Subtext by Zerodha

We cover: - How nuclear fission actually works, why our risk perception of nuclear power is flawed, the complexities of fuel reprocessing, and the economic promise of Small Modular Reactors (SMRs). - It also covers India's unique thorium-based reactors, the Shanti Act and private sector participation, the looming nuclear talent bottleneck, and the critical need for long-term grid planning. Timesta...

Why do millions of young Indians spend years preparing for government exams, even when private-sector jobs may pay significantly more? And what does this tell us about the economics of government jobs in India? Kunal discusses research in which aspirants chose a tehsildar job paying ₹50,000–₹60,000 a month over a private-sector job paying ₹3 lakh a month. They also examine how aspirants perceive r...

We cover: - How process innovation differs from product innovation, why Indian firms struggle to transition between the two, the importance of tacit knowledge, and why Indian academia is historically disconnected from industry. - It also covers intellectual property trade-offs, the Indian pharma story, complementary assets, temporary protectionism, the necessity of primary mass education, and the...

We cover: - Why an AI agent is an extension of your subconscious rather than a junior employee, why enterprise AI pilots fail due to terrible UX, and why the "good-enough" middle of India's IT sector is vanishing. - It also covers the flaw in traditional AI courses, why startups must pivot with every model upgrade, and why India's sovereign AI strategy should explicitly aim to secure the global nu...

We cover: - Why every wealthy nation protected its industries to develop, the reality behind technology transfer in clean-energy joint ventures, and why a "just transition" in India’s coal belt is about securing entire districts, not just retraining workers. - It also covers the trade-offs between energy and manufacturing sovereignty across the Global South, why Europe's Carbon Border Adjustment M...

Arvind Chari, Chief Investment Strategist at Quantum Advisors, joins Bhuvan to unpack why India has swung from being "TINA" (there is no alternative) to being called "anti-India" by global investors. They dig into why foreign capital still matters even with record domestic savings, why capital gains tax on foreign investors hurts more than people realize, and why India's capex cycle hasn't taken o...

We cover: - Why solar power gets curtailed despite its abundance, the evolution of the duck curve, the true cost of cross-subsidizing residential power, and how behind-the-meter storage is re-architecting the grid. - It also covers India's rapid solar build-out, time-of-day tariffs, open access regulations, the India Energy Stack, and how virtual power plants could turn everyday households into en...

We cover: - How Cold War politics shaped early energy choices, how the national grid emerged from the railways, the true reasons behind coal nationalization, and the reality of managing large PSUs. - It also covers DISCOM load shedding, the centralization of solar power, the impact of the green transition on coal-belt states, and social resilience during energy crises. Timestamps 0:00 Introduction...

We cover: - How rating municipalities differs from corporates, why cities struggle with data disclosures, and why pooled finance may be the only way forward for smaller urban bodies. - It also covers market liquidity, policy incentives, escrow structures, green bonds, retail participation, and the critical need for actual capital deployment. Timestamps 0:00 — Intro 5:45 — How rating a municipality...

We cover: - How AI is changing product management, why companies should think in terms of workflows instead of just software, the importance of domain knowledge, and why understanding a client's business may become more valuable than ever. - It also covers AI spending, sales, outcome-based pricing, M&A, partnerships, access to frontier AI models, Chinese open-source models, and what AI means for t...

We cover: - Why Tamil Nadu became a magnet for Apple and global manufacturers - How the PLI scheme differs from India's historical approach to industrial incentives - The tension between central and state-level policy in shaping manufacturing outcomes - India's place in a world turning toward economic nationalism and protectionism - The role of development finance institutions, the India-China dyn...

We cover: -Sell side vs. buy side: how each looks at quarterly results differently -Should long-term investors even care about quarterly results? -How to spot when management isn't telling the full truth — using numbers -Cyclical vs. structural changes and why it matters for your thesis -How to read sector trends across multiple companies -Why "observations" aren't enough — the shift from observat...

We cover: -What is the repo rate and why can't banks just borrow from RBI forever? -Why banks' cost of funds has become delinked from the policy rate -How liquidity (not just the repo rate) drives real interest rates -The role of capital markets vs. banks in credit creation -What the RBI's FCNR announcement really solved -The future of Indian banking: securitization, efficiency & innovation   Time...

We cover: - Why 70% of earth is always covered by clouds — and why that breaks most satellite imagery businesses - What synthetic aperture radar (SAR) is, and how it lets you see through clouds, fog, and even forests - The $0 → launch journey: 5 years of R&D, drone testing, and programme management - How GalaxEye miniaturised its sensor stack and tested it on drones before going to space - The rea...

We discuss how RBI's 2022 interest rate deregulation gave lenders a freedom they arguably misused, why borrowers ended up with 14 loans simultaneously, how the JLG model is collapsing in the digital age, and what investors should actually look for before betting on an MFI stock.   If you want to understand credit cycles from first principles, this one's for you.   Video Mentioned - Has the microfi...

Brad W. Setser, Senior Fellow at the Council on Foreign Relations and one of the most respected voices on global capital flows, joins us for a wide-ranging conversation on what is driving the dollar today, why China's export boom is a problem for the whole world, and what happens if the AI bubble bursts. Timestamp:  0:00 – Introduction 2:38 – History of Dollar Strength & What Drives It 5:26 – AI &...

In this episode of Subtext, we sit down with Zohra Khan, CEO & Founder of IPEC India - a power electronics company building EV chargers for the Indian market. We cover: How EV chargers actually work and why they need to be customised for each vehicle brand Why India's power grid is both a challenge and an opportunity for EV adoption The push to standardise charging connectors and protocols for two...

0:00 Introduction 2:10 History of Copper Rallies (Last 25 Years) 2:22 China Industrialization Demand Shock (2000–2007) 4:48 Current Cycle: AI, EVs & Electrification 5:50 Falling Ore Grades — The Structural Supply Problem 7:14 Why Supply Takes So Long to Catch Up (5–15 Years) 13:48 Who Profits Most When Copper Prices Rise? 22:03 Global Mining Consolidation (Glencore, Rio Tinto, BHP) 25:11 Environme...

📄 Read the Bain India VC Report 2026 to dig into the data behind this conversation - India Venture Capital Report 2026 | Bain & Company   0:00 Introduction 3:55 About the Bain VC Report 6:08 How the Data Is Sourced 11:16 Who Funds Indian VC — Global vs Domestic LPs 13:00 Why Family Offices Are Betting on VC 15:03 The 2020–22 Vintage Problem 20:48 How the VC Ecosystem Has Matured Since 2021 27:49...

In this episode we explore: How Trump's tariffs reshaped the global order — and why every major economy (except China) surrendered The Supreme Court ruling on tariffs and what it means for India's ongoing US trade deal negotiations Section 301 investigations: naked bullying or legitimate trade pressure? India's energy sovereignty dilemma — should we have continued buying Russian oil? Why India's t...

In this episode we explore:  The real role of education — human capital investment vs. social signalling Why India's graduate unemployment rate has been stuck at 35–40% since 1983 The "waiting vs. fallback" dilemma — is queuing for a job better or worse than underemployment? Internal migration patterns and how states are balancing labour surpluses Caste, gender, and identity in the Indian labour m...

What makes China's manufacturing machine so powerful — and what does it mean for the rest of the world? In this episode, we sit down with Kyle Chan — fellow at the Brookings Institution's China Centre, Princeton PhD, and author of the newsletter High Capacity — for a deep dive into China's industrial strategy. We cover: - How Chinese entrepreneurs operate within the state system - The rise of BYD,...

We used to live in a world of rules. Now, we live in a world of power. Pranav Agarwal and Pranay Kotasthane break down the "Matsya Nyaya" of modern geopolitics. We cover the weaponisation of critical minerals, the shifting influence of the US and China, and the strategic path India must take to thrive in an uncertain future.   Key topics: Geopolitics, Rare Earths, India’s Foreign Policy, and the F...

Is India losing its competitive edge in labor-intensive industries? While big names like Foxconn, Kia, and Apple are setting up shop, the "spillover effect" that transforms a local economy often remains missing. In this episode, Pranav Manie sits down with Professor Aradhana, one of India’s foremost experts on Special Economic Zones (SEZs) and industrial policy. They explore why many industrial zo...

AI agents are reshaping the global IT industry and no one feels it more than Indian IT. In this conversation, Pranav Manie sits down with Ameya Pimpalgaonkar, a 20-year veteran of the IT industry (IBM, Accenture, Infosys) turned investor, to break down what's actually happening beneath the surface. We covered Why the shift from headcount-based to outcome-based pricing is real but slower than the h...