Capitalist, Wealth Manager, Fan of Rajaji and Reagan, Monsoon lover, Infra Buff. Keeping Things Simple,Entrepreneur, MD - @tramfsl,CEG-IIM B.
Chennai and Bangalore
Joined December 2015
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I was fascinated by the idea of migrating abroad when I was in middle school. I had heard so many “wow” stories about the sons and daughters of my father’s colleagues who had gone overseas.
I wrote the SAT way back in 2003. Got multiple admits, including NUS and NTU. Everything was ready for me to migrate.
But I also got admission to CEG, then among the best engineering colleges in Tamil Nadu. And I did the unthinkable. I chose Mechanical Engineering at CEG over NUS/NTU.
Dad went wild!
At the end of my undergraduate years, I had two choices: GRE or CAT. Dad wanted me to take the GRE and leave India at the earliest. I chose CAT. I stayed back.
I eventually started a venture in one of India's most heavily regulated industries.
And the regulators nearly killed my venture thrice. Closing down MSE. Slashing commissions at their whims and fancies. Arbitrarily increasing net-worth requirements and questioning the very viability of my business.
There were moments when I wondered whether staying back had been a mistake. The system certainly gave me enough reasons to feel that way.
Yet, by God's grace, I survived. Seventeen years of running a company in India.
And despite everything, I still love this country. I don't entirely know why.
Perhaps it is the mananimmathi I experience when I travel through her countryside. Perhaps it is the atma tripti her temples give me. Perhaps it is the inexplicable happiness I feel in Malnad, in my Pandya desam, or in my beloved Travancore whenever I set foot on that soil and walk its paths.
Priceless. Absolutely priceless.
Look at where India was in the 1960s and 1970s and where she is today. She has come a long way.
From confiscatory 97% marginal income-tax rates to a much lower peak rate today. From a hopelessly Fabian socialist model to a mixed economy. From waiting endlessly for a Bajaj Chetak to being able to buy a Toyota in minutes. From waiting years for a telephone connection to becoming one of the world's cheapest mobile-data markets. From mud roads to expressways. From extreme poverty — remember Kamal Haasan eating an apple that had fallen into a gutter in Varumayin Niram Sivappu — to Shimla apples being available even in village markets.
India has travelled an extraordinary distance.
Of course, she could have done much better. She could have become another Singapore in terms of civic infrastructure, public services and urban planning. We have squandered decades and opportunities. There is no denying that.
But she remains India.
I take comfort in how far she has travelled despite decades of socialist policies and political mismanagement, rather than spending every waking moment complaining about everything that is wrong with her.
I can criticise India. I can demand better governance, better infrastructure and better public services. I can be frustrated with her bureaucracy and regulations.
But my affection for her runs deeper than my frustrations.
And perhaps that is what people who constantly compare India with the West fail to understand. A country is not merely the quality of its roads, the efficiency of its bureaucracy or the size of its paycheques. There is also a sense of belonging, a civilisational connection and a peace of mind that cannot be measured on a spreadsheet.
I would rather be a small soul in a country I love than spend my life as an indentured servant in a soulless system.
I had my opportunities to leave. I chose to stay.
Seventeen years later, with all the scars, setbacks and struggles, I still feel it was worth it.
She is far from perfect. But she is mine. She will never ditch me. She will not ask for a VISA to accommodate me as she has soul and I am her son.
And that makes all the difference.
India UnInc: Jobs Are Available. The Challenge Is to Make Them Aspirational.
India UnInc is understaffed. Businesses are struggling to find employees.
I see vacancy boards everywhere — at petrol pumps, sweet shops, supermarkets and pharmacies. These may be low-paying jobs, but they are essential jobs. And many of them are relatively AI-proof.
There are millions of vacancies but we need to address the growing mismatch between the jobs available and the jobs people aspire to take up.
The challenge for the government is two-fold.
First, how do we make these jobs aspirational? How do we encourage India UnInc to raise wages, offer better perks, provide greater job security and create clearer career progression?
Second, how do we address India UnInc’s fear of the gig economy? India Uninc says they are ready to hire all the more provided predatory Gig doesn't threaten their existence. If businesses have greater confidence to hire, expand and experiment with flexible employment models, they could potentially generate even more jobs.
Of course, higher wages and better benefits must go hand in hand with productivity and business viability.
Jobs are not necessarily the problem. There are opportunities available. The challenge is to make these opportunities attractive enough for people to take them up — and build a career around them.
That is the employment challenge India needs to address.
Gold down 26%. Silver down 50%. Korea down 40%.
Just a few months ago, investing in these was considered ‘exotic’. If you hadn’t invested in them, you were almost looked down upon. Today, the proponents of these ‘exotic’ investments have gone conspicuously silent.
Chill. Keep it simple.
Indian fixed income and Indian equities. That’s enough.
Keep investing systematically and with discipline. India will not let you down.
The breadth of opportunities that India offers is matched by only a handful of countries. Believe in India’s growth story. You will not be disappointed.
Don’t chase ‘exotic’ assets and get run out in the process.
Indian market investing is all about surviving tough sessions, much like the first hour in Perth. If you can weather the storm patiently, stay disciplined and stick to your game plan, you will be rewarded.
You don’t have to hit every ball out of the park. You just have to stay at the crease long enough.
Keep it simple. Stay invested. India’s growth will do the heavy lifting at the right time and reward you.
Down by 500 in the morning and closing in the green in the evening - This has been the hallmark for numerous long term bottoms in the past. Let's hope we are bottoming out today!
This would be the best time to travel from Tindivanam to Trichy. All dry rivers like Pennar, Gedilam, Gomukhi, Vashishtha, Manimuttar Vellar and Manjal aaru would have come to life. Would be a great sight to behold - stand in the bridge and admire the beauty of the rivers. Hope a lakh cusecs flows in Pennar and Palar this season!
1/n
A tribute to my hero - My Dad on completion of his 13th day ceremony today.
It was 7 AM on October 12. I had finished my morning walk and settled into my chair to read the newspaper when the phone rang.
It was Amma.
“Appa has not woken up yet. His body is cold. I am scared the inevitable has happened. I don’t know what to do.”
I asked her not to panic. I immediately called our neighbours, including Dr. Joshi, who rushed over and confirmed that Appa had breathed his last peacefully in his sleep.
It was a rude shock to our entire family. Appa was supremely confident that he would cross 80 and leave this world only after seeing my son get married. But life had other plans.
My wife, son and I immediately drove down to Bangalore.
The journey there, and the return journey to bring his mortal remains to Madras, were filled with emotions that are difficult to put into words.
Appa and I must have travelled on this highway together at least 50 times. Every hotel, every milestone and every familiar turn brought back memories of him.
At one point, our driver stopped at Alankar for coffee. I happened to sit at the very same table where I had eaten breakfast with Appa just a couple of months earlier.
I broke down.
Appa was a foodie in the truest sense. He knew where to get the best version of practically every item and would make it a point to order it for us, ensuring that we got to experience the tastiest food wherever we travelled.
This was all in the pre-digital era. Whether it was thengai ennai murukku from Sundarapandiapuram, karasev from Vagaiaadi Lala, halwa from Premavilas or coffee from Horanadu, he knew exactly what to buy and where. He would order these delicacies and treat us.
Today, these may seem like small things. But it is these little things that make a person irreplaceable.
Appa was a widely travelled man. He retired from SBI at the age of 46 because he wanted to devote more time to travelling and visiting temples.
For 19 years after retirement, until Covid disrupted life, he travelled extensively across India, often every other fortnight. During those years, he visited close to 4,000 temples.
He knew practically every village in the Cauvery Delta by heart. He had literally walked from village to village, covering temples on foot and using whatever transport was available, from autos to buses.
He knew the best hotels to stay in, the Gurukkal to meet, the routes to take and the rituals to follow. He even helped thousands of families undertake pilgrimages by meticulously preparing their itineraries.
For many, he was far more than a fellow pilgrim. He was their guide, troubleshooter and go-to person for anything related to temple visits.
As we drove towards Bangalore, memories from every stage of my life came flooding back.
The first story Appa ever told me was about Rani of Jhansi and the story behind why he named me Subash. That was how early he began shaping my world.
The encyclopedias and yearbooks he bought me fuelled my curiosity and laid the foundation for my quizzing journey. Appa was a quizzer himself, and our shared passion for quizzing became another special bond between us.
Eight years ago, he and I finished runners-up in the prestigious Madras Day Quiz. Even this year, he participated in the Madras Day Quiz, still as enthusiastic as ever and determined to finish first.
We narrowly missed qualifying for the finals. But he was delighted that my son went on to win the school-level final.
Looking back, there is something deeply moving about this: a passion that began with Appa, grew through our shared experiences and continued into the next generation. He was not merely passing on knowledge; he was passing on a way of looking at the world—with curiosity, enthusiasm and an insatiable desire to learn.
All these memories filled my mind as I undertook that journey. The highway was taking me towards my father, but my mind was travelling through a lifetime spent with him.
3/n
He understood the value of money because he had experienced what it meant not to have enough of it.
He would not incur a single wasteful expenditure. He was extremely calculative and thought carefully before spending.
He often used to say:
“Only those who experience financial difficulties will know the value of money.”
That principle stayed with him throughout his life. It shaped the way he managed money, the way he made decisions and the way he approached financial security.
He was careful with every rupee, yet extraordinarily generous when it came to helping someone in genuine need.
That combination is rare: being frugal with oneself while being generous towards others.
Appa created a remarkable legacy, almost literally from nothing.
I may have a bigger degree, but I can never better his legacy.
The benchmarks he set were extraordinarily high—in managing wealth, helping people, making a positive difference in the lives of hundreds of families, travelling extensively and documenting his experiences.
How do I even begin to match all that?
He reminds me of Rajendra Chozhan. His successors may have ruled well, but they could never quite match the magnitude of the legacy he left behind.
He was our dynasty's Rajendra. He was our Sundarapandiya. He was our dynasty's Narasimha Varman.
That is the scale of the vacuum he has created and the legacy he leaves behind.
It is not merely the loss of a father. It is the loss of an institution.
As far as our family was concerned, Appa was our Regent, with veto powers.
We abided by him. His word carried weight, and his judgment commanded respect.
In an era when many fathers seem to have been reduced to figureheads in their own families, Appa held sway. He ruled over us—not through fear, but through the force of his personality, his wisdom and the authority he had earned.
He was our anchor. He was the person we turned to when we had to make decisions, resolve problems or simply understand what to do next.
In our family, nothing really happened without him.
Appa was also a pillar of strength in building and growing my venture.
He guided me, referred numerous clients and stepped in whenever the company needed him. Even after crossing 65, he was willing to do whatever work was required—from filling forms and filing returns to preparing research reports.
There was no question of laziness or of considering any task beneath him.
At the same time, he gave me complete freedom to run my venture. He helped wherever he could, but never interfered beyond the tasks entrusted to him.
That balance was remarkable. He could be deeply involved when needed and completely hands-off when it mattered.
Three years ago, he switched off entirely from the company's affairs.
He moved to Malleshwaram and settled there, confident that he would live well beyond 80. He wanted to enjoy the traditional way of life that the locality offered: good food, temples and a festive atmosphere practically 24 hours a day, 365 days a year - An urban Agraharam!
And, of course, frequent visits to Udupi and Sringeri.
He enjoyed that life for two years. He had hoped to enjoy at least another decade of it.
But Lord Krishna decided to take one of His beloved disciples back to His abode much earlier than expected.
Given the sheer number of temples Appa visited, it was inevitable that he developed close relationships with several seers.
The Senior Seer of Admar called on me to express his condolences. Appa was a great devotee of him.
Wherever the seer travelled—Bellary, Trivandrum, Haridwar or Mumbai—Appa would make an effort to meet him, seek his blessings and participate in poojas across the country.
His devotion was not confined to visiting temples. It was woven into the way he lived, travelled and built relationships.
For Appa, temples were not tourist destinations to be ticked off a list. They were places of spiritual connection, learning and fulfilment.
(4/n)
He knew their histories, the people associated with them and the traditions that kept them alive. His journeys were as much an expression of faith as they were an extraordinary personal mission.
As I look back at the events of October 12, I still find it difficult to reconcile the man I knew with the suddenness of his departure.
He was so full of plans. He had so many places to visit, so many temples to see and so many more years he believed he had ahead of him.
He had moved to Malleshwaram to enjoy the life he loved. He was looking forward to a long retirement.
And then, without warning, he was gone.
The highway that we had travelled together so many times became a corridor of memories. The hotels, the food, the temples, the coffee stops and the familiar milestones brought back fragments of a life spent together.
Every phone call revealed another person whose life he had touched. Every visitor brought another story. Every recollection added another dimension to the man I thought I knew so well.
Perhaps that is what happens when someone has lived a truly meaningful life. You discover, in his absence, just how many lives he had quietly shaped.
Words are simply not enough to write about my father.
A book would befit his stature.
He was a father, mentor, guide, portfolio manager, traveller, philanthropist, devotee, problem-solver and institution-builder. But even this list does not adequately describe him.
He was everything to me.
He was like Krishna to the Pandavas—the guiding force who stood behind them, helped them navigate life's dilemmas and gave them the confidence to face the world.
He was everything to our family. He was our strength, our compass and our final point of reference.
Now, we must learn to live in a world where we can no longer turn to him for answers.
The legacy he has left behind is immense. The lives he has touched are countless. The memories he has given us are precious beyond measure.
But the vacuum he has created is one that cannot be filled.
Appa, you dreamt big, lived fully, helped selflessly and left behind a legacy that I can only aspire to emulate.
You always believed that you would live beyond 80. We believed it too.
You left us much earlier than we ever imagined. But perhaps you accomplished more in your 71 years than many could in a lifetime.
May you attain the peace you always spoke about. May Lord Krishna receive you into His abode.
You will live on in every lesson you taught me, every person you helped, every temple you visited and every life you changed.
You may have left us, Appa. But the world you built around us will forever bear your imprint.
Om Shanti.
One thing that struck the right chord was @TVKVijayHQ 's request for High-Speed Rail corridors between Chennai and KK (Kanyakumari), and Chennai and CBE (Coimbatore).
Much needed!
These are perpetually waitlisted routes with excellent ticket occupancy and strong revenue potential for the Railways.
Imagine covering Chennai–MDU (Madurai) in 3 hours and Chennai–TEN (Tirunelveli) in 3.5 hours. That would be a game changer!
You can check my older posts. The infrastructure buff in me has made this demand many times.
Whoever wrote his speech must be a crazy infrastructure buff like us. The list of demands was spot on! This HSR and six-laning of Chennai-Trichy NH were long due - decade old demands.
Now, let’s hope these ideas translate into concrete projects and actual execution fast. India needs infrastructure vision backed by rapid action.
And I am happy @TVKVijayHQ took it up with @narendramodi
I am happy Vijay placed these demands instead of showing black balloons and blocking Modi's cavalcade.
Such a lovely video!
Probably, the best speech of @TVKVijayHQ Anna i have heard so far. He listed out the list of infra projects in TN for which TN requires the help of Centre to execute. The list was quite comprehensive and he delivered it to the point. The ball is now in centre's court.
America became a global R&D powerhouse, in part, because wealthy entrepreneurs and philanthropists endowed universities generously. It gave them a head start that compounded over centuries.
Remember Elihu Yale, who made his fortune through the East India Company in Madras and whose generous contributions helped lay the foundation for what eventually became Yale University in the US.
India did not enjoy the same institutional advantages for much of its colonial history. Our wealth was exploited by the Britishers, and the resources available for building world-class research institutions remained limited till 1947. Yet, a few visionary Maharajas, such as the Gaekwads of Baroda and the Wodeyars of Mysore, invested in education and laid important foundations. The Maharaja Sayajirao University of Baroda and the Indian Institute of Science in Bengaluru stand as enduring examples of that vision.
India liberalised its economy in 1991–92, opening up opportunities for entrepreneurs to create wealth on a much larger scale. Many seized that opportunity. Now, an increasing number are giving back to the institutions that shaped them.
Hats off to @kris_sg sir for his generous contribution towards the Sudha Gopalakrishnan Brain Centre at IIT Madras.
Several IIT and IIM alumni are now supporting research centres, laboratories and institutions of excellence at their alma maters. This is how a virtuous cycle of wealth creation, philanthropy, education and innovation begins.
I am optimistic that these investments will bear fruit over the coming decades.
For far too long, India's wings were clipped by a restrictive economic environment. Before 1991, even the freedom to pursue entrepreneurial ambitions at scale was severely constrained.
Today, those wings are beginning to spread. Entrepreneurs are creating wealth, and, more importantly, some are putting that wealth back into education and research.
We may have started late, but we are finally building the foundations for world-class R&D. The real payoff may take decades, but the seeds being sown today could transform India's scientific and technological capabilities for generations to come.
When I was in Annanagar earlier, I used to go to office via Metro. I can restart that commute now. Board at Porur, switch at Vadapalani and Alandur and reach my office at Nandanam. Once the intermediate stations are ready in few months, i can board at Karambakkam or Valasai and go to office. When this yellow line is complete, i don't have to switch at all. Just direct Nandanam from Valasai. Waiting for that - will take 3 more years!
Let’s set emotions aside and get our facts and logic right.
India’s existing telecom operators — Jio, Bharti Airtel and Vodafone Idea — have paid enormous sums (billions of dollars) to the Government of India for spectrum and adjusted gross revenue (AGR) dues. They continue to incur substantial annual costs towards licence fees, spectrum usage and other statutory obligations.
Vodafone Idea is financially distressed, yet its promoters have had to infuse capital, while the company continues to grapple with its liabilities. Both Jio and Bharti Airtel also carry substantial debt, most of it can be attributed to spectrum and AGR payments.
Against this backdrop, it would be fundamentally unfair to allow a new entrant like Starlink to offer competing services without bearing comparable regulatory and spectrum-related costs.
The principle is simple: competition must be fair, and the rules must be equitable.
If Indian telecom operators have invested billions and paid the Government heavily for spectrum and licences, a foreign entrant should not receive an unfair cost advantage merely because it uses a different technology.
Let our existing players develop comparable capabilities and compete on a level playing field. That is already happening, with Indian telecom operators pursuing satellite connectivity through their own partnerships and initiatives.
Starlink will eventually operate in India, alongside Jio, Bharti Airtel, Vodafone Idea and BSNL. There is room for multiple players.
As an analyst who has followed the telecom sector for years, this is my assessment.
Now, consider what happened to Indian retail.
We failed to adequately protect our traditional retail ecosystem. Our neighbourhood kirana stores operate on thin margins, often using expensive borrowed capital or family savings, sometimes raised by pledging gold jewellery, including mangalsutras.
Meanwhile, companies backed by deep pools of American private equity and venture capital — including Flipkart, Amazon, Swiggy and Zomato — have used aggressive discounts, subsidised pricing and access to abundant capital to expand rapidly.
The consequences for conventional retailers are serious. Small businesses that cannot sustain prolonged price wars are under pressure, and lakhs have shut down since Covid. The competitive imbalance here deserves serious scrutiny.
The tragedy is that our traditional retailers are fragmented, undercapitalised and poorly organised. They lack the financial muscle and collective voice needed to defend their interests effectively.
But not every sector has to accept this imbalance.
Telecom is a strategic sector where policymakers can insist on a level playing field. We should learn from the experience of traditional retail and ensure that innovation and foreign investment do not come at the cost of fair competition.
We should welcome competition. But competition must be fair.
That is the distinction that matters.
Modi’s itinerary mentions a visit to Jalakandeshwarar Temple, a temple that is perhaps not as widely known as it deserves to be. His visit today could bring it into the limelight and attract many more devotees.
I would also suggest a visit to the Mangadu Kamakshi Amman Temple. Adi Shankaracharya is traditionally associated with the worship of Goddess Kamakshi here.
The temple is not far from the metro line he is inaugurating. What could be more apt than seeking the blessings of Goddess Kamakshi on the first day of Navaratri?
The spiritual vibrations inside the temple are truly divine. 🙏