The global economy could be on the brink of a food crisis. What seemed to be a far-fetched thought initially appears to be a reality now. Hence, corrective measures need to be taken by governments across the world to resolve this issue. This situation has been exacerbated by the ongoing war between Russia and Ukraine along with rising inflation. 

The world is seeing a shortage of commodities as well as food items. The cover story explores the underlying reasons for the crisis and its impact on world in general and India in particular. 

Other stimulating articles covered in this issue include a round-up of the current state of the Indian economy, the imposition of export caps on the sugar sector in India to ensure supply sufficiency and stabilize prices, the thrust to the realty sector from the growing demand for bigger homes following the coronavirus-induced lockdowns and the subsequent policies of work from home, the increase in prices of food products by quick service restaurants to overcome the losses endured during the pandemic, and lastly the need for OTT platforms to tweak their strategies to retain subscribers, and make money too. 

Similarly, the article in the Beyond Basics section, talks about how the increase in insurance premiums of electric vehicles (EVs) will have a far-reaching impact on owners of four-wheelers as well as the EV market in India. 

Finally, in the Beyond Learning section of the issue, you will find worthy and interesting takeaways from the book The Millionaire Next Door by Thomas Stanley and William Danko wherein the authors share insights into lifestyles of millionaires and ways by which readers can become mega rich.

The month of November was abuzz with action, largely driven by the US Presidential elections. Securing a second term, President-elect Donald Trump is now at the centre of global attention, with the world closely watching what lies ahead. In this context, where does India stand? Will the Indian economy and India Inc benefit from potential opportunities, or will they face challenges? Read about the possible implications of this significant development in our cover story. 

Apart from this, the issue covers several pertinent topics, including the International Monetary Fund’s latest economic forecast and its implications, the Reserve Bank of India’s measures to curb questionable practices among certain NBFCs to safeguard customer interests and strengthen sectoral health, and the current state of India’s steel industry, along with its future prospects as China continues to dominate global market share. We have also explored the impact of piracy on the entertainment industry, the potential for tax reductions on health and life insurance policies, and the changing borrowing and saving habits of the younger middle-class population.

In addition to these, the article on the recently introduced NPS Vatsalya Yojana presents an opportunity for parents or guardians to start saving early for their children’s retirement. While the scheme has its limitations, early savings have consistently proven to be an effective strategy for building a sizeable corpus. Learn more about this initiative in the Beyond Basics section.

Lastly, the Beyond Learning segment digs deeper into American investor Howard Marks’ latest memo, which stresses the enduring importance of adhering to economic fundamentals, even amid uncertain times. Marks stresses on the fact that, regardless of market turbulence, sticking to the basics remains essential for

Unrest among countries destabilizes both citizens and 
economies, with geopolitical tensions historically impacting 
stock markets - often negatively - prompting caution among 
investors. So, where does this leave one’s portfolio? Should 
investors follow Warren Buffett’s advice to be greedy when 
others are fearful, or step back entirely? Read this issue’s 
cover story to explore the options when the going gets 
tough. 

Skim through this issue to find attention-grabbing articles 
on the current state of the Indian economy, the Securities & 
Exchange Board of India’s (SEBI’s) phased norms for index 
derivatives aimed at curbing speculation and reducing 
systematic risks, an update on the ‘Make in India’ initiative 
a decade since its inception, the expanding footprint of 
India’s semiconductor market internationally, and 
consolidation trends in the cement industry. 

Midway through the issue, find articles on the welcome shift 
to profit-sharing as payments to Bollywood stars, an 
analysis of the tyre market and auto sector, which remain 
constrained despite the festive season, and the likely 
benefits offered by emerging niche technologies such as AI, 
IoT, and automation for both individuals and businesses.

In the Beyond Numbers section, the performance of top 
mutual fund schemes by category provides insights into 
funds that can be considered from an investment 
perspective, while the Technical Outlook offers a clearer 
view of market trends in the coming days.

An important precursor to economic growth is strategic and
well-balanced capital expenditure. Budgetary allocations by
a country provide valuable insights into the government’s
outlook on future growth. In its recent budget, the Indian
government has taken key steps in this direction, making
provisions for both public and private sectors to encourage
economic development. Read the cover story to discover
where India stands currently on this front.

Skim through this issue for a variety of irresistible reads. We
have featured articles on the Reserve Bank’s upcoming
initiative, the Unified Lending Platform, which has the
potential to be a gamechanger, the future of the water
purifier industry in India, the resilience of the Indian
agrochemical sector despite challenging times, and how the
struggles at the box office are pushing Indian film producers
to seek success on OTT platforms.

You will also come across insightful write-ups on urea
production, which has been ramped up to meet domestic
demand and reduce import dependency, as well as the
urgent steps India must take to achieve its net-zero carbon
emissions target by 2070. In addition to this, another article
explores how fast moving goods companies are trying to
keep up with the times through changes and innovations to
stay competitive and sustainable.

The Beyond Basics section highlights various instruments
investors can use to invest in gold, the forever favourite and
reliable safe haven in perilous times.

Lastly, don't miss the Beyond Learning article, which
examines the timeless principles of British-born American
financial analyst and investor Benjamin Graham, and how
Warren Buffett has adopted and adapted them to the
present market environment. This article offers an intriguing
perspective on the balance between staying true to
foundational principles while evolving with the times.

The overuse or misuse of anything can have harmful and 
long lasting implications. Similarly, half-baked knowledge 
can also be catastrophic. These principles apply to trading 
and investing as well. Often driven by the allure of quick 
profits and the availability of easy avenues, inexperienced 
individuals dive into these fields without adequate 
knowledge or analysis. The temptation to bypass logic and 
expert advice often leads to the formation of bubbles and 
ultimately results in substantial losses. This issue's cover story 
explores how such recklessness, driven by the desire for fast 
gains rather than securing a stable future, unfolds and the 
consequences it can bring. Read on to understand the pitfalls 
of this hasty approach.

Skimming through this issue, you'll find a range of articles 
addressing various topics. We cover the current state of the 
Indian economy, examining its global standing and recent 
GST collections. Additionally, we delve into the banking 
sector’s dilemma caused by a credit-deposit mismatch, and 
discuss a recent SEBI consultation paper proposing measures 
to strengthen India’s index derivatives framework for investor 
protection.

Other articles explore the yen carry trade that caused the 
recent turmoil, the impact of interest rate changes by central 
banks on countries and economies, and the opportunities 
arising in the Indian textiles sector due to political unrest in 
Bangladesh. We also examine how succession planning 
among listed companies affects stakeholders.
Parents and guardians of minor children should not miss the 
article in the Beyond Basics section of this issue. We have 
discussed children’s mutual fund schemes that can be 
extremely beneficial investments for a child when they reach 
adulthood.

Lastly, for both seasoned and novice investors, we offer a 
leisure read: a breakdown of renowned investor Howard 
Marks’ memo on investing and the need for control.

On 23rd July, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-2025, her seventh under the Narendra Modi government. This budget aimed to address the needs of all segments of the society. 

With a focus on fiscal consolidation, it outlined nine key areas: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next generation reforms. The commitments made by Sitharaman’s government in the Interim Budget towards ‘Viksit Bharat’ were a focal point too. 
The cover story of Beyond Market’s latest issue rounds up key details of the budget for you to review. 

Beyond the budget, this issue explores the economic optimism driving investment opportunities in the stock market, the Indian steel sector’s outlook, the current state of the job market and its potential recovery driven by budget initiatives, the nation’s green hydrogen ambitions, and India’s strategic push into nuclear energy for economic growth and energy security.

The digital revolution is also in focus, with articles on the transformation of the banking sector through digitalization, and the booming audio market.

Also, do not miss our Beyond Basics section for essential insights on the insurance sector. Discover the importance of top-up and super top-up health insurance plans on your existing health plans, and explore the world of telematics in car insurance and learn how it can enhance safety and potentially lower insurance premiums.

This month saw the formation of a new coalition government at the Centre, with Mr. Narendra Modi returning as Prime Minister for a third term. Many policies implemented by his previous administrations remain in place, but the revised NDA mandate is likely to reshape the long-term trajectory of these reforms. Dive into our cover story for a glimpse into the possibilities and challenges that await the new government.

In the latest issue, you will find engaging articles on a variety of topics. These include an in-depth analysis of the Indian economy and the factors driving its growth. We also delve into the conflicting views within the RBI’s Monetary Policy Committee regarding the appropriate measures for rate cuts. Additionally, we explore SEBI’s discussion paper on tightening derivatives norms to better serve investors, and review the record-high dividend offered by the RBI, attributed to its stellar financial performance.

The other articles featured in this issue cover a range of compelling topics. We analyze the growth prospects and challenges in the aviation sector, alongside the difficulties facing India's multiplex industry, which is struggling to survive amidst intense competition from streaming platforms and a shortage of strong content. Additionally, we dip our toes into the evolving shoe industry, the enduring allure of gold among investors as a safe haven asset, and offer insights into the private equity sector.

We've always championed mutual funds for their potential to generate strong returns in the long term. Now, an article in this issue’s Beyond Basics section goes deeper, exploring how your existing mutual fund investments can be leveraged to secure a sizeable loan.

Foreign direct investment into Indian markets has fallen drastically in recent times. The cover story in this issue explores the reasons behind the decline, including the global slowdown in FDI and rising protectionist measures. We also check out potential government actions to reverse this trend when necessary.      

Also featured in this issue are articles on the recent performance of the Indian economy, including record GST collections and persistent inflation; the anticipated IPO market for 2024 and investor reception; the Reserve Bank of India’s proposed changes to project financing and their likely consequences. Plus, we analyze the impact of JioCinema’s groundbreaking new Rs 29 subscription plan on the online streaming landscape and its competitors.

Moving on, the issue also explores the slowdown in the awarding of highway projects; the outlook for India’s tyre industry in the coming year; an introduction to India’s growing podcast industry and its future; and the rising demand for silver, a precious metal, across various industries.   

Also, if you’re thinking about switching health insurance, we’ve got you covered with some basics, explaining the process and outlining key considerations.     

Finally, the article in the Beyond Learning section shows how Howard Marks’ investment approach can be applied to the Indian market, enabling investors to discover how this strategy could help them make smarter investment choices.

A strong defence sector is often seen as a hallmark of a
flourishing nation, and India is rapidly developing its
capabilities. The government’s push for self-reliance and a
robust export industry in defence products is yielding positive
results. This issue’s cover story dives into the factors driving
this growth, the potential challenges, initiatives undertaken to
achieve the set goals, and most importantly how ‘Make In
India’ products are shaping the sector’s future prospects.

Sharpen your investment edge by decoding the latest insights
on Indian markets. The articles in this issue equip you to
decipher the current landscape of private equity investments
in India, the challenges facing the banking sector, and
identifying long-term investment opportunities in small- and
mid-cap companies, following recent regulatory actions to
address inflated valuations.
This issue also discusses the rise of the electronics
manufacturing services (EMS) industry in India, why
understanding a company's financial health and
management is essential before investing, how the innovative
ice cream sector in India is capturing hearts and market
share, and also how the hotel industry is roaring back with
renewed momentum and surging demand.

In the Beyond Basics section, we’ve discussed how health
insurance is an extremely important requirement for
everyone, regardless of age. If an individual policy isn’t an
option, a family policy can also be considered.

For a deeper understanding of technical strategies and
mutual fund schemes, be sure to check out the Beyond
Numbers section, which provides a technical outlook and the
historical performance of various mutual fund schemeS.

Global economic growth, especially in the USA, has experienced a revival, thanks to the resilience exhibited by economies. This shift in sentiment on the global front has led analysts to upgrade their expectations and reinforce an optimistic outlook. In the case of India, the nation continues to grow from strength to strength, while China poses ongoing challenges. Our cover story in this issue details what possibly lies ahead for economies across the globe, while offering investors valuable insights on ways to navigate this landscape. 

In addition to our cover story, we have chosen to devote space in our coverage to a host of topics. Firstly, the Indian economy is on a growth trajectory and remains unfazed by global issues. Secondly, the Reserve Bank of India’s crackdown on fintechs for failing to adhere to compliance norms has been discussed, particularly in the light of Paytm Bank’s woes. Also, public sector companies are witnessing a surge, but this performance warrants a cautious approach from investors. 

Furthermore, readers will find engaging stories on various topics. These include the state of the sugar industry and how the revision in sugar production levels should be viewed. Also covered is India’s cleantech sector, which is growing on the back of government impetus. Additionally, the strengthening of the media and entertainment sector, which has staged a comeback from the days of the pandemic, has been explored. Finally, another article discusses the tepid slump in demand from the rural sector for FMCG companies, along with what could help revive the situation. 

From the article in the Beyond Learning section of this issue, readers can discover the principles of American financial wizard, Charlie Munger, which formed the foundation of his and Berkshire Hathaway’s success.  



The month of February began with the Finance Minister
Nirmala Sitharaman presenting the Interim Budget for
2024-25. Despite remaining muted, the budget
announcement failed to create a buzz among businesses and
masses. Nevertheless, certain aspects of her speech
managed to capture the attention and interest of many.

One noteworthy point was the emphasis placed on capital
expenditure in both the government and the private sector,
coinciding with the Budget’s announcement of an 11.1%
increase in government capex. The cover story of this issue
highlights areas earmarked for the new capital expenditure
and explores the potential beneficiaries of these investments.
This issue also features articles discussing the potential and
opportunities in the blue economy owing to the importance
given to the fishery sector in the Budget. Additionally, it digs
into the impact of supportive policies and lower costs on the
increased use of solar energy. Furthermore, the advantages
to investors are explored in an article on the proposed
introduction of same-day settlement in the stock markets.

You will also find interesting reads on the growing preference
for road travel over air travel in domestic travel, promotions
and offers implemented by FMCG companies to increase
their topline and bottomline, the importance of prudence and
mindfulness for new-age investors in making investment
decisions and planning for their future. Lastly, there is an
article on the growing interest in luxurious products and
services among Indians due to higher disposable incomes.

Do skim through the mutual fund blackboard section to
identify schemes that are offering good returns and could,
therefore, be considered for inclusion in your investment
portfolios.

Also, an interesting survey states that “doomed spending” is
on the rise among Americans who prioritize living in the
moment over saving for a rainy day. Find out more about this
trend in the Beyond Learning section.

Resilience and consistency continue to be the hallmarks of the Indian economy. Forecasts and estimates prove that this is true. Also, despite global headwinds, the Indian economy is scripting a new narrative of progress. Read our cover story, to know the current state of the Indian economy in the backdrop of the recently released important economic data.

Alongside, we have shone the light on the opportunities and challenges associated with the implementation of 5G in India, the tepid performance of IT companies with experts passionately hoping for a revival in fortunes of businesses through the adoption of artificial intelligence (AI), and how the open network for digital commerce (ONDC) is revolutionizing the retail industry. 
Also, take a look at India’s consumption story in addition to the tremendous growth potential of the agrochemicals sector. 

In this issue, you will also find an article on famed American investor and author Howard Marks’s memo for 2024 on the hidden risks of easy money and ways to avoid falling prey to financial doom. 

While the explosive growth of the mutual funds industry is a cause for celebration, it turns out that this has been made possible by the Indian middle class who have been flocking to this investment avenue owing to digitization, a flourishing economy, and a positive momentum in the Indian stock markets. 

As Beyond Market completes 15 years of relentlessly doing what it started out to do – empowering investors with knowledge to take informed investment decisions, Team Beyond Market takes this opportunity to extend its gratitude and appreciation to all its readers for their generosity and patronage. 

Remember, our journey thus far would not have been half as memorable without its mini-universe of avid readers and supporters.

The Indian start-up space has been ablaze for some time
now, ignited by favourable government policies and a
nurturing environment, boosting the prospects of both new
and established players. In our cover story, we shine a light
on the crucial factors propelling the growth of Indian
start-ups, ably supported by digital transformation.

Also, this issue delves into a range of other interesting topics.
A thought-provoking analysis of the recent Conference Of
The Parties (COP28) climate conference in the UAE explores
the preparedness of countries worldwide for looming
environmental challenges.

Other articles include the daily expiry of derivatives, the
implications of the Bharatiya Janta Party’s (BJP’s) victories in
three state elections, the potential impact of the
government’s directive to sugar mills to refrain from using
sugarcane for ethanol production, as well as the trends and
challenges for the hotel industry in 2024 as the sector
navigates the post-pandemic landscape.

You will also find articles on flourishing industries like
diagnostics and drones vying for attention. A great piece on
the growing importance of up-skilling and staying up-to-date
with technological know-how for better job prospects in the
future promises to be a rewarding read.

To further enhance your understanding of the digital world,
dive into a Beyond Learning article that reveals the tactics of
cybercriminals, empowering users to navigate the online
world with confidence, and avoid falling prey to cyber frauds
and scams.

The compilation of the list of holidays by leading stock
markets across the world will be truly valuable.

Ever wondered the impact of increased capital expenditure, not only from the government’s coffers but also from the private sector? How should you be viewing the growing artificial intelligence industry and its applications across various sectors? How has the edible oils sector been shaping up with increased imports? Heard about the refrigerant gases industry and the opportunities it offers? 

The latest issue of Beyond Market magazine talks about all these and much more.

India is a marvel of diversity, boasting a multitude of
cultures, a rich heritage, grand structures, and the sheer
magnificence of villages, cities, towns, and metros that
adorn its landscape. Over the years, this cultural hub has
drawn tourists from worldover for leisure and business.

In recent times, a notable shift has occurred, with Indians
increasingly inclined to explore their own country. This
shift has breathed new life into the travel and tourism
industry, a trend that gained momentum in the wake of
the Covid-19 pandemic.

Our cover story focuses on India’s evolving tourism
industry, which is at the threshold of transformation. This
change is driven by innovation, changing preferences,
and the diverse array of experiences it offers. Read on to
know more about this trend in the tourism industry.

As you skim through the pages, you will also discover
articles on the implications of the soon-to-be-finalized
India-UK Free Trade Agreement, the weak demand in
India’s tea sector, guidance for investors that are
considering SME IPOs, the flourishing pipe sector in India,
the surge in demand for gig workers during the festive
season, and the future of digital dating apps in India.

In the Beyond Basics section, you will find an article
emphasizing on the need to understand annuity products
before planning for retirement, and another one detailing
the proposed changes in health insurance policies aimed
at benefiting policyholders. Also, you will find an article
highlighting the global influence of wealthy Indians in the
magazine based on a recent report on global wealth.

Last but not the least, team Beyond Market wishes all its
readers a joyous Diwali and a prosperous New Year.

India assumed the presidency of the G20 this year. During its presidency, India has focused on inclusive growth, digital innovation, climate resilience, and equitable global health access, striking a balance between its own citizens and the global community. This milestone in India’s global leadership journey is in line with its philosophy of “Vasudhaiva Kutumbakam” or “The World is One Family.”

India’s G20 presidency has been a resounding success, and the cover story of this issue explores the goals achieved, the steps taken to maintain a calm global geopolitical scenario, India’s stand on climate change, and much more. Read on to get a bigger picture of this important milestone in India’s global leadership journey.

This issue features a diverse lineup of articles on topics such as the current state of the Indian economy in line with the latest economic data that supports the positive pulse of the country, the sustainability of the rally in small and mid-cap stocks, and the future of the FMCG sector in India.

Further along you will find articles on the major uptrends in steel, sugar, entertainment, with special focus on Hindi cinema, paints, and retail sectors. Despite some challenges, these sectors appear to have a bright future and are worth considering.

Lastly, do not miss the article on buyback of shares that explains in detail the process and how investors can benefit from such corporate actions.

The past few years have proven to be difficult for the
real estate sector in India. What initially began as a phase
persisted longer than expected.

Nevertheless, there has been a positive shift in the sector
since the start of this year. Industry experts have seen a
surge in the overall demand for residential and
commercial properties, along with a corresponding boost
to the ancillary sectors. Read our cover story to
understand how this surge is likely to fuel the expansion
of the sector in the years to come.

This issue of Beyond Market also features some
captivating articles on a diverse range of topics, including:
the necessary actions that leading global central banks
are taking to bolster their respective economies and
promote growth, the repercussions of Jio Financial
Services’ foray into the financial services sector on the
existing players within this domain, the positive impact of
the government’s decision to allow Indian companies to
list directly on foreign exchanges, and the subsequent
benefits to the economy.

You will also find engaging reads on the growing use of
artificial intelligence in cybersecurity attacks, and how real
estate investment trusts (REITS) are proving to be a
favourable investment option among investors.

The Beyond Basics section features two articles on
insurance. While one article discusses the importance of
loan protection insurance, the other focuses on calamity
insurance policies that can safeguard against losses
resulting from damage to property and valuables.

And finally, do refer to the Mutual Fund Blackboard to
understand which mutual funds are offering favourable
returns and can be considered from an investment
perspective.

The Indian economy has been showing promise
and outperforming its peers for quite some time now. It
is currently in a healthy spot, with better-than-average
crucial numbers to prove it. In fact, economic growth
has exceeded expectations. However, food inflation
remains a concern that needs to be addressed in order
to maintain a well-defined growth trajectory.

In the cover story we take a deep dive into the
challenges and opportunities of the current economic
scenario in India, providing a comprehensive
understanding of what lies ahead for the country.

As you skim through the current issue of Beyond
Market, you will find articles that explore the suggested
amendments to improve the Insolvency and Bankruptcy
Code (IBC), the growing demand for electric vehicles in
India, and the potential of green hydrogen to
contribute towards sustainability. Also, find other
articles on the current state and future prospects of
banking, tyre and online gaming sectors in India.

Don’t miss the article on megathreats, which is based
on the book ‘MegaThreats: Ten Dangerous Trends That
Imperil Our Future, and How to Survive Them’ by the
author Nouriel Roubini. In this article, we explain how
Roubini highlights the impending threats to life on
earth and ways to tackle them at the earliest.

The Beyond Basics section features two interesting
articles. While one stresses on the importance of
having an adequate health insurance plan, the other
focuses on selecting the right mutual fund category for
optimal asset allocation in an investment portfolio.

The Indian start-up ecosystem has been facing its
share of upheavals, with corporate governance lapses
and other supplementary issues leading to chaos at the
management level and confusion among investors. The
cover story of Beyond Market’s current issue explores
these dampeners on growth in detail and also sheds
light on what could help control such problems for
start-ups in the future.  

As you read along, you will find articles on the current
state of the Indian economy, with greater emphasis on
recent developments and setbacks; a review of the
recently held Monetary Policy meet; the government’s
growth-oriented schemes that have been devised to
support companies hailing from the MSME sector;
investing in companies that have bounced back from a
crisis or are facing one; and evaluating the pros and
cons of picking companies to invest in based on the
recommendations of social media influencers.

The article in the Beyond Basics section highlights how
insurance companies are customizing plans to meet
insurance buyers’ unique needs. The other articles
explore the advantages of investing in arbitrage mutual
funds, and the potential impact of upcoming changes
to mutual fund’s total expense ratio (TER) on investors.

As you approach the end of the issue, the article in the
Beyond Learning section delves into the significance of
avoiding biases and refraining from judging a company
solely based on the volatility of its stock price. This
article is bound to make for an interesting read and
must, therefore, not be missed.

Infrastructure development is the cornerstone of an economy’s success. This is a well-known fact, and it is a route taken by most governments to build a strong future for their country. India is no exception. The Indian government has been substantially increasing its infrastructure budget year after year. A host of projects are currently underway and in the pipeline. This issue of Beyond Market delves into the current happenings in the infrastructure sector in India. A supporting article on InvITs tells how investors can consider these to make the most of the growth in this sector. This issue of the magazine covers a range of themes, such as the state of the Indian economy and the Indian stock markets in the context of the upheavals across the globe, and the growing trend of AI applications and India’s performance in this area.

Also included in this issue are a few sectors that caught our attention, such as the revival of the hospitality sector in India post-Covid, how companies are adapting to the change in travel trends, the fertilizer sector with nano fertilizers taking center stage, and surging sugar prices along with fears of a sugar deficit that are impacting the fundamentals of the sector. 

The article in the Beyond Basics section emphasizes the importance of having adequate health insurance.

On a lighter note, we have featured investment strategies adapted from a game of poker from the best-selling book “Thinking In Bets: Making Smarter Decisions When You Don’t Have All The Facts” by Annie Duke, a famed decision-making expert and professional poker player. Read on to discover if the ideas shared in the book resonate with you.

The aviation industry in India has been facing its share of cataclysms for a while now, including the impact of the pandemic and other issues. However, with time and various changes in the industry, the sector seems to be gaining stability, and there is a positive outlook for the future. With its promising potential, it is the right time to stay updated about this dynamic and ever-evolving sector. 

This issue of Beyond Market features a plethora of articles for you to read, including the current state of the Indian economy and what to expect in the coming times, an understanding of the banking crisis that hit the United States earlier this year and what it means for global economies, India’s defence sector that’s growing from strength to strength with adequate assistance from the government, and the outcome of the recent Monetary Policy Committee (MPC) meeting, where the rate-setting body of the Reserve Bank adopted a hawkish stance and left interest rates unchanged.

You will also find articles on the Indian rupee’s standing in the global currency order, as a host of countries are contemplating de-dollarization. Additionally, there are pieces on the various ways by which investors can calculate returns on investments, and how inflation is pinching consumers, leading to reduced consumption among the masses.

The Securities & Exchange Board of India (SEBI) has announced new reforms in favour of the mutual fund industry. You can read about them in the Beyond Basics section.

Don’t miss Warren Buffett’s annual letter to stakeholders of Berkshire Hathaw1ay. It’s a valuable source of lessons on investing, business, and life, including insights into the heart-warming friendship and partnership between Buffett and Charlie Munger, spanning decades.

The Indian equity markets have experienced a period of volatility, which can be attributed to various global and domestic factors. As a result, investors may be feeling uncertain and anxious about how to approach their investments in such a tumultuous environment. But seasoned experts in the field of investing often advise investors to view market volatility as an opportunity rather than a hindrance. 
In our cover story this issue, we have discussed in detail how the Indian equity markets will ride on the Indian growth story and how investors can capitalize on the opportunity offered by volatility in the markets.

Other interesting reads in this issue include a discussion on the power sector’s preparedness for summer; an analysis of the Indian government’s finances, disinvestment plans and strategies to achieve fiscal targets; a deep dive into the performance of industries such as textiles, plastic pipes, poultry and wood panel; and the importance of women having adequate insurance plans to protect their financial future.

Do explore the concept of municipal bonds in the Beyond Basics section. A widely embraced model of investing world over, municipal bonds is being accepted in India too and holds great promise.

Don’t miss the two articles in the Beyond Learning section. While one talks about the dos and don’ts of wealth creation, the other reflects on billionaire investor Charlie Munger’s ageless wisdom spanning nearly a century. 

Last but not the least, as another financial year comes to an end, we hope all our readers will make wise and fruitful investment decisions in FY23-24 by drawing on the insights in our magazine Beyond Market!

The Union Budget 2023-24 was announced earlier this month, and Finance Minister, Ms Nirmala Sitharaman, presented a slew of measures to boost the country’s economic development. A total outlay of Rs 10 lakh crore has been proposed for capital expenditure across sectors, with infrastructure being the prime focus. In our cover story this issue, we delve into the details of this allocation and analyze how it is likely to impact India, as well as the private and public sectors. 

Keeping the Budget announcements in mind, we have featured several articles in this issue that explore their impact on various sectors. These articles cover a range of topics, including the agriculture sector and its impact on the rural economy, which saw increased capex budget but cuts in certain sections, lab-grown diamonds and their future prospects, the significance of ethanol 20 as a fuel and its increased usage, changes in the structure of market-linked debentures, and taxation changes for insurance policies. 

This issue also features insightful articles on the current economic scenario in India, with an in-depth analysis of the Economic Survey for 2023-24. We have also highlighted certain sectors that are likely to outperform in the coming year, explained the difference between commonly used but misunderstood terms such as “time in the market” and “timing the market,” and discussed investing in hybrid funds – a category of mutual funds that can prove advantageous to one and all. 

Furthermore, in the Beyond Learning section of this issue, you will find timeless wisdom on retirement from financial and investment guru, Naval Ravikant, whose insights will positively transform your life.

Before all else, I would like to extend my gratitude to
our readers for their unwavering support and
encouragement. As Beyond Market turns 14, I wish to
reiterate that our readers are a driving force who
propel us towards continued growth and progress.

This issue begins with a special series of interviews with
financial experts, and a medical luminary, who excel in
the grueling sport of running marathons.

The interviews further go on to show how the same
principles of disciple, focus and determination that
drive their success as marathoners also fuel their
achievements in their respective fields. We owe a debt
of gratitude to them all.

As the magazine marks 14 years of publication, we
reminisce on the past and examine how the world of
finance has evolved over the years. In this edition, we
have meticulously curated articles on the stock
markets, the mutual fund and insurance sectors, the
commodity and currency markets, the IPO market, and
an interesting piece on game changers that have
transformed industries over a decade and a half.

You will also find compelling articles on India’s
presidency at the G20, and how investors can take on
the new year with a financial plan.

It is often said that it’s not the end but the journey that
counts. And the 200th issue of Beyond Market is a
testimony to this adagE!

The banking sector plays a pivotal role in understanding the financial
and economic condition of a country. Despite the economic turbulence
due to covid, the sector has managed to sail through rough times, in
large part, due to strong governance and reforms. 

In our cover story, we have shed light on the new earnings cycle that is
led by credit growth and expansion in margins. Read on to understand
the current situation better.

Also in this issue, we have discussed in detail topics like the Reserve
Bank of India’s pilot project of its digital currency for retailers and
wholesalers and how it’s likely to function, the outcome of the recently
held Monetary Policy Committee meet where inflationary pressures
were addressed, and the progress on the onboarding of retailers of
various sizes on to the open network for digital commerce (ONDC)
system.

You will also find articles on the growing popularity of the
government’s production-linked incentive (PLI) scheme, which in turn
is leading to this scheme being offered to other categories of products
too; how investors can take inspiration from their daily lives to make
fruitful investments: the need for companies to follow new policies and
regulations to avoid hindrances in the smooth functioning of their
businesses: and the revival in the hotel industry after the pandemic.
Maintaining a healthy investment portfolio can be tough in volatile
market conditions. Read on to know how you can deal with this in the
Beyond Basics section of this issue.

The Beyond Learning section carries an interesting article on the
nuances around prepaying home loans and how borrowers can employ
it to their advantage.

Do not miss our cut-and-keep page with the list of international
holidays of leading stock exchanges across the globe for the year 2023.

Global economies continue to be weighed down by inflation. India is no exception. Although India is better placed than its peers, the government is fighting hard to rein in inflation while maintaining growth.

Read the cover story in this issue to know where India stands at this moment as regards economic growth amid recessionary worries, and other concerns including high commodity prices, a weak rupee and geopolitical uncertainties emanating from the ongoing war between Russia and Ukraine.

From the impact of reduction in subsidies on fertilizers and the introduction of reforms in the sector to the government’s crackdown on Big Tech companies to disallow a monopolistic environment, a range of topics have been covered in this issue.

In the following pages, you will find other thought-provoking articles on the hike in ethanol prices and its impact on the sugar sector, the massive job cuts in several tech companies and start-ups owing to recessionary concerns, and the reforms in the
Indian logistics industry with the introduction of the National Logistics Policy.

In the Beyond Basics section you will find two gripping articles. While one article talks about steps to follow to revive a lapsed insurance policy, the other on target maturity funds tells how these funds can be beneficial to mutual fund investors.

Do not miss an interesting article in the Beyond Learning section. It explains how investors can wade through troubled waters in an inflationary environment by cutting back on expenses and saving more through diligence and patience.

India has been steadily making great progress in all spheres if we look at it from a wide or narrow spectrum, including the manufacturing sector. On the path to becoming self-sufficient and reducing its dependency on other nations, India has
achieved tremendous success in manufacturing. This has been possible due to favourable government policies and consistent support, enabling it to increase its share in the total GDP of the country. The on-going progress and the
expected developments in the manufacturing sector in the coming year prompted us to give an account of this industry in our cover story. Read more on this topic to understand it better.

Other significant reads featured in this issue too will pique your interest. One article talks about the difficult task of controlling the stubborn inflation that has been worrying the Reserve Bank of India (RBI) since some time now. Another
write-up gives a low down on how India is trying to outdo its global peers in terms of growth and economic stability.

Similarly, another article talks about the boost the semiconductor industry has received from the government through policy announcements, and the recent developments in the cement sector, which have ensured a promising future for the
sector. Also, how the toy industry in India is growing due to government support, enabling domestic manufacturers to outshine international players; the billion dollar sales clocked by e-commerce players during the festive season, and the importance
of tokenisation in safeguarding users and reining in digital miscreants are other intriguing reads.

The Beyond Basics section covers the need to maintain a margin of safety while making investments, even if it is in mutual funds, to minimize risks.

Finally, do not miss the article on moonlighting, a practice being indulged in by employees, but frowned upon by
employers.

Insurance has often been treated as an added financial burden by a majority of Indians. Making people understand the importance of being adequately covered through life and non-life insurance products is an uphill battle for authorities and advocates of this crucial safety net. 

Of late the regulatory body for insurance and re-insurance - the Insurance Regulatory and Development Authority of India (IRDAI) - has also been doing its bit by raising awareness about insurance products while easing ways of doing business and popularizing it among masses. 

Our cover story delves deeper into the insurance sector and the measures announced by IRDAI. 

In this issue, you will also find articles on the performance of the Indian economy vis-à-vis the global economies that are besieged with a number of headwinds, the reasons as to why merchant discount rates are a worrisome topic for payments companies and ways to deal with this irritant, the introduction of positive policy changes in India’s space industry and their positive impact on the sector, the traction in the tyre industry owing to the fall in raw material prices, and Reliance Retail’s massive growth plans through aggressive acquisitions of companies in this space.
Apart from these, there are also articles on data privacy and the norms needed to safeguard users from likely misuse of data, the jump in retail leasing spaces across the country, the ways by which various companies are averting losses, including resorting to shrikflation, and how brands are employing social media for increased user engagement and business growth. 

We urge you not to miss the article on the book The 4-Hour Work Week by Tim Ferris in the Beyond Learning section as it emphasizes on the importance of having a work-life balance and how readers can achieve it without losing their mindS.

Often called the Warren Buffett of India, Mr Rakesh Jhunjhunwala was revered for his investment philosophy. His death earlier this month may have left a void in the investor community but his investment style, legacy, ideology and larger-than-life attitude will be remembered for eternity. Beyond Market pays a tribute to the Big Bull by revisiting his investment fundas and mantras for success in the cover story of this issue. 

You will also find interesting reads on the revival in the Indian economy, the recovery in airline and tourism sectors post-covid, the likelihood of a temporary relief in steel industry, the impact of plastic ban on fast moving consumer goods companies, the burgeoning threat to jobs in India and around the world following the growth of artificial intelligence and technology, the change in attitudes of viewers towards cinema, which is driven by good content irrespective of the star cast, and the impact of geopolitical tensions around the globe on gold. 

Do not miss the article on asset allocation in the Beyond Basics section of this issue. It explains why asset allocation can help investors diversify risks and achieve their goals. Also, read up on the performance of mutual fund schemes from various categories in the Beyond Numbers section.

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has introduced and initiated the concept of an Open Network for Digital Commerce or ONDC this year.

It aims to democratize the online market in India for buyers as well as sellers, irrespective of their size with this marketplace aggregator model. Players will move from a platform-centric model to an open network.

In our cover story this issue, we have spoken about this topic and how ONDC is offering a level-playing field to retailers (online and offline) as well as customers.

You will also find a host of interesting articles on the Reserve Bank of India’s (RBI’s) vision for digital payments in India, how banking stocks are gaining favour among investors, the repercussions of the falling rupee, the changing dynamics of the cement industry in India,
 and the scope as well as the future of the footwear industry in the country.
Do not miss articles on the challenges that have besieged the retail sector, the impact of lower raw material prices on the cables and wires industry, the improving state of the logistics sector and the impetus been given to electric mobility in India.

Protect your four-wheeler from damages in the monsoon season by picking an appropriate cover. To know more, read this article in the Beyond Basics section.
And lastly, sharpen your investing skills by picking the nuggets of wisdom shared by famed American investor Howards Marks in his recent memo. In the backdrop of the events being seen across the globe, insights from a veteran such as Marks can surely help investors get through tricky market situations.

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‘Beyond Market’, a financial magazine that provides readers with insightful articles and in-depth news stories. It offers useful tips on investing apart from capturing current trends in the market and latest developments in the economy.

Beyond Market is a financial magazine published by Nirmal Bang, one of the most trusted retail broking houses in India.




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Beyond Market - June 2022

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