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The Core Report episodes
- #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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24 min - #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 Works featuring 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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35 min - #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
31 min - #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
22 min - #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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25 min - #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"
For more of our coverage check out thecore.inFollow us on:
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32 min - Why Trump Will Not Back Down On Tariffs & Iran | Dr Hal Brands | Govindraj Ethiraj | The Core Report
Why will Trump not back down on tariffs and Iran, even as the political and economic costs rise? Govindraj Ethiraj speaks with Dr Hal Brands about Trump’s foreign policy, global trade, oil markets and what it means for India.In this Special Edition of The Core Report, financial journalist Govindraj Ethiraj speaks with Dr Hal Brands, Henry A. Kissinger Distinguished Professor of Global Affairs at Johns Hopkins SAIS. Brands explains why Trump considers tariffs a defining part of his presidency and why Iran has become a conflict from which the United States cannot easily withdraw.The conversation examines what Trump’s tariffs and Iran strategy could mean for global trade, oil prices, the Strait of Hormuz and financial markets. It also explores sticky US inflation, affordability concerns, the midterm elections and why domestic political pressure may not significantly alter American foreign policy.From an Indian perspective, Govindraj and Brands discuss the unexpected strain in US-India relations, India’s energy ties with Russia, bilateral investment negotiations and the long-term strategic case for cooperation between Washington and New Delhi. They also assess the fragile US-China trade truce and explain why the rivalry between the world’s two largest economies remains fundamentally unstable.For businesses and investors, the warning is clear. There may be no return to the calmer era of seamless globalisation. Companies must prepare for a more fragmented global economy in which tariffs, geopolitical crises, energy disruptions and economic volatility become the norm rather than the exception.Chapters:01:09 What Donald Trump could do next05:05 Who Really Drives Trump’s Policy? 05:55 Trump’s Iran and Tariff Strategy Under Pressure 08:12 Can Inflation Hurt Trump at the Midterms? 09:32 Trump Puts India–US Ties to the Test 11:14 Is the US-China Trade Truce About to Shift? 13:26 Is the World Ever Going Back to Normal? Subscribe to The Core Report for sharp conversations on business, the global economy, geopolitics, financial markets, technology and India’s place in a changing world.Why will Donald Trump not back down on tariffs and Iran? Watch Dr Hal Brands and Govindraj Ethiraj explain Trump’s tariffs, Iran strategy, global trade, oil prices, the Strait of Hormuz, US-China tensions and India-US relations. The Core Report examines how Trump’s foreign policy could reshape business, financial markets and the global economy. Subscribe for sharp analysis.
14 min - #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
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24 min - #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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24 min - #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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28 min
About The Core Report
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Every Monday to Saturday, tune in as financial journalist and host Govindraj Ethiraj gives you the latest news in business, economy and technology
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