#25
September 17 · 1 hr 8 min
SB
Subtext by Zerodha
Zerodha
Finance is full of noise. Everyone reacts to what just happened. We’re more interested in why it’s happening—and what lies beneath.
Subtext is a series of conversations with people who have spent years thinking deeply about finance. Not necessarily the loudest voices, but those with real depth: traders who understand market structure, fund managers who have lived through multiple cycles, economists tracking India’s macro story, regulators shaping capital markets, founders building financial infrastructure, and VCs backing these companies.
- 20 episodes
- weekly
- Avg 1 hr 9 min
- English
- SB#24September 10 · 1 hr 12 min
Arvind Chari on why India Is just 1.6% of the world's portfolios
Arvind Chari, Chief Investment Strategist at Quantum Advisors, joins Bhuvan to unpack why India has swung from being "TINA" (there is no alternative) to being called "anti-India" by global investors. They dig into why foreign capital still matters even with record domestic savings, why capital gains tax on foreign investors hurts more than people realize, and why India's capex cycle hasn't taken off despite years of optimistic talk. The conversation covers manufacturing versus services as India's real path to jobs, why public education remains India's biggest weak point, and how a new generation of engineers may be turning to manufacturing startups instead of chasing H-1B visas. Arvind closes with his honest take on what could actually turn him from an India optimist into a pessimist. Timestamps 0:00 – Intro, meet Arvind 7:17 – Why India's returns stay strong 14:34 – What drives India's growth limit 21:51 – Case for foreign capital 29:08 – Where investment money can come from 36:25 – Why companies aren't spending on growth 43:42 – Can India manufacture like China did 50:59 – Fixing schools and public health 58:16 – Talented youth and new career paths 1:10:07 – What could make Arvind less hopeful
- SB#23September 5 · 1 hr 37 min
Mudit Narain on why India throws away free solar power
In this episode, Kashish and Vishvesh sit down with Mudit Narain, co-founder of Voltseal, to understand the mechanics of India's electricity grid and how batteries are solving the intermittency of renewable energy.
- SB#22August 27 · 1 hr 51 min
Rohit Chandra’s short history of Indian energy
In this episode, Pranav sits down with Dr. Rohit Chandra, Assistant Professor at IIT Delhi, to understand the political economy and history shaping India’s past, present, and future energy sectors.
- SB#21August 20 · 50 min
Rajashree Murukute on India's Municipal Bond Market
In this episode, Kashish sits down with Rajashree Murukute, Senior Director at CARE Ratings, to understand why India’s municipal bond market hasn't taken off and what it will take to mature.
- SB#20August 13 · 1 hr 7 min
Arpit Tandon on the road ahead for Indian IT
In this episode of Subtext by Zerodha, Pranav sits down with Arpit Tandon, Director of AI Strategy at CGI, to understand what AI really means for the Indian IT industry.
- SB#19August 5 · 1 hr 37 min
Mausam Kumar on the state of India’s industrial policy
In this episode, Pranav Manie sits down with Mausam Kumar, post-doctoral researcher at Princeton, former industrial policy fellow at Harvard Kennedy School, and PhD from IIT Bombay to unpack how India’s industrial policy really works, what the role of individual states is in the process, who drives the finance it needs, and how it interacts with external factors like China.
- SB#18July 29 · 1 hr 30 min
Sagar Lele on how to read company results like an analyst
In this episode of Subtext, host Kashish sits down with Sagar Lele, Executive Director at Paterson Securities, to break down one of the most intimidating yet essential skills in finance: decoding quarterly earnings. From navigating investor presentations and spotting structural shifts to building mental frameworks that separate signal from noise, this conversation strips away the jargon and explains, from an insider's perspective, how to truly read the pulse of corporate India.
- SB#17July 23 · 52 min
Amit Tripathi on monetary policy and Indian banks
In this episode of Subtext, host Kashish sits down with Amit, CIO of Fixed Income at Nippon India to break down one of the most misunderstood concepts in Indian finance: monetary policy transmission. From repo rates and CASA ratios to liquidity dynamics, FCNR deposits, and the future of securitization in Indian banking, this conversation strips away the jargon and explains, from first principles, how money moves through the Indian economy.
- SB#16July 20 · 1 hr 12 min
Suyash Singh on finding spaces in the space business
In this episode, we sit down with the founder of GalaxEye to explore one of the most audacious bets in Indian deep tech: building a satellite that can see through clouds. We go deep on the technology behind Optical SAR (OptiSAR) — a fusion of multi-spectral imaging and synthetic aperture radar — and why consistent, all-weather satellite imagery could be as transformative as GPS.
- SB#15July 8 · 41 min
Tamal Bandyopadhyay on microfinance industry cycle
In this episode of Subtext, I sit down with Tamal Bandyopadhyay — veteran banking journalist and senior advisor at Jana Small Finance Bank — to unpack the microfinance credit crisis of 2023–24.
- SB#14June 22 · 1 hr
Brad Setser on the dollar and the world's trade imbalance
Brad W. Setser, Senior Fellow at the Council on Foreign Relations and one of the most respected voices on global capital flows, joins us for a wide-ranging conversation on what is driving the dollar today, why China's export boom is a problem for the whole world, and what happens if the AI bubble bursts. Timestamp: 0:00 – Introduction 2:38 – History of Dollar Strength & What Drives It 5:26 – AI & Private Capital Flows into the US 9:08 – Strait of Hormuz Crisis & Oil Markets 12:49 – UAE Leaving OPEC: What It Signals 15:21 – Why Surplus Countries (China, Korea, Taiwan) Keep Buying Dollars 19:23 – Origins of Export-Led Growth: Asia's Dollar Accumulation 27:38 – What Should China Do to Fix Its Imbalances? 34:24 – Is Export-Led Growth Still Viable? 39:31 – Deglobalization: Is It Actually Happening? 45:45 – Trump-Xi Summit: Who Has the Leverage? 48:44 – Trump's Industrial Policy vs. Biden's CHIPS Act 52:42 – Brad's Experience Translating Research into Policy 56:07 – How Countries Creatively Reroute Trade & Hide Capital Flows
- SB#13June 17 · 1 hr 8 min
Zohra Khan on the Indian EV infra industry
In this episode of Subtext, we sit down with Zohra Khan, CEO & Founder of IPEC India - a power electronics company building EV chargers for the Indian market. We cover: How EV chargers actually work and why they need to be customised for each vehicle brand Why India's power grid is both a challenge and an opportunity for EV adoption The push to standardise charging connectors and protocols for two-wheelers (Think EV version of USB-C) Why German and Chinese chargers often fail in Indian conditions - and how IPEC builds for that The semiconductor supply chain problem and India's path to self-reliance What's coming in FY2027: bidirectional charging, 2x growth, and new product launches A deep dive into the infrastructure powering India's EV revolution. Linkedin: https://www.linkedin.com/in/zohra-khan-889a8a14a/ Time Stamps: 0:00 – Introduction to IPEC & Zohra's Background 2:46 – How EV Chargers Work & What Differs Across OEMs 5:34 – Bottlenecks for EV End Consumers (Home vs Public Charging) 9:29 – Charging Protocols & Standardisation (CCS2, OCPP, OCPI) 11:49 – The LEAF Consortium & Two-Wheeler Standardisation Efforts 14:36 – AI & Innovation in EV Charging (Miniaturisation, Bidirectional Charging) 22:11 – Indian Power Grid & DISCOM Challenges 27:54 – Single Phase vs Three Phase for Home EV Charging 31:00 – Transformer Bottlenecks & Dynamic Load Management 34:03 – Why Indian-Made Chargers Outperform Foreign Ones 43:39 – Supply Chain & Localisation: What's Hard to Make in India 57:28 – Risk of OEM Backward Integration 63:23 – IPEC's Vision & What's Ahead for FY2027
- SB#12June 9 · 47 min
Amit Kumar Gupta on copper supercycle
In this episode, we sit down with Amit Kumar Gupta from FinTrekk Capital to break down the copper market — from AI-driven demand and falling ore grades to the value chain dynamics between miners, smelters, and downstream players. We also explore India's copper story, the Sterlite plant shutdown, and how retail investors can play the copper theme. Amit Kumar Gupta - https://x.com/amitgupta0310
- SB#11June 4 · 1 hr 27 min
Decoding Bain's India Venture Capital report
India's venture capital market is maturing - but are we asking the right questions? In this episode, we sit down with Aaditya Shukla and Aaditya Muralidhar from Bain & Company, co-authors of the annual India VC Report, to go beyond the headlines and into the nuance.
- SB#10May 27 · 57 min
Ajay Srivastava on India's place in the chaos of world trade
The rules-based world trade order is fracturing — and India needs a strategy. In this episode, we sit down with Ajay Srivastava, founder of the Global Trade Research Initiative and veteran of India's Trade Service, to make sense of what's happening in global trade and what it means for India.
- SB#9May 19 · 41 min
Rosa & Tamoghana on India's Youth Employment Crisis
In this episode, Kashish sits down with Rosa Abraham and Dr. Tamoghna Halder (professors at Azim Premji University) to discuss the State of Working India Report 2026 — a deep dive into India's labour market and what it means for the country's youth.
- SB#8May 8 · 41 min
Kyle Chan on China's industrial dynamics
What makes China's manufacturing machine so powerful — and what does it mean for the rest of the world? In this episode, we sit down with Kyle Chan — fellow at the Brookings Institution's China Centre, Princeton PhD, and author of the newsletter High Capacity — for a deep dive into China's industrial strategy. We cover: - How Chinese entrepreneurs operate within the state system - The rise of BYD, Huawei, and China's "overtake on the curve" strategy - The evolution debate and China's excess capacity problem - Why the Strait of Hormuz crisis is a massive tailwind for Chinese EVs - China's five-year plan and the race to dominate future industries - What India can learn — and take advantage of — from China's playbook - A conversation packed with insight on geopolitics, clean tech, and the future of global manufacturing. Timestamp: 0:00 - Introduction & Guest Welcome 0:30 - Entrepreneurship Culture in China: Hero Stories & What Gets Rewarded 3:10 - Huawei & BYD: Go-to-Market Strategies (Wolf Pack, Underdog Approach) 6:24 - How Chinese Firms Expand Globally & Adapt to Local Markets 11:02 - Chinese Industrial Maximalism: Should China Keep Its Manufacturing Base? 16:10 - China's 5-Year Plan & the Future Industries Inflection Point 20:19 - Involution, Overcapacity & the Price War Dilemma 22:44 - How Chinese Firms Are Responding to Overcapacity 24:30 - BYD's Global Expansion & the Strait of Hormuz Effect 25:26 - Lessons from the 1970s Oil Shocks & Chinese EVs Today 26:51 - "Chinese EVs Will Be Strong But Won't Dominate" — Has That Changed? 29:36 - China's FDI Strategy & the Auto Industry Story 34:49 - FDI-Led Development: Does It Still Work? 38:40 - India-China Knowhow Transfer: Geopolitics vs. Economics 40:51 - Outro
- SB#7May 4 · 1 hr 29 min
Pranay Kotasthane on Navigating the New Uncertain World
We used to live in a world of rules. Now, we live in a world of power. Pranav Agarwal and Pranay Kotasthane break down the "Matsya Nyaya" of modern geopolitics. We cover the weaponisation of critical minerals, the shifting influence of the US and China, and the strategic path India must take to thrive in an uncertain future. Key topics: Geopolitics, Rare Earths, India’s Foreign Policy, and the Future of Trade. Timestamps: 0:00 Intro 2:05 Guest Introduction & Welcome 3:02 World Order, Power & Legitimacy 14:09 Critical Minerals & Geopolitics 15:16 Two Frameworks: Resource Leverage & Prices 28:03 China's Rare Earth Leverage (and the 2028 Prediction) 38:33 India's Critical Minerals Strategy 54:33 India's Manufacturing Challenge 1:04:25 AI & India's Opportunity 1:07:01 Technological Sovereignty 1:12:35 Bangalore & Urban Governance 1:22:32 Thinking Across Disciplines 1:27:02 Information Diet & How Pranay Thinks
- SB#6April 30 · 1 hr 4 min
Dr. Aradhna Aggarwal on SEZs, their role in economic development, and India's growth ambitions
Is India losing its competitive edge in labor-intensive industries? While big names like Foxconn, Kia, and Apple are setting up shop, the "spillover effect" that transforms a local economy often remains missing. In this episode, Pranav Manie sits down with Professor Aradhana, one of India’s foremost experts on Special Economic Zones (SEZs) and industrial policy. They explore why many industrial zones become isolated "enclaves" rather than engines of national growth, and what India can learn from the success stories of China, Taiwan, and South Korea. Key Topics Discussed: The "Dutch Disease": Has India’s service sector growth accidentally hampered our manufacturing potential? Linkages & Spillovers: Understanding backward linkages (local suppliers), forward linkages (domestic sales), and technology transfer. The Enclave Problem: Why SEZs often fail to integrate with the domestic mainland and how policy barriers (like foreign exchange requirements) get in the way. OEM vs. OBM: The difficult transition from being an "Original Equipment Manufacturer" to an "Original Brand Manufacturer"—and why R&D is the missing ingredient. Global Case Studies: Comparing the FDI-reliant models of Southeast Asia (Thailand, Malaysia) with the innovation-led models of Northeast Asia. Timestamps: 0:00 Introduction 0:43 Why SEZs Matter for India 2:19 What Are Backward Linkages? 3:05 Beyond Backward Linkages – All the Ways SEZs Connect to Economies 6:12 Why SEZ Linkages Fail: Scale & Structural Problems 6:53 Policy Barriers Blocking SEZ Integration 7:51 Domestic Sales Restrictions & Forward Linkage Failures 8:21 The Biggest Problem: Domestic Firms Not Ready to Supply SEZs 9:08 MNC Governance as a Barrier to Linkages 9:58 How Countries Are Now Fixing These Barriers 11:06 Malaysia's Joint Ownership Approach 11:19 China's Hainan Freeport – Domestic Sales Without Duty 12:19 India's Problem With Domestic Sales & FX Restrictions 13:29 SEZ-Specific Factors: Why Larger, Open SEZs Work Better 14:28 What's the Incentive for MNCs to Share Knowledge? 15:25 How Policy Can Align MNC Incentives 17:07 Taiwan's SME Development Alongside SEZs 17:48 Malaysia's Penang – Deliberate Capability Building 18:27 Why Markets Alone Can't Create Linkages 19:30 Case Study: Bangladesh – Facilitation Without Capability Building 20:11 Case Study: Sri Lanka's Brandix & the Martin Trust Story 22:48 India's SEZ Success: The Jewellery Sector Story 24:08 SEZs as Enclave vs. Transformative Tool 24:24 China's Model: Technology Sharing + Domestic Innovation Zones 25:22 Rise of Domestic Entrepreneurs as a Signal of SEZ Success 26:20 Why Thailand & Mexico Never Produced Global Brands 27:38 Southeast Asia's FDI Dependency Problem 28:38 Northeast Asia vs. Southeast Asia: The R&D Gap 29:04 Production Capability vs. Technological Capability 29:28 The OEM-to-OBM Shift – How Countries Build Their Own Brands 30:21 China, Taiwan & South Korea's Contrasting SEZ Approaches 30:39 Taiwan's Complementary SEZ Strategy Explained 31:38 South Korea's Dual Economy: Free Zones + Heavy Industrialisation 37:05 Taiwan vs. South Korea – Two Different Strategies 37:10 From Taiwan/South Korea to India: The Electronics PLI 40:45 India's PLI – Intentions vs. Implementation Gaps 42:45 India's Export Slowdown After 2011 – Textiles Deep Dive 44:08 India's Rising Wages & Loss of Labour Cost Advantage 45:04 Dutch Disease: How Service Growth Hurt Manufacturing 48:21 India's Historical Bias Toward Skill-Intensive Industries 49:13 AI & High-Tech Assembly as India's Realistic Path Forward 49:57 Is Foxconn-Style Electronics the Way Forward? 50:31 Dixon, Tata & the Rise of Domestic Electronics Entrepreneurs 53:17 Geopolitics & India's Electronics Ambitions 53:49 China+1 Strategy: Is India Capturing the Opportunity? 56:47 India's New Wave of Free Trade Agreements 57:12 Why FTAs Alone Won't Work Without Domestic Capabilities 58:38 Value Chain Approach to Industrialisation 1:00:19 The Global Clash of Industrial Policies 1:00:43 Deindustrialisation Despite Industrial Policy Efforts 1:01:12 "Servicification" of Manufacturing – India's Edge 1:02:54 Implementation Is the Hard Part – India's Recurring Challenge 1:04:35 Closing Thoughts