256:Who’s Really Getting Ahead in India? | Saurabh Mukherjea(Founder, Marcellus Investment Managers)

In this episode of Bharatvaarta, Roshan talks to Saurabh Mukherjea for an in-depth discussion on India's economic prospects, the transformative impacts of political and economic policies over the last two decades, and the rising number of new DMAT accounts. They explore the key themes from Saurabh's book 'Behold the Leviathan', touching on India's macroeconomy, market investing strategies, and the socio-economic shifts impacting the nation. The conversation delves into the consequences of educational and healthcare investments, the disparity between the North and South, and the evolving entrepreneurial ecosystem. Additionally, they discuss the impact of digital public infrastructure and direct benefit transfer schemes, and the future challenges and growth potential of India's middle class. Saurabh also provides valuable investing insights, shares personal anecdotes, and reflects on the importance of adaptability in the rapidly changing economic landscape.

Topics:
00:00 Sneak Peak
00:51 Introduction
01:53 Capitalism vs. Socialism in 1947
03:01 The Impact of Education and Policy Choices
05:54 Digital Public Infrastructure and Political Vision
07:40 The Rise of Women and Non-Elite Entrepreneurs
11:14 Challenges and Opportunities in the Indian Economy
17:27 Direct Benefit Transfers and Welfarism
21:58 Formalization and Access to Credit
26:02 Economic Growth and Income Inequality
34:30 Challenges to India's growth
39:30 Lessons from China and the Role of AI
46:33 Policy Interventions and Future Growth
49:39 Employment Linked Incentives (ELI)
50:37 Role of Conglomerates in India's Economy
53:17 Rise of Challenger Companies
57:23 Investing in the Indian Market
01:09:10 Principles of investing
01:18:42 Personal Insights and Reflections

Buy his book "Behold the Leviathan" here

[ckcariappa]

Really enjoyed this conversation with Saurabh - easily, among the most curious and passionate people I have met! His knack for sourcing insights ground up and marrying it to sound economic theory makes him a rare intellectual, one with real skin in the game. This could have been more than a couple of hours long if not for my having to catch a flight back! 😄

Anyway, hope you guys like it - we cover a lot of ground on the different forces and trends influencing India's economic growth. If you find this valuable, please, please, PLEASE do share this with your friends and family - it takes a LOT of time, effort, and resources to produce quality content and your small yet significant contribution will make all of it worth it! 🙏

Please also share your comments/suggestions here, we're always listening 👇👇

[jaishreeram]

The biggest problem currently, is giving away free money to certain ladies.
I recently met an elderly Lady handling general shop and she informed that off late she receives 90% of customers for cigarettes who are young girls and ladies.

[mithunmahato]

One talent : story telling.
We can appreciate the talent but not falling for it 😂

[Infoshareindia]

Anchor must be blind to the negative performance of Saurabh’s Marcellus PMS to invite him to fool the audience.

[akamat]

Nice to know that Saurabh has moved from buying Jockey T-Shirt/Trousers to Westside.

[Jaideep_Das]

Sourabh is brilliant and has grasp the key issues. Now l am inclined to buy his book.
I do agree in toto the neglect of Education has caused irreparable losses. Sadly nothing has changed after NEP 2020. Only high talk and claims nothing substantial in the field.😮

[upendradheeraj]

Thanks for this informative podcast sir

[sreecharan]

Your coffee can investing didnt work even you accept it now except for great three principles you take from it..Dont fool people around with new book every two years when you yourself are evolving.

[Infoshareindia]

If only Saurabh used the time that he gives to give interview to media to improve his investing skills, his funds would at least give bank like returns. His LCP is -2 percent CAGR over three years😂

[ANKUSHBANYAL-rfeq]

for the very first time, he did not name Asian Paints. 😂😂

[Jaikrat]

We are in early stages of an economic downturn...

[vs]

I know the days from CELKON where they were getting the assembled mobile and even the pack is imported and getting sold sold. Mr Saurabh could you enlighten us, are we assembling imported parts or manufacturing parts in India and assembling.

[sibendubasu]

PLEASE LET ME KNOW THE TITLE OF YOUR RECENT PUBLICATIONS. I AM VERY FOND OF YOUR BOOKS, ENJOYED READING MOST OF THEM. I AM 82YEARS OLD, NOW BEDRIDDEN. KINDLY RESPOND AT YOUR EARLIEST CONVENIENCE
With my WARMEST REVERENCIALLY PERSONAL REGARDS TO YOU. I SINCERELY PRAY TO GOD ALMIGHTY TO SHOWER HIS CHOICEST BLESSINGS IN ABUNDANCE AND MORE FOR YOUR GOOD HEALTH, HAPPINESS AND SUCCESS IN ALL YOUR ENDEAVORS.

[jait]

Policy interventions? 😂 Govt is running freebie policy

[billubilu]

Saurav is a writer and nothing more . Every time he is singing on D Mat Indian accounts not saying quarter of them only invest an average of less than $500/- a month. His PIS was 10K crore 3 yrs back and today it’s 6K Cr, that speak volume that either he has lost 4K Crore or a mix of losses that we all have and investors leaving him. Truth is if consumption in India is negative everything is negative except Godi manipulation and use of tax payers machineries to threaten Opposition, speaking rubbish and lies

[dhanushbc]

If Bangladesh is soo good, why their PM is in India. lol;)

[pcaurac]

Good book seller however not a good portfolio manager. Missed multiple cycles in between because of the ego of not investing in something. No one pays them for ego, they pay for making money and the same is very well reflected in performance of thier PMS.

[arivalur]

In India, it is only middle-class screwed right, left, middle and back, no doubt in it.

[irsharma]

Sell the idea of having a system where prospective candidate will agree to be intern after education if their education cost gets paid by the proposing companies…..

[DilipMukerjee-gm]

Mate, you are a clever Mukerjee; I'm the dumb one. At least I'm lucky to escape the filth and cheats of most people when I visit home. Development doesn't mean freeways and bridges. The behaviour of people with each other is a start, mate. Read Ray Dalio. I'm illiterate, so I can't help you. I was not taught Economic History at the graduate school in Melbourne. One thing is for sure: You need to have allies, you have to take sides, and you have to have LAND, LABOUR, CAPITAL and INFORMATION right. Look at your Gini Coefficient before propounding theories and speculations. Inequality? Change your Constitution. Your Constitution is Protestant, not Indian values. Your values encourage lies, cheating and a poor aesthetic sense of public infrastructure. I never had an elite education. Sorry, I AM POOR. Looking from far away, India's poverty will not disappear just with aspiration. Immigrants are flooding in. It means you have no demand for labour. I have hired IIT blokes; only a few are good. Come on. Face reality. Truth is bitter. Statistically, a few successes mean nothing. Your education system has a long way to go.