The Hindu National
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D.K. Shivakumar with a Modi-style playbook?
Both the leaders have also paid attention to personal branding through distinctive attire and visual presentation
๐ฎ๐ณ ์ธ๋ ยท "DISTINCT" ยท ์ด 10๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
50.0
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50 = ์ค๋ฆฝ
100 = ๊ธ์ ์ฐ์ธ
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Both the leaders have also paid attention to personal branding through distinctive attire and visual presentation
Chief Justice Surya Kantโs โcockroachesโ remark from the bench on May 15, and the clarification that followed, have revived a question the Supreme Court has tried to settle twice; the Constitution does not regulate casual judicial speech; the standard the Court has set out asks the public to read bench remarks as distinct from the formal opinion, and asks judges to keep that distinction from collapsing
The convergence of these two distinct eras offers a fascinating study in India's democratic evolution
As India sees incessant FII selloff so far this year, the government and RBI announced a slew of measures to ease foreign investments in government securities, with analysts suggesting that these may provide some short-term support for Dalal Street.India scrapped the long-term capital gains tax on investments by foreign institutional investors (FIIs) in government securities through an ordinance issued on Friday. The government has now exempted FIIs from tax on any interest income from government securities, as well as capital gains arising from their sale, exchange or transfer, according to an official gazette. Separately, while announcing the outcome of the MPC meeting, RBI Governor Sanjay Malhotra also unveiled a series of measures to boost FPI investments, including expanding the Fully Accessible Route (FAR) to cover new issuances of 15-, 30- and 40-year government bonds.Limits on investments by NRIs and OCIs in equity instruments without Sebi registration are being raised, allowing them to invest larger amounts without regulatory registration. The facility is also proposed to be extended to all Persons Resident Outside India (PROIs), bringing them on par with NRIs and OCIs. This came as the RBI kept the repo rate unchanged at 5.25%What does this mean for Indian stock market?The proposal to increase investment limits for NRIs and OCIs in listed equity instruments without Sebi registration, and to extend the same facility to all individual Persons Resident Outside India (PROIs), is a significant step toward broadening participation in Indian capital markets, which is expected to improve market depth, liquidity and long-term capital inflows, said Arun Poddar, CEO of Choice International.He highlighted that equally important is the removal of capital gains tax on government securities investments for foreign investors. โThis move strengthens the attractiveness of India's bond market and could encourage greater foreign participation in government debt. At a time of heightened global volatility, these measures reinforce investor confidence, support capital inflows, and reaffirm India's commitment to building deeper, more globally integrated financial markets, with the policy rate expected to remain low for an extended period,โ he said.The government's move to exempt Foreign Institutional Investors (FIIs) from capital gains tax on any interest earned from government securities is โhighly positiveโ for the capital markets, said Sumit Singhania, Head of Research at Bajaj Broking. โThis fiscal cushion arrives at a crucial time, offering a strong shield to domestic markets as the RBI chief warned of volatile forex markets driven by shifting global sentiments,โ he added.The policy is distinctly positive for bond markets and well-capitalized Banks and NBFCs, which benefit from targeted hedging subsidies and systemic stability, according to Archit Doshi, Senior Vice President at PL (Prabhudas Lilladher) AMC. โConversely, one should be underweight rate-sensitive sectors, which remain highly vulnerable to margin compression, higher inflation expectations, and the threat of the RBI reaching its tightening tipping point,โ he said.Rajeev Radhakrishnan, CFA, CIO of Fixed Income at SBI Mutual Fund, also said that the announcements aimed at enabling more dollar inflows are more significant in the near term, even though the overall policy stance has been broadly in line with expectations. โThe concessional swap facility should help stabilise short end market rates and the foreign exchange market in the near term,โ he said.For equities and debt markets, the measures to attract FII inflows are supportive of liquidity and inflows, while for the rupee, they signal a clear intent to anchor expectations and reduce volatility amid global oil shocks and sustained foreign selling pressure, said Ajit Mishra, Senior VP of Research at Religare Broking.Sachin Bajaj, Chief Investment Officer at Axis Max Life Insurance, also said that the initiatives are expected to support capital inflows, deepen domestic bond markets, and provide support to the Indian rupee over the short to medium term.RBIโs hawkish tone and the Indian stock marketWhile the measures taken to attract FII inflows in the debt market will likely provide short-term support for Dalal Street, analysts advised caution over the RBIโs hawkish policy stance. While the RBI maintained its policy repo rate as per expectations, the tone was much more cautious than in previous meetings.Sachin Bajaj highlighted that the policy emphasised preserving macroeconomic stability amid the prevailing global macroeconomic environment. โWe believe there are significant risks to inflation in the coming months due to the pass-through of higher commodity prices to consumers and elevated food prices resulting from a below-normal monsoon. Going forward, there is a risk of an upward revision in inflation projections, and given the evolving global backdrop, we believe the RBI is likely to maintain a prudent, data-dependent approach. Future policy actions will be contingent on evolving growth-inflation dynamics and global developments,โ he added.Also read: Explained: Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh ExportsWhile hawkish rhetoric without an accompanying rate hike provides a temporary respite for equity markets, it does not constitute an unequivocal endorsement of investment, particularly in highly rate-sensitive sectors such as real estate, automotive, and consumer discretionary goods, said Vipul Bhowar, Senior Director, Head of Equities at Waterfield Advisors.โShould inflation necessitate a rate increase later this year, these sectors are likely to experience pressure on both margins and demand. For investors, the current strategy emphasises capital preservation by focusing on high-quality equities with strong pricing power. This cautious approach is designed to navigate the prevailing geopolitical uncertainties until conditions stabilise,โ the analyst added.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
On May 31, 2026, the music world mourned the loss of Suman Kalyanpur, a veteran singer often celebrated for her voice reminiscent of the legendary Lata Mangeshkar. Her remarkable journey in playback singing was marked by grace and talent, as she bravely created her own distinctive musical identity.
Starting next April, carmakers must test new vehicle mileage with and without air conditioning, a move by the government to offer consumers more realistic fuel efficiency figures. This transparency aims to empower buyers' decisions. Existing models will receive an extended compliance period. The new norms apply to both petrol, diesel, and electric vehicles, reflecting India's distinct driving conditions.
With Indian markets trading near elevated long-term averages, relying on a single, static asset class carries higher risk. According to Ihab Dalwai, Senior Fund Manager at ICICI Prudential AMC, high return dispersion means the real opportunity over the next three years lies in a flexible asset allocation framework that actively shifts capital between equities, debt, and commodities to deliver better risk-adjusted outcomes.Edited excerpts from a chat with the fund manager:How different is Active Asset Allocator Long-Short strategy from your existing Balanced Advantage Fund or Multi-Asset Fund, which you already co-manage?Unlike the traditional mutual fund offerings such as Balanced Advantage Funds (BAF) or Multi-Asset Funds, the Active Asset Allocator Long-Short strategy is structurally different as it operates within the Specialized Investment Fund (SIF) framework, which provides decent higher portfolio flexibility.While BAFs and Multi-Asset Funds primarily manage net exposure through hedging and dynamic allocation, the SIF structure allows us to deploy a wider range of derivative-based strategies. This enables the portfolio to potentially generate returns not only from directional market participation but also from relative opportunities across asset classes and market conditions.Another key difference is the breadth of the opportunity set. The strategy dynamically allocates across equities, debt, commodities, InvITs and derivatives, with the flexibility to actively recalibrate exposures depending on valuations, macros and risk-adjusted opportunities. The objective is to create a more adaptive portfolio that seeks smoother outcomes across cycles while maintaining a disciplined buy low, sell high philosophy.At a time when Indian markets are trading near elevated long-term averages, how are you reading the current risk-reward equation across equities, debt and commodities? Which asset class currently looks most attractive from a three-year perspective?From a three-year perspective, we believe investors should avoid thinking in terms of a single winning asset class. The current environment is more suited for dynamic asset allocation because return dispersion across asset classes could remain high.Equity valuations have corrected in pockets where expectations are low and such opportunities have increased over the last 1-2 years. At the same time, fixed income has become relatively more attractive after the sharp repricing in global rates. Commodities, especially precious metals, performed well over the last year due to dollar devaluation, however that trend has currently paused because of rising rates in the US.In our view, the opportunity today lies in actively shifting between these asset classes rather than remaining concentrated in one asset class. Over the next three years, a flexible allocation approach may potentially deliver better risk-adjusted outcomes than static exposure.Your framework talks about โbeing invested the right way at the right time.โ What are the biggest macro variables driving your current asset allocation stance?Our framework for equities combines a valuation plus earnings overlays. In case of debt and commodities, our allocation is based on various macro indicators. The key macro variables we monitor include growth trends, inflation trajectory, liquidity conditions, real interest rates, currency movements and earnings cycles. At a broader level, we try to identify the prevailing growth-inflation regime because different asset classes tend to perform differently across economic phases. For example, equities and cyclical commodities generally perform better during growth-led expansions, while gold and duration assets tend to outperform during slowdown or uncertainty-driven phases.Commodities are emerging as a bigger allocation theme globally. Do you believe Indian investors remain structurally underallocated to commodities if we exclude household gold?Commodities has to be seen from a tactical allocation perspective rather than a structural allocation as they donโt pay either dividend or interest as other asset classes do. Hence, give the sharp run up in commodity prices, we donโt see an issue with relatively lesser allocation to commodities today.How do you see gold behaving if global growth weakens but inflation remains sticky?It is a tricky situation because the outlook on real rates is not clear. Historically gold as an asset class tends to do well when US real rates come off.What role do InvITs play in the portfolio construction process, especially in a rising interest rate environment?InvITs can play an important diversification role within the portfolio because they provide exposure to infrastructure-linked cash flow assets that are relatively distinct from traditional equity and debt instruments.In a rising rate environment, there can be near-term valuation pressure on yield-oriented assets, including InvITs. However, the impact also depends on the strength and growth visibility of the underlying assets and cash flows. Therefore, selective allocation becomes important rather than taking a broad-based view.Do you think that midcaps are now in a sweet spot and, barring a few pockets, unimpacted by the geopolitical conflict? In your Large and Midcap Fund, how overweight are you on midcaps?Midcaps continue to offer selective opportunities, particularly in businesses benefiting from domestic economic formalisation, manufacturing expansion, financialisation and government-led capex. However, after the strong rally seen over the last few years, valuations in certain parts of the midcap universe continue to remain elevated. Therefore, midcaps are not a homogeneous segment. Stock selection and valuation discipline become increasingly important in the current environment.Within the midcap universe, which sectors do you like from a 3-5 year perspective and why?The approach to midcaps has to be bottom up. Having said that, there are opportunities in certain platform companies and consumer facing businesses which have meaningfully underperformed over the last three years and have muted expectations from the market which makes them a good investment case today.
With Indian markets trading near elevated long-term averages, relying on a single, static asset class carries higher risk. According to Ihab Dalwai, Senior Fund Manager at ICICI Prudential AMC, high return dispersion means the real opportunity over the next three years lies in a flexible asset allocation framework that actively shifts capital between equities, debt, and commodities to deliver better risk-adjusted outcomes.Edited excerpts from a chat with the fund manager:How different is Active Asset Allocator Long-Short strategy from your existing Balanced Advantage Fund or Multi-Asset Fund, which you already co-manage?Unlike the traditional mutual fund offerings such as Balanced Advantage Funds (BAF) or Multi-Asset Funds, the Active Asset Allocator Long-Short strategy is structurally different as it operates within the Specialized Investment Fund (SIF) framework, which provides decent higher portfolio flexibility.While BAFs and Multi-Asset Funds primarily manage net exposure through hedging and dynamic allocation, the SIF structure allows us to deploy a wider range of derivative-based strategies. This enables the portfolio to potentially generate returns not only from directional market participation but also from relative opportunities across asset classes and market conditions.Another key difference is the breadth of the opportunity set. The strategy dynamically allocates across equities, debt, commodities, InvITs and derivatives, with the flexibility to actively recalibrate exposures depending on valuations, macros and risk-adjusted opportunities. The objective is to create a more adaptive portfolio that seeks smoother outcomes across cycles while maintaining a disciplined buy low, sell high philosophy.At a time when Indian markets are trading near elevated long-term averages, how are you reading the current risk-reward equation across equities, debt and commodities? Which asset class currently looks most attractive from a three-year perspective?From a three-year perspective, we believe investors should avoid thinking in terms of a single winning asset class. The current environment is more suited for dynamic asset allocation because return dispersion across asset classes could remain high.Equity valuations have corrected in pockets where expectations are low and such opportunities have increased over the last 1-2 years. At the same time, fixed income has become relatively more attractive after the sharp repricing in global rates. Commodities, especially precious metals, performed well over the last year due to dollar devaluation, however that trend has currently paused because of rising rates in the US.In our view, the opportunity today lies in actively shifting between these asset classes rather than remaining concentrated in one asset class. Over the next three years, a flexible allocation approach may potentially deliver better risk-adjusted outcomes than static exposure.Your framework talks about โbeing invested the right way at the right time.โ What are the biggest macro variables driving your current asset allocation stance?Our framework for equities combines a valuation plus earnings overlays. In case of debt and commodities, our allocation is based on various macro indicators. The key macro variables we monitor include growth trends, inflation trajectory, liquidity conditions, real interest rates, currency movements and earnings cycles. At a broader level, we try to identify the prevailing growth-inflation regime because different asset classes tend to perform differently across economic phases. For example, equities and cyclical commodities generally perform better during growth-led expansions, while gold and duration assets tend to outperform during slowdown or uncertainty-driven phases.Commodities are emerging as a bigger allocation theme globally. Do you believe Indian investors remain structurally underallocated to commodities if we exclude household gold?Commodities has to be seen from a tactical allocation perspective rather than a structural allocation as they donโt pay either dividend or interest as other asset classes do. Hence, give the sharp run up in commodity prices, we donโt see an issue with relatively lesser allocation to commodities today.How do you see gold behaving if global growth weakens but inflation remains sticky?It is a tricky situation because the outlook on real rates is not clear. Historically gold as an asset class tends to do well when US real rates come off.What role do InvITs play in the portfolio construction process, especially in a rising interest rate environment?InvITs can play an important diversification role within the portfolio because they provide exposure to infrastructure-linked cash flow assets that are relatively distinct from traditional equity and debt instruments.In a rising rate environment, there can be near-term valuation pressure on yield-oriented assets, including InvITs. However, the impact also depends on the strength and growth visibility of the underlying assets and cash flows. Therefore, selective allocation becomes important rather than taking a broad-based view.Do you think that midcaps are now in a sweet spot and, barring a few pockets, unimpacted by the geopolitical conflict? In your Large and Midcap Fund, how overweight are you on midcaps?Midcaps continue to offer selective opportunities, particularly in businesses benefiting from domestic economic formalisation, manufacturing expansion, financialisation and government-led capex. However, after the strong rally seen over the last few years, valuations in certain parts of the midcap universe continue to remain elevated. Therefore, midcaps are not a homogeneous segment. Stock selection and valuation discipline become increasingly important in the current environment.Within the midcap universe, which sectors do you like from a 3-5 year perspective and why?The approach to midcaps has to be bottom up. Having said that, there are opportunities in certain platform companies and consumer facing businesses which have meaningfully underperformed over the last three years and have muted expectations from the market which makes them a good investment case today.
Photographer from Undavalli wins the Master of the Australian Photographic Society (MAPS) distinction, one of two artists in the world to receive it in 2026
Mantra chanting transcends mere repetition, with distinct methods profoundly altering the experience and mental impact. From loud Vaikhari Japa for atmosphere to inward-focused Upanshu and mental Manasik Japa, each form offers unique benefits. Likhit Japa grounds restless minds, while Sankirtan fosters collective energy. Advanced Ajapa Japa sees the mantra flow effortlessly, signifying a deep spiritual connection.