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Transfin. Podcast E37: Plus Minus, Next Five, Mile High

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 22, 2019 5:31 AM 2 min read

Taponeel Mukherjee (Formerly at Citi & UBS, presently CEO of Development Tracks, an India-focused advisory and investment business) took some time out to chat on India's recent infrastructure journey, his key takeaways from last five years wrt infra policy, capital, and execution, and everyone's favourite - potential lapses, reflections and areas of improvement for the future.
A firm believer of the India story, Taponeel emphasizes the need for patience, the presence of robust feedback loops involving all stakeholders, and shows a clear preference for iterative reforms instead of a heavy handed approach. 
In this wide-lens podcast, we touch upon the following points:
What Went Right for India’s Infrastructure?
We start off our latest episode on a positive note by discussing the key factors that went right for India in the field of infrastructure. Mr. Taponeel points out how India has been able to attract major foreign investors over the last five years, the country's growth as a renewable energy giant, and the rise of infrastructure-related investment funds in India.
Problem-Solution, Problem-Solution
The public sector has a role to play in eliciting investments to India, but there comes a point when the private sector will have to take over. And to make the economy attractive for investors, corrective reforms are necessary. While the Insolvency and Bankruptcy Code (IBC) was a step in the right direction, but more (incremental) changes are still needed.
Stress to Power
Moving on, we discuss the state of the power sector in the country and the need to address issues of power pricing, reducing transmission and distribution losses, and the current drawbacks of the renewable energy sector.  
Roadblocks to Long-Dated Capital
We discuss why it's important to guarantee liquidity to investors, be they small-scaled or big-pocketed multinationals. We also deliberate on how important retail participation really is. 
Aviation, and Why Failure May be Good
In the "glamorous part" of this podcast, we discuss the current airlines scenario in India and the willingness of people to invest in the rapidly growing aviation sector in any way possible.
Mr. Taponeel emphasises on the need for India as a society to get used to business doing exceptionally well as well as not doing well, as both are natural and inevitable components of business dynamics.
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