Podcast
Real Assets: The Utility-Driven Backbone of India’s Financial Future
Subahoo Chordia, CEO of EAAA Alternatives, joins Vivek Law on the Simple Hai! podcast. Chordia, who has been instrumental in achieving “many firsts” in the alternative investment space, particularly in Real Assets such as REITs and InvITs, believes these investments are the backbone of India’s growth story. He explains how the financialisation of essential utility and infrastructure assets, which have already reached an impressive ₹10 lakh crore in EV/AUM, is making them accessible to a wider section of Indian investors.
During the conversation, Chordia asserted that real assets are the backbone of India’s growth story. A real asset is simply something tangible—an asset that can be seen, touched, and experienced while also generating a steady income. More importantly, these assets serve as essential utilities used by ordinary people, such as power grids, highways, and commercial buildings. They are assets without which everyday activities, including commuting to work or finding a place to live, would not be possible. Historically, Indians have primarily viewed residential real estate and gold as their preferred real assets.
Democratisation Through Financialisation
Chordia compared the evolution of real assets to the transformation of the equity market. Just as ordinary investors gained access to pharmaceutical and IT companies through equities, they are now gaining access to infrastructure through financialisation.
This shift has been driven by REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts).
Launched in India in 2017, REITs and InvITs have already grown rapidly, reaching an EV/AUM of ₹10 lakh crore. These structures operate similarly to mutual funds, pooling capital from investors to acquire diversified assets. SEBI regulations require that 90% of the cash flow generated by these operating assets be distributed to investors. Returns are generated through two sources: regular income distributions, either quarterly or semi-annually, and appreciation in the value of the units.
Bridging the Global Investment Gap
The concept of financialising real assets is not new globally. REITs were first listed in the United States in the 1960s, while financial investors began backing infrastructure projects in Canada as early as the 1930s. This means India adopted these investment products two to five decades later than some developed markets.
Chordia pointed out that global pension funds, insurance companies, and asset managers have long been earning returns by investing in Indian assets for the benefit of their own citizens. His goal has been to ensure that Indian investors also have the opportunity to participate directly in India’s growth story.
These investment products fill an important gap in the market by offering returns that are typically higher than low-risk bonds but lower than high-volatility equities, resulting in stable, consistent, and compounding returns.
Public REITs and InvITs are highly accessible, with investments starting at approximately ₹100 per unit. Meanwhile, the minimum investment requirement for private InvITs was recently reduced from 2 lakh units to 25,000 units, making them more accessible to high-net-worth individuals (HNIs).
Advantages Over Physical Ownership
According to Chordia, investing through REITs and InvITs offers several advantages over owning physical property. Investors avoid the concentration risk associated with purchasing a single property, which can cost anywhere between ₹5 crore and ₹10 crore in prime locations.
Additionally, investors no longer have to deal with the challenges of property maintenance and tenant management, as professional teams handle these responsibilities.
Another major benefit is liquidity. Unlike physical assets, where an entire property must often be sold to access capital, financial instruments allow investors to buy and sell units more flexibly.
The Three Cs of Long-Term Sustainability
Because real assets typically have life cycles ranging from 15 to 35 years, sustainability becomes a critical consideration.
Chordia highlighted three key factors that determine the long-term viability of an investment:
- Cash Flow: The predictability of the revenue stream.
- Contract: The long-term visibility of the contract or concession agreement.
- Counterparty: The financial strength and creditworthiness of the entity responsible for making payments, often a government body.
He also emphasised that investments in climate-linked assets, such as renewable energy projects and green buildings, reduce overall risk. This is one reason sustainability-linked bonds are often priced more competitively.
Driving India’s Service Economy and GCC Growth
India’s economy is now 60–65% service-sector driven, following a development path similar to that of the United States after 1987.
The country also benefits from producing the world’s second-largest number of STEM graduates annually and having the largest English-speaking STEM talent pool.
This talent has fuelled the rise of Global Capability Centres (GCCs), transforming India from a low-cost outsourcing destination into a hub for high-quality research and development. Today, GCC growth is concentrated in six major cities: Mumbai, Delhi NCR, Pune, Chennai, Bengaluru, and Hyderabad, largely because of their established ecosystems and strong educational institutions.
Subahoo Chordia’s PPPT Framework
Reflecting on his journey from being a chartered accountant in Jaipur to becoming a finance expert, Chordia credited both luck and continuous learning for his success.
He follows an internal framework called PPPT:
- Planning: Spending two to three years understanding the market before launching a business.
- People: Building a strong team, often by recruiting talent from global institutions such as Blackstone and Macquarie.
- Processes: Establishing efficient systems and verification mechanisms.
- Technology: Prioritising digitisation through customised software, including tools that monitor highways and track the performance of solar plants in real time.
Chordia also acknowledged that finance is an inherently high-stress industry. In the real assets sector, he believes that stress can be managed through data-driven decision-making, automated dashboards, effective teamwork, and, most importantly, avoiding impulsive decisions.
For him, real assets offer the stability and predictability that make them particularly suitable for long-term wealth creation and retirement planning, positioning them as an important asset class for India’s future.
Podcast
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.
Podcast
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.
Podcast
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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