Subtext by Zerodha

Episodi

• Brad Setser on the dollar and the world's trade imbalance 22.06.2026 1h
• Zohra Khan on the Indian EV infra industry 17.06.2026 1h 8min
• Amit Kumar Gupta on copper supercycle 09.06.2026 47min

  In this episode, we sit down with Amit Kumar Gupta from FinTrekk Capital to break down the copper market — from AI-driven demand and falling ore grades to the value chain dynamics between miners, smelters, and downstream players. We also explore India's copper story, the Sterlite plant shutdown, and how retail investors can play the copper theme. Amit Kumar Gupta - https://x.com/amitgupta0310
• Decoding Bain's India Venture Capital report 04.06.2026 1h 27min

  India's venture capital market is maturing - but are we asking the right questions? In this episode, we sit down with Aaditya Shukla and Aaditya Muralidhar from Bain & Company, co-authors of the annual India VC Report, to go beyond the headlines and into the nuance.
• Ajay Srivastava on India's place in the chaos of world trade 27.05.2026 57min

  The rules-based world trade order is fracturing — and India needs a strategy. In this episode, we sit down with Ajay Srivastava, founder of the Global Trade Research Initiative and veteran of India's Trade Service, to make sense of what's happening in global trade and what it means for India.
• Rosa & Tamoghana on India's Youth Employment Crisis 19.05.2026 41min

  In this episode, Kashish sits down with Rosa Abraham and Dr. Tamoghna Halder (professors at Azim Premji University) to discuss the State of Working India Report 2026 — a deep dive into India's labour market and what it means for the country's youth.
• Kyle Chan on China's industrial dynamics 08.05.2026 41min
• Pranay Kotasthane on Navigating the New Uncertain World 04.05.2026 1h 29min
• Dr. Aradhna Aggarwal on SEZs, their role in economic development, and India's growth ambitions 30.04.2026 1h 4min
• Ameya P on how Indian IT can flip the AI script 22.04.2026 49min
• What Phillip Capital learned running a fund in GIFT City? 15.04.2026 38min
• Deepak Shenoy on what's happening with the rupee 13.04.2026 35min
• Rory Johnston (oil expert) on what's happening in the oil markets 09.04.2026 39min
• Understanding China, with Manoj Kewalramani 07.04.2026 1h 8min

  Most commentary on China operates at a surface level. Xi Jinping is authoritarian, the economy is state-directed, and the Communist Party controls everything. That's all true, but it doesn't actually help you understand why specific things happen the way they do. Manoj Kewalramani is one of the few Indian analysts who can go deeper than that. He's a China Studies research fellow at the Takshashila Institution, speaks Mandarin, and spent years living in China. In this conversation, we try to understand the country as it actually is, not as the headlines describe it. We get into some genuinely interesting territory. On zero-COVID, Manoj explains why the policy became so brutal, not because Xi Jinping was being irrational, but because local officials were responding entirely rationally to a set of incentives from the centre. On China's economy, he makes the case that the overcapacity everyone criticises isn't a flaw in the system. It's how the system is designed to work. On India's favourite lesson from China, that the state should guide industry, he argues that Indian policymakers have actually got it backwards. We also talk about the recent military purges, why success itself can make you a target in a system built around one person's power, and whether China is genuinely becoming more communist under Xi or whether that's just a label people throw around. The honest answer to that last question, Manoj argues, is yes. China today is more Leninist than it was fifteen years ago. But it's also more adaptable than most people give it credit for. More about Manoj: https://school.takshashila.org.in/faculty/manoj-kewalramani https://www.linkedin.com/in/manojkewalramani/