Income tax data for 2024-25 reveals surprising disparities in India’s middle class. Jharkhand outperforms Gujarat in the proportion of taxpayers earning between Rs 12 lakh and Rs 50 lakh. Maharashtra leads in the number of high-income earners, while Karnataka boasts the highest proportion of ‘lakhpatis’. The majority of Indian taxpayers still earn under Rs 7.5 lakh annually.
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Amazing documentary on Google’s DeepMind CEO Demis Hassabis. The Thinking Game.
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Very interesting article on market efficiency by Morgan Stanley.
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great post on how dev kantesaria invests in high quality businesses
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It has been long time since environment sensitive businesses highlighting road blocks in their growth path.
Large population being impacted by pollution can impact various aspects of life, such as Rising medical costs, sudden loss of earning family member, longer time-frames to combat certain diseases and reduced productivity. Many professionals have been impacted by not only longer commutes to the office but also impact on health due to low quality of environment.
Companies have also started feeling its impact on their EPS growth, as mentioned in the Financial Express article:
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An interesting video on Corning (the Gorilla Glass Company) shows how fiber optics can replace the use of copper in AI data centers.
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A fun take on the spectacle of businessmen analyzing the annual Budget, by a prominent businessman himself!
This piece in Economic Times by Harsh Goenka - Chairman of RPG Group, will put you right in the mood for Budget day 
The 72-hour Budget ritual when Indian business folks suddenly turn economists
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Workers Are Disappearing As Demographics Age Around The World | Maria Vassalou
Maria Vassalou, head of the Pictet Research Institute, discusses global demographic decline and how technological revolution is imperative to prevent economic stagnation.
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I agree with her core point that aging demographics will be a real drag on growth if productivity doesn’t step up, and tech is the obvious lever.
But this feels like a double-edged sword.
AI and automation reduce the need for workers, while demographics reduce the supply of workers. That solves one problem while quietly creating another.
Too few people → economic stagnation, fiscal stress, extinction-level long-term risk.
Too many people → resource strain, unemployment, social instability.
And that tension is what genuinely worries me.
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https://reports.weforum.org/docs/WEF_Building_Geopolitical_Muscle_2026.pdf
Boston Consulting Group (BCG) and IMD Business School Report on Building Geopolitical Muscle: How Companies Turn Insights into Strategic Advantage
2026 WEF report on AI sovereignty
A great thread on long form articles on Indian stocks.
Good coverage 20 companies across Chemical, Pharma, Auto with some other sectors thrown in the mix.
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The article is about Indian banks lending faster than they are collecting deposits, pushing the system’s loan-to-deposit ratio (LDR) to a record-high level. It explains what LDR means and why unusually high LDR levels can signal tighter liquidity/funding pressure for banks.
India’s banks are stretching their loan-to-deposit ratios.. Is it a worry?
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The comparison to the dot-com bubble is valid but has one major difference is cash flow. In 1999, companies were pre-revenue and burning cash. Today, Alphabet, Microsoft, and Amazon are profitable.
Fun Fact: It Got Oversubscribed by 9.5x as of now
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Google’s parent, Alphabet, just issued a 100-year bond.
Why anyone would buy something they’ll never live to see paid back in full?
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