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The Core Report
- 1043 - #1027 Nifty Posts Best Weekly Performance In 5 Years As FIIs Step Up Buying
On Episode 1027 of The Core Report, financial journalist Govindraj Ethiraj talks to Bhavesh Jain, Managing Director & CEO at TransUnion CIBIL.
SHOW NOTES
(00:00) Stories of the Day
(01:19) Nifty Posts Best Weekly Performance In 5 Years As FIIs Step Up Buying
(02:09) Oil Prices Drift Lower But Still Held Down By Uncertainty
(06:19) Adani In $2.8 Billion Deal For Europe’s Second Largest Liquid Storage Company
(07:21) India’s Gold Loan Market Is Growing To Sizes Unimaginable And Is Half Of Mortgages As Stress Rises
(20:41) Govt To Mandate Energy Storage For Electricity Utilities
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Thu, 05 Nov 2026 - 22min - 1042 - #1026 The Political, Economic and Market Impact Of The US Midterm Elections On India
On Episode 1026 of The Core Report, financial journalist Govindraj Ethiraj talks to Ambareesh Baliga, Veteran Market Expert; Sid Swaminathan, CEO at Jio Blackrock; and Indrani Bagchi, CEO at Ananta Aspen Centre.
SHOW NOTES
(00:00) Stories of the Day
(00:41) Markets, Oil And The Rupee
(05:58) How Are Indian Markets Going To Respond To The Outcome Of The US Midterm Elections?
(10:19) Impact On Global Investing Themes And AI Investments
(18:44) The Geopolitical Impact Of The US Midterm Election Outcome
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Wed, 04 Nov 2026 - 27min - 1041 - #1025 Will Markets Disconnect From Crude Oil Prices?
On Episode 1025 of The Core Report, financial journalist Govindraj Ethiraj talks to Dr Rahul Mirchandani, Chairman & Managing Director at Aries Agro Limited as well as Manisha Kapoor, CEO and Secretary General at Advertising Standards Council of India (ASCI).
SHOW NOTES
(00:00) Stories of the Day
(01:00) Will Markets Disconnect From Crude Oil Prices?
(02:39) Sensex Is Up Near 4,000 Points In 5 Days
(03:11) Gold Demand Is Falling Sharply In India
(04:51) Sulphur Supply Has Improved But Prices Are Still High
(11:11) Indian Data Centres Could See A 5x Jump In Capacity In Next Four Years Driven By Rs 3,00,000 Crore Of Investments
(12:38) Some 60 Of 61 Nutraceutical Company Ads Processed By Ad Body Did Not Hold Up To Their Claims
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Tue, 03 Nov 2026 - 21min - 1040 - #1024 Festive Spirits And Tax Promises Lift Markets
On Episode 1024 of The Core Report, financial journalist Govindraj Ethiraj talks to Professor Prasanna Tantri, Associate Professor of Finance at the Indian School of Business (ISB); Manoj Mishra, Partner & Tax Controversy Management Leader at Grant Thornton Bharat; and, Michel van Hoey, a senior partner in McKinsey’s Luxembourg office.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Festive Spirits And Tax Promises Lift Markets
(02:52) Why Reliance Stock Prices Jumped On Monday
(03:45) Strong Results Continue To Pour In, As Consumption Stays Strong
(05:42) The Problem With Rising Bank Credit
(18:09) Will The Higher GST Numbers Sustain?
(22:43) Why India Is Now The Hottest Source And Destination For The Global Metals Industry
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Mon, 02 Nov 2026 - 35min - 1039 - #1023 Oil Markets Brace For Yet Another Tough Week
On Episode 1023 of The Core Report, financial journalist Govindraj Ethiraj talks to Sushil Choksey, Founder & Managing Director at Indus Equity Advisors.
SHOW NOTES
(00:00) Stories of the Day
(05:00) Oil Markets Brace For Yet Another Tough Week
(08:03) AI Trades Are Unwinding, Could India Benefit?
(08:21) World Bank Study Says India Lifted 496 Million People Out Of Poverty Between 2011 And 2023
(09:43) GST Collections Jump 23% In October, Also Thanks To More Imports
(11:12) Why Reliance’s Share Price Is Held Down And What Could Unlock It
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Sun, 01 Nov 2026 - 28min - 1038 - #1022 Why Nifty Returns Could Disappoint You For The Next 2 Years | Amar Ambani | Govindraj Ethiraj | The Core Report
Could Nifty returns disappoint over the next two years, even if Indian companies keep growing? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Amar Ambani, Executive Director at YES Securities, about the Indian stock market outlook, opportunities beyond the Nifty 50 and what investors need to consider before committing money for the long term.
Amar Ambani explains why he expects single-digit Nifty returns over the next one to two years despite seeing signs of an oversold market. He discusses how foreign investor selling, elevated bond yields and competition for global capital could constrain large-cap stocks. For investors willing to look three to five years ahead, however, he believes valuations offer room for selective buying.
The conversation explores why established businesses such as Asian Paints, Reliance Industries and Jubilant FoodWorks can face pressure on their stock prices for different reasons. From rising competition and investment cycles to weak sentiment, Ambani examines why a strong business does not automatically make an attractive investment. He also explains why he expects stock picking in mid-cap and small-cap companies to matter more when benchmark returns are modest.
Where could opportunities emerge? Amar Ambani discusses banking stocks, consumer durables, power, defence and quick-service restaurants. He examines the recovery in appliance demand, the outlook for consumer spending and how AI data centres and electric vehicles could increase electricity demand. The discussion also considers whether competition among global AI companies could bring renewed attention to Indian businesses with earnings growth and healthy returns on capital.
What could derail that outlook? Amar Ambani identifies rupee depreciation, sustained foreign portfolio outflows, elevated crude oil prices and geopolitical uncertainty as risks. He explains why investors should retain sufficient liquidity, avoid borrowing against shares to increase exposure and approach equity investing with a five-year horizon.
At the heart of the conversation is a question for anyone concerned about Nifty returns. Should investors wait for a clear market recovery, or selectively buy before a trigger emerges? Amar Ambani shares how he evaluates sector growth, promoter quality, corporate governance, operating cash flow, return on capital and valuations when looking for long-term investment opportunities.
Chapters:
00:57 Amar Ambani on India's Stock Market Outlook
01:53 Why Indian Equities Are Looking Oversold
06:43 Why Leading Stocks Are Trading at Multi-Year Lows
09:17 Can Large-Cap Stocks Deliver Strong Returns Again?
09:34 Why the Next Two Years Could Be a Stock Picker's Market
11:57 Can Domestic Investors Offset Foreign Selling?
13:41 Where Are the Opportunities in Mid and Small Caps?
13:50 Why Banks and Consumer Durables Look Attractive
15:33 Power, Defence and the Next Investment Opportunities
17:15 India's Consumer Demand and Spending Outlook
19:20 Corporate Earnings and the Growth Outlook
20:56 Are Strong Fundamentals Enough to Lift Stock Prices?
21:34 Geopolitics, Crude Oil and Risks to Indian Markets
23:11 Rupee Depreciation and Foreign Capital Flows
24:32 How Should Investors Build Their Portfolios?
25:46 Why Investors Need a Three-to-Five-Year Horizon
26:45 What Makes a Company Worth Investing In?
27:04 How to Evaluate Promoters, Cash Flows and Valuations
29:31 Final Outlook: Selective Buying in an Oversold Market
Watch the full conversation for a deeper understanding of the Nifty 50 outlook, stock selection and long-term investing in India. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.
#Nifty50 #IndianStockMarket #Investing #TheCoreReport #TheCore
Sat, 31 Oct 2026 - 28min - 1037 - #1021 Are Investors Ignoring India’s Best Value Stocks? Sanjeev Prasad | Govindraj Ethiraj | The Core Report
Are investors ignoring India’s best value stocks while chasing the next big opportunity? In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Sanjeev Prasad, Managing Director & Co-Head at Kotak Institutional Equities, about value investing, Indian stock market valuations and why some large-cap stocks are struggling to attract attention.Sanjeev Prasad explains why he believes investors have become too focused on predicting stock prices. He examines how retail savings, mutual fund inflows and momentum investing influence market behaviour, often overshadowing a more important question. Is the business worth what you are paying for it?The conversation explores the divide between large-cap, mid-cap and small-cap stocks. Sanjeev Prasad discusses why newer manufacturing, defence, electronics and consumer technology businesses command investor attention, while mature industries generate less excitement. He explains why stronger earnings growth matters, but does not justify buying at any valuation.Using HDFC Bank and ONGC as examples, Sanjeev Prasad examines why he sees overlooked value in established companies. He discusses how concerns about management, government intervention and past performance can weigh on sentiment. His approach to identifying value stocks starts with comparing the share price with the business’s earnings potential.Are IPO investors assessing companies or chasing listing gains? Sanjeev Prasad explores IPO valuations, offers for sale and how much fresh capital supports new investment. He also discusses why foreign investors may participate in India’s IPO market while selling shares in the secondary market.What could restore confidence in Indian equities? The discussion covers crude oil prices, corporate earnings, capital gains taxation and foreign portfolio investment. Sanjeev Prasad also questions whether concerns about AI and Indian IT services are overshadowing opportunities across the wider economy.At the heart of the conversation is a bigger question. Are investors buying businesses for their long-term value, or hoping someone else will pay a higher price? Sanjeev Prasad explains why looking beyond market sentiment remains central to his investment approach.Chapters:01:14 Sanjeev Prasad on Indian Equities02:02 Why Investors Are Focusing on Price Instead of Value04:21 Euphoria in Mid and Small Caps, Despair in Large Caps06:06 How Retail Money Is Driving Market Behaviour08:34 Are Indian Stock Market Valuations Attractive Again?10:40 Understanding IPOs and Secondary Market Flows15:31 Why Smaller IPOs Are Delivering Higher Returns17:23 The Risks Behind Small Cap IPO Investing18:23 Why Value Matters More Than Stock Price19:27 Are IPO Proceeds Funding India's Future Growth?22:16 IPO Pricing and Foreign Investor Flows23:59 The Next Wave of India's Manufacturing Companies25:34 Why Smaller Companies Are Growing Faster29:04 India's Large Caps and the Challenge of Mature Industries30:35 Why Investors Are Ignoring ONGC and HDFC Bank33:15 The Risks of Buying Overpriced Stocks33:54 A Bull and Bear Market at the Same Time35:03 Corporate Confidence and India's Industrial Credit Growth36:20 How PLI Schemes Are Driving Manufacturing Investment37:19 What Could Bring Investors Back to Indian Markets?38:47 Earnings Recovery, Capital Gains Tax and Foreign Investors42:26 Is India's Dependence on IT Overstated?44:01 The Long Term Outlook for Indian EquitiesWatch the full conversation for a deeper understanding of value investing, Indian stock market valuations and long-term investment decisions. Subscribe to The Core for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.#ValueInvesting #IndianStockMarket #SanjeevPrasad #TheCoreReport
Fri, 30 Oct 2026 - 44min - 1036 - #1020 Oil Markets Worry About The Longer Term
On Episode 1020 of The Core Report, financial journalist Govindraj Ethiraj talks to Madhavi Arora, Chief Economist at Emkay Global. We also feature an excerpt from our recent Special Edition featuring Amit Agarwal, CEO at EAAA India Alternatives, part of the Edelweiss Group.
SHOW NOTES
(00:00) Stories of the Day
(00:41) Oil Markets Worry About The Longer Term
(02:03) Indian Markets Have A Good Run
(06:12) IHCL And AAHL Announce A Multi-Hotel Operating Agreement
(07:45) The Perils Of Trying To Fight The Dollar
(15:19) How Boring Investments In Roads And Solar Power Could Pay Off
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Thu, 29 Oct 2026 - 25min - 1035 - #1019 All Signs Continue To Point To A Long War In West Asia
On Episode 1019 of The Core Report, financial journalist Govindraj Ethiraj talks to Piyush Pandey, Senior Vice President, Institutional Equity Research (Lead Analyst) - IT, Telecom, Internet and Power at Centrum India as well as Masaharu Morita, Founder and Program Director at NURA - AI Health Screening Centre.
SHOW NOTES
(00:00) Stories of the Day
(00:47) All Signs Continue To Point To A Long War In West Asia
(02:24) More Indians Are Investing Overseas, And New Funds Are Keeping Up
(06:03) Jio Platforms Delivers A Solid Listing, A Status Check On India’s Telecom Sector
(14:27) Why More Indians Went Back To Cinema Halls Last Quarter
(15:19) How A 92 Year Old Japanese Camera And Film Company Is Innovating Diagnostic Healthcare In India
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Wed, 28 Oct 2026 - 27min - 1034 - #1018 Diesel Is The New AI For India
On Episode 1018 of The Core Report, financial journalist Govindraj Ethiraj talks to Jaspreet Bindra, Co-founder and CEO at AI&Beyond as well as Matthew Morgan, Partner and the Chief Operating Officer at Eisner Advisory Group LLC.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Oil Prices Stay Unrelentingly High
(01:42) Diesel Is The New AI For India As Govt Refiners To Boost Production By Over 16 Million Tonnes Next Year
(02:55) Is India Exhausting More Ammunition Than Necessary In Trying To Defend The Rupee Against The Dollar
(05:41) Microsoft’s Mass Move To Reduce Headcount By Over 25% And Anthropic’s Mega IPO, What Ties Them Together?
(16:08) Are GCCs Still Expanding In India And Where?
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Tue, 27 Oct 2026 - 29min - 1033 - #1017 More World Leaders Join The Hunt For Gasoline
On Episode 1017 of The Core Report, financial journalist Govindraj Ethiraj talks to Chanakya Chakravarty, Global Real Estate Investor and Capital Strategist.
SHOW NOTES
(00:00) Stories of the Day
(00:50) More World Leaders Join The Hunt For Gasoline
(04:34) Neoclouds Are Under Pressure On Wall Street, Opening Up Fresh Chink In AI Armour
(05:53) Uday Kotak’s Warning On The Cost Of FCNR Deposits
(07:24) Domestic Institutional Capital In Real Estate Has Overtaken Foreign Capital For The First Time. What Does That Mean?
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Mon, 26 Oct 2026 - 19min - 1032 - #1016 Middle East Braces For Highest Uncertainty Since War Began
On Episode 1016 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Mittal, Director at AeroIntellect Aviation as well as Saket Mehra, Partner and Automotive & EV Industry Leader at Grant Thornton Bharat.
SHOW NOTES
(00:00) The Take
(06:17) Middle East Braces For Highest Uncertainty Since War Began As Oil Prices Keep Pace
(08:20) TCS Stock, A Bright Spot In A Gloomy Market
(09:20) Domestic Air Traffic Is Falling, How Will That Affect Airlines And Aviation?
(16:35) The Story Of PHP
(18:01) Why There Are A Rash Of Automotive M&A Deals
(25:40) Why Netflix Is In Trouble
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Sun, 25 Oct 2026 - 27min - 1031 - #1015 Paytm, Blinkit And Meesho: Is India Underestimating Their Growth? | Govindraj Ethiraj | The Core Report
Are Paytm, Blinkit and Meesho building more earnings potential than investors recognise? In this episode of The Core Report Special Edition, Govindraj Ethiraj speaks with Nirav Sheth, CEO of Institutional Equities at Emkay Global, about platform businesses, stock market valuations and India’s next growth opportunities.
Sheth explains why reported profits and losses may not tell the full story of a digital business. Through Paytm’s merchant network, Meesho’s customer reach and Blinkit’s dark store economics, he examines how customer habits, network effects and expansion costs shape long-term profitability. When does spending to acquire customers create a lasting competitive advantage?
The discussion explores why Paytm, Blinkit and Meesho require a different analytical approach from traditional consumer companies. Sheth discusses unit economics, cash flow potential and how quick commerce is changing competition for established retailers.
Beyond digital platforms, Sheth examines electronics manufacturing services, power infrastructure and opportunities over the next decade. He discusses Dixon and India’s manufacturing ecosystem, alongside potential demand for electricity and transformers from AI data centres. He also explains his concerns about Indian IT services as artificial intelligence changes how work gets done.
Why are foreign investors selling Indian stocks while domestic mutual fund inflows remain strong? Sheth connects foreign portfolio outflows with bond yields, earnings growth, valuations and rupee depreciation. He considers how new Nifty 50 constituents could reshape the index and what might bring foreign capital back.
Where will India’s next market leaders emerge? From regional retailers and recycling businesses to electronics manufacturers, Sheth explores how smaller companies challenge larger rivals and shares how his investing framework has evolved.
The conversation also separates enthusiasm for AI technology from confidence in AI stock valuations. Could cheaper models and changing infrastructure needs challenge today’s investment assumptions? Sheth considers how a reversal in the global AI trade might affect capital flows into India, while explaining why identifying a promising business is only one part of assessing an investment.
Chapters:
01:35 Bond Yields, Valuations and Nifty Earnings Growth
03:38 Where Smart Money Could Go Next
05:53 Why Foreign Investors Are Selling Indian Equities
06:39 AI, US Bond Yields and the Rupee's Challenges
09:36 Domestic Mutual Fund Inflows vs FII Outflows
11:09 Why Nirav Sheth Remains Bullish on the Nifty
12:00 The Investment Case for New-Age Platform Companies
17:10 Blinkit, Zepto and the Economics of Disruption
20:15 India's Electronics Manufacturing Opportunity
22:27 How the Nifty's Next Market Leaders Could Change
23:59 Banking Outlook and AI Risks to Indian IT
25:24 How AI Could Disrupt White-Collar Jobs
28:11 AI-Powered Investment Research for Retail Investors
29:52 Data Centres and India's Next Power Boom
35:02 Could an AI Correction Bring Foreign Investors Back?
38:29 How Smaller Indian Companies Are Challenging Market Leaders
41:06 Nirav Sheth's Approach to Stock Selection
Watch the full conversation for a deeper understanding of platform businesses, earnings growth and the Indian stock market. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.
Is India underestimating the growth of Paytm, Blinkit and Meesho? Watch Govindraj Ethiraj and Emkay Global’s Nirav Sheth on The Core Report explore platform businesses, earnings growth, stock market valuations and quick commerce. Could AI and electronics manufacturing shape India’s next market leaders? Subscribe for insights into the Indian stock market and Indian economy.
#Paytm #Blinkit #Meesho #IndianStockMarket #TheCoreReport #TheCore
Sat, 24 Oct 2026 - 41min - 1030 - #1014 Why Foreign Investors Are Selling Indian Stocks | Ajit Dayal | Govindraj Ethiraj | The Core Report
Why are foreign investors selling Indian stocks when India’s economy continues to grow? The answer goes beyond corporate earnings to the returns investors keep after taxes, currency losses and the risks they take.In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Ajit Dayal, Founder of Quantum Advisors Private Limited, about foreign portfolio investment, Indian stock market valuations and what could bring global capital back to India.Dayal explains how expensive valuations can make Indian equities less attractive when investors compare potential returns with opportunities elsewhere. A stock market gain in rupees can look very different in US dollars, particularly after accounting for currency depreciation and capital gains tax.The discussion examines why domestic investors continue putting money into mutual funds and SIPs while foreign investors have been pulling back. Dayal traces India’s market development since the 1991 economic reforms and explains why a stronger investment ecosystem does not automatically guarantee foreign inflows.Corporate governance is another concern. Dayal describes Quantum’s integrity assessment of companies and why the treatment of minority shareholders matters to international investors. Govindraj questions how these concerns should be weighed against businesses delivering resilient earnings and benefiting from domestic demand.The conversation also explores the gap between GDP growth and stock market returns. Drawing comparisons between India and China, Dayal explains why investors need to examine how economic growth translates into shareholder returns, rather than relying on the growth story alone.Beyond company performance, they discuss how US tariffs, trade uncertainty, oil prices and geopolitical developments influence foreign investment decisions. Dayal questions the trade-offs involved in using a weaker rupee to support exports when currency losses can discourage overseas investors.Index funds and passive investing come under scrutiny too. Dayal discusses changes in index constituents, transaction costs and why he believes comparisons between actively managed funds and benchmark indices need closer examination.The global AI investment boom adds another dimension. Dayal distinguishes between artificial intelligence as a lasting economic shift and the risks of choosing individual AI stocks. He also explains why he remains optimistic about India’s consumer demand and sees opportunities despite the difficult market environment.What would make foreign investors look at Indian stocks differently, and which changes are within India’s control?Watch the full conversation for insights into FPI outflows, the Sensex and Nifty, rupee depreciation, capital gains tax, corporate governance, index funds & India’s investment outlook.Chapters01:09 When Will Indian Markets Regain Momentum?02:14 India's Changing Share of Global GDP05:13 How the 1991 Reforms Transformed Indian Markets07:15 Rising Retail Investment and Foreign Capital Outflows10:04 Coalition Governments and India's GDP Growth11:55 India vs China: GDP Growth and Stock Market Returns14:48 How Capital Gains Tax and Rupee Depreciation Impact Returns17:03 Why Corporate Governance Matters to Foreign Investors19:55 What Triggered the Foreign Investor Selloff?22:49 RBI's Currency Policy & Foreign Capital Flows24:53 US Tariffs and India's Trade Deal Uncertainty27:57 Market Corrections and India's Investment Opportunity30:41 Ajit Dayal's 30% Governance Concern in the MSCI India Index35:48 Why China Plus One Went to Vietnam37:01 The Hidden Costs of Passive Investing in India39:39 Banking, IT and Changing Index Weights41:54 Is AI a Bubble? The Long-Term Investment Outlook43:29 What India Must Fix to Attract Global Capital#IndianStockMarket #FPIOutflows #TheCoreReport
Fri, 23 Oct 2026 - 43min - 1029 - #1013 Markets Dip Again As Oil Prices Cross $112
On Episode 1013 of The Core Report, financial journalist Govindraj Ethiraj talks to Dinesh Kanabar, Founder, Chairman & CEO of Dhruva Advisors. We also feature an excerpt from our recent Special Edition featuring Jitendra Gohil, CFA, CIO – Listed Equities at Bajaj Alternate Asset Management Limited.
SHOW NOTES
(00:00) Stories of the Day
(01:00) When Will Fuel Prices Rise At The Pump?
(03:25) Markets Dip Again As Oil Prices Cross $112
(03:56) China’s Markets Enter Bear Territory
(05:39) How Effective Is GIFT City As An Investment Channel?
(18:30) Will India Inc Pull The Trigger On Higher Capex And Growth?
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Thu, 22 Oct 2026 - 28min - 1028 - #1012 More Oil Flowing From Middle East Than Before War
On Episode 1012 of The Core Report, financial journalist Govindraj Ethiraj talks to Sachin Sawrikar, Managing Partner at Artha Bharat Investment Managers. We also feature an excerpt from our recent episode of our show How India’s Economy Works hosted by Journalist and Author Puja Mehra and featuring Ajay Srivastava, Founder at the Global Trade Research Initiative (GTRI).
SHOW NOTES
(00:00) Stories of the Day
(00:50) More Oil Flowing From Middle East Than Before War
(02:30) The Perils Of Buying Venezuelan Crude And Rubio’s Diesel Purchase Pitch To India
(04:00) The Rupee Is On Stronger Ground On Fresh Flows Including For Jio IPO
(05:42) Power Shortages Are Leading To Cut Backs In Supplies In Gujarat
(19:25) Why Some Funds Are Moving Out Of GIFT City
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Wed, 21 Oct 2026 - 33min - 1027 - #1011 Oil Prices Are In Dangerous Territory
On Episode 1011 of The Core Report, financial journalist Govindraj Ethiraj talks to Nishant Arora, Senior Vice President of Marketing at Netcore as well as Nakul Saxena, Business Head - Housing Finance, Kotak Mahindra Bank.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Oil Prices Are In Dangerous Territory
(01:26) Rubio Comes To Reliance
(04:47) The Last Man Standing In AI Stocks
(06:30) Smartphone Sales Crash As Expected
(08:41) How Are Indians Buying Online This Festive Season?
(19:53) Why Younger Indians Are Buying Houses, Contrary To Popular Perception
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Tue, 20 Oct 2026 - 30min - 1026 - #1010 Before You Sell Your Mutual Funds, Watch This | Govindraj Ethiraj | The Core Report
Should you sell your mutual funds when returns disappoint, or give your investments more time? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (INDIA), about weak mutual fund returns, stock market uncertainty and what investors should consider before deciding to exit.
Swarup Mohanty argues that disappointing returns can reveal a gap between investors’ expectations and their tolerance for risk. He explains why he believes corporate earnings and valuations have improved despite the difficult market environment. Before you sell your mutual funds, he suggests examining what makes you uncomfortable and whether your investments still align with your financial goals.
The conversation explores Mirae Asset’s investment approach, its reluctance to chase expensive stocks and why it resisted launching a small-cap fund without the right manager. Mohanty also discusses how new listings have broadened India’s investment opportunities and why he believes the Nifty 500 offers a fuller picture of the Indian stock market than the Nifty 50.
Looking beyond large-cap, mid-cap and small-cap categories, Swarup Mohanty examines thematic investing in manufacturing, healthcare, financial services, consumption and energy. He explains how these businesses are evolving and where AI adoption could influence competitiveness. The discussion also explores overseas diversification and the opportunity to own global businesses that are not readily available in India.
How should investors combine active mutual funds, ETFs, debt and gold? Mohanty discusses portfolio diversification, the role of gold ETFs and why higher return expectations require a closer look at risk. He explains why retirement planning should begin with the amount an investor needs and the time available, rather than a race to find the highest-performing fund.
At the heart of the conversation is a bigger question. Before you sell your mutual funds, are you responding to a change in your financial needs or frustration with recent performance? Mohanty shares why he sees no immediate trigger for a market turnaround, while making the case for goal-based investing, thoughtful asset allocation and reviewing selling decisions as carefully as buying decisions.
Chapters:
01:40 Why Investors Chase Past Returns
04:01 Corporate Earnings, Valuations and Market Fundamentals
06:30 Mirae Asset's Long-Term Investment Strategy in India
10:02 Why Mirae Asset Resisted the Small-Cap Rally
11:47 Inside Mirae Asset's Equity, Debt and ETF Portfolio
13:54 India's IPO Boom and the Expanding Mid-Cap Market
16:50 Why the Nifty 50 No Longer Represents the Broader Market
18:51 The Disconnect Between Market Performance and Economic Growth
20:42 Investing Beyond Large-, Mid- and Small-Caps
22:14 Healthcare, Innovation and Emerging Investment Themes
23:42 India's Shift Towards Discretionary Consumption
25:25 The Case for International Equity Diversification
27:11 Mirae Asset's Global Investment Footprint
29:46 Active vs Passive Investing: Building a Balanced Portfolio
33:27 Gold ETFs and Portfolio Diversification
35:02 Market Outlook: What to Expect Over the Next Six Months
36:30 Retirement Planning and the Case for Multi-Asset Investing
Watch the full conversation for a deeper understanding of mutual fund returns, long-term investing and how to align your portfolio with your financial goals. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.
#MutualFunds #StockMarket #LongTermInvesting #RetirementPlanning #TheCoreReport #TheCore
Mon, 19 Oct 2026 - 37min - 1025 - #1009 Indian IT Stocks Are Beating Chip Stocks
On Episode 1009 of The Core Report, financial journalist Govindraj Ethiraj talks to Manas Majumdar, Partner and Leader - Oil & Gas, Fuels & Resources at PWC India as well as Ketan Dalal, Tax Expert and Founder at Katalyst Advisors.
SHOW NOTES
(00:00) The Take
(04:41) Indian IT Stocks Are Beating Chip Stocks
(08:05) Why India Is Now A Swing Country In Petroleum Refining
(19:55) US Once Again Allows India To Buy Oil From Russia
(20:17) How Foreign Investors Face A Double Whammy On Their Capital Gains Tax
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Sun, 18 Oct 2026 - 29min - 1024 - #1008 How Chowgule Is Building Ships in India for Europe
In this premiere episode of Legacy Forward, financial journalist Govindraj Ethiraj speaks with Arjun Chowgule, MD of Chowgule Group, a century-old business group that has lived through industrial shifts, family transitions, global competition and now, the green transition.Chowgule’s shipbuilding journey began with barges used to transport iron ore along Goa’s rivers. Today, the business builds hybrid vessels for Scandinavian clients. When Arjun took on the shipbuilding business in 2021, the pandemic had strained cash flows and the family had undergone a restructuring. Arjun discusses acquiring the former Bharati Shipyard facility in Mangalore, bringing the shipyard back into operation, investing in its facilities and delivering its first vessel under the new ownership.Behind this manufacturing story is a more personal question. How do you take an inherited business forward while respecting the people who built it?Arjun reflects on family business succession, the cost of prolonged disputes and why he sees stewardship as a duty to employees, customers and future generations. His experience offers a perspective on Indian manufacturing exports, global competition and the decisions that shape a family-owned enterprise.Chapters 01:10 Inside Chowgule’s Goa shipyard02:50 From mining logistics to shipbuilding07:09 Professional management and generational change08:19 Taking charge and winning hybrid vessel orders11:46 Reviving the Mangalore shipyard12:50 Family businesses and customer trust15:48 Meeting overseas technical requirements17:37 Delivering ships during COVID19:19 A new generation takes the helm20:47 Stewardship, ownership and responsibility23:29 Lessons from family business disputes25:15 Succession and the family’s role in business27:12 Building on the work of earlier generationsLegacy Forward is a series that dives deep into how India’s family businesses actually work, the structures, the legacies, and the tensions that come with passing the torch. Produced by The Core, in association with CII - FBN.Producer: ManjooshaEditor: Mandar Sawant#IndianShipbuilding #Chowgule #FamilyBusiness
Sat, 17 Oct 2026 - 30min - 1023 - #1007 Can Indian Railways Turn Old Diesel Engines Into Export Winners? | Govindraj Ethiraj | The Core Report
Indian Railways could turn more than 500 old diesel engines into a new export opportunity as electrification changes the role of its diesel fleet.
In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Rahul Mithal, Chairman and Managing Director of RITES LTD, about diesel locomotive exports, India’s infrastructure investment and the business of finding new markets for existing railway assets.According to Mithal, more than 500 diesel locomotives have around 15 to 20 years of working life remaining. Refurbishing and adapting these engines for overseas networks could generate revenue for Indian Railways while giving buyers locomotives at around two-thirds the cost of new ones.RITES is targeting opportunities across 11 African countries that use Cape gauge railway networks. Mithal says its first two converted locomotives are ready for shipment, with overseas trials expected to help establish the opportunity. The company has also secured an order for a standard gauge locomotive for Australia.But turning old diesel engines into export winners involves more than changing the wheels. Mithal explains how engineers adapt underframes, bogies, wiring and control systems to make Indian locomotives work on different railway gauges. The commercial potential depends on translating that engineering into reliable products and repeat orders.The conversation also examines why India’s infrastructure projects run over time and budget. Mithal argues that spending more time and resources on Detailed Project Reports could reduce disputes, improve cost estimates and prevent capital from getting locked up in delayed projects.Artificial intelligence could help improve both planning and quality control. RITES is developing a tool using its archive of more than 5,000 project reports and has introduced VISTAR, an AI inspection system for rails during manufacturing.Beyond diesel locomotive exports, Mithal discusses plans to develop Vande Bharat trains for standard gauge export markets and pursue electric locomotive export orders. He also explains how the India–UAE virtual trade corridor could improve cargo information exchange, customs clearance and port efficiency.Could engines that India needs less become valuable assets in overseas markets?Watch the full conversation for insights into Indian Railways, RITES, locomotive refurbishment, railway exports, infrastructure planning, Vande Bharat, artificial intelligence, the IMEC corridor and India’s logistics economy.Chapters01:05 RITES' Role in India's Infrastructure Development02:59 Diversifying Beyond Indian Railways04:12 Order Growth and Global Expansion05:48 High-Speed Rail, Metro and Infrastructure Projects07:36 Why Infrastructure Projects Face Cost Overruns09:49 Challenges in Detailed Project Planning11:26 Using AI to Improve Project Reports13:51 The Economic Cost of Poor Infrastructure Planning15:30 Improving Project Design and Execution17:10 Converting Indian Locomotives for Export19:43 The Engineering Behind Locomotive Conversion21:40 Understanding India's Railway Gauge Network22:39 AI, Rail Safety and Network Modernisation25:25 Upgrading Tracks for Higher-Speed Trains27:56 Electric Locomotives and Vande Bharat Exports29:23 The Shift Towards Multimodal Infrastructure Corridors31:19 India-UAE Trade Corridor and the MAITRI Initiative33:21 How Digital Trade Corridors Can Speed Up Cargo Movement35:31 Balancing Road and Rail Freight37:14 Vande Bharat and the Future of Intercity Travel39:26 Why India Needs Integrated Transport PlanningCan Indian Railways turn old diesel engines into export winners? Govindraj Ethiraj speaks with RITES CMD Rahul Mithal on The Core about diesel locomotive exports, locomotive refurbishment, Vande Bharat exports and artificial intelligence in infrastructure planning. Could engines India needs less unlock new markets abroad?#IndianRailways #RITES #VandeBharat #RailwayExports
Fri, 16 Oct 2026 - 39min - 1022 - #1006 Why Indian Markets Jumped A 1,000 Points On Thursday
On Episode 1006 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Goel, Co-Founder & Chief Global Strategist at PACE 360 as well as Bhavesh Jain, Managing Director & CEO at TransUnion CIBIL.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why Indian Markets Jumped A 1,000 Points On Thursday
(05:35) Could There Be More Cross Border Energy Deals Between India And The US?
(16:05) How Oil Transport Costs Are Spiking And Now In Focus
(18:33) Direct Tax Collections Are Up, So Are Refunds
(19:39) A Quick Glance At India’s Credit Health With TransUnion CIBIL
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Thu, 15 Oct 2026 - 31min - 1021 - #1005 Goldman’s Big Prediction For Indian AI Stocks
On Episode 1005 of The Core Report, financial journalist Govindraj Ethiraj talks to Vishal Mehta, India Leader – Energy Practice at Boston Consulting Group (BCG) as well as Harsh Roongta, Founder at Fee Only Investment Advisers LLP.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Goldman’s Big Prediction For Indian AI Stocks
(03:15) Rupee Continues To Rise As RBI Battles Speculation
(04:56) Wholesale Inflation Jumps
(07:21) India’s Energy Grid Is Seeing Big Shortages, What Is The Way Out?
(17:17) The Insurance Industry Has Pushed Back On The Regulator's Proposals On Slashing Distributor Commissions. Where Will The Meeting Point Be?
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Wed, 14 Oct 2026 - 27min - 1020 - #1004 Why IT Stocks Are Bouncing Back
On Episode 1004 of The Core Report, financial journalist Govindraj Ethiraj talks to Madan Sabnavis, Chief Economist at Bank of Baroda Research as well as Amir Durrani, President Global Application, Business Process Services and Data practice at NTT DATA Inc.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why IT Stocks Are Bouncing Back
(01:32) Talk Of A Revisit Of Capital Gains Tax Rates On Investors Boosts Markets Again
(06:03) What Could The Future Indian IT Services Companies Look Like?
(14:36) What The Nobel Prize For Economics For This Year Recognises And What Does It Mean From An India Lens
(23:09) Anthropic Says AI Is Months Away From Replicating Across Home Devices
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Tue, 13 Oct 2026 - 25min - 1019 - #1003 Large Caps Continue To Take A Beating
On Episode 1003 of The Core Report, financial journalist Govindraj Ethiraj talks to Aditi Nayar, Chief Economist at ICRA Ratings as well as Anindya Banerjee, Head of Research at Kotak Neo.
SHOW NOTES
(00:00) The Take
(00:50) Large Caps Continue To Take A Beating, Reliance Hits 18-Month Low
(03:04) Mutual Fund Inflows Hit Fresh Records
(03:58) Why China’s Gold Strategy Is Important To Note
(04:59) Why Inflation Is Nearing A 2-Year High
(12:33) Is The RBI’s Strategy Of Reducing Speculation On The Rupee Working?
(19:29) The Latest Nobel Prize For Economics Goes To…
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Mon, 12 Oct 2026 - 21min - 1018 - #1002 Markets Could Come Under Pressure
On Episode 1002 of The Core Report, financial journalist Govindraj Ethiraj talks to Srikanth Velamakanni, Chairperson of industry body Nasscom and Co-Founder and Group CEO at Fractal Analytics.
SHOW NOTES
(00:00) The Take
(06:17) Markets Could Come Under Pressure From Fresh West Asia Tensions
(09:24) Why Heavy FPI Selling, Including $4.5 Billion This Month, Will Challenge RBI’s Moves To Lift The Rupee
(11:26) A US Clampdown On Indian Tech Workers Puts The Spotlight Back On The Country’s AI Skills
(24:18) Why Microsoft's Satya Nadella Wants To Put Brakes On AI
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Sun, 11 Oct 2026 - 26min - 1017 - #1001 Why IKEA Had to Rethink Its India Playbook
Why did IKEA pause its expansion in India, and what has changed now? Is IKEA an affordable furniture brand or an He also addresses whether IKEA charges more in India, explains the company's €400 million sourcing operations in the country, and reveals why he sees similarities between IKEA's position in India today and its growth journey in Russia 15 years ago.
As India's retail market evolves, can IKEA balance affordability, aspiration and expansion while adapting to changing consumer preferences?
Watch the full conversation for insights into IKEA's India strategy, furniture retail, manufacturing, sourcing and the future of organised retail in India.
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Fri, 09 Oct 2026 - 23min - 1016 - #1000 Why The Sensex Has Hit A Near Three Year Low
On Episode 1000 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajay Rotti, CEO at Tax Compaas and Prashant Agarwal, Indirect Tax Partner at PWC. We also feature an excerpt from our recent Special Edition featuring Swati Khemani, Founder and CEO at Carnelian Capital.
SHOW NOTES
(00:00) Stories of the Day
(01:09) Why The Sensex Has Hit A Near Three Year Low
(04:07) A Merchant Charge On UPI Payments Is Being Delayed
(04:43) Elon Musk’s Strange Accusation On Indian Oligarchs
(06:12) Why The Latest Announcements On GST Are Important
(20:06) Why Taking Bets On Company Leadership Is Important In Stock Picking
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Thu, 08 Oct 2026 - 32min - 1015 - #999 Markets Turn Around As Oil Prices Rise
On Episode 999 of The Core Report, financial journalist Govindraj Ethiraj talks to Radhika Rao, Senior Economist and Executive Director at DBS Bank as well as Dharmakirti Joshi, Chief Economist at CRISIL.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Markets Turn Around As Oil Prices Rise
(03:40) What Does The RBI Rate Hike Really Mean?
(15:52) The Silent Shift In India’s Exports And Guess Which Country Is The Biggest Recipient Of This Product
(23:11) Google Says They Have Fallen Short Of Their Own High Standards As Finland Suspends Data Centre Projects
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Wed, 07 Oct 2026 - 24min - 1014 - #998 Crude Oil Is Flowing Out Of West Asia But Not Refined Products Like Diesel
On Episode 998 of The Core Report, financial journalist Govindraj Ethiraj talks to Saharsh Damani, CEO at FADA as well as Abhishek Gupta, Founder, Managing Partner, Pierag Consulting.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Crude Oil Is Flowing Out Of West Asia But Not Refined Products Like Diesel
(02:53) Markets Continue Recovery As Oil Prices Fall
(05:17) Power Demand Is Rocketing As Country’s Second Summer Kicks In
(06:32) India Sees Record Auto Sales In September Across Most Categories
(16:23) Are GCCs Consolidating Back Into IT Services Companies?
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Tue, 06 Oct 2026 - 25min - 1013 - #997 A Trade Deal With The US Appears Distant And Near Impossible Now
On Episode 997 of The Core Report, financial journalist Govindraj Ethiraj talks to Madan Sabnavis, Chief Economist at Bank of Baroda Research as well as Amit Pabari, Managing Director at CR Forex.
SHOW NOTES
(00:00) Stories of the Day
(00:50) A Trade Deal With The US Appears Distant And Near Impossible Now
(04:47) Could RBI Hold Rates In Its Credit Policy This Week And Why?
(14:13) Airlines Are Raising Fares Again
(15:01) Battle Between Airlines And Mumbai Airport Intensifies As The Airlines Oppose A Forced Shift To Navi Mumbai
(18:12) The Rupee Is Under Pressure Once Again. Where Could It Go Next?
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Mon, 05 Oct 2026 - 27min - 1012 - #996 Oil Prices And Bond Yields Will Determine If Markets Can Recover
On Episode 996 of The Core Report, financial journalist Govindraj Ethiraj talks to Umesh Revankar, Executive Vice Chairman at Shriram Finance Limited (in an excerpt from our Special Edition) as well as Shankkar Aiyar, economic journalist, columnist and author.
SHOW NOTES
(00:00) The Take
(04:34) Oil Prices And Bond Yields Will Determine If Weak Markets Can Recover
(06:13) India’s Foreign Exchange Reserves Fall The Highest On Record Last Week
(07:14) Why Non Banks Continue To Show Credit Growth, Particularly In The MSME Sector
(16:09) Consumption Will Drive India’s Growth But What Do We Know Of Its Trajectory?
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Sun, 04 Oct 2026 - 24min - 1011 - #995 India’s Growth Story and the Cost of Regulatory Cholesterol
India has built one of the world’s largest pharmaceutical industries. But scale alone is no longer enough.
In this episode of The Core Report: Weekend Edition, Govindraj Ethiraj speaks with Manish Sabharwal, Chairman and Co-founder of TeamLease Services, about what India’s pharma success can teach the rest of the economy and why the country still struggles to turn entrepreneurial ambition into globally competitive companies.
Drawing from Made in India, the book on Lupin founder D.B. Gupta, Sabharwal discusses how Indian pharma moved from a licence-era industry to a global manufacturing force, why the next challenge is shifting from volume to value, and what is still holding back innovation, manufacturing and productivity.
The conversation also explores India’s unfinished deregulation agenda, why capital is no longer the biggest constraint for businesses, the need for stronger governance and professional management, and why Indian companies may have to choose focus over excessive diversification.
Sabharwal also makes the case that India’s larger economic challenge is not simply creating more jobs, but creating more productive, better-paying jobs and moving millions of workers from low-productivity agriculture into higher-value sectors.
The episode is ultimately about a bigger question: What will it take for India to build more companies that can scale, innovate and compete globally?
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Fri, 02 Oct 2026 - 48min - 1010 - #994 Oil Flows Through The Strait Of Hormuz Are Only 11% Shy Of The Pre-War Peak
On Episode 994 of The Core Report, financial journalist Govindraj Ethiraj talks to K. Ravichandran is the Executive Vice President and Chief Rating Officer at ICRA Limited as well as Vaiibhavv Chugh, CEO at Abakkus Mutual Fund.
SHOW NOTES
(00:00) Stories of the Day
(01:22) Oil Flows Through The Strait Of Hormuz Are Only 11% Shy Of The Pre-War Peak
(05:12) The Sensex Has Fallen 20% This Year In Dollar Terms, Steepest In 15 Years
(06:36) India Sees Lowest Rainfall In Decade
(06:58) How 74% Of Indian Entrepreneurs Want To Live Elsewhere
(07:33) India Should Convert Macroeconomic Resilience Into Sustained Economic Momentum, Says S&P Global Ratings
(09:28) Indian Companies Have Strong Balance Sheets Going Into The Second Half
(21:09) Why Stock Selection Is Going Beyond The Classic Large Cap And Small Cap Definition
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Wed, 30 Sep 2026 - 34min - 1009 - #993 Why Indian Markets Have Gone Back 25 Years
On Episode 993 of The Core Report, financial journalist Govindraj Ethiraj talks to Peter McGuire, CEO of Trading.com Australia and Chief Market Strategist for the Asia-Pacific region at XM as well as Shriram Subramanian, founder and managing director at InGovern Research Services.
SHOW NOTES
(00:00) Stories of the Day
(01:15) Why Indian Markets Have Gone Back 25 Years
(03:26) What The Combination Of High Oil Prices And Rising Bond Yields Means For Capital Flows
(12:11) Essar Group Is Back With $18 Billion Steel Project, But In The USA
(14:36) How Foreign Investors Are Buying Into Real Estate
(15:46) And The Logjam Within Logjams As Tata Trusts Comes Up With Merger Proposal To Save Tata Sons From Listing
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Tue, 29 Sep 2026 - 26min - 1008 - #992 Why Oil Price Uncertainty Will Continue To Batter Markets
On Episode 992 of The Core Report, financial journalist Govindraj Ethiraj talks to Jaya Dhindaw, Executive Program Director, Sustainable Cities and Director at WRI India Ross Center as well as Kanan Bahl, Founder at Fingrowth Media.
SHOW NOTES
(00:00) Stories of the Day
(01:16) Why Oil Price Uncertainty Will Continue To Batter Markets
(03:20) The List Of Prominent Companies’ Stock Price Hitting 52-Week Lows Is Growing
(05:16) What’s Driving A Rise In India’s Index Of Industrial Production (IIP)?
(08:05) How And Why India Should Revisit Its Very Definition Of Urbanisation?
(20:07) India’s Insurance Regulator Sends The Industry Scurrying And Stockprices Falling. What’s Next?
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Mon, 28 Sep 2026 - 31min - 1007 - #991 Oil Prices And Stalemate In West Asia Will Determine Market Direction This Week
On Episode 991 of The Core Report, financial journalist Govindraj Ethiraj talks to Indrani Bagchi, CEO at Ananta Aspen Centre.
SHOW NOTES
(00:00) The Take
(04:44) Oil Prices And Stalemate In West Asia Will Determine Market Direction This Week
(07:26) Get Set For Price Rises Across The Economy
(09:26) Government Asks Businesses With Captive Power Plants To Work At Full Capacity And Sell Surplus Power
(10:44) What Does The US-China Bonhomie In Washington Mean For India?
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Sun, 27 Sep 2026 - 20min - 1006 - #990 Why India Needs “Safety of Business,” Not Just Ease of Business
The global economy is shifting from low-cost manufacturing towards secure and resilient supply chains, changing how capital flows across emerging markets.
In this episode of The Core Report Special Edition, Govindraj Ethiraj speaks with Jahangir Aziz, Co-Head of Macroeconomic Research, J.P. Morgan, about India's foreign investment challenges and its opportunity to position itself as a secure manufacturing alternative to China.
The conversation examines India's dependence on Chinese inputs in pharmaceuticals, semiconductors and other critical industries, and why Aziz argues for a shift from ease of business to “safety of business.” They also discuss emerging-market investment, US economic growth, the emergence of new industries and AI's impact on jobs and wages.
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Fri, 25 Sep 2026 - 20min - 1005 - #989 Liquidity Stretched Markets Take A Dive
On Episode 989 of The Core Report, financial journalist Govindraj Ethiraj talks to G Chokkalingam, Founder at Equinomics Research as well as Vivek Merchant, Director at Swan Defence and Heavy Industries Limited (SDHI) from our extended Special Edition interview.
SHOW NOTES
(00:00) Stories of the Day
(01:13) Liquidity Stretched Markets Take A Dive On Bank Bad News
(01:40) US President Donald Trump Does An Airport Greeting For Chinese President Xi Jinping
(05:48) Why The Indian Markets Crashed On Thursday
(16:24) How India’s Shipbuilders Are Scouring The Globe For Orders And Winning Them Too
(26:30) The US Is Investing $10.3 Trillion In Ai And Data Centers In The Next 6 Years, The Largest Capex In History
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Thu, 24 Sep 2026 - 28min - 1004 - #988 Oil Prices Steady As Markets Watch US-Iran Talks In New York
On Episode 988 of The Core Report, financial journalist Govindraj Ethiraj talks to HP Ranina, Supreme Court advocate, chartered accountant, and expert on Indian tax and corporate laws.
SHOW NOTES
(00:00) Stories of the Day
(01:13) Oil Prices Steady As Markets Watch US-Iran Talks In New York
(02:04) Why A Diesel Shortage In The West Could Become A Global Challenge
(05:52) A Fresh Bull Case For Gold
(08:06) Does The Reserve Bank Have The Powers To Force A Company To List, In This Case Tata Sons?
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Wed, 23 Sep 2026 - 21min - 1003 - #987 Iran Makes Fresh Overture For Peace
On Episode 987 of The Core Report, financial journalist Govindraj Ethiraj talks to Rajiv Batra, Head of Asia & Co-Head of Global Emerging Markets Equity Strategy and Chief India Equity Strategist at J.P. Morgan as well as Nikhil Dubey, Senior Research Analyst, Refining & Modeling at Kpler.
SHOW NOTES
(00:00) Stories of the Day
(01:17) Iran Makes Fresh Overture For Peace Even As UN General Assembly Kicks Off In New York
(02:42) Indian Markets Slide On Weak Support And Continuous Liquidity Pressure From IPOs
(04:58) JP Morgan Chief Says Indian Govt Should Not Allow Companies To Use Regulation To Block Competition
(07:03) Why Global Investors Are Preferring Midcaps And What Is Keeping Them Away From Large Caps
(27:29) Will India Be Affected By The Global Diesel Shortages?
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Tue, 22 Sep 2026 - 35min - 1002 - #986 Oil Prices Fall And Indian Markets Rise
On Episode 986 of The Core Report, financial journalist Govindraj Ethiraj talks to Vivek Lohia, Managing Director of Jupiter Wagons. We also feature an excerpt from our recent Special Edition featuring Dr. Rajiv Kumar, former Vice Chairman of NITI Aayog and Chairman of Pahle India Foundation.
SHOW NOTES
(00:00) Stories of the Day
(00:50) UN General Assemby Meets In New York, Will It Provide The Path To Peace
Oil Prices Fall And Indian Markets Rise
(03:18) What Bernstein Does Not Like About Older Large Cap Indian Companies
(05:11) Coal Stocks Are Running Low
(07:24) The Western Dedicated Freight Corridor Is Fully Commissioned
(18:36) How India Can Step Up To Receive More Chinese Investments
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Mon, 21 Sep 2026 - 33min - 1001 - #985 Markets Brace For A Tough Week
On Episode 985 of The Core Report, financial journalist Govindraj Ethiraj talks to Hetal Dalal, President and COO at IiAS as well as Abizer Diwanji, Founder at NeoStrat Advisors.
SHOW NOTES
(00:00) The Take
(04:41) Markets Brace For A Tough Week With War Intensifying In Multiple Theatres
(08:25) Direct Tax Collections Continue To Rise
(09:41) Did The Tata Sons Board Overstep Its Authority In Reappointing Chandrasekaran
(18:18) Which Way Could The Tata Group Battle For Control Evolve And What’s At Stake
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Sun, 20 Sep 2026 - 29min - 1000 - #984 What Retail Investors Can Learn From Institutional Investors | Govindraj Ethiraj | The Core Report
Retail investors often discover how much risk they have taken only after a trade goes wrong. What can they learn from institutional investors about managing money before that happens? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Sandeep Nayak, Managing Director and CEO of Centrum Finverse, about why retail investors lose money, how emotions influence investment decisions and what a disciplined approach to wealth creation involves.
Sandeep Nayak examines the gap between entering the stock market to build long-term wealth and getting drawn into trading for quick profits. He explains why understanding potential losses, assessing the risk-reward ratio and controlling position sizes should come before placing a trade. The conversation also explores options trading, the use of data and analytics, and why access to trading tools needs to be accompanied by investor education.
Institutional investors typically follow an asset allocation strategy and a defined investment process. Sandeep Nayak explains what individuals can learn from that discipline, particularly when market corrections trigger fear or rising prices encourage investors to chase returns. He discusses time in the market versus timing the market, the power of compounding and the difficulty of staying patient when returns disappoint.
The discussion moves beyond stock selection to portfolio diversification across equities, mutual funds, fixed income and gold. Sandeep Nayak outlines why investment choices need to reflect financial goals and time horizons. Govindraj Ethiraj also questions the relationship between brokerage revenues from active trading and the industry’s responsibility towards customers building long-term portfolios.
The conversation explores global investing for Indian investors, including overseas ETFs, US stocks and opportunities in artificial intelligence, semiconductors and data centres. Sandeep Nayak explains why geographic diversification should extend beyond a fashionable theme, and why valuations, ETF premiums to net asset value and tax considerations matter when investing overseas.
At the heart of the conversation is a personal question. When markets turn against you, are your investment decisions guided by a plan or by the fear of losing money? Sandeep Nayak discusses how oversized positions can turn greed into panic, and why separating useful research from social media noise is central to a more disciplined investment approach.
Chapters
00:56 Why Retail Investors Lose Money Trading
03:35 Understanding Risk Before Entering a Trade
05:13 Building a Multi-Asset Investment Portfolio
09:00 How Thematic Investment Baskets Work
10:18 Why Trading Should Be Treated as a Science
12:25 India’s New Generation of Retail Traders
14:52 What Retail Investors Can Learn From Institutions
18:19 SEBI’s Response to Retail Trading Losses
20:53 Building a Balanced Asset-Allocation Strategy
23:05 Trading Revenues Versus Long-Term Wealth Creation
25:49 Investing During Market and Geopolitical Stress
28:06 Why Indian Investors Need Global Diversification
34:04 How to Invest When Markets Remain Flat
36:40 India’s Long-Term Growth and Wealth-Creation Story
38:50 Managing Fear, Greed and Investment Decisions
Watch the full conversation to understand the differences between retail and institutional investing, the role of risk management and asset allocation, and how the pursuit of quick profits can disrupt a long-term investment plan.
Are your investments following a plan or your emotions? Watch Govindraj Ethiraj and Sandeep Nayak on The Core Report explore what retail investors can learn from institutional investors about asset allocation, risk management and portfolio diversification. Discover how fear, greed and options trading can disrupt long-term wealth creation. Subscribe for more stock market conversations.
#RetailInvestors #Investing #StockMarket #StockMarketNews #TheCoreReport #TheCore
Sun, 20 Sep 2026 - 40min - 999 - #983 Why These Indian Business Leaders Are Investing In Nature | Govindraj Ethiraj | The Core Report
Why are Indian business leaders investing in nature? Harish Yarlagadda, Shloka Nath and Dr Ravi Mariwala explore how climate philanthropy, biodiversity conservation and water security connect to India’s economic future.In this episode of The Core Report Weekend Edition, Govindraj Ethiraj speaks with Harish Yarlagadda, founder and chief mentor of Malakshmi Group and co-founder of Dharmavana Nature Arc, Shloka Nath, former CEO of India Climate Collaborative, and Dr Ravi Mariwala, founder and CEO of Smart Water and a promoter at Marico.Yarlagadda shares why he moved away from fossil fuel power plants to focus on biodiversity restoration. His 400-acre project involves collecting seeds, conserving threatened plants and protecting the soil, fungi and insects that sustain ecosystems. His experience raises a question for businesses investing in nature. What does conservation require beyond planting trees?Mariwala explains how building a home outside Mumbai exposed gaps in water access and led him to develop water management solutions. He discusses sewage treatment, wastewater reuse, rainwater harvesting and groundwater recharge, and why the right technology matters more than the most sophisticated one.The conversation explores nature-based solutions that use plants and bacteria to treat wastewater. It also connects water security with energy consumption, agriculture and public health, examining how filtration, efficient pumps and better maintenance can address everyday challenges.Nath explains why climate change cannot be separated from India’s development agenda. She discusses how philanthropic capital can fund experiments, build evidence and attract public and private investment. The challenge is connecting individual projects with the institutions and expertise needed to expand their impact.The panel examines how Indian business leaders can use CSR funding, land and operational expertise to support biodiversity and climate resilience. They also discuss a just transition, asking who owns renewable energy infrastructure, who benefits from new jobs and whose livelihoods need protection.At the heart of the conversation is a bigger question. Can investing in nature help India build lasting prosperity while protecting the foundations of its growth?Watch the full conversation for insights on climate philanthropy in India, biodiversity restoration, water conservation, CSR funding, nature-based solutions and sustainable development.Chapters00:00 Why Indian Business Leaders Are Investing in Nature01:18 Climate Change and India’s Development02:59 What Climate Philanthropy Is Missing04:38 From Fossil Fuel Power to Biodiversity07:20 Why Planting Trees Is Not Enough08:30 How a Water Problem Became a Business13:10 Sewage Treatment and Water Reuse15:39 Groundwater Recharge and Water Security18:23 How Philanthropy Can Unlock Climate Solutions21:46 Rethinking CSR and Responsibility to Nature23:20 A Ministry of Climate Resilience?24:31 Preparing for Climate Shocks26:45 Understanding Ecological Risk28:35 Building a 400-Acre Biodiversity Project30:57 Collecting Seeds and Restoring Ecosystems32:30 A Living Laboratory for Biodiversity36:26 Choosing the Right Water Technology41:06 Filtration, Rainwater Harvesting and Pumps43:33 How Businesses Can Support Biodiversity46:44 CSR, Watersheds and Mangroves48:29 What Climate Philanthropy Should Fund Next52:49 Who Benefits From the Green Transition?53:46 Consumption and Corporate Responsibility#TheCoreReport #IndianBusiness #Biodiversity #WaterSecurity #ClimateChange #TheCore
Sat, 19 Sep 2026 - 55min - 998 - #982 Markets Flat As They Digest Falling Oil Prices
On Episode 982 of The Core Report, financial journalist Govindraj Ethiraj talks to Anuj Kapoor, Managing Director and CEO, Private Wealth at JM Financial in an excerpt from our Special Edition as well as Ratan Kumar Kesh, Executive Director & COO at Bandhan Bank.
SHOW NOTES
(00:00) Stories of the Day
(00:50) India Puts Its Foot Down On Potential US Tariff Threat On Russian Oil Purchases
(04:00) Markets Flat As They Digest Falling Oil Prices
(05:27) The Tata Group’s Squabbles Have Blown Into A Full-Blown Public Spat
(08:47) Managing Wealth Through Transition, A Wealth Manager’s View
(20:24) How The Banking System Lifts Marginalised Businesses To Grow, New Insights
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Thu, 17 Sep 2026 - 25min - 997 - #981 Oil Prices Ease, The Markets Rise
On Episode 981 of The Core Report, financial journalist Govindraj Ethiraj talks to Dr. Mayur Shah, Head of the Rare Diseases Business at Sanofi India as well as Namit Chugh, Director at HealthQuad.
SHOW NOTES
(00:00) Stories of the Day
(00:50) EU Invites Canada To Become Its First Associate Member
(03:44)US War With Iran Has Cost $38 Billion Till August And Still Rising
(04:26) Oil Prices Ease, The Markets Rise
(06:00) Will The Tata Sons Ask N Chandrasekaran To Stay On As Chairman?
(07:02) How AI Is Changing Clinical Practices As Well As Hospital Systems
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Wed, 16 Sep 2026 - 27min - 996 - #980 Why Indian Markets Are Getting Battered Right Now
On Episode 980 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajay Rotti, Tax Expert and CEO of tax advisory firm Tax Compaas as well as Rajeswari Sengupta, Associate Professor of Economics at the Indira Gandhi Institute of Development Research (IGIDR).
SHOW NOTES
(00:00) Stories of the Day
(01:00) Why Indian Markets Are Getting Battered Right Now
(03:46) India’s Exports Are Up 26% In August
(05:22) UPI Will Not Be Free Any More, So You Will Have To Pay 0.4% On Transactions Above Rs 2,000.
(08:08) Tata Sons Is Set To Go To Court Against The RBI’s Move Asking It To Go Public, Does It Have A Case?
(16:43) Banks May See Additional Costs For FCNR B Deposits, What Are The Options Ahead?
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Tue, 15 Sep 2026 - 32min - 995 - #979 AI Stocks Take A Dive
On Episode 979 of The Core Report, financial journalist Govindraj Ethiraj talks to Pranav Haldea, Managing Director at Prime Database as well as Atanu Mukherjee, CEO at Dastur Energy.
SHOW NOTES
(00:00) Stories of the Day
(00:50) AI Stocks Take A Dive Following Slow-Down Appeal From Anthropic CEO
(06:04) Tata Sons and the RBI
(07:51) Big IPO Week Ahead, What Is Standing Out In The Rs 100,000 Crore Rush?
(17:10) India Invites Companies To Set Up Coal Gasification Plants, Why Is This Critical?
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Mon, 14 Sep 2026 - 27min - 994 - #978 Key Developments At The BRICS Summit In New Delhi
On Episode 978 of The Core Report, financial journalist Govindraj Ethiraj talks to Indrani Bagchi, CEO at Ananta Aspen Centre as well as Dipti Deshpande, Principal Economist at CRISIL Limited.
SHOW NOTES
(00:00) The Take
(03:33) Key Developments At The BRICS Summit In New Delhi
(12:54) Monsoon Worries
(19:08) Anthropic CEO AI warns of Rapid AI development
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Sun, 13 Sep 2026 - 22min - 993 - #977 Why Your Mutual Fund Earns More Than You Do | Axis MF CIO | Govindraj Ethiraj | The Core Report
Why does your mutual fund earn more than you do? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with R Sivakumar, Chief Investment Officer at Axis Mutual Fund, about why investor returns can lag mutual fund returns, how chasing past performance contributes to the gap and why SIPs have not eliminated it.R Sivakumar explains how investors can miss a fund’s strongest performance by entering after a rally and pulling back during weaker periods. Buying the best-performing mutual funds based on recent rankings may feel reassuring, but the timing of those investments can produce a very different outcome. He discusses why systematic investment plans help contain this behaviour without fully resolving it.The conversation explores why asset allocation should come before fund selection. R Sivakumar examines the balance between equity and debt, the case for global diversification and the distinction between overseas equity exposure and currency diversification. He also discusses private credit, private equity and real estate investment trusts, or REITs, including the additional risks behind potentially higher returns.Govindraj Ethiraj and R Sivakumar examine the Indian stock market outlook, corporate earnings and the changing opportunities across large-cap stocks, manufacturing and exports. Sivakumar explains why he sees scope for an earnings recovery and how private sector capital expenditure and globally competitive Indian companies could shape future investment themes.The Axis Mutual Fund CIO also discusses the pressures facing banking stocks, the influence of global investment flows and the challenge of navigating an expanding range of financial products. He identifies an advice gap between being able to buy an investment and understanding whether it belongs in your portfolio.At the heart of the conversation is a bigger question. If investors have more data and more choices than ever, why do mutual fund returns and investor returns still diverge? Sivakumar connects that gap to investment behaviour and explains why booking profits and building long-term wealth are different goals.Chapters:Watch the full conversation to understand the gap between mutual fund returns and investor returns, the role of portfolio diversification and why chasing the latest winner can distract from a long-term investment plan.Why does your mutual fund earn more than you do? Watch Axis Mutual Fund CIO R Sivakumar and Govindraj Ethiraj on The Core Report explore why investor returns lag mutual fund returns, how chasing past performance hurts, and what SIPs, asset allocation and portfolio diversification mean for long-term wealth building.#MutualFunds #SIP #AssetAllocation #TheCoreReport #TheCore
Sat, 12 Sep 2026 - 40min - 992 - #976 Is ₹10 Lakh Health Insurance Enough for Your Family? | Govindraj Ethiraj | The Core Report
Is ₹10 lakh health insurance enough for your family? In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Ltd., about rising healthcare costs, medical inflation and whether family health insurance is keeping pace with the treatment people expect.Mayank Bathwal says medical inflation has consistently run at 10–12%, making ₹10 lakh and ₹15 lakh health insurance covers increasingly common. He explains why families need to consider future healthcare expenses when assessing coverage, as newer treatments and changing patterns of illness reshape the cost of care.The conversation explores whether health insurance can move beyond what Mayank Bathwal calls “sickness funding”. He discusses preventive health checkups, outpatient care, cashless consultations and wellness incentives designed to encourage healthier behaviour. He also explains why OPD cover, vaccinations and maternity benefits present different pricing challenges and vary across policies.Govindraj Ethiraj asks why health insurance claims still cause frustration. Mayank Bathwal discusses waiting periods, pre-existing conditions, exclusions and the gap between what customers expect and what their policies cover. He acknowledges that efforts to detect fraud can create friction for genuine claimants, making clearer communication and a better claims experience essential.The discussion also examines what younger consumers want from health insurance. Mayank Bathwal explains why regular benefits such as OPD care and wellness rewards can make policies more relevant to people who do not expect to need hospital treatment. He also discusses how younger policyholders can help balance the insurance risk pool and support affordability.Govindraj Ethiraj and Mayank Bathwal explore family health insurance, medical inflation, rising premiums, cashless hospital networks, lifestyle-related claims and the challenge of reaching India’s underinsured population. They also discuss Bima Sugam and why both distribution expenses and healthcare delivery costs matter when making insurance more affordable.At the heart of the conversation is a bigger question. Is ₹10 lakh health insurance enough, or should families look more closely at what their policy covers, how claims are handled and how their needs could change?Chapters:00:00 Health Insurance in India and Rising Medical Costs00:55 Introducing Mayank Bathwal, Aditya Birla Health Insurance CEO01:03 Health Insurance Beyond Hospital Bills03:16 What Is Standalone Health Insurance?05:56 How Health Insurance Benefits Are Changing07:41 Medical Inflation and the Need for Higher Cover09:14 Is ₹10 Lakh Family Health Insurance Enough?11:07 Wellness Rewards and Health Insurance Premium Benefits13:25 OPD Coverage, Cashless Care and Reimbursement15:31 Does Health Insurance Cover Vaccinations and Maternity?17:00 How Lifestyle Diseases Are Changing Insurance Claims19:46 Healthcare Costs and Future Insurance Needs22:37 How Hospital Costs Affect Health Insurance Premiums25:26 Cashless Health Insurance and Hospital Networks26:25 Why Health Insurers Need Young Policyholders28:50 Health Insurance for Young Adults and Wellness Benefits30:41 Premium Discounts During Overseas Travel31:40 Bringing More Young Indians Into Health Insurance32:40 How Age and Claims Affect Insurance Pricing33:57 Why Young Customers Renew or Drop Health Insurance35:01 Affordable Health Insurance and India’s Missing Middle36:35 Can Bima Sugam Help Make Insurance More Affordable?37:43 Insurance Claims, Waiting Periods and Customer Trust38:53 Wellness and Preventive Health in Insurance41:27 Mayank Bathwal’s Fitness, Sleep and Wellness RoutineIs ₹10 lakh health insurance enough for your family? Govindraj Ethiraj and Mayank Bathwal explore medical inflation and insurance claims on The Core Report.#HealthInsurance #FamilyHealthInsurance #TheCoreReport #TheCore
Fri, 11 Sep 2026 - 41min - 991 - #975 Crude Has Now Crossed $105
On Episode 975 of The Core Report, financial journalist Govindraj Ethiraj talks to Abhay Laijawala, Chief Investment Officer, India at Lighthouse Canton (and veteran metals analyst) as well as Kunal Pande, National Leader - Cyber, Risk and Compliance Services at KPMG in India.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Crude Has Now Crossed $105 As The West Asia War Escalates To New Levels
(03:03) Chinese President Xi Jinping Will Visit Delhi For The BRICS Summit As Trade Relations Are Strained Again
(05:51) US Markets Once Again Cock A Snook At The Treasury Secretary’s Efforts To Rein In Bond Yields
(07:08) Why Are Copper Prices Rising So Much And Outlook?
(15:16) Tokenisation Of Assets Has Kicked Off In India, What Does It Mean For Investors?
(24:27) Apple Raised Prices On its Existing iPhone Lineup In India By As Much As 41%, More Than The US
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Thu, 10 Sep 2026 - 26min - 990 - #974 The Big Liquidity Drain In Indian Markets
On Episode 974 of The Core Report, financial journalist Govindraj Ethiraj talks to Anindya Banerjee, Head of Currency & Commodity Research at Kotak Securities as well as Sachin Seth, Regional Managing Director at CRIF, India & South Asia on the sidelines of the Global Fintech Fest 2026.
SHOW NOTES
(00:00) Stories of the Day
(00:50) The Big Liquidity Drain In Indian Markets
(03:29) Inflation May Have Hit A 20-Month High
(03:56) What To Make Of A Falling Dollar And Rising Yen?
(12:50) The Big Opportunity In India’s Near To Credit Populace
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Wed, 09 Sep 2026 - 23min - 989 - #973 Why Is Crude Oil Not Over $100?
On Episode 973 of The Core Report, financial journalist Govindraj Ethiraj talks to Nilesh Shah, Managing Director at Kotak Mahindra Asset Management Co. Ltd in an excerpt from our recent Special Edition.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why Is Crude Oil Not Over $100?
(04:04) Indian Banks May Not Have Hedged Future Interest Payments In $127 Billion NRI Deposit Flows
(07:24) Why Copper Prices Have Hit Fresh Highs
(08:20) India’s Operational Office REIT Portfolio Has Expanded By 74% Year-Over-Year In Last Six Months
(10:02) Mutual Funds Have To Be Reinvented, But What Comes Next?
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Tue, 08 Sep 2026 - 22min - 988 - #972 Oil Prices Are Now Projected To Rise Higher
On Episode 972 of The Core Report, financial journalist Govindraj Ethiraj talks to Sheetal Sapale, Vice President at Pharmarack as well as Amar Sheth, Vice President of the Federation of Automobile Dealers Associations (FADA).
SHOW NOTES
(00:00) Stories of the Day
(01:32) Oil Prices Are Now Projected To Rise Higher, Leaving Markets In The Lurch
(03:20) India’s SmallCap Index Hits A 52 Week High
(05:20) Vehicle Sales Growth Is Being Powered By Rural India Now, Despite Poor Monsoons
(13:36) Why Anti-Obesity Drug Sales Are Slowing Down
(19:48) After EV, Now There Is EREV Or Gas Powered EVs
Register Here for our roundtable "Banking Fraud Moves as a Network. Why Doesn’t Defence"
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Mon, 07 Sep 2026 - 23min - 987 - #971 Oil Price Uncertainty Could Keep Markets Down
On Episode 971 of The Core Report, financial journalist Govindraj Ethiraj talks to Rajiv Mitra, co-chair of the National Committee on Dairy of the Trade Promotion Council of India. We also feature an excerpt from our show How India’s Economy Worksfeaturing Ananth Narayan, Economist and Former Whole Time Member, SEBI.
SHOW NOTES
(00:00) The Take
(04:31) A Fresh Battle With The Federal Reserve And Oil Price Uncertainty Could Keep Markets Down
(06:37) Forex Reserves Hit A Fresh All Time High
(09:06) TCS To Build A $7 Billion 1 GW Data Centre Near Hyderabad
(10:00) Birla’s Jump Into Hot Wires And Cables Market With New Range
(10:38) Fresh Capital Is Flowing Into The Dairy Sector, What Could Change?
(20:22) Are India’s Interest Rates Being Kept Artificially Low?
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Sun, 06 Sep 2026 - 34min - 986 - #970 How Protectionism Is Holding Back Indian Manufacturing | Govindraj Ethiraj | The Core Report
India’s manufacturing problem may be more deeply rooted than it appears. In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with economist Dr Surjit Bhalla about how protectionism is holding back Indian manufacturing, why private investment has lost momentum and whether India can realistically become a developed country by 2047.
Surjit Bhalla examines India’s Viksit Bharat 2047 ambition through per capita income and economic growth projections. He explains why measuring progress using current dollars rather than purchasing power parity produces a far more challenging target. Drawing on the experiences of China, Vietnam, South Korea, Taiwan, Brazil and Indonesia, he questions whether India’s developed country goal is achievable within the proposed timeframe.
The conversation explores why infrastructure spending alone cannot sustain faster GDP growth. Bhalla explains why India needs greater private investment, stronger manufacturing exports and access to global demand. He also examines why repeated government appeals have failed to persuade businesses to invest more.
Bhalla believes protectionism is holding back Indian manufacturing by reducing the pressure on domestic companies to become globally competitive. He discusses import tariffs, non-tariff barriers, Quality Control Orders and the influence of powerful interest groups on India’s economic policy. He also explains how protection can discourage investment, weaken exports and limit manufacturing growth.
Govindraj Ethiraj and Surjit Bhalla discuss India’s economic growth, private investment, manufacturing policy, industrial monopolies, import duties, Quality Control Orders, bilateral investment treaties, free trade agreements and an India US trade deal. They also explore the growing risks of relying heavily on services when artificial intelligence could transform employment and competitiveness in the sector.
At the heart of the conversation is a bigger question. If India wants faster economic growth, more private investment, stronger exports and developed country status, can it continue protecting domestic industry from global competition?
Chapters:
01:04 Can India Become a Developed Economy by 2047?
03:54 The Global Road to Developed-Economy Status
08:30 Can Countries Lose Developed-Economy Status?
09:58 Can Higher Investment Unlock Faster Growth?
14:42 Is Private Investment Holding India Back?
16:25 Why Aren’t Companies Investing More?
19:40 Has India Lost Its Global Ambition?
21:50 How Do You Get India’s Private Sector Investing?
23:59 How Can India Break the Protectionism Cycle?
27:43 What’s Holding Back India’s Manufacturing Exports?
30:29 Can FTAs Boost India’s Exports?
Watch the full conversation for a deeper understanding of how protectionism is holding back Indian manufacturing, the future of private investment in India and what must change to accelerate India’s economic growth.
How is protectionism holding back Indian manufacturing and India’s developed economy goal for 2047? Watch economist Surjit Bhalla and Govindraj Ethiraj on The Core Report discuss India’s economic growth, private investment, manufacturing exports, import tariffs, Quality Control Orders and free trade agreements. Discover what must change for Viksit Bharat 2047.
#IndianManufacturing #IndianEconomy #Protectionism #ViksitBharat2047 #SurjitBhalla #TheCoreReport #TheCore
Sat, 05 Sep 2026 - 30min - 985 - #969 Nilesh Shah Explains: Why Mutual Funds Must Go Beyond Equity | Govindraj Ethiraj | The Core Report
Nilesh Shah explains why Mutual Funds must go beyond Equity as India’s investment landscape evolves toward debt, hybrid, gold, real estate, alternatives and unlisted investments.
In this episode of The Core Report Weekend Edition, Govindraj Ethiraj speaks with Nilesh Shah, MD, Kotak Mahindra Asset Management Co. Ltd, about the future of mutual funds in India, retail investors and the need for greater diversification.
Nilesh Shah argues that equity remains attractive, but mutual funds cannot remain synonymous with equity. He explains why the industry needs to expand into debt, hybrid funds, gold, real estate, REITs, InvITs, SIFs, global investments and alternative assets to reach a much larger investor base.
The conversation explores how mutual funds could give retail investors access to opportunities traditionally available mainly to high net worth investors, including unlisted companies and private markets. Shah explains how diversification can create different risk and return profiles and make complex investments more accessible.
Gold and real estate are key opportunities. Shah discusses innovative gold investment products, the potential of REITs and InvITs, and whether future generations may prefer professionally managed real estate investments over owning individual properties.
The discussion also examines SIFs and alternative investment strategies, the shortage of specialised investment talent, and how mutual fund distributors can help investors manage risk, greed and fear.
Shah also shares his outlook for the Indian stock market, discussing IPO supply, FPI flows, oil prices, corporate earnings and valuations. He expects equity returns to remain in the high single digit to low double digit range rather than the 20 to 30 percent returns some investors may expect.
Beyond markets, Shah discusses AI, deep tech, manufacturing, land reform and labour reform, and what India needs to achieve faster and more sustainable economic growth.
At the heart of the conversation is a bigger question. Can India reinvent mutual funds to give ordinary investors access to a much wider range of investment opportunities?
Watch the full conversation for insights on Nilesh Shah, mutual funds, future of mutual funds in India, equity mutual funds, debt funds, hybrid funds, SIFs, REITs, InvITs, gold investment, alternative investments, unlisted markets, asset allocation, Indian stock markets and India’s economic growth.
Chapters:
00:00 Why Mutual Funds Must Go Beyond Equity
00:54 Does the Mutual Fund Industry Need Reinvention
01:47 Why Equity Alone Cannot Bring the Next 34 Crore Investors
02:30 Will Mutual Funds and Alternatives Converge
04:01 Has Equity Lost Its Attraction
05:00 The Role of Mutual Fund Distributors
06:17 The Future of Gold Investment Products
07:20 Could REITs Replace Individual Real Estate Ownership
08:17 Bringing Unlisted Investments to Retail Investors
09:22 Are Higher-Risk Investments Worth It?
10:05 Why Mutual Funds Need to Expand Beyond Equity
10:43 Can One Investor Master Multiple Asset Classes?
12:53 Are Investors Relying Too Much on Distributors?
14:11 Should Investors Rethink Self-Advising?
15:50 3 Questions Before You Put Your Money to Work
16:44 Nilesh Shah’s Indian Equity Outlook
18:15 Is Oil Still Driving Indian Markets?
19:00 The Macro Signals Investors Should Watch
21:35 Who Should Allocate Capital in India
Discover why mutual funds must go beyond equity and how this could reshape investing in India. Watch Nilesh Shah and Govindraj Ethiraj on The Core Report as they explore the future of mutual funds in India, equity mutual funds, debt funds, hybrid funds, gold investment, REITs, InvITs, SIFs, alternative investments and unlisted investments. Learn about smarter asset allocation and Nilesh Shah’s Indian stock market outlook.#MutualFunds #NileshShah #IndianStockMarket #Investing #AssetAllocation #TheCoreReport #TheCore
Fri, 04 Sep 2026 - 21min - 984 - #968 Indian Markets Reel Under Oil Price Onslaught
On Episode 968 of The Core Report, financial journalist Govindraj Ethiraj talks to Arvind Chari, Chief Investment Strategist at Q India UK (affiliate of Quantum Advisors India) as well as Piyush Pandey, Senior Vice President, Institutional Equity Research (Lead Analyst)-IT, Telecom, Internet and Power at Centrum India.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Indian Markets Reel Under Oil Price Onslaught
(02:31) Rupee Hits A 10-Week Closing High
(04:59) India’s Banking System Will See A Liquidity Overdose Thanks To The $127 Billion Inflows
(17:53) ITC Infotech Is Merging With Ashok Soota’s Happiest Minds. What Signals For India’s IT Sector?
Register Here for our roundtable "Banking Fraud Moves as a Network. Why Doesn’t Defence"
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Thu, 03 Sep 2026 - 24min - 983 - #967 Bond Markets Are Still Dragging Stocks Down
On Episode 967 of The Core Report, financial journalist Govindraj Ethiraj talks to Vivek Rathi, National Director of Research at Knight Frank India. We also caught up with Dr. Hal Brands, Henry A. Kissinger Distinguished Professor of Global Affairs at Johns Hopkins SAIS on the sidelines of the Elara India Dialogue 2026.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Bond Markets Are Still Dragging Stocks Down
(02:46) Total overseas flows has brought in $137 billion
(07:22) India Is Increasingly Importing Gold From The UAE And Why That Is A Problem
(09:12) The Striking Contrast In Performance Of India’s Budget Homes Versus Premium Housing Sales
(19:15) What Motivates Donald Trump On Iran And Tariffs?
Register Here for our roundtable "Banking Fraud Moves as a Network. Why Doesn’t Defence"
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Wed, 02 Sep 2026 - 31min - 982 - #966 Indian Markets Feel Pressure Of Rising Oil Prices And Global Bond Yields
On Episode 966 of The Core Report, financial journalist Govindraj Ethiraj talks to Madhavi Arora, Chief Economist at Emkay Global as well as Gautam Shahi, Senior Director at Crisil Ratings.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Indian Markets Feel Pressure Of Rising Oil Prices And Global Bond Yields
(03:16) India’s Rupee Hits Two Month High As Reserve Bank Brings Back Stability
(07:42) India’s Leading Jewellers Consolidate Even As The PM Appeals To Cut Back On Gold Purchases
(08:47) India’s Strong GDP Showing Fails To Lift Markets
(15:37) Why India’s Engineering Procurement Construction (EPC) Companies Are Having Their Moment In The Sun
Register Here for our Roundtable
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Tue, 01 Sep 2026 - 23min - 981 - #965 India’s Better Than Expected GDP Growth
On Episode 965 of The Core Report, financial journalist Govindraj Ethiraj talks to Anas Alhajji, energy economist, researcher and writer on the sidelines of the Elara India Dialogue 2026.
SHOW NOTES
(00:00) Stories of the Day
(00:51) Better Than Expected GDP Growth Is Causing Economists To Revise Their Full Year Numbers.
(04:15) Oil Prices Begin Their Upward Journey Again.
(06:08) Brokerages Weigh On HDFC Succession, Wait To See Who Becomes New CEO
(08:21) Where Could Oil Prices Be In The Next Few Weeks?
(21:35) The Company That Sells More Watches Than Switzerland Is Seeing A Leadership Transition.
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Mon, 31 Aug 2026 - 23min - 980 - #964 FIIs Stay Positive In August
On Episode 964 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajai Chowdhry, Co-Founder of HCLTech and Member to the Advisory Board of India Semiconductor Mission.
SHOW NOTES
(00:00) The Take
(04:02) FIIs Stay Positive In August And Could Continue To In September
(06:51) Forex Reserves Hit New Highs As Flows Continue
(07:52) Oil Prices Are Slipping As Optimism Over Shipping Movements Through Strait Returns Again
(08:45) Federal Reserve Chair Kevin Warsh Surprises The Market With A Frank Take On Interest Rates
(09:49) What Does It Take To Build A Company That Successfully Lasts 50 Years And More
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Sun, 30 Aug 2026 - 27min - 979 - #963 The ₹25 Crore Retirement Reality Every Indian Must Know | Saurabh Mukherjea | The Core Report
India’s retirement planning problem may be bigger than it looks. In this episode of The Core Report Special Edition, Financial Journalist Govindraj Ethiraj speaks with Saurabh Mukherjea, Founder and CIO of Marcellus Investment Managers, about the ₹25 crore retirement reality, why retirement planning in India is getting harder and why even ₹5.5 crore may not be enough.Saurabh Mukherjea argues that the real question is not how much people are saving today, but whether their assumptions about inflation, longevity and earning years are realistic. Using the example of Radhika, a 35-year-old professional spending ₹1 lakh a month, he shows how ₹5.5 crore can become ₹7.5 crore with a longer lifespan, ₹15 crore with higher inflation and ultimately the ₹25 crore retirement reality if the cost of living for affluent Indians is closer to 9%.The conversation explores three forces that could disrupt retirement planning in India. Indians may live longer than expected, healthcare and education costs may rise faster than headline inflation, and peak salaried earning years may end earlier as gig work becomes more common.Saurabh Mukherjea also explains why global diversification could become central to long-term wealth creation. He discusses Indian equities, S&P 500 index funds, global ETFs, bonds, gold, liquid funds, multi-asset portfolios and investing internationally through GIFT City. He also questions whether concentrating most savings in India remains sensible when India represents only a small share of global stock markets.Govindraj Ethiraj and Saurabh Mukherjea discuss retirement planning, inflation in India, medical inflation, asset allocation, mutual funds, the Indian stock market, global investing, household debt, declining savings, social media-led consumerism, smaller cities, real estate, the gig economy and the future of work. They also examine what these shifts could mean for professionals, entrepreneurs and business families.At the heart of the conversation is a bigger question. If Indians are likely to live longer, work differently and face higher costs, how much money will they really need for a financially secure retirement?Chapters:02:46 Why You Need to Start Thinking About Retirement Now 12:28 Does the Cost of Living Always Have to Rise? 15:46 Could Competition Ease the Cost-of-Living Crisis? 16:06 Will Working Longer Change Retirement? 19:52 Can Medical Advances Change Retirement? 22:07 Will Capital Become More Global? 24:24 Can Changing Growth Rates Rewrite Retirement? 31:51 Where Should You Invest for the Next Decade? 34:04 How Should You Build Your Retirement Portfolio? 38:09 What Should Your Investment Strategy Look Like? 39:31 Is Global Diversification Defensive or Strategic? 42:27 Q&A: What the Audience Wants to Know Watch the full conversation for a deeper understanding of the ₹25 crore retirement reality, retirement planning in India and how Saurabh Mukherjea believes Indians should rethink work, savings and global investing.This conversation is for information and educational purposes only. It should not be treated as personalised investment advice.What is the ₹25 crore retirement reality every Indian must know? Saurabh Mukherjea tells Govindraj Ethiraj why retirement planning in India is becoming harder as inflation, longevity and medical costs rise. Watch The Core Report to learn how Indian equities, global investing, asset allocation and a diversified retirement portfolio could help build long-term financial security.#RetirementPlanning #SaurabhMukherjea #PersonalFinance #GlobalInvesting #TheCoreReport #TheCore
Sat, 29 Aug 2026 - 1h 20min - 978 - #962 Why ChatGPT Could Make Your Brand Invisible | Kirthiga Reddy | Govindraj Ethiraj | The Core Report
ChatGPT could make brands invisible as consumers move from searching on Google to asking artificial intelligence what to buy, which companies to trust and which products best suit their needs.
In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Kirthiga Reddy, co-founder and CEO of OptimizeGEO.ai, about how AI search, Generative Engine Optimization and large language models are reshaping marketing, brand discovery and consumer decisions.
Reddy says ChatGPT now has more than a billion users, with people returning multiple times a day. She also points to the rise of zero-click Google searches, where users receive answers without visiting another website. As consumers move from awareness to purchase within an AI conversation, brands missing from those answers risk being forgotten.
The conversation examines how Generative Engine Optimization or GEO differs from traditional SEO. Reddy explains how companies can measure visibility, share of voice, sentiment, accuracy and trust across ChatGPT, Gemini, Claude and Perplexity. She also explains why inconsistent information can confuse large language models and reduce the chances of a brand being recommended.
Large advertising budgets may not guarantee strong AI visibility. Drawing on a study around the Indian Premier League, Reddy explains why brands combining media spending with an AI search strategy performed better than those relying on advertising alone. The discussion also looks at how creators, Reddit, customer reviews and trusted sources influence AI answers.
AI search could also change customer acquisition. Reddy discusses a business that recorded three times higher visibility, more than 131% growth in AI-attributable traffic and twice the revenue from AI-attributable sources. She also examines agentic commerce, where AI agents research products, compare services and make purchasing decisions for consumers.
For businesses, this could mean marketing and selling to AI agents, not only to humans. Reddy explains why AI visibility needs an always-on strategy, how enterprises should respond and how leaders can build AI-ready teams. She also reflects on her journey as Facebook’s first employee in India, Managing Director of Facebook India and South Asia, and the first female investing partner at SoftBank Investment Advisers.
Could AI search determine which brands gain market share and which disappear from consumer consideration?
Watch the full conversation for insights on ChatGPT, AI search, Generative Engine Optimization, GEO, brand visibility, digital marketing, artificial intelligence, large language models, agentic commerce & the future of search.
Chapters:
01:24 What Led to OptimizeGEO.ai?
02:18 How AI Changed Brand Discovery
03:37 From SEO to AI: What Changed?
05:41 How LLMs Choose What to Recommend
07:18 How Brands Build Trust With AI
08:28 What Are Consumers Really Asking?
09:46 The Gap Between Brands and Creators
10:55 How Fast-Changing LLMs Are Reshaping Brands
12:53 Why Every Big Launch Needs an AI Strategy
13:49 What Happens When AI Changes the Rules?
14:36 When AI Starts Driving Transactions
16:06 How Agentic Commerce Changes Everything
17:22 Is AI Moving Faster Than Enterprises?
18:28 What Consumers Want, Market by Market
20:07 How Should Brands Respond to Consumer Feedback?
21:50 Inside the Corporate Response to AI
22:57 What’s Next for AI Visibility?
24:06 What Does an AI-Ready Enterprise Look Like?
25:27 What Kind of AI Team Do Enterprises Need?
26:01 Who Should You Hire for the AI Era?
27:42 Why Become an Entrepreneur?
Could ChatGPT make your brand invisible? Kirthiga Reddy & Govindraj Ethiraj explain AI search, Generative Engine Optimization, GEO, brand visibility, digital marketing & agentic commerce on The Core Report. See how ChatGPT, Gemini, Claude & Perplexity shape brand discovery & product recommendations.
#ChatGPT #AISearch #GenerativeEngineOptimization #DigitalMarketing
Fri, 28 Aug 2026 - 28min - 977 - #961 Benchmarks Slide Again Despite Oil Prices Falling
On Episode 961 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajay Srivastava, Founder at the Global Trade Research initiative (GTRI) as well as Dr. Michael Chui, senior fellow at QuantumBlack, AI by McKinsey.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Benchmarks Slide Again Despite Oil Prices Falling
(02:25) Only 40 Of 53 Companies That Listed Their Shares In 2026 Are Trading Above Their IPO Issue Price
(04:40) More Indians Are Acquiring Credit Cards But They Aren’t Using Them
(05:36) What India Needs To Learn From Canada’s Trade Response To US
(15:42) Companies Are Investing More In AI But Where Is It Paying Off?
(26:24) Why Gold Vaults Are Running Full World Over
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Thu, 27 Aug 2026 - 29min - 976 - #960 Foreign Investors Are Still Wary Of India
On Episode 960 of The Core Report, financial journalist Govindraj Ethiraj talks to Shankkar Aiyar, economic journalist and author; Ajay Kedia, metal and commodities expert; as well as Manish Gupta, Deputy Chief Ratings Officer at Crisil Ratings.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Foreign Investors Are Still Wary Of India
(05:44) Will The Government’s Overseas Roadshows For Investments Deliver?
(13:22) Gold Prices Are Rising Again, What Are The New Demand And Supply Forces
(19:04) India Inc May Have Slowed On Capex But It Has Invested Hugely In M&A, Says New Crisil Report
(27:23) Meta Agreed To Pay $16.68 Billion And Make Major Changes to Facebook And Instagram
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Wed, 26 Aug 2026 - 28min - 975 - #959 Operation Economic Outcast Is Not As Bad As Feared
On Episode 959 of The Core Report, financial journalist Govindraj Ethiraj talks to Ambareesh Baliga, Veteran Market Expert as well as Prasanna Tantri, Associate Professor of Finance and the Executive Director of the Centre for Analytical Finance at the Indian School of Business (ISB).
SHOW NOTES
(00:00) Stories of the Day
(00:50) Operation Economic Outcast Is Not As Bad As Feared
(02:09) The US Sanctions Indian Trading Companies For Doing Business With Iran
(04:57) Govt To Transfer Its Conventional Missile Technologies To Private Sector To Hasten Production
(05:38) A Steady Flow Of IPOs Continues To Act As A Dampener On The Markets
(12:47) India Might Raise Close To $80 Billion Of FCNR (B) or NRI Deposits
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Tue, 25 Aug 2026 - 21min - 974 - #958 Why Markets Are Bracing For US Sanctions On Iran
On Episode 958 of The Core Report, financial journalist Govindraj Ethiraj talks to Alok Agarwal, Deputy Chief Investment Officer at Alchemy Capital Management. We also feature an excerpt from our episode of How India’s Economy Works featuring Vidya Mahambare, Professor of Economics at the Great Lakes Institute of Management in Chennai.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Why Markets Are Bracing For US Sanctions On Iran
(03:59) Has China Passed Its Peak Demand For Oil Last Year Itself?
(05:48) Will This Year Be The Weakest Monsoon In 20 Years?
(07:11) The Crossover Theory On Yesteryear Stocks
(15:14) The Unintended Consequences Of India's Rural Homes Subsidy
(26:24) India’s Aviation Market Is Contracting Right Now
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Mon, 24 Aug 2026 - 29min - 973 - #957 FIIs Pick Up Buying
On Episode 957 of The Core Report, financial journalist Govindraj Ethiraj talks to Shankkar Aiyar, economic journalist, columnist and author. We also feature an excerpt from our episode of How India’s Economy Works featuring Partha Chatterjee, Dean of Academics and Professor of Economics at Shiv Nadar University.
SHOW NOTES
(00:00) The Take
(03:43) FIIs Pick Up Buying, Will They Balance Out Rising Oil Prices
(05:13) FCNR Deposits Now Over $65 Billion As The Deadline Approaches
(08:46) 87 Million Indian Youth Aged 15 To 29 Are Not Studying, Working, Or Receiving Training, Govt Report.
(10:55) Why India Is No Exception To Rising Debt Global Levels
(22:09) Why Rising GDP Has Not Translated Into Rising Household Prosperity
RESOURCE LINKS
Government Carry Trades: A Rising Global Risk by Shankkar Aiyar
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Sun, 23 Aug 2026 - 32min - 972 - #956 India’s Next Investment Boom In AI, Defence And Metals | Govindraj Ethiraj | The Core Report
India’s next investment boom could be emerging across AI infrastructure, defence and metals. In this episode of The Core Report Special Edition, Abhay Laijawala, MD & Chief Investment Officer, India, Lighthouse Canton, joins financial journalist Govindraj Ethiraj to explain the biggest investment opportunities shaping India’s stock market and economy in 2026.From data centres and AI infrastructure to defence manufacturing, copper, silver and aluminium, Laijawala explains why the next investment cycle may look very different from the one investors have just lived through.India may not dominate the semiconductor or memory chip business yet, but Laijawala argues that the country has a significant opportunity in the wider AI infrastructure ecosystem. Transformers, cooling systems, gensets, electrical equipment and data centre infrastructure could become major beneficiaries as India expands from under 2 GW of data centre capacity today towards an estimated 8 to 10 GW over the coming years.The conversation also looks at why defence manufacturing in India could be at the beginning of a multi-year growth cycle. Rising domestic procurement, stronger order books, exports, missiles, munitions, drones and a growing private-sector defence ecosystem are creating new opportunities outside the traditional large-cap universe.The next major investment theme is metals, particularly copper, silver and aluminium. Copper demand is rising with power grids, renewable energy, electric vehicles and data centres, while constrained global supply could create a significant copper shortage. Silver and aluminium could also benefit from the global shift towards electrification.Laijawala also explains why investors are looking beyond Indian equities towards US stocks, European equities, semiconductors and global diversification, and why gold and silver may deserve a larger place in portfolios as concerns around US debt and the dollar grow.Could India’s next investment boom be driven by AI, defence and metals rather than the traditional market leaders?Govindraj Ethiraj and Abhay Laijawala also discuss whether India could be entering an economic cycle similar to 2003 and 2004, with stronger industrial growth, rising bank credit, corporate investment and potentially higher earnings growth.Watch the full conversation for Abhay Laijawala’s outlook on the India stock market in 2026, AI infrastructure investment, defence manufacturing, copper and silver prices, aluminium, data centres, global equities, portfolio allocation and India’s next investment cycle.Chapters:01:24 What Does Lighthouse Canton Actually Do? 02:47 What Wealthy Investors Want Now 03:54 Are Global Investors Still Committed to AI? 06:27 What Does It Mean When Investors Get Flushed Out? 07:06 Why Power and Copper Matter to India’s AI Future 10:13 Where Will India’s Next Industrial Growth Come From? 11:43 Which Equipment Is on the Approved List? 12:15 Will More Companies Enter This Opportunity? 13:21 How Industry Is Preparing for What’s Next 14:11 Can India Capitalise on Rising Copper Demand? 20:16 Where Are India’s Next Big Investment Themes? 22:56 Why Mining Could Matter More to Investors 24:15 Where Do Copper, Silver and Aluminium Go From Here? 26:54 How Should Investors Allocate Across Asset Classes? 29:00 Where Are the Next Opportunities in Defence? 32:32 What Are India Inc.’s Earnings Telling Investors? Could India’s next investment boom come from AI infrastructure, defence manufacturing and metals? Govindraj Ethiraj and Abhay Laijawala discuss India’s stock market outlook for 2026, data centres, AI investment, defence, copper, silver, aluminium and the next investment cycle shaping India’s economy. Watch The Core Report Special Edition for the investment opportunities investors should be tracking.#IndiaInvesting #AIInfrastructure #DefenceManufacturing #StockMarketIndia #TheCoreReport #TheCore
Sat, 22 Aug 2026 - 35min - 971 - #955 Why India’s Truck Transition Could Be A $1 Trillion Opportunity | The Core Report Weekend Edition
India’s truck transition could become a $1 trillion opportunity as heavy-duty trucking shifts from diesel to LNG and electric trucks.In this episode of The Core Report Weekend Edition, Govindraj Ethiraj speaks with Anirudh Bhuwalka, Founder and MD of Blue Energy Motors, about what this transition could mean for India’s manufacturing, logistics and commercial vehicle industry.India has around 4 million medium and heavy-duty trucks on the road, with roughly 250,000 new trucks sold every year. The shift from fossil fuels to alternate fuels could create a $1 trillion manufacturing opportunity, even before accounting for logistics, charging infrastructure, energy services and the wider transport ecosystem.Blue Energy Motors has already put more than 1,200 LNG trucks on Indian roads and accumulated around 100 million kilometres of operating data. Bhuwalka explains why LNG can work as a transition fuel for long-haul trucking, how lower operating costs can help fleet operators recover the higher upfront cost, and why LNG infrastructure is beginning to improve across key industrial corridors.Electric trucks could change the economics even further. Falling battery and renewable energy costs are improving electric truck economics, but range, charging time, infrastructure and upfront capital remain major barriers. Blue Energy Motors is testing battery swapping on the Mumbai-Pune corridor and using an energy-as-a-service model to separate the battery cost from the truck.The conversation also looks at why India cannot simply copy China’s electric truck model. It also examines how scale could bring down LNG truck costs over time, where heavy-duty trucks fit into the EV transition, and how LNG, electric, biogas and hydrogen may serve different use cases.Bhuwalka also explains how connected trucks are changing fleet economics. Blue Energy Motors tracks around 120 data points in real time and uses artificial intelligence and machine learning for driver scoring, predictive maintenance, fuel efficiency, safety and fleet productivity.Could India’s $1 trillion truck transition become one of the country’s biggest manufacturing and investment opportunities?Watch the full conversation for insights on electric trucks in India, LNG trucks, heavy-duty trucking, EV adoption, battery swapping, commercial vehicles, logistics, clean mobility, truck manufacturing, predictive maintenance and transport decarbonisation.Chapters:01:03 The Journey from AMW to Building Blue Energy Motors03:24 Blue Energy Motors Enters a Market Dominated by Giants04:46 The Challenge of Building a New Truck Brand07:04 What 1,200 Trucks Taught Blue Energy Motors10:13 Did the War Disrupt Blue Energy Motors?10:53 Are There Enough LNG Stations in India?11:58 How Blue Energy Motors Built Its Truck Platform16:14 Who Buys a Blue Energy Motors Truck?17:43 Have Blue Energy Motors’ Early Buyers Broken Even Yet?18:54 Will LNG Trucks Get Cheaper With Scale?19:23 Why Blue Energy Motors Is Betting on Both LNG and Electric23:26 Where Heavy-Duty Trucks Fit Into the EV Transition24:11 Why China Is Pulling Ahead in Battery Technology26:25 Why LNG and Electric May Serve Different Trucking Needs27:21 Are Hybrids the Missing Link in Clean Trucking?28:01 Can India’s Biogas Push Power Heavy Transport?30:41 How Connected Trucks Are Closing the Engineering Feedback Loop35:55 What It Takes to Build a B2B Truck Brand36:59 The Financial Roadmap for Blue Energy MotorsIndia’s truck transition could become a $1 trillion opportunity as electric trucks in India, LNG trucks and battery swapping reshape heavy-duty trucking. The shift could transform India’s manufacturing, logistics, commercial vehicles and clean mobility sectors. Watch the full conversation on EV adoption, truck economics and the future of transport in India.#ElectricTrucks #LNGTrucks #EVIndia #Manufacturing #Logistics #TheCoreReport #TheCore
Fri, 21 Aug 2026 - 37min - 970 - #954 Will Indian Markets Hold Their Gains As US Treasury Yields Rise?
On Episode 954 of The Core Report, financial journalist Govindraj Ethiraj talks to Atul Chaturvedi, Director at Shree Renuka Sugars as well as Umesh Sharma, Chief Investment Officer - Debt at The Wealth Company Mutual Fund.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Will Indian Markets Hold Their Gains As US Treasury Yields Rise?
(04:38) Did The Government Fail To Anticipate A Sugar Shortage, Leading To Prices Jumping And Imports Opened Up?
(15:41) The US Treasury Is Openly Intervening In Bond Markets, Even As Gross US Debt Crosses $40 Trillion
(24:09) What China’s Humanoid Robots Can And Cannot Do
(26:00) The Rise And Fall Of Asia’s Second Richest Man As Chinese Real Estate Tycoon And Founder Of Evergrande Is Sentenced To Life In Prison
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Thu, 20 Aug 2026 - 27min - 969 - #953 Why Indian Markets Are Drifting Down
On Episode 953 of The Core Report, financial journalist Govindraj Ethiraj talks to Dr Kishore Jayaraman, OBE, Group CEO at UK India Business Council as well as Abhishek Bisen, Head of Fixed Income at Kotak Mutual Fund.
SHOW NOTES
(00:00) Stories of the Day
(01:14) Why Indian Markets Are Drifting Down
(04:46) The Govt Steps Up Incentives For Piped Natural Gas Consumers
(07:06) Global Bond Markets Are Extremely Volatile, What That Means For India
(16:36) Why The US Is Still The Most Resilient Export Market For India
(17:09) A Month On, How Is The India-UK FTA Shaping Up And Early Signs
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Wed, 19 Aug 2026 - 30min - 968 - #952 Nifty50 Companies Report 10-Quarter Growth High Of 18%
On Episode 952 of The Core Report, financial journalist Govindraj Ethiraj talks to Captain Sam Thomas, President at ALPA India. We also feature an excerpt from our Special Edition featuring Kaushlendra Sinha, CEO at IAGES.
SHOW NOTES
(00:00) Stories of the Day
(01:20) Oil Prices Inch Up Further, Dampen Mood In Indian Markets
(02:43) Nifty50 Companies Report 10-Quarter Growth High Of 18%
(06:02) NSE IPO Could Be Valued At $55 Billion, Making It One Of Biggest In World
(10:17) How An Industry Initiative To Create A Standard For Gold Is Gaining Acceptance Across India
(20:08) Why Is Dope Testing For India’s Airline Pilots' Frontstage Right Now
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Tue, 18 Aug 2026 - 32min - 967 - #951 Markets Stay Down As Oil Prices Wait For War Developments
On Episode 951 of The Core Report, financial journalist Govindraj Ethiraj talks to Puneet Gupta, Director–India & ASEAN Automotive Market at S&P Global Mobility as well as Anindya Banerjee, Head of Research for FX and Interest Rates at Kotak Securities.
SHOW NOTES
(00:00) Stories of the Day
(01:18) Markets Stay Down As Oil Prices Wait For War Developments
(04:11) The Rupee Fell To Its Weakest Level In Two Weeks On Monday
(06:32) Why Did The RBI Close The FCNR Deposit Window So Suddenly?
(17:16) A Top Govt Official Makes An Open Case For Bringing In E10 Fuel, As Opposed To E20 Which Consumers Are Upset About.
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Mon, 17 Aug 2026 - 25min - 966 - #950 Foreign Investors Will Have It Easier To Buy Indian Stocks
On Episode 950 of The Core Report, financial journalist Govindraj Ethiraj talks to Tarun Pathak, Research Director at Counterpoint Research as well as Suvendu Bose, Partner at Grant Thornton Bharat LLP.
SHOW NOTES
(00:00) The Take
(04:12) Foreign Investors Will Have It Easier To Buy Indian Stocks
(05:44) Trump Quips Strait Of Hormuz To Be A US Territory
(09:43) Why The Rs 10k Smartphone Might Be History
(21:02) What India Needs To Do To Score In The Critical Minerals Race
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Sun, 16 Aug 2026 - 29min - 965 - #949 India’s Foreign Investment Problem Is Bigger Than You Think | Govindraj Ethiraj | The Core Report
India’s foreign investment problem may be bigger than it looks. In this episode of The Core Report Special Edition, Financial Journalist Govindraj Ethiraj speaks with Ajay Shah, Senior Research Fellow and Co-founder of XKDR Forum, about why foreign investment in India has slowed, why FDI flows have struggled to regain their earlier momentum, and what this could mean for India’s economic growth.Ajay Shah argues that the real question is not whether foreign capital is coming into India, but how much more investment India could be attracting. He points to a longer-term slowdown in both foreign direct investment and foreign portfolio investment and examines why global investors may remain cautious about committing substantially more capital to India.The conversation explores six major issues that Shah believes are holding back foreign investment in India, including capital controls, taxation, bilateral investment treaties, trade barriers, financial market infrastructure and the rule of law.Shah also explains why foreign capital matters for the Indian economy. Beyond funding, foreign companies can bring technology, management practices, global supply chains and knowledge that can improve productivity, manufacturing and competitiveness.Govindraj Ethiraj and Ajay Shah discuss FDI in India, FPI, FEMA, SEBI, taxation, tariffs, global value chains, contract enforcement, private investment, industrial policy and India’s economic reforms. They also explore why Shah considers the period from 1991 to 2011 crucial to India’s economic growth story and why both foreign and domestic private investment appear to have lost momentum since then.At the heart of the conversation is a bigger question. If India wants faster GDP growth, more manufacturing, more jobs and deeper integration with the global economy, what needs to change for global investors to put substantially more money into India?Chapters:01:25 What’s Driving Foreign Capital Away? 03:50 Why Has Foreign Capital Struggled to Scale in India?07:31 Why Are Some Companies Still Investing in India? 09:51 How Easy Is It to Enter and Exit India? 13:20 Is India’s Capital Problem Both Inward and Outward? 15:00 Why India’s Tax Regime Concerns Foreign Investors 19:19 How the Indian State Affects Foreign Firms 23:36 Do Trade Barriers Discourage Foreign Capital 25:04 How Should India Position Itself Globally? 26:19 Why Are Tariffs Rising and Falling Again? 27:23 Why Are Tariffs Rising and Falling Again? 28:28 Why Capital Gets Stuck After Entering India 30:30 Why Transactional Efficiency Isn’t Enough 31:50 How Should India Tackle Round-Tripping? 34:51 What Institutions Does India Need to Strengthen? 36:57 How Can India Become More Competitive? 40:27 How Important Is Private Capital to India? Watch the full conversation for a deeper understanding of India’s foreign investment problem, foreign investment in India and the future of FDI in India.India’s foreign investment problem goes beyond slowing FDI in India. Why are global investors cautious about foreign investment in India, and what must change? Ajay Shah explains how FDI, FPI, taxation, tariffs, private investment, manufacturing, economic reforms and the rule of law could shape India’s economic growth.#ForeignInvestment #FDIIndia #IndianEconomy #EconomicReforms #IndiaGrowth #TheCoreReport #TheCore
Sat, 15 Aug 2026 - 42min - 964 - #948 Can Better Buildings Cut India’s Energy Bills By Up To 40%? | Govindraj Ethiraj | The Core Report
Can better buildings cut India’s energy bills by up to 40%? Saint-Gobain Asia Pacific and India Region CEO Sreedhar N joins Govindraj Ethiraj to explain how energy-efficient buildings, insulation and sustainable construction could transform India’s energy use.As India’s construction and infrastructure boom accelerates, Saint-Gobain is betting on better buildings, climate-resilient infrastructure and energy efficiency while planning to invest more than ₹10,000 crore in India over the next five years.In this episode of The Core Report Weekend Edition, Sreedhar explains why India needs to rethink how homes, offices, airports, roads and other infrastructure are built. He discusses how insulation, gypsum, glass, mineral wool and construction chemicals can improve energy efficiency, thermal comfort, durability and safety.Saint-Gobain says some new-construction use cases have demonstrated energy bill reductions of up to 40%. Sreedhar also argues that wider use of insulation could significantly reduce energy demand in Indian buildings.The conversation explores the economics of sustainable construction, why poor waterproofing and corrosion can shorten the life of buildings and infrastructure, and how better materials could make India’s cities more resilient to heat, flooding and extreme weather.Govindraj and Sreedhar also discuss Saint-Gobain’s 82 manufacturing plants in India, its expansion into construction chemicals and infrastructure solutions, and the growing role India could play as a manufacturing and export base for Asia Pacific, Australia and the Middle East.The discussion also looks at how Saint-Gobain has decentralised its global operations, reduced dependence on cross-border supply chains and adapted to a world shaped by tariffs, geopolitical uncertainty and shifting trade patterns.Can energy-efficient buildings help India cut electricity consumption? Why does insulation matter so much for Indian homes? And could sustainable construction become one of the next big opportunities in India’s manufacturing and infrastructure story?Chapters:01:06 What Saint-Gobain Makes for India05:10 How Climate Change Is Changing Construction06:18 Which Saint-Gobain Brand Is the Game Changer?11:25 What Is India Doing That Others Should Copy?13:20 What Are They Building in the Lab?14:47 Why Sustainable Buildings Must Also Be Resilient18:59 Can New Buildings Avoid Mumbai’s Old Problems?20:16 Can Our Infrastructure Survive Extreme Weather?23:18 What Makes an Airport Climate-Resilient?24:37 Can Gypsum Replace Concrete in Construction?26:21 Saint-Gobain’s Next-Generation Building Technology28:11 Why Saint-Gobain Goes Beyond Construction29:52 Will Saint-Gobain Expand Beyond Construction?32:01 Is India Becoming a Saint-Gobain Export Hub?33:38 What It’s Like to Be a CFO Among Engineers36:37 How Tariffs Are Changing Global BusinessWatch the full conversation with Sreedhar N, CEO for Asia Pacific and India at Saint-Gobain, and Govindraj Ethiraj on The Core Report Weekend Edition.Can better buildings cut India’s energy bills by up to 40%? Saint-Gobain CEO Sreedhar N explains how energy-efficient buildings, insulation and sustainable construction could reshape India’s energy use, construction, infrastructure and manufacturing. Watch how climate-resilient infrastructure and better building materials could become India’s next big growth opportunity.#EnergyEfficiency #SustainableConstruction #IndiaInfrastructure #SaintGobain #Manufacturing #TheCoreReport #TheCore
Sat, 15 Aug 2026 - 38min - 963 - #947 Oil Prices Fall On Demand Concerns
On Episode 947 of The Core Report, financial journalist Govindraj Ethiraj talks to K. Ramakrishnan, Managing Director-South Asia at Worldpanel by Numerator (formerly Kantar Worldpanel) as well as Deven Choksey, market expert and Managing Director at DRChoksey FinServ.
SHOW NOTES
(00:00) Stories of the Day
(01:38) Oil Prices Fall On Demand Concerns, After A While, Markets Steady
(04:36) South Korean Markets Are Now In Bull Territory
(08:14) Finding The Balance Between Long Term Investments And Shareholder Return
(21:01) An Ease Of Doing Business Lesson From The USA Which Is Processing Tariff Refunds
(22:45) Rajkot Snacks Company Balaji Breaks Into Top 10 Most Chosen In-Home FMCG Brand
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Thu, 13 Aug 2026 - 32min - 962 - #946 Tata Sons Chairman N Chandrasekaran Resigns
On Episode 946 of The Core Report, financial journalist Govindraj Ethiraj talks to Hetal Dalal, COO at Institutional Investor Advisory Services (IiAS), as well as Amit Purohit, FMCG Analyst at Elara Securities.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Tata Sons Chairman N Chandrasekaran Resigns, Group Stock Prices Fall
(04:21) Higher Food Prices Push Up Inflation To 4.45%
(05:31) Russia Is Importing Petroleum Products From India
(07:36) What Should Tata Group Company Shareholders Be Looking Out For?
(14:15) A CEO Resignation At Godrej Highlights The Larger Challenges In India’s Consumer Products Market
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Wed, 12 Aug 2026 - 25min - 961 - #945 Markets Wilt As All Signs Point To A Forever War In West Asia
On Episode 945 of The Core Report, financial journalist Govindraj Ethiraj talks to Sheetal Sapale, Vice President–Commercial at Pharmarack as well as Gautam Shahi, Senior Director at Crisil Ratings.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Markets Wilt As All Signs Point To A Forever War In West Asia
(03:28) Fitch Ratings Affirms India's Sovereign Rating at 'BBB-'
(04:47) Indian Traders Lost More Money Trading Derivatives On Average Than They Did The Year Before
(08:59) Cardiac Linked Drug Sales Rise As More Indians Self-Test
(15:23) India’s Yarn Industry Is Looking At A Positive Year
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Tue, 11 Aug 2026 - 24min - 960 - #944 Indian Markets Put Up A Fight Against Rising Oil Prices
On Episode 944 of The Core Report, financial journalist Govindraj Ethiraj talks to Kanika Mahajan, Associate Professor at Ashoka University. We also feature an excerpt from our upcoming Special Edition with Gopal Jain, Managing Partner at Gaja Capital.
SHOW NOTES
(00:00) Stories of the Day
(00:41) Indian Markets Put Up A Fight Against Rising Oil Prices
(04:28) Consolidation In The Solar Space
(08:11) Why Everyone Is Talking About Alternatives As An Investment Approach
(14:22) The Polarisation In The Jobs Market We Have To Watch Closely
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Mon, 10 Aug 2026 - 24min - 959 - #943 Foreign Investor Flows Are Picking Up
On Episode 943 of The Core Report, financial journalist Govindraj Ethiraj talks to Siddharth Pai, Founder & Managing Partner at Siana Capital as well as Devang Shah, Head - Fixed Income at Axis Mutual Fund.
SHOW NOTES
(00:00) The Take: Thank You Mr. Gadkari
(04:02) Foreign Investor Flows Are Picking Up And Markets Are Better Poised
(06:47) The Costs And Benefits Behind India’s Strategy Of Attracting Dollars.
(08:06) Gold Prices Are Rising Again
(22:38) Why Everyone Is Talking About Forward Deployment Engineers (FDEs)
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Sun, 09 Aug 2026 - 31min - 958 - #942 Why Gen Z Is Choosing Loans Over Credit Cards? | Govindraj Ethiraj x Bhavesh Jain, MD & CEO, TransUnion CIBIL | The Core Report
Why is Gen Z choosing loans over credit cards in India? Younger Indians are changing how they borrow, spend and enter the formal credit system, with phone loans, consumer finance and personal loans increasingly becoming their first experience with credit.In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Bhavesh Jain, MD & CEO, TransUnion CIBIL, about why Gen Z is choosing loans over credit cards, the rapid growth of consumer credit in India and what changing borrowing behaviour tells us about the Indian economy.India’s credit-active population has risen sharply over the past decade. But an equally important shift is taking place in how Indians borrow. Younger consumers are increasingly entering the credit market through phone financing and consumer durable loans rather than credit cards. UPI has also transformed how Indians make everyday payments, while personal loans and point-of-sale financing have given borrowers more alternatives to traditional cards.So are credit cards losing relevance with younger Indians?The conversation looks at why India’s credit card market has recently seen slower growth in cardholders, why existing users are accumulating multiple cards and why accessibility and convenience are reshaping consumer finance.Govindraj and Bhavesh also examine the extraordinary rise of gold loans, growing participation by women borrowers, rising formal credit in Uttar Pradesh, Bihar and Madhya Pradesh, and how India’s MSMEs are increasingly using working capital loans.They also discuss the bigger economic question behind India’s borrowing boom. Credit can fuel consumption, entrepreneurship and economic growth, but what happens when leverage among younger borrowers rises too quickly?Watch the full conversation for a data-driven look at Gen Z borrowing, credit cards in India, consumer loans, UPI, CIBIL scores, gold loans, MSME credit, financial inclusion and the changing Indian economy.Chapters(01:22) The Biggest Credit Trends of the Last Decade(02:13) Why 28% of Indians Are Now Credit Active(02:41) Credit Growth and India's Economic Expansion(03:22) The Shift From New-to-Credit to Existing Borrowers(04:27) Gen Z Is Reshaping India's Credit Market(05:07) Why Young Indians Finance Phones Before Homes(05:55) Business Owners Are Borrowing Personally(07:04) Gold Loans: India's Fastest Growing Credit Segment(08:11) Why Women Are Using Gold Loans for Business(08:38) Women, Gen Z & Credit-Mature Borrowers(09:30) Why Checking Your CIBIL Score Matters(10:36) Credit Growth Beyond India's Metro Cities(11:36) Uttar Pradesh Emerges as India's Credit Leader(13:39) Inside India's MSME Credit Story(14:14) Why 88% of MSME Credit Goes to Small Businesses(14:49) How MSMEs Improved Credit Quality After COVID(16:45) Why Working Capital Loans Are Dominating(17:31) Banks Are Rewarding Low-Risk Borrowers(17:56) India's Massive MSME Credit Opportunity(19:30) Retail Credit Health: Delinquencies & Debt(21:57) Has Credit Growth Become Too Aggressive?(24:10) The Rise of Digital Lending & AI Underwriting(26:59) Why UPI Is Transforming India's Credit Ecosystem(28:13) The Future of Consumer Lending in India(31:00) Can India Reach Developed-Market Credit Levels?(33:00) Building a Credit-Fit India(36:14) Advice for Every MSME OwnerWhy is Gen Z choosing loans over credit cards in India? Govindraj Ethiraj speaks with Bhavesh Jain of TransUnion CIBIL about Gen Z borrowing, consumer credit in India, personal loans, UPI, digital lending, CIBIL scores and changing borrowing behaviour. Watch The Core Report for insights on credit cards in India, financial inclusion and the Indian economy.#GenZ #CreditCardsIndia #ConsumerCredit #DigitalLending #TheCoreReport #TheCore
Fri, 07 Aug 2026 - 37min - 957 - #941 Markets Steady As Traders Wait For A Potential Deal To End The War
On Episode 941 of The Core Report, financial journalist Govindraj Ethiraj talks to Sai Giridhar, Vice President at FADA as well as Aviation Experts, Sean Mendis and Sanjay Lazar.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Markets Steady As Traders Wait For A Potential Deal To End The War
(03:42) Auto Sales Hit Records, Again. What Is Driving Higher Sales?
(12:21) Honda Will Outsource Development Of A New Vehicle To Tata Group Company
(13:28) Microsoft Announces New Data Center, Google Faces Opposition For Its Project
(15:13) What Should Air India’s Priorities Be And What Can The Incoming CEO Bring To That Table?
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Thu, 06 Aug 2026 - 29min - 956 - #940 Indian Markets Stay Hesitant As Global Markets Hit Fresh Highs
On Episode 940 of The Core Report, financial journalist Govindraj Ethiraj talks to Aditi Nayar, Chief Economist at ICRA as well as Devender Singhal, Equity Fund Manager at Kotak Mahindra Mutual Fund.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Indian Markets Stay Hesitant As Global Markets Hit Fresh Highs
(04:55) Air India Gets A New CEO
(05:34) Why India Is Revising Its GDP Projections Upwards
(13:51) Indian Auto Industry Body Backtracks On Ethanol Fuel Study
(15:26) The Case For Multi-Asset Funds
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Wed, 05 Aug 2026 - 23min - 955 - #939 Indian Markets Capture Asian Debt Flows Share
On Episode 939 of The Core Report, financial journalist Govindraj Ethiraj talks to Sudhir Kapadia, Senior Board Advisor as well as Vaibhav Sanghavi, CEO at ASK Hedge Solutions.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Indian Markets Capture Asian Debt Flows Share
(04:12) The Problem With Exchange Traded Funds And The South Korean Example
(10:14) Why Fund Managers Have Changed Some Of Their Investment Strategies In The Last Month
(20:32) The Government Eases Tax Burden For Electronics Manufacturers Like Apple, Among Other Moves
(29:30) Apple To Bring Back A Senior Executive From Retirement For The Hardware Division
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Tue, 04 Aug 2026 - 31min - 954 - #938 Why Indian Markets Are Holding Steady
On Episode 938 of The Core Report, financial journalist Govindraj Ethiraj talks to Madhavi Arora, Chief Economist at Emkay Global Financial Services.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why Indian Markets Are Holding Steady
(04:20) Why The US And Japan Joint Intervention To Prop Up The Yen Is Unusual
(08:37) Which Banks Have The Most Clout With NRI Funds And Deposits?
(10:07) What Is The RBI’s Grappling With, Ahead Of The Credit Policy On Wednesday
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Mon, 03 Aug 2026 - 19min - 953 - #937 Foreign Portfolio Investors Are Inching Back Towards India
On Episode 937 of The Core Report, financial journalist Govindraj Ethiraj talks to Umesh Sharma, CIO–Fixed Income at The Wealth Company Mutual Fund as well as Ashok K Bhattacharya, Editorial Director at the Business Standard.
SHOW NOTES
(00:00) The Take
(05:00) NRIs Bring In Close To $37 Billion, Though The Rupee Is Little Changed
(06:35) Foreign Portfolio Investors Are Inching Back Towards India
(10:54) Why Bloomberg Has Deferred Inclusion Of Indian Govt Bonds In Its Index
(19:08) Is Strong Political Capital Distracting The Government From Focussing On The Jobs Question
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Sun, 02 Aug 2026 - 32min - 952 - #936 Why US Federal Reserve Moves Matter To India
On Episode 936 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Pabari, Managing Director at CR Forex as well as Amit Mittal, Director at AeroIntellect Aviation.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Why US Federal Reserve Moves Matter To India
(04:08) Mahindra To Double EV Production Capacity
(05:07) Why Gold Demand Has Fallen To Lowest In 6 Years
(06:11) Despite Some $32 Billion Of Inflows, Including NRI Deposits, Why The INR Has Barely Moved
(15:12) How 10 Individuals Control 20% Of India’s Wealth
(18:01) Indigo Has Completed 20 Years, A Look Back At The Airline And Look Ahead For The Industry
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Thu, 30 Jul 2026 - 29min - 951 - #935 India’s Contrast Between Weak Macros And Strong Micros
On Episode 935 of The Core Report, financial journalist Govindraj Ethiraj talks to Sachin Sawrikar, Managing Partner at Artha Bharat Investment Managers. We also feature an excerpt from our latest episode of How India’s Economy Works, featuring Electrical Engineer Sudhir Gera, Director of Operations at IEC Electric Power Ltd.
SHOW NOTES
(00:00) Stories of the Day
(01:00) India’s Contrast Between Weak Macros And Strong Micros
(04:00) IT Stocks Pick Up Pace As Investors Sell Off Global AI Majors
(05:19) Did Apple Miss Out On The AI Boom Or Stay Away From It, A Question Every Business Leader Should Ponder
(07:17) India Is Holding Back More Solar Power As Capacity Exceeds Transmission Infrastructure
(08:41) 46% Of NRI Property Owners In A Survey Are Looking To Sell Their Properties Immediately
(10:23) How Are Investors Responding To GIFT City Based Funds?
(18:22) How Are India’s Engineering Colleges Disconnected From The Job Market?
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Wed, 29 Jul 2026 - 28min - 950 - #934 Markets Track Oil Prices, Look For Consumption Signs
On Episode 934 of The Core Report, financial journalist Govindraj Ethiraj talks to Pooja Goyal Sharma, Founding CEO at the Udaiti Foundation as well as Shankkar Aiyar, economic journalist, columnist and author.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Markets Track Oil Prices, Look For Consumption Signs
(05:00) Monsoon Revives, Industrial Output Up, The Latest Numbers
(07:45) SpaceX Loses $1.2 Trillion In Market Cap, Or Entire Tesla
(09:14) The Arithmetic Behind Power And Political Anxiety In Recent Student Protests
(17:47) Why Are Urban Women Not Finding More Jobs?
(27:53) And The Airport That Is Rated Best Despite No Flights
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Tue, 28 Jul 2026 - 30min - 949 - #933 Markets May Have To Wait Longer For AI Unwind
On Episode 933 of The Core Report, financial journalist Govindraj Ethiraj talks to Prasanna Tantri, Associate Professor of Finance and Executive Director of the Centre for Analytical Finance (CAF) at ISB.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Markets May Have To Wait Longer For AI Unwind
(04:51) Amazon, Meta, Microsoft, And Oracle Are Carrying $1.65 Trillion In Debt That Does Not Appear On Their Balance Sheets.
(06:09) The Number Of Rs 100 Crore Income Filers Have Quadruped In 4 Years.
(07:46) Is The Rupee A Price Or A National Flag?
(23:32) How People Are Travelling Vast Distances To Watch 70mm Versions Of Odyssey And Gen Z Is Now The Most active cinemagoing demographic, attending more films per year than their elders.
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Mon, 27 Jul 2026 - 28min - 948 - #932 Markets Could Be More Stable This Week
On Episode 932 of The Core Report, financial journalist Govindraj Ethiraj talks to Sanjay Lazar, Aviation Expert.
SHOW NOTES
(00:00) The Take
(05:29) Tariffs Are Firmly On US Agenda, Fuelling Fresh Trade Uncertainty
(07:26) Markets Could Be More Stable This Week Following Pause In The War
(08:44) Govt Proposes Allowing Foreign-Funded E-Commerce Firms To Own Inventory And Sell Products Directly For Exports
(10:36) Should An Airport Owner Also Run An Airline?
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Sun, 26 Jul 2026 - 24min - 947 - Why India’s E-Commerce Policy Is Holding Back Growth | Eye On Retail | The Core Report
Why is India’s e-commerce policy holding back growth when its online retail market has already crossed $60 billion? Could clearer regulation, greater foreign investment and better support for MSMEs unlock the next phase of India’s digital economy?In this episode of Eye On Retail By The Core Report, an initiative supported by Flipkart, financial journalist Govindraj Ethiraj speaks with Jay Gulish of the US-India Business Council and Ashish Fafadia of Blume Ventures about the policy choices shaping India’s e-commerce market.India’s e-commerce growth has been powered by foreign capital, technology, logistics and rapid consumer adoption. But private consumption is slowing, policy uncertainty continues and Indian small businesses still struggle to reach customers outside the country.The conversation examines whether India should reconsider restrictions on inventory-led e-commerce, why policy consistency matters to global investors and how a gradual liberalisation of the market could support consumption, competition and exports.The guests also explain why this debate is not only about large online marketplaces. India’s MSMEs contribute significantly to GDP, exports and employment, but many remain constrained by high logistics costs, limited credit, weak digital adoption and restricted access to international markets.Can e-commerce help Indian small businesses sell globally? How can policymakers protect kirana stores while helping MSMEs become more efficient, better financed and internationally competitive?The discussion also covers FDI in e-commerce, India’s online retail policy, MSME finance, digital commerce, logistics costs, data regulation, cross-border e-commerce and the future of India’s consumer economy.Watch Eye On Retail By The Core Report on The Core for an informed discussion on the business and policy decisions shaping India’s retail economy.Why is India’s e-commerce policy holding back growth? As India’s $60 billion online retail market expands, clearer regulation, greater foreign investment and stronger support for MSMEs could unlock digital commerce, cross-border e-commerce, exports and India’s wider digital economy. Watch Eye On Retail by The Core Report for insights into e-commerce growth, MSME finance and retail policy.#IndiaEcommerce #EcommercePolicy #MSMEGrowth #OnlineRetail #DigitalEconomy #EyeOnRetail #TheCoreReport #TheCore
Mon, 20 Jul 2026 - 43min - 946 - #931 Stocks Have Had A Good Week
On Episode 931 of The Core Report, financial journalist Govindraj Ethiraj talks to Nikit Popli, Partner, Indirect Tax and Incentives at KPMG as well as Shub Bhowmick, Co-founder and CEO at Tredence. We also feature an excerpt from Episode 4 of our Series Eye on Retail in partnership with Flipkart.
SHOW NOTES
(00:00) The Take
(05:57) Stocks Have A Good Week But May Not Survive The Resumption Of War.
(06:50) Banking, Reliance Results Come In Strong.
(08:54) What Will The 127,000 Crore India Semiconductor Mission 2.0 Outlay Deliver?
(16:40) How Does Agentic Commerce Work And What Determines Its Effectiveness?
(26:58) Chinese AI Company Moonshot Released Kimi K3 Friday, Claiming Benchmarks Comparable To Top US LLMs.
(28:13) Can India’s $60 Billion E-Commerce Market Drive Consumption?
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Sun, 19 Jul 2026 - 35min - 945 - #930 Why Dubai Still Feels Like Home for Indian Wealth | Govindraj Ethiraj | The Core Report
Why does Dubai still feel like home for Indian wealth? In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Jamil Khatri, CEO of Uniqus Consultech, about why Indian business families, family offices and global investors continue to choose Dubai, and how the India UAE investment corridor is evolving amid geopolitical uncertainty.
Jamil Khatri explains why the Middle East’s transformation extends far beyond oil, how sovereign wealth funds from the UAE and Saudi Arabia are investing in India, and why Indian companies are increasingly exploring opportunities across the Gulf.
The discussion also examines why India continues to attract global capital, what still holds back foreign investment, and why ease of doing business may matter more than tax incentives. Jamil argues that India’s biggest challenge is no longer access to capital or global opportunities, but developing the entrepreneurial ambition and risk appetite to build truly global companies.
The episode explores India UAE investments, Saudi Arabia Vision 2030, family offices, Dubai wealth migration, foreign direct investment, global capability centres, AI centres of excellence, cross-border acquisitions and the future of Indian businesses overseas.
From Dubai’s appeal to Indian family offices to the emerging opportunities in Riyadh and Abu Dhabi, this conversation examines where Indian capital is moving and what could shape the next phase of India Middle East business.
#Dubai #IndiaUAE #IndiaEconomy #MiddleEast #GlobalBusiness #TheCoreReport #TheCore
Fri, 17 Jul 2026 - 25min - 944 - #929 Indian Markets Steady Even Global Markets Are Volatile
On Episode 929 of The Core Report, financial journalist Govindraj Ethiraj talks to Sanjay Notani, Partner at Economics Law Practice (ELP).
SHOW NOTES
(00:00) Stories of the Day
(01:00) Indian Markets Steady Even Global Markets Are Volatile
(05:25) Voltas Raises Prices, More Brands Could Follow
(06:34) A Lot Of Money Is Locked Up In Security Deposits For Taking Homes On Rent, How Much Comes Back?
(08:14) The India-UK FTA Kicked Off On Wednesday, What Are The Early Signs Looking Like?
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Thu, 16 Jul 2026 - 21min
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