P K

There's NO margin of safety IMO for the current/ next generation to expect human life/society to remain the same. All we need is one black swan event & butterfly effect can wipe out sizeable population. Especially for densely populated countries... #antinatalism #childfree

Gold loans now outpace credit cards by ₹1.6 lakh crore.

Screener AI has done pretty good optimization on token usage compared to the previous year. @screener_in

I didn’t expect this post to generate such a huge response. Here are still a few points I’d like to add: 1) The sharing I did was an academic exchange focused on economic policy-making, and it was completely equal and mutual on both sides. 2) Since I’m not a teacher and didn’t charge any tuition, I have no moral obligation to give the audience a psychological massage, making them feel good so they’ll enter “learning mode.” If they listen and benefit from it, great. If they don’t, I lose nothing. 3) One insight I’ve gained is this: arrogance is actually a manifestation of a deep-seated inferiority complex. The constant need to win every debate stems precisely from being terrified of losing, whereas humbly acknowledging one's problems and seeking advice is the true mark of calm and self-assured confidence.

In India emergency patients would perhaps die in Traffic jams rather than waiting for Dr 🤪

So DUMB to have the same criteria for comparison across countries. Does anyone hv data on how many have ski injuries after a winter in developed countries? How many died waiting in the hospital waiting for doctors for 2+ hrs? (In Canada chap died after 8 hrs w/ HEART ATTACK!)

Remember this video... whenever anyone in India wants more babies (per couple) to be added to the existing Indian population.

Jeff Bezos asked a room to imagine going back a hundred years. When almost everyone was a farmer. And telling those farmers that in 2018 there’d be a job called “massage therapist.” Bezos: “They would not have believed you.” Then a friend took it further. Bezos: “Forget massage therapist, there are dog psychiatrists.” He looked it up. Bezos: “Sure enough, you can easily hire a psychiatrist for your dog.” The room laughed. The point under the laughter wasn’t funny at all. Every time a major technology shift hits, we do the exact same thing. We count the jobs it will destroy. We never count the ones it will create. Because we can’t. They don’t have names yet. The fear is always specific. AI will replace accountants. AI will replace radiologists. AI will replace drivers. The fear has job titles and timelines and projections. The opportunity has none of those things. Because you can’t name what doesn’t exist yet. A farmer in 1920 could understand losing his job to a tractor. He could not understand gaining a career as a social media strategist. Not because he lacked intelligence. Because the entire chain of inventions between his world and that job hadn’t been built yet. Radio. Television. The internet. Smartphones. Social platforms. Creator economies. Every single link in that chain had to exist before “social media strategist” could even be a sentence. That’s where we are with AI right now. Everyone is staring at the tractor. Nobody can see the thing seven inventions away that doesn’t have a name yet. The fear is loud because it fits inside language we already have. The opportunity is silent because it doesn’t. Every technological revolution in history created more jobs than it destroyed. Every single one. Not because anyone planned it. Because human needs expand faster than machines can fill them. We didn’t need massage therapists when we were breaking our backs on farms. We needed them after machines freed our backs and stress replaced labor. The demand didn’t disappear. It migrated somewhere no one was looking. That is exactly what’s happening right now. The jobs AI creates won’t make sense to us yet. They’ll sound as absurd as “dog psychiatrist” would’ve sounded to a farmer in 1920. Until someone is running a $200 hourly practice with a six-month waitlist. The entire conversation right now is about what we’re about to lose. Nobody is talking about what we’re about to gain. Because the gains don’t have vocabulary yet. A hundred years from now, someone will stand on a stage and describe the jobs we couldn’t imagine today. And the audience will laugh. The same way we just did.

This. It's insane how complex it is for NRIs to buy a mutual fund or stock in india . They can buy property easier.

One thing that feels under-discussed in all the conversations about attracting foreign capital into India is the Indian diaspora. There is a large population of NRIs who are emotionally and financially interested in investing in India. But today, for many of them, the process of opening accounts, completing documentation, and actually investing in Indian markets is still far more painful than it needs to be. Making life easier for NRIs could be one of the lowest-hanging fruits for attracting long-term capital into India. This is something we’ve been focusing on heavily at @zerodha as well. Over the last year or so, we’ve made several changes to make investing as seamless as possible for NRIs. But there are still many frictions that exist because of regulatory and compliance requirements. Hopefully, SEBI and the government look at this more closely and think about how to make it easier for NRIs to bring money into India and participate in Indian markets. For a country trying to attract global capital, the Indian diaspora seems like the most obvious place to start.

India is apparently considering removing tax on fiis investing in Indian bonds. This is a good thing. Why? Foreign investors pay tax on all capital gains made in India. India is different from all major economies who follow residence based taxation meaning capital gains are taxed in the country of your residence not the country inwhich you invest. If you buy a US listed stocks and sell it at a profit , from India., the US does not tax you (india does) For bonds it is a pain because you get taxed for a capital gain at 20% in India. The fpi may be an index fund buying a bond index in which Indian securities are, and they will underperform that index because the tax is deducted in India at source. Bonds incur capital gains when interest rates fall, and if they are sold the fpi pays. Note that an Indian institution like a mutual fund , insurance co or a pension fund pays no tax. Also the interest is complex. When you buy a bond in the secondary market you pay the price plus the accrued interest from the bond after its last interest payment date. Apparently fpis get hit because even getting paid that accrued interest when they sell a bond has that tax, and ifntheir jurisdictions don't tax mutual funds or pension funds there is no corresponding tax in their home countries to offset what's paid in India. Sadly even if there's only a 5% tax on interest i think the tds is 20%, which sucks double big time cos you have to wait about a year to get a refund. India should get moving with this and make capital gains and interest on listed bonds paid to fpis totally tax free on cap gains and only 5% tds on interest (or none at all) We should also eliminate cap gains taxes on stocks for them also just like we don't tax indian institutions on such gains. This is how it is internationally. It won't reverse fpi flows really but in the long term it will attract foreign capital and allow the rupee to internationalise.

@Random_Gyan Try answering this simple question raised on your opinion with some statistics 😜 x.com/shareswalla/st…

This is exactly why everyone needs to study statistics incl Drs. It's long my belief that statistics in 11-12 is much more valuable in life vis-a-vis maths. Applications of AM,GM, sampling theory, probability, distributions, bayes theorem is 100x more in life than calculus.

India's gold bill is up 24% in a year, reaching all time high.

Charlie Munger : “The problem isn’t getting rich, it’s staying in the game.”

India's solar build-out has just crossed 150 GW. The pace tells the real story. From our latest sector deep dive: valuequest.in/india-solar-ma… SEBI Registration: valuequest.in/wp-content/upl…

The news about import duties on gold and silver going up to 15% came late last night. The interesting thing: neither open interest, prices, nor volume in Gold and Silver showed any unusual moves in the hours leading up to the announcement. If this had happened in the United States, I’m fairly sure some of the people close to the decision-making process would have found a way to trade it, either through regulated futures markets, other derivative contracts, or prediction markets like Polymarket and Kalshi. We’ve seen versions of this with crude. And during the Iran conflict, too, there were all these reports and allegations about people around the government trading through futures, contracts, and prediction markets before or around important announcements. It’s kind of insane how casually people in power seem to monetize privileged information. At some point, this stops looking like “market participation” and starts looking like blatant insider trading with better branding. Just another reason why Indian markets, despite all their flaws, are far more tightly controlled in these grey zones than many Western markets.

@rahul_goradia @zerodhamarkets @Nithin0dha @nikhilkamathcio Or atleast give the webpage link instead of us having to search in substack 🤔

@rahul_goradia @zerodhamarkets Why cant @zerodhamarkets just post a long SINGLE post/tweet instead of multiple such tweets. How many times we will click on 'Show more' link to read? CC: @Nithin0dha @nikhilkamathcio

In 2007, Sri Lanka wanted to build a port in Hambantota. It asked India to help finance it, but we realized the project was commercially unviable and said no. Sri Lanka then asked the US, and they also said no. 🧵👇

Foreign investors pull out a record ₹2 lakh crore from India in 2026.

The number of people without electricity by country. Look what happened after 2016. Someone started fixing India for real. Many things at a time. Still some way to go. The lag of last 60 is that bad.