more, on his perspective on how things are going to play out in Afghanistan. Sir, your comments.
Sridhar Chityala: My comments are, I think that there are two adjacent issues. One, is whenever there is insecurity and instability in Afghanistan, you find that naturally, it trips into Pakistan, you know what has happened? Whatever it may be the circumstances. His daughter who’s walking back to her home being abducted and brutally tortured, don’t know what the extent of the issues are but is released after few hours. It is very despicable that they cannot provide security for people, especially, once they sense that they have an opportunity to, extract some value out of it, that’s what I’ve seen in Pakistan situation with Afghanistan. China and Russia will always step in because the reason is a counterbalance to the US policy. So they coming and saying, we will give you aid, will be doing this, will be doing that. Nothing comes free as far as China is concerned, I mean everybody in the world should be aware, it comes with a price which means you lose to a nation, you lose your sovereignty that’s what comes to doing anything with China.
Sree Iyer: Viewers, there is a very excellent article in Politico online about what happened in the Afghan theatre as the Americans pulled out is the last General Austin Miller as a very good story on that. I urge everybody to read it because it is one of those things where the United States was actually able to control the Taliban much more effectively towards the veining ends of their occupation. But still, for some reason the United States that enough is enough and we are leaving. I think my takes, again, you should watch that one. Also, Tarek Fatah comments on who is funding the Taliban. Also Lieutenant General Ravi Shankar’s inputs on how the Taliban is funding this but drugs opium that is at the centre of all this. Some people estimate that it’s 10x the amount of opium being produced today compared to what it was 20 years ago when the United States entered Afghanistan. The US’s one of the charters was to completely destroy the opium trade, never happened in fag end, It is flourishing now a lot of Pakistan as drug problems and so does India. But this is becoming one big mess. Sir, your thoughts on what is happening with Hong Kong.
I will just read out the news item sir, on one hand, the US sanctions Hong Kong officials over democracy crackdown while on the other the US deputy secretary of state Wendy Sherman plan to visit China if all things align. I don’t know what all things align means; she’s on a visit to Asia this week. Sir, your thoughts.
Sridhar Chityala: My thoughts are that China is tightening the grip, very typical, you know, when they take over, Tibet is a For example, not only Tibet, China itself is the country is an example, suppression regression, withholding of rights, imposition of security and will until everybody bows to Mr Xi Jinping and raise the communist party flag, that’s the story. As far as what you’re witnessing is very exactly something similar. So, the US says I will sanction Hong Kong officials and actually, the US has also given a business advisory warning, which says if transacting in Hong Kong be careful. On the other hand, you’re getting a statement being issued on the same day which is Wendy Sherman is deputy secretary of state saying, well, you know, I’m waiting for things to normalize and the environment to be correct before I can go there and see how we get, you know, work together. So, these is the contradictory voices that come out. So there is a president and then there is another president saying, that is the reflection of some of these things that are coming out of the White House.
Sree Iyer: The United Kingdom prime minister, Boris Johnson, and finance minister, or they call him, the Chancellor of the Exchequer Rishi Sunak both self-isolate after coming in contact with health secretary Sajid Javed. Sajid has confirmed that he has tested positive for Covid. Major European floods over the weekend show according to experts the urgent need to tackle climate change. Tens of thousands of people took to the streets in France protesting against new Covid rules. The new Covid rules mandate vaccination and the need for vaccination passports, for access to public places. Sir, Europe is now beginning to really churn.
Sridhar Chityala: The first news item, which is Mr Boris Johnson and Rishi Sunak. It’s very, very fortunate and maybe even responsible that two key members coming in contact with someone or a person not being responsible or cognizant that he has eventual Covid. I mean Covid just doesn’t pop up, I have had Covid, and it just doesn’t pop up. Okay, so therefore I’m not kind of giving theoretical rhetoric, I know what happens, leading up to the time when you get to Covid but to have something like that is very unfortunate. And Covid seems to be creating a huge problem in Europe right across, it’s not just in France, but even in the UK as well. So somehow people have the reluctance to carry these passports and to be vaccinated. But without vaccination, I don’t think this issue is going to be solved.
The floods as well, I mean people should see, there are enough videos going around. It is quite devastating in terms of the floods. You can see in Germany, you can see it in France Belgium and so on. Immediately the people say it’s all due to climate change but whatever the reason it’s quite devastating. So this is what has dominated the news across Europe.
Sree Iyer: and in one word, chaos or turmoil in the Middle East challenges in Israel, Palestine, and Jordan crisis before Biden meeting with Jordan. The crisis in Iraq amongst various forces, Power Struggle between two major political Groups in the Kurd region. Iran Issues, the Syrian Crisis, Lebanon meltdown all dominate the West Asia agenda. In other words, Europe is in crisis and so is the Middle East. Your thoughts, sir.
Sridhar Chityala: My thoughts, are that there doesn’t seem to be any shortage of problems across the middle east or west Asia. If you kind of carefully, look at it, this West Asia has insulated itself into two blocks, one is the blocks around I call it as the triple I’s (Iran, Iraq, Israel) and the adjacent areas of, you know, Syria and Lebanon, Palestine, Etc. Then, you have the other block Oman, Bahrain, Kuwait, Saudi Arabia, UAE are addressing the OPEC issues and development whereas here it is more around the infighting as well as the polarization and the operations of the terrorist forces that you are beginning to see across the region. Much more active remember none of these things existed just about next 12 months ago or 18 months ago, all of this has surfaced because they feel that there is a vacuum in the leadership and there is no one who is going to act. So therefore they can whimsically act on this basis, even you have problems in Kurdistan between the two major third parties in terms of infighting. So I think we don’t know from which part of the world. But, this is one of the hot spots of polarization for world events.
Sree Iyer: South Africa seems to be coming back to normalcy, but the damage has been done, all looted items seized and confiscated, but if the thing is already damaged, what about the psyche? There’s a lot of stuff that has happened. One group seems to have been affected more than the others. And we have covered this before. Sir, your thought, do you think that South Africans can pick up their lives and resume normal life, now?
Sridhar Chityala: I think the Indian Community is going to be far more cautious and far more careful. This is a wake-up sign that so far ethnic Indian Community, which has been a major part of South Africa in the business and the commercial sense will now be far more cautious and you know, probably have contingency plans in place. Remember many of them are members of the A and C and it is cause for concern. And I don’t think it will be normal, sir, as you rightly asked the question. Will it be normal? I don’t think so.
Sree Iyer: Let’s take a look at India related news, Dr Hardeep Puri calls his counterparts in the United Arab Emirates and Saudi Arab on rising oil prices. India’s growth to normalize to 6.5-7% from the fiscal year 2023, after 9-10% Growth in the fiscal year 2022 according to the chief economic advisor. As India prepares for trade negotiations with the US, UK EU, and even the Indian Ocean region an independent Think Tank has recommended that India set up an independent trade negotiating body with expertise. Indian companies make direct Investments worth 2.8 billion overseas in the month of June. Seeing together, India is now beginning to expand its footprint. I think Under the Modi government, there has been a certain development towards India also looking to invest in outside countries, right?
Sridhar Chityala: It is, I think there are three specific areas which one can look at, which we being reporting in DGI, one is the only area of energy and refining petroleum products there’s been a significant investment going into the UAE and Saudi. The second area what, India is also investing in is alternative energy, which is solar etc. Then, the third area that India beginning to invest in is the tech platforms and the tech Solutions around the world. So you’re beginning to see India exert its footprint around the world in expanding its capabilities and with the intent that they would have the big opportunity emerging that’s very good, very good news. Economic growth, I think everybody knows this year is going to be around somewhere between 9-10% or 11% depending on what happens with the Delta variant. And then what the CEA is saying, it normalizes around the 7%, in my view, should be somewhere between 7-8%, but not 6.5-7% that will not trigger it to reach this 5 trillion much faster than you know that it should be around that 7-8% to get that milestone.
I think it’s good Dr Puri is much more proactive in dealing with the energy issues. The good news is Opec between Saudi Arabia and the UAE resolve these issues and we are beginning to see some price points coming down at least dollar reduction products in the overnight Energy prices is evidence as a result of increasing the output from the Opec side.
Sree Iyer: Semi-high speed rail contemplated between Rajkot and Ahmedabad with support from central government. Modi government also to roll out 10 new Vande Bharat trains connecting 40 cities before, 2022. Soon travel on National Highway will be possible at 120 km/hr as Nitin Gadkari increases the speed limit. 120k is approximately 70 miles per hour, the 72 or 73 in miles per hour? Almost on par with the United States, isn’t it?
Sridhar Chityala: It’s almost on par with the United States, I’ll be very surprised if some of the drivers don’t drive at that speed, official or unofficial in something this beautiful highway that has come up now in India, thanks to Mr Gadkari, so that’s great news.
The rail will continue to highlight because the rail infrastructure here is the umbilical cord that ties India because of the vast masses of people. So this is great news in terms of this, the new categories of trains touching 40 cities, so which means it’s going to be very well networked, both for commercial as well for people to travel across the country.
Sree Iyer: Over 1 crore homes in Encephalitis Hotspots is hotspots, provided tap water connections under Jal Jeevan Mission. The government’s planning four new airports and 37 helipads to boost connectivity. I am assuming some of these are along the line of actual control, sir.
Sridhar Chityala: It is, they are.
Sree Iyer: Zurich Airport signs a deal with the Uttar Pradesh Noida International Airport for development and Modi to lay the foundation for the infrastructure next month. This is the next big airport coming up right across the Yamuna in Noida which is probably not more than 30-40 kilometres from the existing Indira Gandhi international airport but I think it is a good thing because the growth is seen in Uttar Pradesh. Sir, your thoughts.
Sridhar Chityala: My thoughts are that they are really giving the impetus much-needed impetus to Uttar Pradesh which has been neglected, which is largest in a Congregation of people but you know it is somewhere stuck in the middle on the GDP side from an economic contribution. The fact that now they are slowly making their way, it’s very clear UP will be one of the top five or six economic contributors to the growth and development of India as it marches towards. So it’s good that they have given the necessary capital and developing the infrastructure in a number of areas industrialization, Airports, agriculture, river systems plus also addressing the needs of basic of people in the UK being which is neglected for many years.
Sree Iyer: DRDO is working on an indigenous counter-drone, technology will be available soon according to the home minister. Government to fill all Border Gaps with Pakistan and Bangladesh by 2022, further enhancing the Security. Indian Navy receives First Batch of Two MH-60 Romeo Multi-Role Helicopters from the US, we wrote an article about this on PGurus, do read for more detail. Sir, your thoughts.
Sridhar Chityala: My thoughts are that this is the whole area of you know, protecting the country and security and infrastructure including Ladakh helipads as well as the airport. So if China wants to develop around the border connecting the Tibetan region, you know, along the border from Arunachal Pradesh. India is saying we are well anchored. We are doing everything within the region. So, therefore, these helipads spot off is one. Now, we have had problems with these drones coming from across the border so, now they are ready with anti-drone technology which is indigenously developed which will tackle this specific issue. Then plugging the border gaps which is where a lot of these illegal immigrants kind of come in across Pakistan or Bangladesh, especially the Bangladesh border. Also, illegal cattle trade takes place. So, there’s a lot of these cattle that move from India across to Bangladesh, they took care. The satellite is a very important development, one of the satellites is capable of clearly gleaning day, night, cloud any Agnostic about the weather patterns, it will be able to beat give crystal clear images of what’s happening around the Border region. So it’s fabulous because this is what is much needed for India. And remember, India did a bilateral agreement which is called PECS with the United States to address some of these gaps. They wanted to understand what’s happening if China is moving buildings, especially around Ladakh and the Himalayan region. It’s a very positive development as Sreeji has pointed out, please read the article on the Mh-60 Romeo multi-capable helicopters, which is again coming to take care of the demands of the Indian Navy, both from the reconnaissance, tackling the submarines carrying multi sorting missions in the seas.
Sree Iyer: India’s foreign exchange reserves cross $611.85 billion further strengthening its position. The Yogi government’s ‘One District, One product’ scheme has exports surging by about 35%. Amazon expands its warehousing facilities in India. Alstom begins local production of advanced train cars in India. So a lot of things are happening, no matter how much we criticize the Modi government. The government is actually functioning. It is delivering on several fronts. We have to tip our hat to the administrators because the conditions are very adverse with the pandemic to control. Your thoughts on the new advanced train cars in India, plus the fact that India is now sitting on 611 billion of Foreign Exchange reserves.
Sridhar Chityala: I think, first and foremost, Alstom is very good. This is the high-speed train that Delhi has asked the Indian government to offer and Alstom is localizing the production, especially the coaches which are very good. So, therefore, this is another ‘Make In India’ program.
Amazon, which has been criticized for a number of reasons is now expanding its warehousing capabilities. Logistics and warehousing show expanding business. As far as the foreign exchange reserves are concerned, I’ve continued to maintain that quality reserves are those which help India to combat in an event, there is a Chinese attack. There are three imminent threats. One, China in the South China Sea, China in Taiwan and China in the Himalayan region in India. Remember there are no truces yet. The discussions are still going on and they have been brinkmanship from China on disengagement in the specific and vulnerable spots around the LAC. The minister for external affairs has stated there is no unilateral change in the status quo, get back to your position. So, therefore, organizing itself to deal with the issues is a very good thing and for that, we’ll need in the event of a war, these reserves. They become very essential in managing any crisis that comes out as a result.
Sree Iyer: Now, let’s take a look at the United States News. The anti-Daca ruling sets Democrats scrambling to protect dreamers. Biden urges Congress to quickly act. Immigrant groups accused the Biden administration of sending newborns and migrant mothers back to Mexico. Biden policies could drive 1.7 million illegal immigrants to the United States in 2021. The US-Mexico border is the highest in June in more than a decade and has thus far had more than 1 million encounters by customs and border patrol. Illegal immigrants attempting to cross the border is at an all-time high is how I see it and this is being fanned by the Democrats, the progressives. I don’t know what these people are smoking? What kind of tea they are drinking? What kind of coffee they are drinking? They need to really get their head out of wherever it is buried right now. So I want to tell our, viewers, listen, we have been monitoring who actually watches our hangouts and what we found is several people from Washington DC, the lawmakers, their aides, people who are making the critical decision, they all watch DGI. So whatever it is that we are providing, it is being seen as something that is independent. We are not taking sides. We’re not holding a brief for the Republicans nor are we dead against Democrats. We have also encouraged, and appreciated some of the good moves that the Biden Administration has made. I just want everyone to remember that this program has acquired a status that is not reflected in the viewership. We urge you to pass the word along. I’m sorry to do is think the middle of the new cast but I felt that it is important that people know the kind of people who are watching this program. Sridharji, your thoughts on this. What’s going on at the border?
Sridhar Chityala: I think that we have covered this but it is a reinforcement of three specific items. First and foremost, the DACA ruling now implies that there is close to a million, the number is between 700,000 and 800,000. We have covered what DACA is, who it covers, what it means for the dreamers who are living in the United States. The court has ruled in one clean sweep. Now, the way you guys are crafting this whole process of immigration makes it constitutionally illegal. So, therefore, DACA is illegal. This prompted Biden to say, House it’s time now you go and act because this is going to create a specific problem for us. So, therefore, that’s one issue. The second issue is, there is no stopping. So there is enough encouragement for people to cross the border, and come across and somehow normalized, because there are no immigration control and enforcement bodies. That has disappeared, the rules have also changed. The third is the encounters. More than 1 million encounters thus far just in that specific border averaging somewhere between 170,000 – 185,000 incidents per month. June is the highest with about 184,000 incidents. All this means that a significant amount of money has to be spent. That’s number one. Number two is, all these people are coming in with no covid and United States has got 5 million active cases of covid. Remember this number, 5 million active covid cases greater than 50% delta variant. They have been saying this but mainstream media has been subtly burying this. Of which 1.7 million are in California. 1.7 million active cases in California.
So this is the issue that the border problem creates. One is covid, two is security and third is all types of drug peddling that comes as a result of this. So therefore this is a big issue that the Biden administration must tackle. Who is the person who is authorized to tackle? Vice president, Kamala Harris whom Biden nominated. We haven’t seen any specific policies or programs come out of the vice president’s office.
Sree Iyer: Covid positive Texas democrat says illness shows sacrifice for the cause of democracy. Texas Attorney General says that the Democrats could be arrested as soon as they step back into Texas soil. Senator Lindsey Graham urges the Senate GOP members to boycott, to stop the Democrats’ 3.5 trillion infrastructure plan. Sir, this playbook was actually invented by the Democrats to try and force legislation using the vice president’s casting vote. Why are the Texas State Democrats squealing now when Republicans turn on the same screws.
Sridhar Chityala: I think that this is a political game. So you have both parties play. So there are two issues. One is, these people violated the basic tenets of masks. Remember, when the presidential campaign happened, Trump is not wearing masks, he is spreading, he’s killing you. This was the rhetoric that went on. All these Democrats pictured in this plane very no masks and going in a merry and coming back and three or four of them have tested positive for covid. I’m also told that they use the per diems when they were in Washington DC. One, this was not a legitimate trip to DC. So, I think this whole thing smacks of irresponsibility but also smacks of their lack of political accountability in terms of staying the course and fighting it in the house in a legislative manner but using this escape valve to go. Texas governor as well as Texas basically said they will be arrested. I don’t think they will be arrested. They have all landed, not one of them have been arrested. So this drama will go on. But very unfortunate.
Sree Iyer: The infrastructure will continue to stutter as the two-part plan contemplated by the Democrats stalls progress. Schumer backs 1.2 trillion bipartisan infrastructure bill and a 3.5 trillion expense budget blueprint, expensive budget blueprint, I should read. So where do you think this is going to come and stop? 3.5 trillion, I think the Republicans are at 600 billion. I mean infrastructure spending is needed. Why do they allow them to attach all these pork and all the art of earmarks? Get all those things out, those things don’t belong here, isn’t it?
Sridhar Chityala: Yeah, I think that it’s about policy. Democrats have been voted to power, based on a set of policies. Progressives have won this particular election for Democrats whether one accepts their policies or not, they’ve won. So what Schumer is saying, I keep on citing by Obama’s letter in the Georgia bills. The 2 seats that they won tilted the power in Senate to the Democrats albeit equally with one vote being cast by the Vice President. It tilted, they won both. The critical point was we have to get in and this is our agenda. So therefore the policy is clear. So what they’re saying is, let’s agree to this 1.2 trillion, so we can get the money out. Now let’s get to 3.5 trillion. 3.5 billion, we will do it as part of the reconciliation process when we enact the budget. Remember, Biden has consistently stated that his presidential tenure will have a 6 trillion budget every year. 6 trillion budget, even if he wins the next election, the next four years will also have a 6 trillion budget. So it’s very clear in terms of his expansive social programs. So that’s what he is saying. Let’s get this done because. The session starts today in the house before they conclude. It is a very short session. So let’s get this done and let’s move forward. They’re not worried about the consequences of the deficit and all other things that come out. Larry Fink has come out and spoken over the weekend and said, if somebody is telling you, this is not inflation that is going to come. No, it’s not only inflation that is going to come, it is unprepared inflation that is going to hit the markets. This is the statement over the weekend. This is the consequence of the budget but people don’t care.
Sree Iyer: The election fallout continues as the Arizona State president says 11 electors of Arizona cannot be recalled after the audit. Wisconsin lawmaker calls for a forensic audit after the outcomes from Arizona and Georgia audits. Viewers, I have been telling you this I have come out with a new book ‘Who Painted my State Purple?’ and it is going to hit the store shelves and the ebooks very soon. Stay tuned on what happened is is a fictional recollection of what played out. It is done in a future incident. The point here is how a country inimical to the interest of the United States can rig elections. That is the whole point. Sir, what came out of Arizona audit? Because are questions being asked about the results of the findings of the Arizona audit.
Sridhar Chityala: Clearly, they have asked for digital imprints. They have asked for missing ballots, auditing of missing ballots, several pieces of information are missing or they are not given. So the audit reveals that there is enough suspicion to believe that the election was mishandled. The statement has been issued, whatever damage has been done, has been done and there is no way by which these 11 electoral voters can be recalled. But there is a clear problem. The same has come out in the state of Georgia, which has prompted Wisconsin to also call for a forensic audit of its elections. Why they’re doing it? They’re doing it not to reset this Presidency. But they are doing it to understand exactly are the issues that have happened. So 2022, when the next elections come in, the same issues, the gaps and the holes are filled so that we don’t have this recurrence again and the whole Shimazu waking up again. So lots of people say, if you go back in time, hey, you have no proof, you’re just rubbishing. No court can test, court tests only when there is evidence presented. Evidence can only be presented when people are given the opportunity to collect and gather the evidence and present it, but not given. So now this process is being reverse-engineered and being done. The truth is coming out, at least have seen in two. Maybe once they start doing it in Pennsylvania, Wisconsin, and so on, more may come out. Remember in Pennsylvania, the governor and some members of Congress stated, please do not give data and do not co-operate with the GOP which is asking for information. If you have the truth, why you want, don’t want to cooperate, why you don’t want to fix the issues that make the election process legitimate? So these are all questions that need to be answered so there is better conduct of the elections in the oldest democracy of the world.
Sree Iyer: This again brings forward the question, should you trust the election of your US President to the local County officials with their own rules and procedures, their own choice of machines. It’s just all over the place. The quality, I think there is something that the United States as a country needs to be looking at. Moving on, Facebook refutes Biden’s claim that it is killing people with covid misinformation. This is very interesting, when the Democrats lost in 2016, Obama allegedly called up Mark Zuckerberg and said Mark, you want to run for president of the United States, someday. What you did here in the 2016 election is going to come and bite you at the wrong place. So this is the statement that was famously made by the then ongoing President Barack Obama. Maybe Facebook tilted the other way for the 2020 elections and now that they have Democrats are in power guess what they’re trying to do? They are trying to break up Facebook. So either way, the politicians are going to do what is going to help them. I hope Facebook smells the coffee and does what it is supposed to do. Give a level playing field. Let every idea blossom, don’t block selectively. W know your workforce is woke, your workforce needs reorientation. They need their mindset, they need their attitudes adjusted which is my two cents. Sir, your thoughts.
Sridhar Chityala: I think I endorse your sentiments. I think these tech platforms and social media platforms, the power that they are wielding here, are very cleverly using legal loopholes to their advantage but effectively implanting their will, whatever their political will is in a very clever and surreptitious manner. Sooner or later, this will be fixed. Some country is going to take the lead to fix it and I have a feeling that it’s not going to be the United States. Russia is already doing it, China has already done it. But they are not democratic countries. I don’t consider Russia as a democracy but others can see it differently. But sooner or later this is going to address because this is now an open violation of rules and norms.
Sree Iyer: Armed Antifa rioters viciously attacked LAPD officers in the left-wing city. Fans and players flee National Park in DC after gunshot ring out during the game. This is the baseball game, I think. Sridharji, this violence is going unabated now.
Sridhar Chityala: Yes, I think it was a baseball game between Washington Nationals and LA Dodgers or the San Diego Padres, one of the two. Obviously, you can again, see it on videos. The point that we’re making is now, the crime is hitting the same cities again and again and again. Every weekend, you see this recurring event. I don’t know what exactly is driving these crimes. Is it drugs, whatever it is, is it political opportunism or is it to create nuisance? Don’t know. But the fact is that the crime has stepped up and it’s not a very good sign.
Sree Iyer: Let’s take a look at Markets now. OPEC plus agrees to boost supply as oil prices rise. The Saudis and UAE reconcile their differences. Earnings could be the biggest driver for markets as investors keep a close eye on bonds. Stocks Futures are fat as markets finished negative for the week. First in the past four weeks. Sir, your thoughts and then we’ll call it a wrap for today.
Sridhar Chityala: Oil prices, I think there’s a little bit of stabilization going on with OPEC boosting supplies, again, continuing to affirm that there have been positive earnings relative because remember the corresponding quarter is previous year is a comparison that was used was the pandemic period. So you may see some aberrations in, you may see quarter to quarter, year to year earnings but the stocks are not performing as the markets are reading it rightly, which is to say let’s recalibrate and let’s see what forward momentum looks like. So some of the stock prices going south is a result of that. Overall, the markets are at a peak and they are already in the 14%-16% band, in terms of the growth of the relative for the year. They are almost near the NDF targets. I think we’ll continue to see this. Inflation is a worry, the markets are speaking about it. But much of this will be seen in 2022, rather than 2021. So the stock futures are flat, but that’s the nature of volatility in the markets. So that’s my observation. So stay invested in the markets for the rest of 2021, I think you will come out reasonably well. If you have not invested, you missed the front end of the growth that occurred.
Sree Iyer: Thank you very much, Sridharji. We will be back tomorrow bright and early. Namaskar.
Sridhar Chityala: Namaskar. Thank you. Have a wonderful day
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