Shows / Subtext by Zerodha
Subtext by Zerodha
Finance is full of noise. Everyone reacts to what just happened. We’re more interested in why it’s happening—and what lies beneath. Subtext is a series of conversations with people who have spent years thinking deeply about finance. Not necessarily the loudest voices, but those with real depth: traders who understand market structure, fund managers who have lived through multiple cycles, economists tracking India’s macro story, regulators shaping capital markets, founders building financial…
Episodes
- Subtext by Zerodha
The state of nuclear energy in India ft. Karthik Ganesan
We cover: - How nuclear fission actually works, why our risk perception of nuclear power is flawed, the complexities of fuel reprocessing, and the economic…
- Subtext by Zerodha
The true cost of a government job exam in India. Ft. Kunal Mangal
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…
- Subtext by Zerodha
Rakesh Basant on how does innovation work in India
We cover: - How process innovation differs from product innovation, why Indian firms struggle to transition between the two, the importance of tacit knowledge…
- Subtext by Zerodha
Sidu Ponnappa on the AI-native firm
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…
- Subtext by Zerodha
The power dynamics behind the world’s green transition
We cover: - Why every wealthy nation protected its industries to develop, the reality behind technology transfer in clean-energy joint ventures, and why a…
- Subtext by Zerodha
Arvind Chari on why India Is just 1.6% of the world's portfolios
Arvind Chari, Chief Investment Strategist at Quantum Advisors, joins Bhuvan to unpack why India has swung from being "TINA" (there is no alternative) to being…
- Subtext by Zerodha
Mudit Narain on why India throws away free solar power
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…
- Subtext by Zerodha
Rohit Chandra’s short history of Indian energy
We cover: - How Cold War politics shaped early energy choices, how the national grid emerged from the railways, the true reasons behind coal nationalization…
- Subtext by Zerodha
Rajashree Murukute on India's Municipal Bond Market
We cover: - How rating municipalities differs from corporates, why cities struggle with data disclosures, and why pooled finance may be the only way forward…
- Subtext by Zerodha
Arpit Tandon on the road ahead for Indian IT
We cover: - How AI is changing product management, why companies should think in terms of workflows instead of just software, the importance of domain…
- Subtext by Zerodha
Mausam Kumar on the state of India’s industrial policy
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…
- Subtext by Zerodha
Sagar Lele on how to read company results like an analyst
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…
- Subtext by Zerodha
Amit Tripathi on monetary policy and Indian banks
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…
- Subtext by Zerodha
Suyash Singh on finding spaces in the space business
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…
- Subtext by Zerodha
Tamal Bandyopadhyay on microfinance industry cycle
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…
- Subtext by Zerodha
Brad Setser on the dollar and the world's trade imbalance
Brad W. Setser, Senior Fellow at the Council on Foreign Relations and one of the most respected voices on global capital flows, joins us for a wide-ranging…
- Subtext by Zerodha
Zohra Khan on the Indian EV infra industry
In this episode of Subtext, we sit down with Zohra Khan, CEO & Founder of IPEC India - a power electronics company building EV chargers for the Indian market…
- Subtext by Zerodha
Amit Kumar Gupta on copper supercycle
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 &…
- Subtext by Zerodha
Decoding Bain's India Venture Capital report
📄 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…
- Subtext by Zerodha
Ajay Srivastava on India's place in the chaos of world trade
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…
- Subtext by Zerodha
Rosa & Tamoghana on India's Youth Employment Crisis
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…
- Subtext by Zerodha
Kyle Chan on China's industrial dynamics
What makes China's manufacturing machine so powerful — and what does it mean for the rest of the world? In this episode, we sit down with Kyle Chan — fellow at…
- Subtext by Zerodha
Pranay Kotasthane on Navigating the New Uncertain World
We used to live in a world of rules. Now, we live in a world of power. Pranav Agarwal and Pranay Kotasthane break down the "Matsya Nyaya" of modern…
- Subtext by Zerodha
Dr. Aradhna Aggarwal on SEZs, their role in economic development, and India's growth ambitions
Is India losing its competitive edge in labor-intensive industries? While big names like Foxconn, Kia, and Apple are setting up shop, the "spillover effect"…
- Subtext by Zerodha
Ameya P on how Indian IT can flip the AI script
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…
Subtext by ZerodhaWhat Phillip Capital learned running a fund in GIFT City?
Nishit and Ankush from Phillip Capital have spent years working with NRI and global investors navigating India's financial ecosystem — and they are two of the…
- Subtext by Zerodha
Deepak Shenoy on what's happening with the rupee
Deepak Shenoy of Capital Mind joins us to explain what has been happening with the rupee over the past few weeks. Some of it is straightforward — India imports…
- Subtext by Zerodha
Rory Johnston (oil expert) on what's happening in the oil markets
Rory Johnston runs Commodity Context and has spent years tracking the oil market — and he is someone who, by his own admission, is normally the calm one in the…
- Subtext by Zerodha
Understanding China, with Manoj Kewalramani
Most commentary on China operates at a surface level. Xi Jinping is authoritarian, the economy is state-directed, and the Communist Party controls everything…