Record Profits, Borrowed From A Credit Cost Trough
Indian markets consolidated as oil stabilised following an Iran-US agreement and global flows stayed anchored in US chip…
June 2026Central Bank Debt Points To Capex-Led Inflation
Indian equities slipped in the March quarter, the Nifty down 4.12%, but the argument reached past it. Government debt sitting on central bank balance sheets has reached a level that cannot be de-levered painlessly, which pushes policymakers toward inflationary, borrowing-financed capital spending. Four consequences follow: capex-driven growth globally, manufacturing-led economies rebuilding supply chains, inflation that is structural rather than temporary, and a durable regime of higher rates. Positioning mirrored that view, concentrated in B2B manufacturing, agri-chemicals, pharma CDMO, auto ancillaries in powertrains and braking, and financials owned only where management execution and valuation both qualified.
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