On this episode of Paisa Vaisa, Sachin Gupta, the Executive Director and Chief Ratings Officer at CareEdge Ratings, sits down with Anupam Gupta on the Paisa Vaisa podcast to discuss the ticking time bomb of the $1 trillion global private credit market. While the US and Europe are grappling with opaque, unrated debt bubbles, Sachin argues that India’s strict regulatory culture might be our greatest economic superpower in 2026. We break down the "Modified Credit Ratio," a leading indicator that currently shows 2.5 upgrades for every single downgrade in the Indian economy. This episode is a deep dive into the sectors that are actually winning, from the ironclad asset quality of gold loan companies to the resilient banking sector that has moved from 12% NPAs to a state of unprecedented health. If you are an investor looking to navigate the current high-interest-rate cycle, Sachin’s macro insights on the RBI’s data-driven approach will change how you view your portfolio’s safety.

Key Takeaways

• The Math of Trust: A credit rating is not a general "vibe check" on a company; it is a cold, mathematical probability of default calculated on a 20-point scale from AAA to D.

• The Integrity Filter: Management risk is the most critical pillar of analysis because promoter integrity and project execution track records determine survival better than any balance sheet.

• Regulatory Fortress: India’s strict AIF rules prevent the kind of "debt-on-debt" systemic risk currently threatening the $1 trillion opaque private credit markets in the US.

• The Gold Standard: Gold loan companies maintain the highest asset quality in the NBFC space because physical collateral and rising gold prices provide an automatic safety buffer for lenders.

• Recovery Revolution: The implementation of IBC and NCLT has fundamentally fixed India’s credit culture by instilling a genuine fear in promoters that they will lose their business if they default.
  
  
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On this episode of Paisa Vaisa, CA Isha Jaiswal sits down with Anupam Gupta for a deep dive into the changing rules of money, parenting, and privacy in the digital age. As a new mother and a seasoned CA, Isha shares her controversial take on "Financial Parenting"—explaining why she plans to hire her own toddler for odd jobs rather than handing out a traditional allowance. We discuss the death of the old-school tax regime and the rise of a system that rewards cash flow over traditional saving. From the technicalities of the Annual Information Statement (AIS) to the legal ways you can pay rent to your parents to maximize your HRA, we cover the hacks that your CA likely hasn't told you yet. This is a masterclass for anyone who wants to stop being a passive earner and start being a strategic wealth builder, ensuring that their family is protected from both inflation and corporate overreach.

Key Takeaways

• The 5/50 Success Rule: Sacrificing 5 years of intense grind in your 20s secures 50 years of a "Queen-Sized" life; choose your "hard" early.

• The Variable Pay Trap: HRs often inflate CTCs with variable pay that is hard to earn; always negotiate to convert variable into fixed salary.

• Joint Taxation Proposal: The new shift toward "One Family, One ITR" could allow husbands to use their homemaker wives' exemptions to save massive tax.

• The Privacy Shield: Your boss cannot track your private income through your PAN or AIS portal unless you give them access; your data is safer than you think.

• Employ Your Kids: To teach kids the value of money, hire them for "odd jobs" and pay them, instilling a "work-for-money" mindset instead of "allowance" entitlement.
  
  
  
  From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
  
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In this episode of Paisa Vaisa, Anupam Gupta sits down with Karan Shah, Director of Society Tea, to decode the century-long journey of one of India's most beloved brands. Starting as tea traders in 1924 under the name Hasmukhrai & Co., the family successfully transitioned into the packaged tea market in the late 1980s. Karan discusses how they avoid the "third-generation curse" by maintaining a lean, agile family structure and a relentless focus on quality over complacency. We dive deep into their vertical integration strategy—including building their own state-of-the-art milk factory—to ensure their "One Minute Tea" remains true to the authentic Indian palate. Whether you are a business enthusiast or a chai lover, this conversation offers a masterclass in brand longevity and fighting off multinational competition

TAKEAWAYS-

• Legacy Meets Agility: Society Tea blends a 100-year heritage with agile, family-led leadership to outperform global multinational competition.

• Gut-Driven Brand Identity: Their iconic blue packaging was a "gut feel" decision that successfully defied negative market research and surveys.

• Control Through Integration: The company built a dedicated milk factory to ensure their "One Minute Tea" premix remains true to authentic chai.

• Convenience Without Compromise: Their innovation focuses on delivering speed without sacrificing quality by using real ingredients like hand-crushed cardamom.

• The Sensory Comeback: Society is expanding physical "Tea Terminals" to revive the traditional, sensory ceremony of chai for modern consumers.
  
  
  From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
  
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Are you tired of watching your Fixed Deposit returns get eaten away by high taxes and inflation? In this deep-dive episode of Paisa Vaisa, Anupam Gupta sits down with Sailesh Jain, Fund Manager at Tata Asset Management, to unlock the mechanics of Arbitrage Funds. Many investors overlook this category, yet it remains one of the most efficient ways to park your spare cash while enjoying the tax benefits of equity. Sailesh Jain explains the concept of "riskless profit" through a simple mango market analogy, showing how buying in the cash market and simultaneously selling in the futures market locks in a predictable spread. Unlike traditional equity funds, arbitrage funds thrive on market volatility. When the market swings, the price mismatches between cash and futures expand, allowing seasoned fund managers like Sailesh Jain to "harvest" higher returns for their investors.

We explore why these funds have become a staple for HNIs and retail investors alike, especially with the 2026 tax regulations offering a significant edge through 12.5% Long-Term Capital Gains (LTCG). Sailesh Jain provides a rare look into the "special situations" that drive Tata’s consistent outperformance, including dividend arbitrage and corporate actions. Whether you are managing corporate treasury or just looking for a better alternative to your savings account, this episode provides a clear roadmap. We also look ahead to the 2026 Budget and the broader Indian economic outlook, with Sailesh Jain projecting why India remains a superior market for both debt and equity investors despite global geopolitical tensions. By the end of this conversation, you will understand how to build a "linear" and steady portfolio that lets you sleep peacefully even during market turbulence.

Key Take away

• Understanding Arbitrage Mechanics: Sailesh Jain explains how to generate profit by exploiting price gaps between cash and future markets.

• Volatility as a Tool: Discover why market swings during major events actually increase the earning potential of arbitrage strategies.

• Taxation Advantage in 2026: A breakdown of how the 12.5% LTCG rate makes arbitrage funds more profitable than FDs on a post-tax basis.

• Risk Management and Safety: Insights into how Tata AMC protects capital during extreme market crises like COVID and GFC.

• Economic Outlook for 2026: Sailesh Jain shares his projections for 15% earnings growth and India's position in the global economy.
  
  
  
  From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
  
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Is your health insurance actually working for you, or are you just paying premiums? In this episode of Paisa Vaisa, host Anupam Gupta sits down with Mayank Bathwal, CEO of Aditya Birla Health Insurance, to demystify the complex world of Indian health insurance. From the "Missing Middle" population to the rise of wellness-linked policies, we explore how the industry is changing and how you can benefit.

In this video, you will learn:

• The Reality of Claims: Why 15% to 20% of claims are linked to fraud, waste, or abuse, and how this impacts your premium costs.

• Reimbursement Red Flags: What a "360-degree investigation" is and why reimbursement cases invite more scrutiny than cashless ones.

• The Cashless Advantage: Why cashless settlement is significantly higher in some states but struggles in places like Gujarat and Maharashtra.

• Earning Your Premium Back: How you can literally get 100% of your premium back by maintaining a healthy lifestyle and tracking your steps.

• Pro-Tips for Claims: The one thing you MUST do yourself when filing an application to ensure your claim never gets rejected.

Don't miss the insights on the future of Health Tech, AI, and how a personal health coach provided by your insurer can help you reverse lifestyle diseases.

From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

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This comprehensive episode of the Paisa Vaisa podcast features host Anupam Gupta in an deep-dive conversation with Amit Agarwal, the CEO and co-founder of NoBroker, to decode the complex Indian real estate market for 2026 . We begin by exploring the disruptive journey of NoBroker which started in Bombay back in 2013 to solve the massive problem of fly-by-night brokers and high commission fees that have plagued the property market for decades . Amit explains the critical math behind the rent versus buy dilemma that every Indian professional faces today, highlighting why renting often makes more financial sense because typical residential rental yields are only between two to four percent while home loan interest rates hover around eight percent . The discussion provides a detailed analysis of the Model Tenancy Act which balances the rights of both owners and tenants by capping security deposits at two months and establishing a hierarchy of rent courts for sixty-day dispute resolution . We also address the infamous bachelor tax and societal discrimination where single tenants are often charged a premium despite being high-value renters with more disposable income than traditional families . This video is a masterclass for anyone looking to understand the real estate ecosystem from property appreciation and wealth generation to navigating the strict rental processes of Mumbai versus the more casual documentation found in other major Indian cities

Key Takeaways

• The 8% Rule: Buying a home is often financially inefficient in India because rental yields (2-4%) are far lower than home loan interest rates (8%) .

• Commercial Potential: Investors can achieve up to 12% rental yield by targeting small commercial shops instead of residential apartments .

• Deposit Laws: The Model Tenancy Act aims to stop the "Bangalore trend" of high deposits by capping them at a maximum of 2 months.

• Bachelor Advantage: Landlords should stop the "Bachelor Tax" as single tenants often pay more rent and have higher disposable income .

• The Amenity Trap: Post-COVID luxury boom has pushed many into paying high maintenance for amenities they rarely use .

• Investment Zones: For 2024, Pune offers "great deals" for investors while the NCR market is currently a zone to be "most careful about"

From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

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In this landmark episode of Paisa Vaisa, Anupam Gupta reunites with the leadership team at White Oak Capital—Founder Prashant Khemka and CEO Aashish Somaiya—to dissect the radical transformation of the Indian market over the last three years. As the Nifty has surged from 18,000 to 26,000 and SIP inflows have hit a staggering ₹30,000 crores per month, we explore whether the Indian retail investor has finally matured or if we are simply chasing the latest momentum in gold and silver.

Prashant Khemka provides a rare global perspective, drawing parallels between India’s current economic cycle and the "middle-income traps" that have historically hindered countries like Brazil. He breaks down why a realistic 11% pre-tax return is the "gold standard" for the next two decades and why the "alpha potential" in India remains among the richest in the world for bottom-up investors.

Aashish Somaiya addresses the "dark side" of social media and the rise of finfluencers, explaining why it is the industry's moral duty to speak to the younger generation in relatable terms. Together, they reveal the "Chemistry of Investing"—a framework showing how strategic equity allocation can actually improve risk-adjusted returns without the volatility most investors fear. Whether you are worried about the "exit" of private equity via IPOs or wondering how to stay disciplined when the market goes nowhere, this masterclass provides the roadmap for your 20-year wealth creation journey


TAKEAWAYS
-Realistic Expectations: Investors should aim for roughly 11% pre-tax returns (9% post-tax) over a 20-year horizon based on GDP growth and inflation .
- The Behavioral Gap: The biggest threat to wealth isn't fund fees; it’s the retail habit of getting in and out of the market at the wrong time.
- Retail Maturity: Despite low recent returns, SIP flows remain strong at ₹30,000 Cr/month, signaling a structural shift in how Indians save.
- Middle-Income Trap: India is currently at an early stage compared to Korea or Taiwan; the risk of a "trap" usually stems from extreme socialist policies .
- IPOs are Vital: IPOs are not just "exits" for VCs; they are a funding mechanism for businesses that eventually create jobs and grow the economy.
- Alpha Potential: India remains one of the richest markets for alpha globally, especially for managers using a bottom-up research approach.




From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

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In this episode of Paisa Vaisa, host Anupam Gupta welcomes Jonathan Guthrie, a veteran award-winning journalist and the former head of the renowned Lex column at the Financial Times. With a career spanning decades at the heart of London’s financial district, Jonathan shares deep insights from his latest book, The Truth About Investing.

The conversation dives into the fundamental shifts in the global investment landscape, comparing the mature UK stock market with the rapid financialization of savings in India. Jonathan breaks down the "Lex test" for evaluating deals and offers a masterclass on navigating the complexities of active vs. passive investing, the dangers of status anxiety, and the reality of risk and advice.

Key Discussion Points:

• The Philosophy of Investing: Why managing money cautiously over long periods beats any "get rich quick" scheme.

• Active vs. Passive Debates: Understanding that passive funds don't entirely eliminate human error and how to choose an active manager with a "special sauce".

• Financial Red Flags: How to spot "juiced" sales metrics, misleading Total Addressable Market (TAM) claims, and why you should be skeptical of "star managers".

• The AI Revolution: Jonathan’s take on the current Artificial Intelligence bubble, potential value destruction, and the lessons learned from previous tech fads.

• The Concept of "Negative Compounding": How inflation and recurring fees can quietly erode your long-term spending power.

• Market Outlook for 2025-26: Thoughts on geopolitical volatility, the role of India as a pivotal state, and the defensive value of domestic defense stocks.

Recommended Reading List from Jonathan Guthrie:

1. The Truth About Investing by Jonathan Guthrie

2. The Intelligent Investor by Benjamin Graham (with notes by Jason Zweig)

3. The Great Crash 1929 by J.K. Galbraith

4. Capitalism by John Plender

Whether you are a DIY investor managing your own portfolio or just starting your journey in the Indian equity markets, this episode provides a professional framework to help you think like a seasoned financial analyst.



From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
Watch full episodes right here on YouTube
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Connect with Anupam Gupta:
Twitter: @b50
Instagram: @b_50
LinkedIn: Anupam Gupta

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