Thanks Rajesh. I think the story mentions the fact of lag in SSS interest rates in different contexts or to buttress points with examples. On the Modern Monetary Theory (MMT), many experts think that it is not suitable for India given that we do not meet the pre-conditions of the theory - for instance, India's borrowings are not entirely done in its own currency. Also, critics point to the risk of high inflation with MMT. Even in Japan which prints and largely borrows in its own fiat currency, MMT carries risks and may not work, say critics. Below are some interesting reads. https://theprint.in/economy/why-emerging-markets-like-india-are-wary-of-using-modern-monetary-theory-to-fix-the-economy/532893/ https://www.livemint.com/opinion/columns/modern-monetary-theory-let-s-look-at-it-from-india-s-perspective-11612886536139.html https://www.business-standard.com/article/opinion/does-japan-vindicate-modern-monetary-theory-121123101371_1.html

Anand Kalyanaraman

Thank you Yatindra. Glad the story helped.

Anand Kalyanaraman

Hi Pradheep, agent commissions do increase the cost of small savings schemes including recurring deposits for the National Small Savings Fund (NSSF). The Shyamala Gopinath Committee in 2011 had recommended changes, some of which were implemented. The report below also talks about this matter. https://fincomindia.nic.in/writereaddata/html_en_files/oldcommission_html/fincom14/others/30.pdf The story mentions the big accumulated deficit of NSSF over the years. Part of this was due to management cost of the small savings schemes which includes agent commissions.

Anand Kalyanaraman

Thank you Nandagopal. The common FPIs (whose names are disclosed) across many Adani stocks have invested largely (90% plus) in Adani stocks alone. The exception are the FPIs in Adani Ports; they are different names and have a more diversified portfolio. You can check the holdings of the FPIs on Trendlyne.

Anand Kalyanaraman

Thank you, Bikramjit.

Anand Kalyanaraman

Thanks for the suggestion, Prakhar. Will keep it in mind.

Anand Kalyanaraman

Thank you Sachit for the appreciation! Also, thanks for pointing out the error. We have rectified it.

Anand Kalyanaraman

Hi Rajeev, we are not arguing against the promoter taking its pound of flesh. Most promoters do that. Tata Sons does it in the case of TCS and the government does it in the case of ONGC. The argument is about taking so much it cuts close to the bone and that the company, ONGC in this case, is left financially weakened. The government in the past few years forced ONGC to acquire government stakes in HPCL and GSPC, and also got high dividends from ONGC, besides the buyback proceeds. Cash-rich and debt-free earlier, ONGC had to resort to borrowings. This would have affected market sentiment. The article below has some numbers. https://www.moneycontrol.com/news/business/ongc-first-gets-forced-to-buy-hpcl-and-now-buy-its-own-shares-back-3357841.html True, crude oil is fickle and the commodity business has sharp ups and downs. But a not-so-healthy balance-sheet likely holds back ONGC from capitalising on attractive asset buying opportunities in the global market. Also, even when oil prices rise, the market may not be assigning ONGC the value it deserves due to past and ongoing experience of government interference in PSU oil companies' operations and capital allocation decisions. Agree, it'll be great to track the trajectory of these very different but key companies. :) Yes, it's a new age of energy and security as the latest Economist cover says. India and its national oil companies must be financially ready for this.

Anand Kalyanaraman

Thank you, Dinesh.

Anand Kalyanaraman

Thanks, Krishnan.

Anand Kalyanaraman

Thanks, Manav.

Anand Kalyanaraman

The margin funding model (BNPL) is not new, yes. But as mentioned in the story, it was traditionally a product for high net-worth investors. Selling it to retail investors, especially the young, first-time investor cohort that Groww largely has, is problematic.

Anand Kalyanaraman