EP 214 | Daily Global Insights | Jul 30, 2021 | Global News | US News | India News | Markets

Sree Iyer: Hello and welcome to episode 214 of  Daily Global Insights with Sri and Sree. I am your host Sree Iyer, with me is Sridhar Chityalaji Global News. We have a new format going today, so, please bear with us while we set things up nicely and here we go. Today is July 30th, Friday, and Welcome to Daily Global Insights with Sri and Sree, Episode 214. In Global News, Japan daily Covid cases said to top 10,000 for the first time, amid Olympics and the government is set to extend the state of emergency to the greater Tokyo and Osaka regions and Cambodia to impose lockdowns in Thai border areas. Vietnam Prime Minister gains vast powers to contain Covid break in Ho Chi Minh City. Sridharji, how do you see this Covid resurgence, again, sir?

Sridhar Chityala: Namaskar, very good morning to under this new format very excited to be, be on this platform and so delighted. Firstly, I think, as far as this resurgence in of the Delta variant is concerned. It is quite disconcerting that we are beginning to see this rise in cases, but they have You know, perimeter this, you know, kept it outside of the Tokyo Olympics Arena and those areas and they’re managing it with an emergency measure. You can see now the adjacent Nation in ASEAN making the same, Cambodia trying to mitigate people coming from Thailand Ho Chi Minh City, which has seen a rise in cases being tackled at, you know, at a war footing, What I see is that most of them is Delta variance. We haven’t seen any alarming situations emanate but we see a rapid rate of infection of the Delta variant which is general research that’s what is pointing out. We may see more infections at a rapid rate but fewer types of issues emanating from it. I’m not sure that’s very comforting. But the story is that that’s the issue.

Sree Iyer: The US defence Chief in Vietnam to bolster ties and work out the arrangements as China fears grow. So, across the world, especially in the Southeast Asian region, almost all the governments are nervous about China’s intentions, aren’t they?

Sridhar Chityala: Well, I think there is they are not only nervous about the intentions. There are also nervous about vacuum and lack of clarity around the presence of a historical United Nations as the A peacekeeper is the arbitrator of keeping peace and acting as deterrence. So I think that’s the vacuum they’re fearing. Historically again, not historically under the Trump era, then you have the Quad and you would have seen most of the US ships as well as the Indian, Japanese and Australian ships patrolling the Seas. Now, this is very less but there are both the US, as well as the other carriers monitoring. So it’s important that the US. re-establishes itself and you see Lloyd, Austin, first visited India, he visited Japan, he met the Australian, then he is now gone to, I think he’s finished his trip to Singapore and he’s on his way to Vietnam to and I think is also visiting one other Nation, maybe Thailand or Philippines, he is visiting the Philippines to redo the deal the strategic partnership. I think this is a continuation to make sure that there is deterrence.

Sree Iyer:  Israel and the United States complete Juniper Falcon military drill. Juniper Falcon is focused on scenarios that would see the deployment of the US forces in Israel Under Fire during a conflict. Palestinians clash with Israeli troops, causing one Death in West Bank, incendiary balloons are causing fires that is what was the reason for the death. Sir, this Palestine problem, Israel flare up and now this new initiative by the US, it all points to only one thing that there is perhaps going to be a conflict in this region sooner rather than later.

Sridhar Chityala: Triple “I” going forward every time we bring up a topic, we’re going to put the map of these four flashpoints around the world, Triple-I, South China Sea, Himalayan Kingdom, and the Sahel region, you know, we’ll put up these four maps and just reflect. Okay, we’re going to this flashpoint.

Yes, you made your observation first and foremost it’s good, that the United States and Israel is involving in Juniper Falcon. The second is that Israel is not letting up on these incendiary balloons, we have already defined what that balloon is, it is loaded with some potent Destructive bomb, then when the balloon bursts, it’s supposed to create an explosion. So apparently there was there were some fires that were cost in the Israeli region and Israel responded and there was a casualty.

Sree Iyer:  Blinken says that Iran negotiating process cannot go on indefinitely. Rockets Hit Bagdad Green Zone hosting US Embassy, say Security Forces. Contain Hezbollah before it, drags the region into war, says Erdogan of Turkey. This just echoes what I just said sir. The fight against terrorism is not weakening. Thanks to cooperation between the Moroccan Greek, American, Italian and British Security Services. This has resulted in the arrest of Abu Mohammed Al Fateh a Daesh leader, your thoughts, sir.

Sridhar Chityala: Well, first and foremost I think the Iraq issue continues which is what Biden discussed. It’s a very interesting point, Turkey raised the issue around Hezbollah. It’s a very interesting point Turkey raised issue around Hezbollah, that’s an Iran issue in terms of Hezbollah being active around various parts of the world. Then finally, I think your point around this cross-collaboration coordination and this Daesh leader, they’ve been monitoring him. He is responsible for some, you know, they say the Moroccan, say that he was targeting some areas for the potential terrorist type of activities. I’m glad that they are coordinated and completed the arrest. All these things give us some element of reassurance that particularly the United States is re-engaged. There was a period when there was a concern, but now you can see that. Let’s ignore the China-US confrontation but the US seems to be much more proactively engaged around the most potent region. So that’s very, very reassuring news.

Sree Iyer:  Armenia considers Russian army posts, along its border with Azerbaijan as an

as the fragile Peace brokered failed to materialize. Disputes persist around the Nagorno-Karabakh, or NK region. Sir, your thoughts.

Sridhar Chityala: Well, we reported this few months ago, about each other burning Villages, and so on, because of the ethnic composition, that prevailed, one Community versus the other in these regions, when they tried to separate it. So Russia bordered the troops. Now, they are back again, these Skirmishes re-emerging in that region. I don’t know what people really want to live in peace unless and until they are called out of territories, which they think they belong. There seems to be a small concentrated area and within the concentrate carrier, these people are creating so much of a mess. This is another flashpoint, but it is not as big as the other four. But nevertheless, it’s an irritation.

Sree Iyer:  The US-Russia in Nuclear talks, Huddle in Geneva. The next session is in September. Sir, these Nuclear talks have been going on for donkey’s years.

Sridhar Chityala: They have not reduced their weapons, Sreeji.

Sree Iyer:  Sir, well, so I guess we will wait to see what happens in September. Let’s take a quick look at United States news. New Chinese Ambassador Qin Gang arrives in the US with optimism. Why is the optimism? These guys have been on a downhill slope for a long time.

Sridhar Chityala: Optimism is, he is a diplomat. He has US experiences and dealt with. So there’s a hope that they will be able to, I just don’t believe that there is rhetoric that is going to come on from either side as we discussed Xi Jinping feels he has this moment of reckoning for him to create a place in history. So we’ll see what happens. But it’s important. Somebody is coming here, right in the moment of change and someone coming when it is such as you rightly said when the moment of fiction Point escalating.

Sree Iyer: Department of Justice want States against violating federal laws with State audits. Now, this is where things kind of get a little murky, isn’t it? Do they do the states have to go to the federal Supreme Court, to get all these things sorted out? Your thought sir.

Sridhar Chityala: Well this is what you remember that made a big mess out of Trump’s letter to the department of justice, he said, there is fraud going on. This is a Department of Justice case, how come you’re sitting quietly and not acting on it? At least, you have to say, there has to be some kind of an objective amount of assessment that needs to be done and there has to be some kind of arbitration and enforcement process. This is what; Trump wrote in the letter, everybody raised a human crack. Now, suddenly, what you find that the Republican legislators, each of these states most notably Florida as well as Arizona. Now it is spreading to other states like Pennsylvania, Wisconsin and so on. They are saying, we got to do the audits, there seems to be a real genuine problem. Now, so the Department of Justice steps in, obviously at the request of the progressives and Biden Administration, basically, you take a look. So they taking a pre-emptive approach and this could be going down very difficult Waters.

Sree Iyer: The CDC director says that vaccine passports, may very well be the way forward in the United States. The CDC director continues and says fully vaccinated people must wear masks indoors in some areas. So which these areas are will be made clear.  I’m assuming in the days and weeks to come. Dr Anthony Fauci says I did not flip flop on masking and vaccine guidance. Well, I think we will let the viewers decide whether he did or not, your thoughts up.

Sridhar Chityala: Well, I think this whole CDC directive and Mr Biden’s directives and Dr Fauci, statements, just made the United States look like fools. On one day, No passport. The next day, we have passports. On one day vaccinated can have no mask free wander around, next day vaccinated should have not only mask, but they have masks in the indoor territories such as public areas, Etc when you have forums for meeting people, especially in a building site in ours, way we live. So I think, what is this creating is, it just creating a tremendous amount of confusion as to what is right? This is the reason why people are getting frustrated with vaccination versus no vaccination.

Sree Iyer: Pelosi says Biden doesn’t have the power to forgive student loans. Where did this one come from? This is a very non-regressive approach.

Sridhar Chityala: Well, she scared that Biden may overrule, Pelosi’s power in the house she saying that. Hey, you have to come to me on how to pass legislation and give you the authority to override it. Don’t do anything silly without consulting me. She’s afraid that Biden in the interest of progressing may cut a deal with the Republicans and do few things that basically snap the power of Nancy Pelosi that’s where it’s coming from.

Sree Iyer: Well, it looks like Biden has more power with a Republican than with the Democrats. I think this is a good idea, whatever it is, the student loans have gone really over the head for many students and they spend the first five to ten years of their working life. paying back their student loan, then they have to say for buying a house, save for settling down doesn’t augur well, let’s see how this plays out. Biden calls on Congress to extend Nationwide eviction ban before it expires, White House and Congressional Democrats trade Blame. This thing, this moratorium every month now, it used to be three months at a time. Now it is happening one month at a time and I don’t know where the end is going to be inside, your thoughts on how this moratorium thing is playing out and what you feel is going to be the final position.

Sridhar Chityala: Schumer strikes a deal some of the house Democrats feel left out because they feel the progressive agenda is off. Nancy Pelosi says the reconciliation bill of 3.5 million is not part of it, so therefore we will not be signing it off. Then, you have the progressive groups which are effectively saying nothing, this bill will not get approved at all.  So, you have three sets and then you have Democrats within the Senate fighting with each other. Democrats within the house fighting with each other because they’re scared that Biden Schumer and this 17 or 18 Republicans, may bypass and get something through. What do I see? I see the full 3.5 trillion dollars, plus the one trillion dollars one way or the other way getting past and it may not be bipartisan.

Sree Iyer: Nancy Pelosi is facing a revolt from Democrats opposed to our plan to hold hostage, the infrastructure Bill and Nancy Pelosi’s insisting that the Senate pass a 3.5 trillion, reconciliation package of social welfare programs. Child Care, elder care workers are all eyed for a taxpayer-funded hike in Democrats welfare expansion program. Sir, we’re expecting the government to give you a handout. This is the Hallmark of socialism and the US is supposed to be the captain of the capitalist industry.

Sridhar Chityala: So what we’re witnessing are indirect and direct influencers and activism expansionism. First and foremost, child care and elderly care, there is a set wage that is set by the determinant when you go to the local Administration and Council and so on. you know, they set around 11 to 12 dollars, which people say is not the right amount we agree, that’s number one. Number two, now these groups are saying the taxpayer has to fund it, taxpayers have to fund the compensation of these people in the interest for what. Then, their argument is that you have to fund it because we are minorities and economically backwards. So, you are earning money, you’re so therefore you funded, so, we can look after this elderly and needy, this is what they saying. Historically in the United States that anyone who wants to buy a service, pay for a service. There is no discrimination between one versus the other. 15 dollars, you pay $15 And you get it done. So, what happens to the economic impact be weaker sections of society? There may be various government grants Etc, which they can apply for, and they some budget from the local that they can pass on. But to legitimize this, as a taxpayer-funded scheme, to raise the minimum wage and make it unilateral calls for deeper malice and deeper trouble to the whole economic system of the United States. So this is the beginning point where everybody says you pay from the taxes.

Sree Iyer: He doesn’t fight, Trump slams, Mitch McConnell for helping advance the Biden, 1.2 trillion infrastructure plan. Elise Stefanik says, GOP will fight until the fire Nancy Pelosi once and for all and save America. Sir, so the Republicans are dead set against Nancy Pelosi some in her own party are against her. And yet she is managing to hold on. Now, what I read last time she got re-elected as a house leader is that this was going to be our last term. What are your thoughts? Does she still have a burning ambition to become president of the United States?

Sridhar Chityala: No, I think that this is probably her last term, either by choice or by the outcome. So I think that the Republicans are very keen. They’re working hard to regain. Assuming that, even there is a narrow gap, that’s good enough for Nancy Pelosi to get ousted. There are always disgruntled house Democrats who will join the Republicans and make sure that she is not in the seat, but somebody else is in her seat. That’s what I see.

Sree Iyer: Texas governor issues an order to block covid-19 immigrants from leaving the Border House. Republicans demand a restart of the Trump wall in a new border security strategy. Vice president, Kamala Harris unveiled a strategy to address illegal immigration at the border crossing. Sir, I’d like your comment before I begin with my own, sir.

Sridhar Chityala: First and foremost, I think, Abbott is doing a great job and he is bringing law enforcement, he has brought additional resources. So that’s the right thing.

Oh my God! Miss Harris thinks if she has to go back… They have released a white paper, we can share the white paper. It basically says we need to look at the broader strategic issues, as to why the Central Americans are fleeing and coming to the United States. Lack of infrastructure, capital, and development. Now, let alone we having challenges in communities in the United States, they want to go and fund the Central Asian countries that is the scope of the white paper. They think that is the reason. Now, here is the hypocrisy. These fellows are coming in, they’re letting them in with or without covid. The Cubans are coming in, they’re driving them back. In Cuba, the problem is they’re opposing communism, whereas here, these people are coming in, come what may, because they are coming for jobs are not coming in because there is roasting communism that is mitigating them. So, you can see the hypocrisy and this is the whole structure of the policy that is being laid out. Now, they want to dump more money into those countries from the taxpayers’ money. This is the fallacy of this policy that they’re talking about.

Sree Iyer: Republicans question the treatment of jailed rioters that supporters call Biden’s political prisoners. Does it have something to do with the January 6th insurrection, sir?

Sridhar Chityala: It is January 6th. As part of the January 6th, this big tamasha that is going on or the big buffoonery that is going on where only people who oppose Trump are part of the panel. Anybody who is objective is kicked out of the panel. These are the people who are saying, ‘what has happened to these guys inside? Can you give us some insights as to what’s happening to those guys who were in the prison? Why are they in the prison? You have told that they are all pro-Trump supporters. Who are the cops who are giving the evidence? They all seem to be anti-Trump. So the question therefore is, please give us the status.’ So this is what is going on. It’s very sad.

Sree Iyer: Let’s take a look at the Indian News. Sir, I just want to have your comment on what you thought was the outcome of Blinken’s meeting with India’s External Affairs Minister, particularly in the context of Afghanistan and Pakistan. This is a question from Anup Kumar Nanda, one of our viewers.

Sridhar Chityala: The way I look at it is that it is, one thing is a very clear message and the human interactions. There seems to be a lot of synergies between Mr Blinken and Mr Jaishankar and his General disposition towards Prime Minister Modi. And the message that he brought from Mr Biden also seems to emanate the same sentiments. So that’s very positive in that context. Behind the scenes, in the scenes, they are very keen to work something out to understand the issues around Afghanistan. Afghanistan is a difficult situation. The story is, Afghan is going to be an unsolved problem with more troubles to come. This constitutional continuity that Modi, Taliban, Mr Ashraf Ghani, the US and others are aspiring for, I very much doubt what the definition of Constitutional continuity is. So what do I say? I say that from a messaging, image, content, everything looks good. On the substantive outcome on specifics, I think it lacks details. That’s the problem. Whether we will have something in the next six months. I don’t know. But details are lacking.

Sree Iyer: Let’s take a quick look at India news again. Over 70% of the equipment used in India’s wind power project is Made in India. Strategic disinvestment programs of BPCL, AirIndia, BEML, SCI, and LIC IPO are on track despite the covid-19 constraint. I’m sure many of you know what these acronyms mean. 22.7 lakhs worth, about RS 2243 crores worth of loans were dispersed to the street vendors per the prime minister’s Svanidhi scheme. Sir, this is an excellent initiative as the people come back to the post covid world with a little bit of normalcy in place. This kind of loan is an excellent initiative. Sir, how do you think this is going to play out? Is it going to benefit everyone? But what about the middle class, sir? Somehow Mr Modi doesn’t seem to not remember that one-sixth of the Indian population is middle class.

Sridhar Chityala: I think Modi is combining the principles of socialism with the principles of the free market. The first point that you alluded to is the free market, which is, governments are not running businesses, so he’s diluting many of those public sector utilities or undertakings as is called in India. So he’s taking money from there and saying, I’m filling the revenue side of the balance sheet. What does the revenue side comprise of? Taxes and duties and so on and so forth. He finds that it is not enough to meet all these various social expansion programs. So, therefore, he is trying to cough up. He doesn’t want to borrow too much but they took close to 10% of GDP as part of the stimulus. So, therefore, I think that this is coming. Now is covering the revenue side. There was a big hue and cry made, which is to say the MSME segment seems to have been to be addressed to some extent in his program. The large-cap segment is addressed through PLI and the credit expansion that has occurred and credit support guarantees. What about us, the street vendors who make up the bulk of the industry. So he is expanding this program. There is one important activity, how far that matures and evolves which you would be reading but I am going to step ahead which is the unorganized sector database. So, this may become a vehicle to bring them mainstream. And in that case, they will now be able to do very similar to DBT, which they did to the deprived segments of the society. They may be a vehicle by which they can do this. So, the program in its construction is very good because that’s a segment that got very, very, very badly affected, the hawkers and street vendors, during the covid situation. Clearly, they are going to provide the support. The effectiveness of the program will be determined by execution. Execution in India generally succeeds if there is no man in the middle. Just as there is no man in the middle when you have spam wear and spyware and others attacking you. So if there is no man in the middle and everything is digital, it works. I hope that’s the case.

Sree Iyer: Modi government invests over 17,000 crores in the last five years on Airport and has revived 59 Airports. India’s nuclear power capacity will triple in the next ten years and will touch around 22,480 megawatt that is 22,000 gigawatts by 2031. India is executing 7 lithium exploration projects. India is really really pushing hard on its energy needs and trying to address them and stay ahead of the curve, in my opinion. Sir, your thoughts.

Sridhar Chityala: I think that these initiatives reflect that India will continue to expand its domestic energy expansion program, keeping in mind, the climate agenda. India probably will be one of the few countries that will meet the goals. That’s number one. Number two, these precious and rare resources are now a global… Basically, if there is significant demand and I’m glad that India is excavating and focusing on this. This will not only form the basis of the wafer, the chip, which is required almost in anything and everything one does but also in some of the high energy batteries but low energy consumption which is used by vast segments of the society. I’m glad that they’re moving down that path.

I just want to make one observation, all the stuff that we focus in DGI on India is around Economic Development and Market expansion programs plus the defence deterrence that India is putting in place. We don’t quite deliberately touch on the political scenario which Sreeji covers in a very detailed manner in his various other Fireside Chats. So this program summarizes and synthesizes all the economics, which you don’t get unless you’re reading some economic publication. So that’s the objective.

Sree Iyer: Inflation will moderate and expect it to be below 6% in July, according to the Chief Economic Advisor of India. Process of creating unorganized sector database to commence next month. You already touched upon this. Tibet House Director, Dorji expresses concern about the Chinese CCP in his meeting with Anthony Blinken. Located in the Sistan – Balochistan Province, the QUAD working group will meet and discuss the use of Chabahar Port. This was part of Blinken and Dr Jaishankar’s discussions. Maritime security. peacekeeping, counterterrorism, key issues say Ambassador Trimurti as India assumes the UNSC presidency. This is a big moment, I did not see any mention of this in MSM. Sir, your thoughts, and then we will try and see if we can pick up some of the questions from our viewers. Please go ahead, sir.

Sridhar Chityala: So, UNSC’s presidency is a great moment and a great opportunity for India. It has been given an opportunity to demonstrate and see, they’ve already set the priorities, it requires India to work and build a consensus amongst the various differing mindset members. So that’s number one. Number two, this Chabahar Port is a very, very interesting development between Blinken and Jaishankar. It remains to be seen how they execute it. So I think the fact that Blinken took time to meet with the Tibetans should send a very clear signal to the Chinese that Tibet is not off the agenda and it’s India, which is supporting Tibet and not any other Nation. The Tibetan government in exile is in India. So, therefore, it is strategic for India as well.

Sree Iyer: So, there’s a question from Sneha, why are opposition parties in India, going to Blinken complaining against Modi government? Why is Blinken giving them a hearing? But if I remember correctly, even in previous visits, sometimes the leader of the opposition will meet the visiting dignitary, usually at the Prime Minister or President level, which is a hallmark of democracy. Everybody’s views are aired, it is up to the opposite person to understand, ‘This my country. I may have a lot of disagreements with my government but when it comes to talking about my country to a visiting person, I shall project the best foot forward.’ This is what I would expect. Your thoughts, sir.

Sridhar Chityala: Well, I think, first and foremost, it’s the United States protocol that they reach across all cross-sections of the people. They also meet industrialists if they have a time window So, therefore, they will try to meet which is with the full consent of the government. There’s nothing surreptitious or nothing malicious. They meet all members of the party and they have their views. I think, they also met some people just as Snehaji has pointed out that, they even heard views of anti-Modi. So, similarly, if Modiji comes here, he will be hosted both by the Republicans and the Democrats quite separately. If you recall, when Dr Jaishankar came here, he was asked to meet some of the democratic party members. So he met with some of them, those who are hostile to him, he chose not to meet and he said, I have nothing further to discuss with them. So it’s just a new protocol that is followed and that doesn’t mean that they have to do or follow and they make their policies independent.

Sree Iyer: Let’s take a look at Markets. Amazon posts the third 100 billion quarter in a row and misses revenue expectations. EPS, that is Earnings Per Share of $15.12 versus 12.30 per share. Revenue of 113 billion versus 115.2 billion was the expected revenue. All indices are finishing higher despite the modest economic contraction of GDP in the second quarter. 6.5% annualized rate relative to 8.4% expected. Sir, with your permission I’d like to bring up a picture of all the indices, and then perhaps you can talk to that, sir. Just give me one second here while I bring it up. Here we go, it’s up, sir.

Sridhar Chityala: So if you take a look at the Dow Jones index, it’s around 35,000, which is well past the year-end targets. S&P is at 4400, well past the target. NASDAQ, when passed. So all the indices in terms of indexes are well past the targets. So the story is that these numbers are reflective of the market sentiments. Why, despite the economic downturn, despite the lesser outcomes in terms of economic expansion relative to prediction? While the numbers are up, the numbers are ignoring saying, there is enough liquidity in the system, the rates are low, we will continue to see this positive momentum. That’s what is causing this uptick. Gyrations are only sentiments but basically, the markets are on a steady-state and they’ve already met the year-end target which is set out. As far as the oil is concerned, it dropped off the $76, which is good news, especially, not the brent crude, but the oil crude is around 73 which is again reasonably good news, not bad news if you are in the $43 – $46 dollars, ticket size for… If you talk about the US 10-year rates, look at the 10-year rates, they are at 1.26%. 1.26% is an astronomical rate in terms of still financing your short-term and medium to long-term mortgages. This is the reason why the right-hand side chat is you while the left-hand side chart looks different. The right-hand side chart says the rates are low. The left-hand side chart says the markets are up, exactly for the same reason that we outlined. Look at Japan and look at the 10-year Deutsch, so you have rates below 1%. So, therefore, money is available provided you have a viable kind of a program to fund and expand your market.

Sree Iyer: Let’s get back to one last question before we wind up. This is from Axay Dorwat. Why is China government hurting so much to China’s own technology companies and bleeding them by billions of dollars? We saw this thing, DD and other things in the New York Stock Exchange, China was putting some curbs and their stock was nose-diving. The viewer wants to know your opinion on that, sir.

Sridhar Chityala: There are three reasons. The first, and foremost reason is China’s Tech companies or Chinese company’s policies cannot be used by overseas countries and institutions to dictate policies to China. That’s number one. The second reason is, China has learned considerably the lessons that the tech companies can inflict on democratically elected governments. They say they’re not going to do that to us in any way, even economically or otherwise, they’re not going to us. I think the third reason is that China’s Communist Party, CCP’s policy is always to have control over anything, everything that moves shakes, and runs and they do not want public investors to be driving. They want the Chinese government. So, they are willing to drain billions of market cap, hurt a lot of people in the process and take them back. We saw that already in Alibaba and Ant Financial.

Sree Iyer: That brings us to a close of our new look hang out, Daily Global Insights, and next week, we’re going to try a slightly different approach and I think we’re going to stick to that. We will have daily Global insights on Monday, Tuesday, Thursday, Wednesday, and Thursday. And then we will skip Friday and we’ll have it on Saturdays at a little bit later time. We will give you all the details. I hope you like our new format. We will try and answer questions if we have the time. Today, we definitely tried to answer all your questions, but also, please realize that there may be a time constraint sometimes because we need to keep this thing within a small bound. Thank you once again, Sridharji. I didn’t cause too much disruption for you in terms of trying to adjust to a new format, but I think it was a lot of fun. A lot of people seem to have liked it. Please give us a thumbs up. Please do click on the bell button to get notifications. We are striving hard to try and bring you the best quality programming. By the way, today’s program aired at 1080p. Thanks for watching. Namaskar.

Sridhar Chityala: Thank you so much and congratulations to Sree Iyerji and his entourage of team members who have actually put up a brilliant performance. An interesting experience for me, watching and simultaneously getting views and seeing the tickers, etc. Previously, it was asynchronous, I could only see Sree Iyerji, not the rest of the stuff. But now it is a fantastic achievement from day one. Congratulations everybody.

Sree Iyer: Thank you very much, sir. Namaskar and have a good day.