Podcast with Rajrishi Singhal, author of “The Untold Story of Financial Reforms in India”

Rajrishi Singhal Rajrishi Singhal

India’s stock markets are booming. One calculation from Bloomberg puts India as the world’s fourth-largest equity market, overtaking Hong Kong, as domestic and foreign investors pile into the Indian stock exchange.



Slip, Stitch & Stumble: The Untold Story of India’s Financial Sector Reforms Rajrishi Singhal (Penguin Business Indian, December 2023)
Slip, Stitch & Stumble: The Untold Story of India’s Financial Sector Reforms, Rajrishi Singhal (Penguin Business Indian, January 2024)

But getting to the point where India’s stock markets—and its financial system more broadly—could work effectively took a long time. As Rajrishi Singhal tells it in Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India, India’s financial system suffered from antiquated procedures, cartels and a confused paper trail that left the door for abuse wide open.

In this interview, Rajrishi and I talk about India’s financial sector, its earlier dysfunction, how it was fixed—and scammers like Harshad Mehta, “The Big Bull.”

Rajrishi Singhal has been a senior journalist, banker and public policy analyst. He was executive editor at the Economic Times, consulting editor with Mint, research and strategy head at a private sector bank and senior fellow for geoeconomic studies at a Mumbai-based think tank.

Nicholas Gordon has an MPhil from Oxford in International Relations and a BA from Harvard. He is a writer, editor and occasional radio host based in Hong Kong.