The Core 
On Episode 421 of The Core Report, financial journalist Govindraj Ethiraj talks to Pushan Sharma, Director – Research, CRISIL Market Intelligence and Analytics as well as Himanshu Parekh, Partner and Head of tax (West) at KPMG.
(00:00) The Take
(05:00) The markets continue to sell off
(06:50) India is one of the most attractive bond markets in the world now
(10:22) Revenue growth slowest in 16 quarters says Crisil
(19:53) Can Indian tax laws have explainers alongside
(29:40) Travellers want to go to less frequented destinations now
The Take:
A garment exporter hopes India signs the UK Free Trade Agreement, as 9.6% duties on Indian textiles put them at a 10% disadvantage versus Turkey. Talks began in January 2022 but are stalled over duty cuts and skilled worker access.
The US economy is strong, with 2.8% growth expected. A strong dollar impacts the rupee, and rising illegal migration from India is a key US election issue. Trump leads the debate, backed by Elon Musk, while Canada tightens student inflows.
Markets Have A Bad Week, What About this one:
Wall Street leans towards Trump, but his tariff plans could hurt Indian exports. FIIs sold $11 billion from Indian markets in October, while domestic funds bought in. The Sensex fell 1,822 points (2.2%) to 79,402, and the Nifty dropped 673 points (2.7%) to 24,180.8. Earnings growth is slowing, and a 10% market correction is expected, with 7% already seen.
India’s Bond Story:
Global funds invested $20 billion in Indian debt, drawn by stability amid global market volatility. Foreign investors are selling equities but buying bonds, making India a top performer. The rupee remains stable due to RBI interventions, with minimal loss against bonds.
Indigo Reports A Loss:
Indigo, India’s largest airline, reported a Rs 989 crore loss last quarter due to fuel costs and a grounded fleet. Despite a 63% market share, expenses outpaced revenue growth.
Oil and Oil Companies:
Oil prices may ease with reduced Middle East tensions. Bharat Petroleum reported a 72% profit drop due to lower marketing margins, while rising oil prices from sources like Russia add pressure on refiners.
Revenue Growth Slows:
India Inc’s revenue growth is at its slowest in 16 quarters, says Crisil, due to stagnant construction and investment-linked sectors. However, EBITDA grew ~10% year-on-year, showing some improvement.
Trade Wars:
Trade tensions are high as the US clashes with the EU and China. Germany warned of retaliation if the US imposes tariffs. Such trade conflicts are impacting global economies.
India’s New Tax Code:
The government has invited feedback on the Income Tax Act, 1961, aiming for simplification. Finance Minister Nirmala Sitharaman expects changes by January, with potential revisions in the Budget session. The Core Report gathers expert input for reforms.
Travel Trends:
Travelers are shifting to quieter destinations, moving away from crowded hot spots. Reports from Expedia and Booking.com show rising interest in places like Reims, France, and Cozumel, Mexico, driven by cost and crowd concerns. Airlines like United are expanding routes to capture demand for new destinations. Many travelers are embracing “JOMO” (joy of missing out) to reduce stress and reconnect with loved ones.
Thank you for tuning in to this episode of The Core Report, where we explored why India stands out as one of the hottest bond markets globally. If you found our insights valuable, don’t forget to like, share, and subscribe to our channel. Your support helps us bring more in-depth analysis and expert discussions to your feed.
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About The Author
Superb reporting. You can maybe put data on the screen when you are making data based reporting. We will be able to absorb the numbers better.
I like the clean English of Govind without any 'you know', 'I mean, 'sort of', 'kind of', 'like', etc etc. And the drawl…. The English of most guys are unbearable nowadays.
Better than shouting channels and artificial presenters.
Subscribed, liked.