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Patience, Discipline and India’s Long-Term Growth Story: Prashant Jain on Building Wealth 

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Patience, Discipline and India's Long-Term Growth Story: Prashant Jain on Building Wealth 

The 3P Investment Managers CIO says disciplined investing, realistic expectations and India’s economic fundamentals remain the strongest drivers of long-term wealth creation.

In a conversation with Vivek Law, Co-founder and Editor-in-Chief, on Simple Hai!, Prashant Jain, Chief Investment Officer at 3P Investment Managers, reflected on the transformation of India’s equity markets, the changing behaviour of investors and why long-term wealth creation continues to depend on patience rather than prediction. Having managed some of India’s largest equity portfolios over several decades, Jain offered a measured perspective on market cycles, foreign investor flows, sectoral opportunities and India’s long-term economic trajectory, while also sharing the personal principles that have shaped his investment philosophy.

From Foreign-Dominated Markets to Domestic Strength

Law began by recalling a time when foreign institutional investors largely dictated the direction of Indian markets and retail participation remained limited. Jain said the landscape has changed dramatically over the past three decades. In the early 1990s, investor awareness around equities was minimal, and much of the effort involved explaining the basics of stock market investing rather than discussing investment strategies.

Today, domestic institutions and retail investors have become the primary drivers of Indian equities. Large mutual funds, insurance companies and other domestic institutions now deploy significant amounts of capital into the market, reducing dependence on foreign portfolio flows.

He observed that while foreign investors continue to influence short-term sentiment, their ability to dictate long-term market direction has diminished considerably as domestic participation has grown.

Why Time Matters More Than Timing

The conversation then shifted to one of Jain’s most recognised themes, long-term investing. When Law referred to investors who had stayed invested for more than two decades and generated exceptional returns, Jain acknowledged that such examples remain rare. He explained that sustainable wealth creation depends on two variables: the rate of return and the time an investor remains invested. While markets may occasionally reward investors quickly, enduring success usually requires patience across multiple market cycles.

Although many investors continue to switch funds or portfolios, Jain noted that overall allocations towards equities have steadily increased as millions of new investors continue entering the market through systematic investment plans and mutual funds. According to him, the encouraging trend is not that every individual investor has become long-term oriented, but that equity as an asset class is increasingly being viewed through a long-term lens.

Understanding Foreign Selling

Law asked about the sustained foreign selling witnessed over the past two years and whether investors should remain concerned.

Jain attributed the trend to three key factors. The first was valuation. Indian equities had become significantly more expensive than most emerging markets, making profit booking by foreign investors a logical decision.

The second factor was the depreciation of the rupee, which reduced returns for overseas investors despite positive market performance in local currency.

The third was the changing global investment landscape, including rising interest in artificial intelligence-related opportunities in developed markets and geopolitical uncertainties that affected emerging market allocations.

He believes much of this adjustment has now taken place. Valuations have moderated, crude oil prices have eased and the intensity of foreign selling is likely to reduce going forward.

While avoiding short-term market predictions, Jain said India’s earnings growth combined with improving valuations could support healthy equity returns over the next few years.

AI, Technology and Sectoral Opportunities

On the impact of artificial intelligence, Jain adopted a balanced view.

Rather than seeing AI as an overnight disruption, he described it as a productivity-enhancing technology capable of automating repetitive tasks and improving operational efficiency across industries.

He expects software companies supporting AI adoption and system integration to benefit, although the long-term winners within the technology sector are still evolving.

Law also asked about sectoral opportunities across the market.

Jain believes banks remain among the more attractive sectors given their valuations and the long-term expansion of India’s economy. Despite absorbing considerable foreign selling in recent years, he said the sector’s fundamentals remain healthy.

He also expressed optimism towards pharmaceuticals while noting that consumer businesses are currently witnessing slower growth, even though valuations have become more reasonable.

Drawing a distinction between emerging and mature industries, Jain observed that well-managed market leaders often grow faster than smaller companies operating within the same sector, although young industries naturally create opportunities for smaller businesses during their early stages.

India’s Structural Growth Story

Throughout the discussion, Jain remained optimistic about India’s long-term economic prospects. He pointed to the country’s favourable demographics, expanding working-age population, improving infrastructure and continued policy reforms as key structural advantages.

India’s progress in roads, ports, airports, banking infrastructure and digital payments, along with initiatives such as production-linked incentive schemes, have strengthened the country’s manufacturing and investment ecosystem.

Law asked whether India could sustain strong economic growth over the coming decades. Jain believes the country’s nominal GDP growth is likely to remain robust, supported by rising household incomes and relatively low penetration across several consumption categories, including automobiles and consumer durables.

Rather than expecting extraordinary growth every year, he suggested investors should focus on India’s ability to deliver steady and sustainable expansion over long periods.

Wealth, Humility and Personal Values

Towards the end of the conversation, Law shifted the discussion from markets to personal philosophy, asking Jain how he has remained grounded despite decades of success.

Jain credited his upbringing and the principles of Jain philosophy for shaping his outlook.

He believes prosperity and happiness are not always directly connected and that managing one’s expectations is often more important than pursuing unlimited wealth.

He also expressed caution about excessive dependence on social media, suggesting that while access to information has increased significantly, genuine knowledge and thoughtful decision-making remain far more valuable.

Reflecting on India’s broader social transformation, Jain noted that rising incomes among blue-collar workers are improving quality of life and creating more balanced economic opportunities across the country.

A Long-Term Perspective

The conversation consistently returned to one central message: successful investing is less about predicting the next market move and more about remaining disciplined through market cycles.

For Jain, India’s markets have matured alongside its investors. Domestic participation has strengthened market resilience, structural economic drivers remain intact and long-term wealth creation continues to favour those willing to stay invested with patience rather than react to short-term volatility.

As India’s financial markets continue to deepen, Jain believes disciplined asset allocation, realistic expectations and faith in the country’s long-term growth story will remain the foundations of successful investing.

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Gold Loans, MSME Credit and Digital Lending: Rakesh Singh on India’s Changing Borrowing Habits

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Gold Loans, MSME Credit and Digital Lending: Rakesh Singh on India’s Changing Borrowing Habits

India’s lending landscape is evolving as technology makes credit more accessible and businesses look for faster ways to raise funds. From households using gold as collateral to small businesses seeking formal credit, borrowing is becoming an important part of how individuals and enterprises manage their financial needs.

In a conversation with Vivek Law on The Simple Hai! Show, Rakesh Singh, Executive Director and CEO (NBFC) at Aditya Birla Capital, discussed the growth of gold loans, the credit gap faced by micro, small and medium enterprises (MSMEs), the role of digital platforms in lending, and why responsible borrowing must remain a priority.

Gold Loans: Putting Household Savings to Productive Use

Gold has traditionally been an important form of savings for Indian households. Singh noted that Indian families collectively hold an estimated $5 trillion worth of gold, presenting a significant opportunity for the gold loan market.

According to Singh, the gold loan industry has grown considerably over the past two to three years, partly because rising gold prices have increased the value of the collateral borrowers can offer. He cited an industry size of around ₹19 lakh crore, with NBFCs accounting for approximately ₹4 lakh crore and banks making up the remainder.

Gold loans can help people access funds without selling family jewellery. Singh explained that borrowers often use these loans to invest in their businesses or pay for their children’s education, making them a source of funds for specific financial needs rather than everyday consumption.

He also highlighted the potential in semi-urban and rural areas, as well as Tier 3 and Tier 4 markets, where access to such lending products can expand further.

Trust Is Key to the Gold Loan Business

Borrowing against gold involves more than a financial transaction. For many families, jewellery carries emotional and generational value, making trust an essential part of the process.

Singh said established brands can help customers feel more confident about pledging their gold. Transparency, responsible handling of jewellery and a customer-first approach are important to building that confidence.

He also pointed to a geographical shift in the market. While gold lending was previously concentrated in southern states, Singh said growth is increasingly visible in northern, eastern and central India, including markets such as Delhi-NCR, Uttar Pradesh and Rajasthan.

For Aditya Birla Capital, entering this segment is an opportunity to expand its lending presence across the country while focusing on customer trust and responsible growth.

MSMEs Continue to Face a Credit Gap

Access to formal credit remains a challenge for many small businesses. Singh observed that some MSMEs continue to borrow from friends, family or local sources, sometimes at significantly higher rates, because they cannot easily access suitable formal financing.

He said banks, NBFCs and fintech companies each have a role to play in addressing this gap. Rather than simply competing with one another, these institutions need to reach different customer segments and offer products suited to their requirements.

Speed is another important factor. For a small business, delays in accessing funds can affect day-to-day operations and growth plans. Lenders therefore need to combine appropriate credit assessment with efficient processes.

Singh also shared that approximately 57–58% of Aditya Birla Capital’s loan book, which he referred to as around ₹1.70 lakh crore during the discussion, was directed towards MSMEs.

How Digital Platforms Are Changing Lending

Digital infrastructure is making it easier for lenders to assess small businesses that may previously have had limited access to formal credit.

Singh highlighted the role of digital payments, Aadhaar-based verification, PAN linkages, GST records and credit bureau information in helping lenders understand customers and their financial activity. As more businesses use digital payment systems, lenders can gain a clearer picture of their transactions and banking behaviour.

Aditya Birla Capital developed its Udyog Plus digital platform to serve MSMEs. Singh said the platform had close to 2.4 million registered businesses at the time of the conversation.

Through digital processes, some smaller loans can be assessed, approved and disbursed within minutes. Larger or more complex applications may still require intervention from branches and credit managers.

Digital platforms can also help businesses access services beyond financing, including support related to accounting and human resources.

Digital Lending Must Be Matched With Responsible Borrowing

Technology has made it easier for customers to access credit, including through digital platforms and financing options offered during online purchases. However, Singh cautioned that easier access to loans also brings risks.

When customers take multiple loans from different lenders, their overall debt burden can rise. Singh stressed that lenders need to monitor a borrower’s leverage not just when approving a loan, but also after the money has been disbursed.

For borrowers, understanding repayment capacity is equally important. People should assess how much they can repay, when their income is likely to arrive and whether the repayment schedule suits their financial circumstances. This can be particularly important for those with irregular or seasonal earnings.

Singh also emphasised the importance of awareness around credit scores and repayment discipline. Delayed payments can affect a borrower’s credit record and future access to loans.

The Future of Lending Depends on Access and Awareness

India’s growing economy, expanding digital infrastructure and changing borrowing needs are creating opportunities for lenders. Gold loans can help households unlock funds against an existing asset, while better access to formal credit can support small businesses.

But greater access alone is not enough. As Singh explained, lenders must understand the customer segments they serve, manage risks carefully and ensure that credit reaches borrowers whose needs and repayment capacity align with the product.

For borrowers, the message is equally clear: a loan should serve a financial purpose, and taking one should always involve a clear understanding of its cost and repayment obligations.

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Simple Hai! @ 100: Celebrating a Milestone in Making Finance Simple

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Simple Hai! @ 100: Celebrating a Milestone in Making Finance Simple

From financial awareness to financial confidence, Simple Hai! marks 100 episodes with a celebration of conversations, learning and the people behind the journey. A hundred episodes is more than a number. For Simple Hai!, it represents years of conversations aimed at making money easier to understand. The milestone was celebrated with the Simple Hai! @ 100 event, bringing together the people who have shaped, supported and powered the show. The celebration reflected on the journey of building a financial education platform around one simple idea: finance does not have to feel complicated.

From Awareness To Confidence

Over its journey, Simple Hai! has explored subjects ranging from investing and wealth creation to retirement planning and everyday money decisions.

The show’s conversations have also reflected how India’s financial landscape has changed.

Mutual funds, investing and personal finance have become more accessible to younger audiences. Digital platforms have further changed how people learn about money.

The show has reached audiences beyond India’s major metros, with viewers across more than 15 countries.

It has also crossed 38 million impressions and nearly 5 million views, reflecting the growing demand for accessible financial education.

The People Behind Simple Hai!

The celebration also recognised the team working behind the camera.

Co-founders Aparna Joshi, Harish Patil and Deepak Karna joined Law during the event, highlighting the collaborative effort behind the platform.

The wider OneNative Studio team was also brought on stage as part of the celebration.

That moment reinforced an important part of the show’s journey.

A finance platform may have a host at the centre, but building 100 episodes requires researchers, producers, editors, designers and everyone working behind the scenes.

A Conversation With Ashishkumar Chauhan

Ashishkumar Chauhan, MD and CEO of the National Stock Exchange, also joined the celebrations through a conversation and message recognising the milestone.

He highlighted the role of financial media in making investment conversations more accessible.

The discussion also looked at how Indian investors have changed over the years.

Law recalled a time when mutual funds were far less familiar to ordinary investors. Today, financial products and investment information are significantly more accessible.

The challenge has consequently shifted from access to understanding.

The Philosophy Behind The Show

One recurring idea from the celebration was the importance of knowledge.

A story from India’s financial markets captured that philosophy particularly well.

Veteran brokers once suggested that while people may worship Lakshmi, the goddess of wealth, they should remember Saraswati, the goddess of knowledge, every day.

For Simple Hai!, that idea fits the journey.

Financial confidence cannot come only from having access to products. It also requires knowledge, discipline and the confidence to ask questions.

What’s Next For Simple Hai!?

Reaching 100 episodes is being treated as a milestone rather than a finish line.

The platform plans to explore artificial intelligence and other technologies to make financial education more accessible.

The newly launched Simple Hai! website will also bring together its podcasts and financial education content.

As the show enters its next phase, its central promise remains unchanged.

Make finance simpler. Make financial conversations more accessible. And help more Indians become confident with their money.

For Simple Hai!, 100 episodes are therefore less about looking back and more about asking what comes next.

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Digital Gold Can Unlock India’s $5 Trillion Opportunity, Mahendra Luniya

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Digital Gold Can Unlock India's $5 Trillion Opportunity, Mahendra Luniya

Gold has long been India’s preferred store of wealth. It is bought during festivals, gifted at weddings and passed down through generations. But while Indian households continue to accumulate the precious metal, much of it remains locked away in lockers, generating little economic value.

According to Mahendra Luniya, Founder Chairman, Vighnaharta Gold Ltd., this vast stockpile of household gold represents one of India’s biggest untapped economic opportunities. Speaking on the Simple Hai! podcast hosted by veteran business journalist Vivek Law, Luniya argued that digitising gold ownership and bringing idle gold into the formal financial system could unlock liquidity, reduce import dependence and reshape how Indians invest in the precious metal.

Gold Goes Digital

Luniya compared the evolution of gold ownership to the transformation witnessed in equity markets and payments over the last two decades.

“Shares moved from paper certificates to demat accounts. Cash moved from wallets to UPI. Gold is now following the same path,” he said.

With prices touching around ₹1.5 lakh per 10 grams, purchasing physical gold has become increasingly expensive for many households. Digital platforms, however, allow investors to start with significantly smaller amounts.

“You can now buy gold for as little as ₹150,” Luniya said, adding that digital ownership makes regular investing possible, much like a systematic investment plan (SIP). Instead of waiting to accumulate enough money to buy jewellery or coins, investors can gradually build their gold holdings over time.

From Investment to Jewellery

While digital gold is often viewed as a substitute for physical ownership, Luniya believes it actually complements traditional buying habits.

He explained that investors can accumulate gold digitally over several years and eventually convert those holdings into jewellery whenever required, particularly for weddings or family occasions.

A key innovation enabling this transition is the Electronic Gold Receipt (EGR), an exchange-traded instrument backed by physical gold stored in regulated vaults. According to Luniya, EGRs could eventually allow investors to transfer gold directly from their demat account to a jeweller, paying only the making charges or any additional quantity required.

“This makes gold accumulation far more efficient while still allowing families to eventually own physical jewellery,” he said.

Trust Through Standardisation

Luniya also highlighted the impact of mandatory hallmarking in improving consumer confidence.

Earlier, buyers often had little certainty about the purity of jewellery, with many discovering years later that ornaments sold as 22-carat gold were of lower quality. Today, BIS hallmarking and digital verification have standardised quality, making transactions significantly more transparent.

He believes this increased trust provides the foundation for wider adoption of digital gold ownership.

Unlocking a Sleeping Asset

According to Luniya, India’s privately held gold is effectively a “sleeping asset.”

While households continue buying gold every year, the country also imports hundreds of tonnes annually, placing pressure on foreign exchange reserves.

“If even a small portion of the gold already lying in Indian homes becomes financially productive, it can release enormous liquidity into the economy,” he said.

That liquidity, he argued, could support businesses, improve access to credit and reduce dependence on fresh imports.

Rather than encouraging people to stop buying gold, Luniya advocates changing how it is accumulated and utilised.

Lessons From History

During the discussion, Luniya referred to historical examples to underline gold’s strategic importance.

He cited the United States’ gold policies during the Great Depression and India’s decision to pledge gold reserves during the 1991 balance-of-payments crisis as examples of how gold has served as a critical financial asset during periods of economic stress.

His broader point was that gold should not merely remain locked away but should be capable of supporting economic activity whenever required.

Why Gold Remains Relevant

The conversation also touched upon the resurgence of gold globally.

Luniya noted that central banks across the world have increased their gold purchases amid geopolitical tensions, rising sovereign debt and efforts to diversify reserves beyond the US dollar.

Against this backdrop, he believes India’s own household gold reserves can play a far greater role in strengthening the country’s financial resilience.

Among the various investment avenues available today—including Gold ETFs, digital gold and other market-linked products—he identified Electronic Gold Receipts as one of the most promising developments because they combine the security of physical gold with the convenience of electronic ownership.

The Road Ahead

Luniya believes younger investors are already leading the shift towards digital assets.

Unlike previous generations, who primarily associated gold with jewellery, today’s investors are increasingly comfortable owning financial assets electronically while retaining the flexibility to convert them into physical form whenever required.

For him, the future of gold lies not in replacing tradition but in modernising it.

Families will continue buying jewellery for emotional and cultural reasons, but the process of saving and investing in gold is likely to become increasingly digital. If that transition gathers pace, Luniya believes India’s vast household gold reserves could evolve from being a passive store of wealth into a productive financial asset—one that benefits not only individual investors but the broader economy as well.

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