Dear Reader,
Opinion is a relatively new section in Moneycontrol having started less than 2 years ago. However, in this short time it has become one of the foundations on which Moneycontrol Pro rests. Like most of the sections in Pro, the objective of Opinion too is to help readers gain insights which will help in their wealth creation journey.
In this context, opinion pieces are not written for the sake of just projecting a view or because a topic caught a writer’s fancy--rather, they are based on facts and analysis. Think of them as notes for investors, if you will. Our writers try to present new angles, new ideas and new insights to the business and economics events of the day. Our considered takes try to make readers think a little bit more on these issues by pointing out things which get lost in the din and hubbub of daily news and carpet bombing coverage. If our view seems at odds with the consensus thinking, we don't hesitate to go down the contrarian path. In fact, we specialise in it, if we may say so.
We also present a different perspective of the day by stringing the dots together in our daily Panorama newsletter. For the big picture, you turn to the Weekender newsletter. We are grateful for the messages of appreciation which many of you have sent, and which also shows that we are on the right track.
The first year of Moneycontrol Pro has been an eventful journey and here, we leave you with a glimpse of our coverage on key issues of the day where we predicted the course of events, provided a different take and presented a deep analysis.
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Macro Matters | Wanted: A budget with credible fiscal arithmetic.
We had written about this issue in June 2019. It continued to be a big issue with the July budget and only in the Feb 2020 budget did the government attempt to address this.
Markets | Global Fund Manager Survey shows dangers lurking underneath a placid surface
Markets | If investors are the most bearish since the financial crisis, why are markets so high?Markets | We could be on the cusp of a huge bubble in asset prices
We had repeatedly pointed out how central banks riding to the rescue was a big reason for markets running ahead of fundamentals and monetary policy impotence becoming an increasing risk.
What is the reason for the slowdown in the economy?
Macro Matters: Is the current slowdown cyclical or structural?
Macro Matters | How government spending has propped up economic growth since demonetisation
The damage to the global economy is Trump inflicted
Macro Matters | How does India score on structural reforms?
Rate cuts and the Streetlight Effect
The government’s share in the economy is now the highest in sixty years
Data show the credit crunch is at the root of the current slowdownSix questions from the government’s growth estimate for 2019-20
We have had multiple perspectives on the Indian economy slowdown much before coronavirus struck. We looked at whether the slowdown was cyclical, what were the best kind of structural reforms to lift the nation out of the slowdown, the link with the global economy and what the government was doing to prop up economic output.
Corporate Matters | Is Yes Bank the canary in the coal mine for the Indian banking system?
Financial Stability | RBI report underlines shaky business model of NBFCs
RBI inspection reports confirm our worst fears
RBI measures are not enough to overcome lender’ risk aversion
Asset quality review for NBFCs, if not now then when?
Is Altico default the canary in a coal mine for real estate NBFCS?
The glaring inconsistency between deteriorating credit conditions and equity market highsList LIC so that it doesn’t go the way of Unit Trust of India
We went deep into the banking NPA crisis and NBFC crisis and the contagion effects in the financial system. We had pointed out how shaky the business model of NBFCS was, and have been calling for an asset quality review of NBFCS consistently. We also pointed out how repeated RBI measures (including the latest one announced to combat the economic effects of coronavirus) have failed to address the key issue of risk aversion by banks.
The Covid-19 epidemic is in danger of turning into a financial crisisAbout a third of Indian listed firms are Zombies. Coronavirus could tip them into default
Much before the lockdown came into effect in India we had pointed out how Covid-19 and debt makes for a dangerous cocktail.
A shot in the arm for the insolvency code
How the IBC may postpone the capex revivalGovernment takeover of Unitech will set bad precedent
The insolvency and bankruptcy code has been one of our obsessions. We have covered a variety of issues surrounding the code, its amendments and also its wider effects on the economy and the investment cycle, to name a few.
Rising effective tax rate creates headroom for further corporate tax cuts
Corporate Angle | Tata Steel’s caught between Europe and a hard place
Nestle’s recipe for riding out the FMCG slowdown
Light touch regulation for proxy advisers is the right approachInvestors fear Vedanta’s Anglo American detour may only be a trailer
We have been increasingly expanding our corporate coverage. We had called for a tax rate cut in July, much ahead of the September announcement. We have also dived deep into issues concerning specific big companies such as Infosys, L&T, Tata Steel and Tata Motors besides pointing out the important of corporate governance from the point of view of investor returns.
Yours truly,
Manas Chakravarty
Group Consulting EditorMoneycontrol
P.S.: On the occasion of Moneycontrol Pro’s 1st Anniversary, as a token of gratitude to its readers, Pro has introduced a range of exciting exclusive benefits worth Rs 20,000 for existing users. Potential users who subscribe by May 7 too can avail these benefits.
