In the first episode of season two of Two by Two, we unpack India’s evolving economic story at a pivotal moment—amid global uncertainty and rising US tariff threats that some have dubbed India’s "second 1991 moment."

We break down the promise and illusion of India’s economic outlook across two critical dimensions: macroeconomics and markets.

The narrative of GDP growth powered by rising productivity is enticing. India stands alone as a large economy where labour, capital, and productivity are all expanding. We explore concerns around job creation, stagnant manufacturing, and deeper structural threats—from AI to climate change.

In the markets, domestic money is driving one of the most expensive equity valuations in the world, comparable to that of the US. But beneath the surface lies a more cautious picture: foreign investors are staying neutral, while insiders are cashing out at record levels.

From booming inflows into financials to valuation resets in staples and foreign scepticism around consumer discretionary.

Whether you’re bullish on India or wary of the froth, this episode challenges assumptions and brings a clearer picture to the contradictions shaping the country's economic future.

Joining hosts Praveen Gopal Krishnan and Rohin Dharmakumar for the discussion are Aditya Suresh, head of India equity research at Macquarie, and Seetharaman G, deputy editor at The Ken and resident expert on all things retail, joining the discussion.

Welcome to Two by Two.

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Additional reading:

‘Make in India’ is a tariff-war sticker job - https://the-ken.com/newsletter/make-india-competitive-again/make-in-india-is-a-tariff-war-sticker-job/

Stop hating on China. Embrace it - https://the-ken.com/newsletter/make-india-competitive-again/stop-hating-on-china-embrace-it/

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This episode of Two by Two was produced by Hari Krishna. Rajiv CN, our resident sound engineer, mixed and mastered this episode.

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