#EP77 Preparing for Biden inauguration, amid tight security. Total to invest 2.5 B in Adani company

Sree Iyer: Namaskar, Hello and welcome to episode number 77 of Global Daily Insights with Sri and Sree. Sridharji namaskar and welcome to PGurus Channel.

Sridhar Chityala: Namaskar and good morning to all.

Sree Iyer:  Today is January 19, 2021, and as the United States starts getting ready for the inauguration of its new President. It’s unprecedented security that has been thrown around Washington and now people are saying that there isn’t that much of a concern that everything is going to be fine. So, to get the real situation on the ground and a little bit more into what has been happening on the January 6^th event. Chityalaji, please take it away and start from perhaps what is going on as regards the inauguration.

Sridhar Chityala: Great. Thank you so much. So, we now have close to 30,000 troops and National Guard’s combined. So, it’s almost like a mini battalion. The combine forces are greater than the total number of forces in Afghanistan, Somalia and other places where US troops are physically present, Iraq in those locations. It’s almost like that now the DC capital is under cease the two or three things that are going on. One there is perceived belief or perceived fear that they could be somebody an insider in defence or in the army or in the National Guard. So, they have you know gone through an extensive process. The Department of Defence has confirmed that in the process of validation. They have not found anything, which is of an imminent threat from inside these two specific groups, which are tasked with guarding the inauguration. And the way they’ve broken up is the DC guard commanders basically do the vetting of the troop’s backgrounds. The Department of Defence and FBI does the vetting of the National Guard members.  Now, when you look at this time, there’s a lot of murmurs that is going on across people. This has never happened because all of them go through an extensive screening process why now to go through the screening process in the middle of an event what exactly people are looking for?

So, if you are a republican, you’re suspicious. Are they also looking at the background records of whether you are a Democrat or a Republican and if you’re a Democrat or you making sure that you know, what exactly are you looking for in these types of people in the background? So, you have this unusual kind of a suspicion that was reported on both sides of the kind of the media. But anyway setting that aside from that this process is complete. Also, I think that there is the Department of Homeland Security officials who have done a preliminary investigation that needs to go on. They believe that the events in Capitol Hill unfolded and into your big catastrophic because of probably inexperience at the agency level in terms of the state of preparedness and in terms of organizing themselves for what was to come. Now, you can argue that all of them were from the Republican side coming from the Trump rally. You can argue, some of them came from Antifa, BLM is all these kinds of things and then you have the social media platform suppressing information if you use any of the alternatives basically saying, fact-checking, fact-checking, fact-checking. So, there’s no truth, but, there is this perception based on this, there is an impeachment process that has been triggered notwithstanding the damage that has been done. So, this incompetence or inexperience has been blamed as one of the attributes which resulted in the malign in the Capitol Hill.

Sree Iyer: Now, let’s take a look at 2,000 new National Guard troops have been sworn in a special Marshals. Any reason why that undertaken, sir?

Sridhar Chityala: Well, they needed to get an additional battalion and these are screened and vetted. So, they don’t need to go through the specific process again, Marshals have special grief’s and so if they have to deal with any insurgency or violence during this event. So, this is the whole perception of this build-up. So, that is the reason why they went to an accelerated process.

Sree Iyer: Let’s take a look at overall politics in the United States. Mike Pence has made an interesting announcement; he said that he’s proud of no Wars under Trump administration. And it is indeed an incredible feed because you and I know how powerful the arms lobby is in the United States and when there are no wars, they don’t get to make much money that in itself is a very impressive achievement, isn’t it sir?

Sridhar Chityala: It is an impressive accomplishment, under the US presidency.  Now, one of the most interesting aspects which we will bring out in due course is the accomplishments of the Trump presidency, because he’s being you know, this visceral hatred and unilaterally and universally condemned and so, therefore, all the good things that he did doesn’t come out. There was considerable expose that took place in the defence sector, for example, India was a big market and Singapore was a big Market or Taiwan was a big Market, UAE was a big Market. They also had more arms going to Saudi Arabia and so, therefore, there were exports driving and they were even willing to go and do what you call as domicile manufacturing. The deal struck with India was a joint venture partnership transfer of Technology plus Capital infusion by Defence Enterprises from here in India and the build-out that happened. Well, Vietnam is another country which has also emerged as one of the importers of the US armoury besides Taiwan. So, I think that there has been that particular change. So what has not been consumed domestically by War they have been able to successfully augment to the Strategic Partnerships that is being developed by Trump. Even Navy the USS has this quad has helped the considerable amount of paper used type of a model relative to what prevailed otherwise, it was all costs borne by United States including NATO and NATO was only part-funded but a lot of it was funded by the United States as a deterrence kind of a mechanism. So, I think it is a laudable achievement, no war as well as the point that you have made, how did they keep the defence manufacturing and the defence industry going without any economic compromises.

Sree Iyer:  Now, I have a news item here, where one website Newsmax that also has a TV channel is saying that CNN is trying to DE platform us. CNN is also another media channel. I’m a little confused as to how one media channel can try and DE platform another media channels, sir, can you please elaborate?

Sridhar Chityala: Well, I think that there is this some of these channels have interconnectivity in terms of leveraging their licenses to get access into the cable companies, right? So CNN may have sublicense without going into the specific details. So, they’re saying like Newsmax is something that is almost like they’re not a sister company of CNN, but they’re probably on the back of the licensing, where they have gained access.

That is why we can get Newsmax on your web, broadcast via your cable network. And in many places the cable network is also an ISP, for example, Cablevision spectrum is an ISP, as well as people, have licensed a specific set of channels. So, they saying is they’re using their power to deplane because the reason is as you all know NewsMax is showing more than the right, which is the Republican favoured content whereas CNN is showing the more the left favoured content though, they would like to say that they were objective. But, all these divisions have arisen as well as what has happened in the last three-four months and so, therefore, you are beginning to see.

I mean, you can ask the question Parler? Why would you throw it out when you have actually sold a service as part of the cloud services of Amazon web services Architecture? Why would you do it? Well,  you do it because you are taken a specific position and you’re using the word anything that you can you allow us access under this freedom of the press can potentially lead to incitement, so, therefore, we are blocking. So, we are seeing the change in the rules of the game as a result of this one specific event that has occurred in DC. So, all these are fallouts that are coming out.

Sree Iyer: Biden has picked some Warren allies to lead departments like financial oversight agencies, the SEC and the CFPB. What does this indicate for us? Should the United States businesses be concerned?

Sridhar Chityala: Well, the Banking industry is certainly very concerned. Wall Street is extremely concerned. Senator Warren has always had her eyes set on the Wall Street on essentially three specific principles, one is more regulation, more consumer protection and also that the part of the reform that Biden is trying to impose which is being objected to some extent by the boards of the corporation, especially Banking is what should be the composition of the board? And the view of Biden is the composition of the board determines the rights and interests of various constituent groups who make up the investor Community. Whether you are economically privileged or underprivileged to happen to be or whether you belong to specific segments of the community who are also shareholders and stakeholders in the company. Remember Banks also issue stock to their own employees, they all our stakeholders whether those interests are being taken care Etc. Now, his belief is that by having this equality in the composition of the board. The various issues associated with various categories of investors can be met. Now, the boards are saying we are always for shareholder interest in shareholder value. So we have due accountability, this is not just picked away by large institutional investors who also serve on the board, you know, if you remember the board is determined in the United States through an election process by majority shareholders every shareholder participates. So, I think this is the issue that they’re getting to but, the banks and the financial institutions are kinds of rebelling in terms of the reebok. The Consumer Finance Protection Bureau, this is a baby and the brain of Rohit Chopra and Madam Warren, this is their brain, they have to have this, they have to have that, they have terms and conditions, the interest rate should not rise, it should not be about this. None of these people has any kind of Iota of due accountability and due choices. They simply come in and say by doing all these things somehow, they think that they can control. None of them has managed balance sheets,  Rohit Chopra has never managed a balance sheet in his life. He comes from McKinsey at least Gensler as he comes from Goldman Sachs where he is spent 18 years and he was recruited by Obama in 2008. But, many of these people have kind of established interest and they carry that and that seems to become the policy framework of the administration in summary the markets believe Biden if you are centre-left, if Clinton was Centre-left and Obama was Center left-left. Then, you’re going to see Biden being left-left. I don’t know how left he will go, but he’s going left-left, which is causing some kind of tremor in the minds of the people, especially in Wall Street, who doesn’t want more regulation.

Sree Iyer: And now on the second impeachment of Trump, Dick Durbine is a very senior Democratic senator, and he is saying that he will not recommend his colleagues to vote on impeaching Trump. Now, this almost gives one the impression that the second impeachment was a Pelosi personal witch-hunt is it? How do you see this, Sir? Pelosi ramrodded this second impeachment.

Sridhar Chityala: Well, I think it is a very interesting statement that he has made very similar to Mitch McConnell statement, I can understand Mitch McConnell making a statement which is to say I am giving the Republican advice, my fellow Senators their consciousness and their right choice to make an appropriate decision whether to impeach or not impeach. What type of vote should be cast by them so that they can conduct a proceeding?

Now Dick Durbin to come and make this statement is very interesting. But, he’s also a very experienced Senator, who has been in Senate for quite some time. It’s very interesting and intriguing for him to make a statement. So, this is making the media, there was a lot of media discussion yesterday in the United States that is, really is this basically a personal vendetta of certain segments been notably Nancy Pelosi and are they even going to proceed actually with impeachment? Because the reasons are that the articles of impeachment today is the 19th has not reached the Senate as yet. It is still held on by Nancy Pelosi in the house. So it’s casting some doubts, whether this is going to reach the Senate and she may also be validating the Constitutional question which we discussed yesterday if I recall.

So, he’s in a constitutional validity to impeach a President, who is no longer a President. And if it is about removing from office is already leaving the office tomorrow morning around he will be leaving his office. So, the question is this the Constitutional validity. So, I think he’s making this whole thing a little bit of a mockery and unwarranted distraction. We have also discussed the point there was nothing conducted either whether the speech constituted incitement to insurrection whether it is an impeachable offence. Nothing was conducted it just as you rightly said a ramrodded and a decision was made just by pure brutality of the votes.

Sree Iyer: Kamala Harris is finally resigned her Senate seat, and we know that Alex Padilla if I remember correctly, is going to be representing California. So, I think that process is now beginning to start now. I want to touch upon this next point. We’re running a little bit behind. So I would like to speed up Trump extends the Border emergency until February 2022. Is this isn’t a direct response to this Honduras Caravan sir?

Sridhar Chityala: It is. It is because he says we have a problem in southern borders. There are too many people coming in. We have a covid situation. We also have many people unemployed. And the last thing that we want at this is a community-based mass covid blowout and there has been blowing covid situation in particularly around in 30 states of which quite a few are in the southern region in south and west of the United States out. So I think that’s his principal kind of concern.

Sree Iyer: Now, the Federal Bureau of Investigation has released photographs of suspects beating the police officer and planting pipe bombs, that kind of tells you that it’s all pre-planned, isn’t it?

Sridhar Chityala: Well, look let’s wait for the investigation but, the evidence or the conclusions that one can draw is there seems to have been some kind of a pre-planned activity. There was a brief report and obviously, that information was for the sake of Public Safety, you know, get aside both. They’re a couple of locations that get this pipe bombs. They were found in diffused and it looks like the photographs the CCTV cameras have picked it up and I think once they complete the investigations will have more truth coming out.

Sree Iyer: Thank you, sir. Let’s take a look at Global now. Trump has now lifted travel restrictions from Europe, the UK, Brazil and so on. So that means that people can travel from the United States to these countries. What kind of reciprocal restrictions exist from these countries back to the United States, is that now means travel is normal.

Sridhar Chityala:  No, it just simply means that they’ve put an additional condition, which is effectively to state which is very similar to Dubai, that you have how to get come in and land with a certificate that you have been tested and you are tested negative, you got to have the certificates.

Sree Iyer: Oh, thank you .now at WHO the US and China have clashed over the scientific mission in Wuhan. Now, we are beginning to see the aftermath of this virus the US and China lock horns in WHO. So, this is still the outgoing Administration people who are carrying on this fight, isn’t it? How do you see the new Administration playing this?

Sridhar Chityala: Well, firstly the United States that the present Administration, You’re right. Basically, stating we told you so, we told you so, we told you so, WHO, there has been a lapse, they should have you. Remember the political kind of buffoonery that went down. They should not be called China virus, it should be called Covid. It’s very clear that the WHO study has found that the virus did emanate from there and they felt that had people informed ahead of time. They could have planned better and also information exchange would have also help to address this issue. This is the debate between WHO and the people in the Wuhan region. Having said that China itself is seeing a backlash. They have gated somewhere between 39 to 49 billion people around five-six regions who are now got mass affliction with this covid virus.  So this the debate and this is what Trump administration has said before and WHO was initially reluctant and now they have come to the conclusion that based on their initial visit this to be the case.

Sree Iyer: Now WHO is also saying that China could have acted quicker and could have contained this virus within their borders, isn’t it?

Sridhar Chityala: It is. Apparently, quite a few of these people who were travellers and that’s how it began to spread. It started in Northern Italy you recall and then swayed around into the various parts of the world that are almost coinciding with the Chinese New Year holiday travel, which again we reported in one of the shows and then it just cast its wings. So how did the United States get it? A lot of travellers came, but they were blocking if you recall they were trying to block Airlines coming from China when actually the virus came from across Atlantic.

Sree Iyer:  At the United Nations Security Council, India welcomes Abraham Accords, that’s what they call all these Accord between Israel and many west Arab Nations. So was this like a video conference in which this statement was made?

Sridhar Chityala: Yeah, I think it is video conferencing. There are no in-person meetings. As you know that most of these conferences are video conference sessions. There is also a representative. So sometimes these Representatives can follow the social distancing patterns. So we have a UN Ambassador here in New York and so there’s also social distancing. So India acknowledged as a reciprocal, as a gesture to the contribution of Arab league as well as also endorsed the United States-West Asia peace deal organized with Israel, and that augurs well for the region in terms of stability.

Sree Iyer: Another interesting development, the Russian Foreign Minister has discussed the Indo-Pacific activity with Subramnaim Jaishankar and he calls him his good friend. Now there is some perception that Russia is trying to keep the US and India apart and not get closer. How much credence do you attribute to that?

Sridhar Chityala: We are in geopolitics. Politics is about posturing. So they see an opportunity that, Biden that doesn’t talk about Quad. Quad is a security apparatus for protecting the South China region. Why South China and that part of the world? I think we have covered a little bit of it but we’ll cover from an economic context separately. It is the region of the future in terms of the next decade when you look at the economic growth and economic activity and all the kind of research. So they’re saying ha, whether the US is going to be soft by virtue of Biden having a distinctly different policy and Kurt Campbell, who is their Asian representative appointed by Biden coming in and saying that I need to have the Indo-Pacific orchestration of our army much broader extending into the Indian Ocean rather than very specific focus around South China or South China and extension into Pacific. So, therefore, I think that he is taking cognizance of that and making a statement ‘now is the time for me to TAP my shoulders on my good friend. Dr Jaishankar and telling him – Hello. How are you, sir? And you know I am here. I am your good old friend and I will not let you down.’

So it’s really interesting to Geo-political statement in the absence of, there’s nobody from the Biden’s side. Previously, it used to be secretary Pompeo tapping the shoulders of Jaishankar and saying ‘hey, how are you man and how are you doing and we are back here.’ So there’s nobody, I think that it’s a posture that is going on whether it will translate into any specific outcomes it remains to be seen. Remember Russia is also tiptoeing with China.

Sree Iyer: Yes indeed and viewers at this news did not make it into MSM in India. And I think this is very very important. There has been a drift away from WhatsApp, especially in India over its privacy concerns and yesterday the Delhi High Court listened to WhatsApp and I think they also listened to Facebook and there was an interesting thing where two senior lawyers were confused as to which company they were representing and there was banter going on or ‘you are Facebook or I am Facebook’ and so on. So this just tells you that this game is very very interesting when it comes to representing cases of foreign companies in India, but be that as it may, the Delhi high court has made a very important observation that I think actually helps companies like PGurus and we’ll tell you why. Sridharji, you want to expand a little bit on that?

Sridhar Chityala: Well, I think that first and foremost, I think this is the first most compelling delineation, really I could say WhatsApp is a private company or a public company if I have to use in United States parlance. It’s a public company. It’s independent. It has its set of business rules. It operates within the business rules. You have a choice, you use it if you don’t like it don’t use it. It’s like this you are interested in the stock, invest in the stock if you are not interested in the stock you don’t invest. There’s no mandate for you to follow it. So, therefore, because you are using it you don’t come and tell us that it has to follow these principles. So to me, it’s a very intelligent, very compelling proposition, those are the rules don’t complain about Twitter. That’s his rules.  He’s accountable to his board, he is not accountable to any government. So, therefore, if you are interested, use it. If you’re not interested don’t use it. There is always an alternative.

Sree Iyer: Yes indeed. There is always an alternative and I’m going to segue right into one of the alternatives which happen to be promoted by Yours Truly. It’s called Vaad. It’s Sanskrit for discussion. Vaad-Vivaad we all know that and Vaad is simple enough thing to remember. It is in beta test right now for Android users, any of you who are on Android, I encourage all of you to download this app. It has a very strong feature which is that it can support multiple languages as translation. You could have three different friends one a Gujarati speaking, one a Hindi speaking and one a Telugu speaking and you can set it up in such a way that each of them can comfortably be conversing in their language and you as an English-speaking person would be able to get everything in English. This was specifically tailored for the needs of India where there are 20 plus official languages and we hope that this feature alone will take it over the top. Again, its Vaad, you can go to Google Play and then search on it and install it and please give us your feedback. We are looking forward to making this a very compelling platform to use. It is a very very secure product and it’s going to have a lot more applications, bells and whistles are coming over the next few weeks and months just stay tuned.

I just wanted to put that thing out there because the next topic is very very important. Bangladesh, China, and Myanmar, they are now holding tripartite talks on Rohingyas. Actually. The problem is, Rohingyas are sitting in India and why are these three countries having tripartite talks. I have no clue perhaps you can shed some light on it.

Sridhar Chityala: No, I think that it is the geopolitical interest of China. I think we covered China posturing with Myanmar because of Mekong River Valley initiative, Vietnam has taken the industry and Thailand is focused around the agro and farming and that whole river belt that forms the basis. And with Cambodia, the relationship is in a few Ruffles are so they’re trying to see whether they can get into Myanmar. Myanmar is also an important border with the other side of India. So, therefore, it is strategic to them. They’ve been trying to quote partnership with Bangladesh. And if you recall, again we covered this in a session as to how the United States came to the rescue and the US and Japan have been augmenting the capital in the infrastructure development and the port work that needs to happen in Bangladesh. So, therefore, now again, you see a gap because Biden in his first hundred days is not going to Asia, Asia is not his focus. So they’re beginning to get your win as to keep going at these countries and their whole objective is only one, India. Because India is the darker horse sitting there. It is going to be the number 3 economy by GDP in the next five to six years or even faster. It is already by PPP probably number three in the world. It is number 5. So the question is, how do you keep India out? There are two ways. One, surround the neighbours and take out the Strategic Partnerships. Second, you create ruptures within the country or you use your allies. India’s problem with this rupture is they try to create problems with Nepal, they try to create problems in Arunachal Pradesh, they try to create problems in the Ladakh area. So they have been poking their way around just as India has extended its tentacles into the South China Sea having partnerships with Taiwan, South Korea, Vietnam, Thailand, and Indonesia. Similarly. India is also forming a strategic initiative with Bangladesh, Bhutan, and Nepal to complete that particular segment of the East. So it is natural for them to find an agenda that suits their motive and basically come and say ‘ah, I can be a good arbitrator for you and Bangladesh in terms of the resettlement of the Rohingyas, who are in Bangladesh. If you need money, I’ll give you the money for the resettlement process. By the way, when I do that, I need this in return.’

Sree Iyer: And World economic forum is now planned to be held in May in Singapore. We will keep you informed on the developments on that and South Korea’s Prime Minister Moon hopes that the United States and North Korea can restart the nuclear dialogue under the new presidential dispensation. What are your thoughts? Do you think any status change is possible vis-à-vis North Korea?

Sridhar Chityala: Right through the Obama-Biden period there was constant and consistent sparring that was going on between North Korea, Japan, South Korea, and the United States. When the guy was threatening to launch missiles and attacked the Pacific coast and attacked the West Coast of the United States and I don’t know whether you remember Dennis Rodman was sent and then he came back and said ‘this guy’s a good guy you can work with him and I had a great time’, but nothing kind of move so you have this concern. At least in the last four years, this guy has kept quiet, he has stopped his rhetoric, has not been making daily threats and he’s not been firing missiles into the Korean Peninsula or the South China Sea. So, therefore, there seems to be peace. South Korea is saying ‘hey the United States, would you continue and shake hands with him just as you guys did in Singapore.’ I don’t think so, its highly unlikely if the present regime continues the same policy as they did before.

Sree Iyer: A look at the global markets. United States stocks Futures risen over at Wall street after losing last week. This is because of a feeling that things are settling down vis-à-vis the presidential nomination and process?

Sridhar Chityala: No, I think that there are two reasons. One is Janet Yellen is having a senate hearing today. The second, I think is more around the stimulus. They believe that there would be a much more detailed presentation around the stimulus and one of the first items would be the discussion of $1.9 trillion dollars stimulus that needs to get through the Senate. It’s been approved by the house, but it has to get through the Senate. So I think it’s more a reflection of the money flow into the markets and also the most important point is, what is the position on interest rates.

Sree Iyer: Yes, and also there is some clarification that is needed. I think she used the word PPP for Small and Medium Enterprises. And when we looked at the 1.9 trillion charter, it did not find a place in that one. So I think there is some confusion there, isn’t it?

Sridhar Chityala: It is. I think we probably need to do a separate session. There is a line item called 350 billion dollars if my numbers are correct. That is set aside for local and state Administration community. So she probably has picked that number and saying that local and state Administration means that the communities are going to be helped within that line item of the budget and part of that budget may be allocated perhaps towards the PPP program. That’s the only way that number can add up to that specific number that she has in mind. I’m only using the numbers as a basis rather than the actual line item of PPP. In the actual line item of PPP, we did not see the 1.9 million dollars budget.

Sree Iyer: Quickly, wrapping up. Japan markets are poised to rise this week and Singapore has sustained its export momentum in 2020 despite the covid. So there are islands of excellence not just there but also in India where some companies have done extremely well, isn’t it?

Sridhar Chityala: First and foremost, Singapore has repositioned on non-oil exports because the reason is not of the refining and other things, storage happens and because as you probably know is one of the largest ship maintenance ports in the world. So besides the oil, they have been expanding other types of products. They are even manufacturing certain items within Singapore, recognizing the fact that they need to continue to grow and the continued growth comes not through volatility in trading and not through volatility in business flows, but more through managing themselves by being a very small manufacturer, after all, it’s a small nation. So 4.3% was in exports, a small number, but then that’s a good number as far as Singapore is concerned. So it sustained notwithstanding the fact they contracted in 2020. It augurs well for Singapore and they have a very orchestrated stimulus program. I think they’ll come out, they will be one of the first countries to come out, as you look at 2021.

Sree Iyer: Malaysia is also rolling out an additional stimulus package and so the countries are still rolling out their own versions of this stimulus and I’m wondering what India has in its kitchen. what’s going to come out any thoughts on that?

Sridhar Chityala:  I think there’s a lot of people in the IT sector in India. I don’t generally take very active kind of monitor, if I have to use the word, in the underlying growth and profitability. I was one of the few people from the United States was responsible for many offshoring and onshoring and captive when I was in the leadership roles at JPMorgan Chase. Today JPMorgan Chase is one of the largest onshore captives in India. We had four strategic partners and the business has grown quite rapidly from the time there was a suspicion as to whether India is a viable market in terms of being a reliable and trustworthy and secure partner. But what I need to point out is that, in 2020 based on the market, they have seen remarkable growth in numbers. I mean I’m going to read the numbers. They had something close to 200 billion Indian rupees in the last quarter, the highest volume achieved over the duration and the profitability growth was around 21-22% and the margins were between 23-30%. All the IT majors, which is HCL, Wipro, Infosys and Tatas have shown remarkable growth. This belies the principle that there is a saturation and the growth is only 4% possible. That also says that there is a considerable amount of Automation and digital transformation work that is going on which is driving the need for enhanced usage of IT resources, covid or non-covid because IT is an industry which has embraced this covid with remote working more admirable than many. In fact, this is one of the criticisms raised by many governments the IT sector should have brought the other fellows along on board and brought them and start off the best practices. But kudos to the IT industry in India and the people behind it for a continued drive of momentum. I believe it has every potential to be between 6-10% of the GDP. It has the potential. Many strategic partnerships are coming into fruition between the United States and Europe. Remember, both the US and Europe experienced a contraction in GDP. But IT volume in India servicing these two markets reflected a significant gain.

Sree Iyer: So one can expect that to trickle down to other parts of the economy in India. So we’ll have to wait and watch that. With this, we bring an end to our today’s episode. We’ll be back tomorrow. Same time, same channels. Sridharji, namaskar and looking forward to talking to you again tomorrow.

Sridhar Chityala: Namaskar and thank you, sir.