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As bank fixed deposit (FD) rates moderate and investors look beyond traditional savings instruments, bonds are emerging as a preferred avenue for generating stable income and diversifying portfolios.

Improved digital access, greater regulatory oversight and rising awareness are accelerating retail participation in the bond market.

Reflecting this shift, online bond platform Jiraaf has recorded nearly 15x growth over the past two years, with the average investment size crossing Rs 1.5 lakh, signalling that investors are making meaningful allocations rather than merely experimenting with the asset class.

In this edition of ETMarkets Smart Talk, Vineet Agrawal, Co-founder of Jiraaf, discusses why bonds are becoming a permanent part of Indian portfolios, the financialisation of fixed income, how investors should evaluate yields, and why diversification within fixed income is becoming increasingly important in a falling interest-rate environment. Edited Excerpts –

Q) As fixed deposit rates moderate, many investors are moving towards bonds and alternative fixed-income products. How do you see the trend taking shape?
A) As the economy matures and interest rates moderate, investors are beginning to reassess traditional fixed-income choices. A one-year FD that offered around 8.5% in 2015 is now closer to 6.9%, a decline of nearly 160 basis points over the decade. For investors, this means post-tax returns may not always keep pace with inflation or long-term financial goals.

This is where government bonds and investment-grade corporate bonds are gaining relevance. Investors are not necessarily moving away from FDs completely, but they are realizing the need to diversify within fixed income. A part of the portfolio is now being allocated to bonds and other regulated fixed-income instruments that can offer better return potential while helping investors balance risk, liquidity, and maturity.
Q) Industry data suggests retail participation on online bond platforms has grown sharply in recent years. Please share numbers. How has your platform grown?
A) Retail participation in bonds has grown meaningfully as awareness, digital access, and regulatory oversight have improved. Online Bond Platform Providers have made it easier for individual investors to evaluate, compare, and invest in bonds more transparently.
At Jiraaf, we have seen nearly 15x growth over the last two years, reflecting rising interest among retail investors in fixed-income products beyond traditional deposits. The average ticket size per investment is now upwards of ₹1.5 lakh, indicating that investors are allocating meaningful sums to this asset class rather than treating it as a trial investment.

This gives us confidence that bonds are gradually finding a more permanent place in Indian portfolios, especially among investors seeking fixed returns, defined maturities, and regular payouts.

Q) Do you believe India is witnessing the “financialization of fixed income” similar to what happened in equities over the past decade?
A) Yes, India is at the early stage of a similar journey in fixed income. Over the last decade, equities have become mainstream as access has improved, digital platforms have simplified investing, and investors have become more comfortable with market-linked products. A similar shift is now beginning in bonds.

For a long time, fixed income for retail investors was largely limited to FDs, small savings schemes, and debt mutual funds. Direct bonds were seen as difficult to access or understand. That is changing with online bond platforms, improved disclosures, SEBI regulations, and lower minimum investment sizes.

As investors seek diversification, fixed returns, and greater visibility into cash flows, bonds are becoming a more active part of portfolio construction. The financialization of fixed income will be gradual, but the direction is clear.

Q) A common market observation is that the highest yields often signal the highest risks. How should retail investors distinguish attractive yields from red flags?
A) Investors should avoid looking at yield in isolation. A higher yield is not automatically better; it is often the market’s way of pricing higher credit, liquidity, or business risk. The first step is to check the credit rating, issuer profile, repayment history, sector exposure, and whether the bond is secured or unsecured.

Investors should also compare the yield with similarly rated bonds. For example, if most bonds in a rating category are offering 10–11% and one bond offers 14%, the higher yield needs deeper evaluation. It may still be a valid opportunity, but it should not be chosen only for the headline return.

Retail investors should diversify across issuers, maturities, and ratings, and prefer investment-grade bonds aligned with their risk appetite. The focus should be on risk-adjusted returns, not just the highest available yield.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The Tourism Authority of Thailand is enhancing rail tourism to boost experiential value, aligning with sustainable tourism goals and targeting high-spending travelers. Proposed routes aim to enrich local economies and tourism standards.

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Key Points

• The Tourism Authority of Thailand (TAT) is promoting rail tourism to enhance Thailand’s tourism industry by creating experiential and economic value. TAT Governor Thapanee Kiatphaibool emphasizes that tourism success now depends on quality experiences and equitable income distribution, not just visitor numbers.
• Rail tourism will transform travel time into meaningful experiences, allowing for new perspectives and developing transportation routes into engaging itineraries. This initiative aligns with high-value tourism policies and rail development regulations from government ministries.
• Discussions with Gary Franklin of Belmond focus on advancing high-quality tourism through the “Healing is the New Luxury” concept. Proposed pilot routes connecting key cities aim to attract high-spending travelers, promoting Thai cultural experiences and redistributing tourism revenue across secondary destinations.

The Tourism Authority of Thailand (TAT) has emphasized the development of rail tourism as an important step toward creating new experiential and economic value for Thailand’s tourism industry.

TAT Governor Thapanee Kiatphaibool stated that Thailand’s tourism sector has long drawn strength from its natural attractions, cultural heritage, and recognized hospitality. However, as travel behavior evolves, tourism success is measured not only by visitor numbers but also by the quality of experiences and sustainable income distribution to local economies and communities.

Rail tourism can support this transition by making travel time part of the visitor experience. Train journeys offer travelers new perspectives on Thailand and develop transportation routes into meaningful tourism itineraries.

​The initiative aligns with the government’s and the Ministry of Tourism and Sports’ high-value tourism policies, as well as new rail development policies and regulations from the Ministry of Transport and the State Railway of Thailand.

The ​TAT Governor recently led discussions with Gary Franklin, Senior Vice President of Trains and Cruises at Belmond, an LVMH company that operates the Eastern & Oriental Express, to advance Thailand’s high-quality tourism under the “Healing is the New Luxury” concept.

​The proposed pilot routes are expected to connect Bangkok, Kanchanaburi, Hua Hin, Hat Yai, and Padang Besar in 2027, targeting high-spending and quality travelers from international markets.

​The cooperation is expected to strengthen confidence in Thailand’s tourism standards, promote tourism products combining Thai cultural appeal with the “5 Must Do in Thailand” experiences, and distribute travel and tourism revenue more widely across secondary destinations and regions.

Source : Thailand Looks to Rail Travel for the Next Chapter of High-Value Tourism

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India continues to attract significant interest from Non-Resident Indians (NRIs), not just because of its long-term growth potential but also due to the tax efficiencies available under certain Double Taxation Avoidance Agreements (DTAAs).

One such provision, which has sparked considerable discussion on social media, allows eligible NRIs residing in countries such as Dubai (UAE), Singapore and Mauritius to pay no capital gains tax in India on mutual fund investments, subject to the provisions of the applicable tax treaty.

In this edition of ETMarkets Smart Talk, Sreepriya NS, Co-founder and Director, Entrust Family Office, explains the legal framework behind this tax treatment, why mutual fund units are treated differently from company shares under DTAAs, and discusses how NRIs are approaching India as a long-term investment destination.

She also shares insights on portfolio diversification, the growing appeal of REITs and fractional real estate, common investment mistakes to avoid, and why goal-based planning is becoming increasingly important for global Indian investors. Edited Excerpts –

Q) How are NRIs looking at India as a long-term investment destination? And what are the other hot countries which they invest in?

A) NRIs continue to view India as a compelling long-term investment destination, driven by its strong domestic consumption, demographic dividend, and a rapidly formalising economy.Many are drawn not just by the potential for financial returns, but by the emotional and strategic value of investing in their country of origin — whether that’s through real estate, startups, listed equities, or legacy planning.
Simultaneously, NRIs are increasingly diversifying their portfolios across geographies. Countries like Singapore, the UAE, the US, and the UK remain attractive due to their stable financial ecosystems, regulatory ease, and access to global investment opportunities.
In particular, Singapore and Dubai are emerging as investment hubs due to their tax efficiency, business-friendly environments, and proximity to India. Additionally, many NRIs with family or business linkages abroad invest in local real estate and private funds, aligning these investments with their global lifestyle.

There is also a growing trend of tactical investments in emerging markets such as Vietnam, Indonesia, select African nations, and parts of Eastern Europe, offering high-growth potential.

This trend reflects a balanced strategy: India continues to represent ‘roots and returns’, while global markets provide ‘reach and resilience’.
Key Statistics (as of Dec 2024):
• Mutual Fund Investments by NRIs: Approx. USD 18–20 billion (~INR 1.6 lakh crore)
• NRI Bank Deposits: Approx. USD 162 billion (~INR 13.7 lakh crore) across FCNR, NRE, and NRO accounts

Q) There is big debate on social media about taxation. Help us understand why NRIs In Dubai, Singapore & Mauritius have to pay zero tax on mutual fund gains?
A) In case of Mutual funds, (which as per SEBI regulation, are established as a trust) the gains from sale of a unit cannot be treated the same as gains from sale of share of a company.

Hence, under the Article 13 (5) of the DTAA with the above countries, the gains are taxable only in the country of residence of NRIs of such countries, and not in India.

Q) How much money is moving in real estate/REIT/fractional investment? Is the right way?

A) While specific data on NRI investments into REITs and fractional ownership models in India remains limited, the broader trend in real estate investment is significant.

NRIs invested approximately USD 3.1 billion (INR 26,000 crore) in Indian real estate during the first half of 2024, following a total investment of around USD 13 billion in 2023.

The growing interest in REITs and fractional ownership platforms reflects a shift toward more structured, accessible, and diversified real estate investment opportunities.

These models offer NRIs the advantage of transparency, liquidity, and lower ticket sizes — making real estate participation more feasible without the operational complexities of direct ownership.

While not a one-size-fits-all approach, REITs and fractional investments are increasingly seen as efficient, regulated, and scalable avenues for NRIs to participate in India’s real estate growth story.

Many NRIs continue to hold significant real estate assets in India, despite having settled abroad for decades. At Entrust, we’ve supported families like one from Hyderabad, now in the U.S. for over 35 years, with managing their residential and commercial properties.

The real challenge often lies with the next generation, who face the burden of inheritance, tenant management, and compliance from afar. As a bespoke family office, we help simplify this complexity—offering peace of mind and practical solutions so they can focus on their lives overseas.

Q) What are the big mistakes which NRIs should avoid when making investment in India?
A) One of the biggest mistakes NRIs often make when investing in India is approaching it with the same mindset or assumptions they use in their resident countries. India is a dynamic, high-growth market — but it also comes with its own set of regulatory, taxation, and liquidity nuances.

The foremost important thing to consider while investing in India is to have clarity about the purpose of such investments. This determines further requirements – such as cash flows, inheritance/estate planning, repatriation etc. from such investments.

It also simplifies the asset allocation decision and the selection of products/vehicles. In the absence of such clarity, one gets caught in the ‘latest’ trend of investment products, or the preferred options of the dealer/distributor.

A few common pitfalls to avoid:

1. Lack of Clarity on Objectives
2. Overexposure to Real Estate
3. Ignoring Tax Implications
4. Using Informal Channels(Investing through family or friends without a proper legal or advisory framework can result in misaligned decisions and, in some cases, loss of control or transparency)
5. One-Size-Fits-All Approach: Assuming what works for resident Indians will work for NRIs can be misleading. NRIs have access to different investment opportunities and risks, and need tailored strategies that factor in currency exposure, repatriation rules, and global asset allocation.

The key is to approach India with professional guidance, clear intent, and a balanced view — combining emotional connection with financial discipline.

Q) What is the money mindset which NRIs follow. Are there any common attributes?
A) There is no single, uniform money mindset that defines all NRIs. Their investment approach and financial behaviour vary significantly based on their stage of life, their country of residence, their financial goals, and evolving personal circumstances.

However, some common attributes do emerge. Many NRIs display a strong preference for financial prudence, long-term wealth creation, and portfolio diversification across geographies.

Their strategies often reflect a balance between emotional ties to India and practical considerations driven by global exposure and opportunities.

Depending on their objectives—whether it’s retirement planning, wealth preservation, or legacy creation—their mindset evolves in alignment with their individual context and the macroeconomic environment.

In essence, while there is no monolithic mindset, there is a consistent focus on strategic, informed, and goal-oriented financial planning.

Q) Which investment options or asset classes are hot favourites of NRIs and why?
A) Rather than identifying “favorite” asset classes in a broad sense, our approach is rooted in understanding the unique needs, objectives, and risk profiles of each NRI family.

Investment decisions are highly individualised and based on their life stage, financial goals, and geographic exposure.

That said, most NRI portfolios typically comprise a diversified mix of asset classes — including listed equities, debt instruments, mutual funds, real estate, REITs, and alternative investment avenues such as private equity or structured products. This diversification helps balance growth, income, and capital preservation objectives.

Ultimately, we don’t prescribe investments based on popularity, but offer solutions tailored to each client’s financial strategy and long-term vision.

Q) Which sectors are more preferred when NRIs look to invest in India?
A) NRIs typically do not exhibit a strong bias toward any single sector. Instead, they prefer a diversified allocation across the broader Indian market.

This approach not only aligns with prudent investment principles but also reflects confidence in India’s multi-sectoral growth story.

India’s attractiveness as an investment destination lies in its robust and resilient economy, offering opportunities across sectors such as financial services, technology, healthcare, manufacturing, infrastructure, and consumer goods.

Rather than chasing sector-specific trends, most NRIs seek balanced exposure that captures the overall growth momentum of the country while managing risk effectively.

NRI investors are typically sector-agnostic but prioritize market-driven strategies with a strong focus on liquidity and repatriation. At Entrust, we’ve curated bespoke strategies for NRI clients — one of which is a dividend-yield portfolio we’ve used over the last five years.

It’s equity-oriented with a defensive tilt, focused on high quality dividend paying companies to ensure stable returns. Notably, dividends are 100% repatriable under RBI norms, making this an effective income-generating and risk-mitigating strategy in today’s volatile environment.

Q) What about luxury items – art, cars, watches which of the themes are hot favourites?
A) Luxury collectibles such as art, vintage cars, and high-end watches often form a part of an NRI’s lifestyle and legacy portfolio, but preferences in this space are highly personal.

These choices are typically driven by individual taste, passion, and in many cases, a desire to preserve heritage or express identity.

For some, interests in art, music, or cultural artifacts are closely tied to philanthropic values or legacy planning — supporting causes, institutions, or cultural preservation initiatives.

Rather than being driven purely by investment returns, these assets often reflect emotional and aesthetic considerations, making them deeply unique to each family.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Friday’s Wordle puzzle brought welcome relief to players who had struggled through some of the trickier words of the past several days, with puzzle number 1,840 featuring a familiar, commonly used five-letter noun that most players were able to crack well within the six-guess limit.

The answer to today’s Wordle is a word with several distinct meanings across music, sports and law enforcement. Most immediately recognizable as the thin stick wielded by an orchestra conductor to keep rhythm and direct an ensemble, it also describes the short tube passed between runners during a relay race, a staff carried by a drum major or majorette, and a truncheon or club used as a symbol of authority or as a defensive tool. The phrase “passing the ___,” meaning to hand off a responsibility or role from one person to the next, has embedded the word deeply into everyday English usage well beyond its literal contexts.

According to the New York Times’ WordleBot, the average player completes Wordle puzzle 1,840 in 3.6 moves in easy mode or 3.5 if playing by hard rules, making it one of the more accessible puzzles of the week. The answer contains three of the five most common letters in Wordle answers, which helped experienced solvers narrow the field quickly with their opening guesses. Tom’s Guide noted that starting with the popular opener ORATE revealed O, A and T as yellow letters, leaving just 23 possible answers remaining after only the first guess, an unusually helpful first-move outcome.

The word’s letter structure follows a clean consonant-vowel-consonant-vowel-consonant alternating pattern, which players who recognized that sequence early in their guessing process were able to exploit for a rapid solve. It contains no repeated letters and no particularly unusual consonants, two characteristics that kept the puzzle accessible even for players whose opening guesses did not immediately hit multiple yellow or green tiles.

The absence of repeated characters distinguishes today’s answer from several recent puzzles, including PUPPY from earlier this week, which relied on a doubled P, and DEMUR, which introduced less common letters that sent some regular players down misleading paths. The run of unusual and moderately difficult answers leading up to today’s puzzle had tested players’ streaks and patience, making Friday’s more straightforward selection a comparatively gentle close to the working week.

WordSolverX noted that starting with a word like CRANE would have highlighted the A and N positions effectively, setting up a direct path to today’s answer for many solvers. Other effective second-guess words included TALON, which shares multiple letters with the solution and would have helped players confirm positions while clearing additional unknowns from their remaining pool of possible answers.

The word has appeared in a variety of competitive contexts beyond the relay race setting it is perhaps most associated with in the United States. In classical music tradition, the conductor’s baton became a standard tool only in the 19th century, with early orchestral leaders using rolled sheets of paper, violin bows or simply their hands before the modern slender white baton entered common use. In law enforcement contexts, the term covers batons ranging from standard-issue police truncheons to expandable side-handled designs, while in ceremonial contexts, a baton carried by a field marshal or other senior military figure historically served as a physical symbol of rank and authority.

The puzzle was edited by Tracy Bennett, who serves as the New York Times’ primary Wordle editor and is responsible for the daily selection that lands in front of millions of players worldwide each morning at midnight local time. The game was originally created by software engineer Josh Wardle in 2021 as a private project for his partner before going viral globally in January 2022 and being acquired by the Times in early 2022 for a reported seven-figure sum. It has since grown into one of the most widely played daily word games in the world, with the publication maintaining its pledge that the puzzle will remain free to play regardless of subscription status.

For players who missed today’s puzzle or want to revisit previous answers, the ten most recent Wordle solutions before today were MAVEN, DEMUR, PUPPY, CRUDE, EMCEE, SCOOP, ACUTE, UNITY, QUEER and CURRY, reflecting the variety of word types, letter patterns and difficulty levels that the Times’ puzzle team rotates through to keep daily players engaged without allowing any single approach or strategy to dominate across extended stretches of consecutive puzzles.

This article was written by

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