Open Dialogue by Axis Bank

This Episode: Presenting the second part of the video on India, in which the focus is on the various facets of economic growth in the country. Watch the eminent speakers talk about India as the growth engine, the growing middle class, rising aspirations and affluence, income pyramid of the country, shifts in savings & spending, and how these are driving economic growth for the country thereby placing India at an inflection point in the global socioeconomic order. The Speakers: Sameer Shetty - Head Digital Business & Transformation, Axis Bank discuss with Neelkanth Mishra - Chief Economist, Axis Bank & Head of Global Research, Axis Capital and Rajiv Anand - Deputy Managing Director, Axis Bank Open Dialogue: The aim of Open Dialogue by Axis Bank is to bring to the fore nuances and insightful discussions on macroeconomics and market-oriented subjects. Playlists: 1. The Indian economy – present and future https://www.youtube.com/playlist?list=PLumGv5ckAx3CsfW-Sg8tE1PNtSMD7gcYj 2. Economics of a global recession https://www.youtube.com/playlist?list=PLumGv5ckAx3DrsXrBL2uhjja2a28L9bM- 3. Money - The why, what & how https://www.youtube.com/playlist?list=PLumGv5ckAx3DOnL9ahYX6xdD1zD6DaSfG Chapters: 0:00 – Panel Introduction 2:31 - Evolution of the Indian workforce - Opportunities, struggles and future optimisms 6:29 – Last 10 years - Significant change in consumption pattern and the factors responsible 8:11 – The rise of the Indian middle class 9:04 – India getting digitally empowered. Accessibility at fingertips. 9:31 – The rise of the Indian domestic payment system 14:11 - Balance sheet of Indian consumer today – increase in retail debt appetite 17:50 – Opportunities in the Indian credit (lending) market 22:50 - Drop in fertility rates and its impact on the economy 25:51 – The rise in alternative investable asset classes as India shifts from traditional saving forms 29:21 – Indians now significant in the global services value chain – thanks to Tele - connectivity 32:22 – 'Don’t go by tax returns only' – Neelkanth Mishra - to evaluate the increasing spending power of Indians 35:45 – The four party model in credit cards and the power of interoperable ready credit 40:44 – The 'K shaped' post Covid recovery for India and the future 45:00 – Conclusions from speakers #ThoughtLeadership #OpenDialogue #AxisBank #Macroeconomics #India #GDP #Economy #balancesheet Copyright: ©Axis Bank Limited [2023]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner. STATUTORY DISCLAIMER: By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST

This Episode: The he Indian economy and delves deeper into the different balance sheets of the country & corporates, and how this impacts consumers and the economy. Watch Sameer Shetty, Head Digital Business & Transformation, Axis Bank in conversation with Neelkanth Mishra, Chief Economist, Axis Bank and Rajiv Anand, Deputy Managing Director, Axis Bank as they deep dive into the recent past and discuss the potential future of the Indian economy. The aim of Open Dialogue by Axis Bank is to bring to the fore nuanced and insightful discussions on macroeconomics and market oriented subjects. The Speakers: Sameer Shetty - Head Digital Business & Transformation, Axis Bank discuss with Neelkanth Mishra - Chief Economist, Axis Bank & Head of Global Research, Axis Capital and Rajiv Anand - Deputy Managing Director, Axis Bank Open Dialogue: The aim of Open Dialogue by Axis Bank is to bring to the fore nuances and insightful discussions on macroeconomics and market-oriented subjects. Playlists: 1. The Indian economy – present and future https://www.youtube.com/playlist?list=PLumGv5ckAx3CsfW-Sg8tE1PNtSMD7gcYj 2. Economics of a global recession https://www.youtube.com/playlist?list=PLumGv5ckAx3DrsXrBL2uhjja2a28L9bM- 3. Money - The why, what & how https://www.youtube.com/playlist?list=PLumGv5ckAx3DOnL9ahYX6xdD1zD6DaSfG 00:00 Introduction 02:15 What is a balance sheet and furthermore in the context of a country? 05:11 Good vs. Bad balance sheet 11:32 India’s balance sheet over the last decade & way forward 16:15 Progress on the quality of capital expenditure 20:16 How does the country’s balance sheet impact the behaviour of corporates and retail consumers? 24:06 Impact of the US taper tantrum and India’s widening current account deficit on the rupee 29:55 Impact of the US interest rate hikes on equity markets & Perspective on credit demand from corporates 38:25 Shift in nature of the government’s spending and assets 45:48 What can be some of the potential risks that may hinder India’s opportunities? #ThoughtLeadership #OpenDialogue #AxisBank #Macroeconomics #India #GDP #Economy #balancesheet Copyright: ©Axis Bank Limited [2023]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner. STATUTORY DISCLAIMER: By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST

This Episode: Watch Part 2 of Open Dialogue in which the discussion centers on Europe, Japan & India. Sameer Shetty, Head Digital Banking & Transformation, Axis Bank in conversation with Neelkanth Mishra, Chief Economist, Axis Bank and Ashish Gupta, Chief Investment Officer, Axis Mutual Fund dive deep into Europe, Japan and India and discuss various macro & micro trends including seminal shift in demographics; Ego, Ethnicity & Economy; Total Factor Productivity; currency depreciation; GDP growth and likely impact on the economy and markets. The Speakers: Sameer Shetty, Head Digital Banking & Transformation, Axis Bank in conversation with Neelkanth Mishra, Chief Economist, Axis Bank and Ashish Gupta, Chief Investment Officer, Axis Mutual Fund Open Dialogue: The aim of Open Dialogue by Axis Bank is to bring to the fore nuances and insightful discussions on macroeconomics and market-oriented subjects. Playlists: 1. The Indian economy – present and future https://www.youtube.com/playlist?list=PLumGv5ckAx3CsfW-Sg8tE1PNtSMD7gcYj 2. Economics of a global recession https://www.youtube.com/playlist?list=PLumGv5ckAx3DrsXrBL2uhjja2a28L9bM- 3. Money - The why, what & how https://www.youtube.com/playlist?list=PLumGv5ckAx3DOnL9ahYX6xdD1zD6DaSfG #ThoughtLeadership #OpenDialogue #DilSeOpen #AxisBank #Macroeconomics #Europe #Japan #India #worldmarkets Chapters: 00:00 Introduction 01:10 Weak growth, BREXIT and potential instability in Europe 06:21 Ethnicity issues, rising inflation in Japan. Also, why does Japan gets richer when the yen falls 10:30 Is the next decade a lost decade? 15:16 India in the Goldilocks position and why that country still holds a significant room for optimism 24:08 Emergence of the India retail investor 26:21 Inherent risks that can ponder India's growth 29:50 Conclusion Copyright: ©Axis Bank Limited [2023]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner. STATUTORY DISCLAIMER: By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST

This Episode: Open Dialogue by Axis Bank aims to bring to the fore nuanced and insightful discussions on macroeconomics and market-oriented subjects. Watch our eminent speakers discuss the world economy & markets in the context of the most expected recession in the world. Watch the episode as they unravel the insights and discuss if the recession is imminent or there is a surprise in store. The first episode focuses on the US economy, China and recession. The Speakers: Sameer Shetty, Head Digital Banking & Transformation, Axis Bank in conversation with Neelkanth Mishra, Chief Economist, Axis Bank and Ashish Gupta, Chief Investment Officer, Axis Mutual Fund Open Dialogue: The aim of Open Dialogue by Axis Bank is to bring to the fore nuances and insightful discussions on macroeconomics and market-oriented subjects. Playlists: 1. The Indian economy – present and future https://www.youtube.com/playlist?list=PLumGv5ckAx3CsfW-Sg8tE1PNtSMD7gcYj 2. Economics of a global recession https://www.youtube.com/playlist?list=PLumGv5ckAx3DrsXrBL2uhjja2a28L9bM- 3. Money - The why, what & how https://www.youtube.com/playlist?list=PLumGv5ckAx3DOnL9ahYX6xdD1zD6DaSfGa2a28L9bM- Chapters: 0:00 Introduction 0:58 Sameer Shetty introduces Open Dialogue and the speakers Neelkanth Mishra & Ashish Gupta 1:58 Why does the Fed believe that in order to bring inflation down it needs to trigger a recession 3:13 Signals of recession and why hasn't it happened till now 5:06 The recent big US market rally and its correlation with the presumed recession 7:45 Disconnect between the equity & bond markets in the US, and the signals for an impending recession 8:40 Why an inverted yield curve is a strong indication of a looming recession 11:42 Post Covid money inflow, consumption of goods & services in the context of the impending recession 16:07 Quantitative Easing & Tightening explained 18:30 The story of the $ 9 trillion that the Fed printed (injected) during Covid 24:24 The story of the $ 9 trillion that the Fed printed (injected) during Covid 24:25 US Politics and the Debt / GDP ratio 27:16 Reversal of the K shaped recovery and impact on equity markets 32:02 China - The new post pandemic story. Politics, communism and the problem of principal contradiction. 35:53 2018-19 A changed China - when titans such as Jack Ma faced fire 40:13 China - their balance sheet problem and the emerging global discomfort towards the country Copyright: ©Axis Bank Limited [2023]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner. STATUTORY DISCLAIMER: By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST