2024 Reflections: How Curiosity, Quick Commerce, and AI Redefined Our World

Jan 01, 2025

Happy New Year, everyone! 🎉

Usually, we dive a bit deeper into the biggest stories in the financial markets—more than your average news channel might. But today is different because it’s the very first day of 2025. We thought we’d mix things up a little.

Instead of running through the top headlines, we—the writers behind The Daily Brief—wanted to share some of the most important lessons we’ve learned while writing for you.

So, here we are: Krishna, Anurag, Pranav, and Kashish. And let’s not forget Bhuvan and Sagar, the ones who made all of this possible. A huge shoutout to Shubham, Bhavya, Meher, and everyone working behind the scenes. And of course, Manjesh, our incredible cameraman—thank you for everything.

You can listen to the podcast on Spotify, Apple Podcasts, or wherever you get your podcasts and videos on YouTube. You can also watch The Daily Brief in Hindi.

In today’s edition of The Daily Brief:

Kashish’s Lesson: The Complexity of Knowledge
Krishna’s Lesson: The Power of Curiosity
Anurag’s Lesson: India’s Unique Growth Story
Pranav’s Lesson: The Transformative Potential of AI

Kashish’s Lesson: The Complexity of Knowledge

This year, my boss made me smarter—but also a lot more miserable.

He did this by tearing apart my worldview of what “knowledge” meant. According to him, my perspective was as broken as the CBSE website on board results day: a complete lost cause.

That said, we did agree on one thing. We both were baffled at how people could really be okay with being so “incurious” in life:

How are you okay not knowing why bad weather in Brazil is making your morning coffee more expensive?
How are you okay with not knowing the perfect air conditioner temperature, according to studies by the Japanese Ministry of the Environment and World Health Organization?
How are you okay not knowing that your late-night Netflix binge might be costing your country’s GDP 1-3% annually?

How can anyone be so boring? So unimaginative? Bhuvan (my boss) and I could never wrap our heads around it.

But that is where the similarity ended.

I thought that knowing the answer to everything that intrigued me would make me smarter - which it did, ever so slightly. And because curiosity led me down so many rabbit holes, I assumed more knowledge meant more control—or at least more certainty - which isn’t how things work.

This is especially true in economics and finance—the very field where we’re supposed to be expert writers. If anything, the more I learned, the more questions I had. The smarter I got, the messier the world seemed.

You see, you might think that having a cursory knowledge of an economic concept will give you a sense of certainty of what to expect in the future, but markets and the economy have their own way of humbling you. And most of the time, the very thing you thought you understood well enough, gets tossed out of the window and you get a reality check you needed.

Here’s an example I witnessed firsthand.

In economics, there’s a standard expectation:

When interest rates go up, borrowing becomes expensive for businesses and consumers.
This leads to a slowdown in credit growth (fewer loans being taken out), cooling off demand and, in turn, controlling inflation.

But real life doesn’t always stick to the script.

From May 2022 to February 2023, the Reserve Bank of India (RBI) went on a rate hike spree, raising the repo rate from 4% to 6.5% in just nine months—one of the steepest hikes in recent history. By textbook logic, this should’ve slowed down the growth of loans.

But guess what actually happened? Credit growth accelerated.

Yes, loans grew from 10% to 17%, even as borrowing costs skyrocketed. The very thing that was supposed to slow down—picked up speed.

The market did what it wanted, despite what the textbooks would have predicted.

Does this mean everything we learn is wrong? Not exactly. But it does mean we overestimate how much our limited knowledge can predict the future.

The illusion of understanding—where we think we’ve grasped a concept well enough to make bold claims about what’s coming—is far more dangerous than being oblivious.

This is especially true for social sciences like economics than natural sciences like physics or maths. Making prescriptive statements—statements that dictate how things should be—might work in nature, governed by the laws of physics. But economics? That’s a wild, wild world with no rules.

In the world of economics, only the self-deluded or the willfully ignorant would feel comfortable making such definitive statements. That’s not me… anymore. Because here’s the thing: there are layers and layers of nuance behind understanding what’s really happening in the world.

This brings me back to my boss, who made me smarter and miserable.

When he taught me this lesson, he cleverly seeded the idea that I’ll never “truly” know what’s going on—because it’s simply not humanly possible to know everything about the subject you’re researching or writing about.

Take America’s trade policy after Trump’s tariff comments. Sure, I might try to connect the dots, but there’s always that one geopolitical angle or one historical context I’m missing. To get close to the truth, I’d have to read more, dig deeper, and find those hidden angles. That’s what makes me smarter.

But, but, but…

This very same thing is also what drives me absolutely insane. Because I’ll never have the satisfaction of knowing something to its end.

It makes me miserable that I’ll never know:

Was my coffee expensive only because of bad weather in Brazil, or did Vietnamese plantations play a role too?
Is setting my AC to 27°C really helping the planet, or just saving me a few bucks?
Will my late-night Netflix binge with my partner be a net positive for my mental health—or is it quietly shaving off GDP?

Now I’m smarter. But also far more miserable.

Thanks, Bhuvan.

Krishna’s Lesson: The Power of Curiosity

It’s been around six months since we kicked off The Daily Brief at Zerodha—a daily podcast where we simplify the biggest market and business stories of the day. And in those six months, I’ve gone from someone who didn’t know a single thing about markets to someone who can now confidently bullshit about quick commerce and a few other things I have written about.

Six months ago, if you’d asked me what a concall was, I’d have stared blankly. Management commentary? Trends? Earnings transcripts? These were alien concepts. I didn’t even know where to begin. And yet, every day, we dive into the news, contextualize it, and figure out what actually matters.

It’s forced me to learn, to go down rabbit holes, and made me realize how much I enjoy knowing and learning about all the weird things happening around the world all the time.

Take the steel sector, for example. I had zero context about why it’s such a big deal or why everyone keeps talking about China when it comes to steel. Fast forward a few months, and now I can explain how China produces over half the world’s steel and why their policies affect global prices. It’s wild how much of the world’s economy can be traced back to what China does or doesn’t do. They're the top players, from solar cells to EV batteries to rare earths. Reading and researching this has made me realize just how interconnected everything is—and just how much of it revolves around China.

Another topic that’s caught my attention is Quick commerce—I was specifically asked not to write on this but how can I not? I didn’t think much of it when it started—who needs groceries delivered in 10 minutes? How can that possibly make money? But then Zepto launched, and people began posting screenshots of orders arriving in exactly 10 minutes. It blew my mind, but I didn’t dig deeper back then. Fast forward two years and quick commerce hasn’t just worked; it’s completely changed behavior. It’s rewired how we consume. These platforms have turned into virtual malls, and I’ve finally started scratching beneath the surface—more so because this is my job. Now, we even have two big-listed players betting their future on this industry: Swiggy and Zomato.

What fascinates me most about quick commerce is how it’s gone from something no one believed would work to something we now take for granted. It’s not just about speed; it’s about how they’ve made us expect everything at lightning-fast delivery times. I mean, it’s hard to imagine a time when we were okay waiting three days for something to arrive. And the fact that so many traditional businesses are jumping in now—players you’d never expect—is proof of just how big this shift is.

And while I’ve learned enough to speak confidently about these topics, it’s not just about throwing out facts or trends. It’s about connecting the dots. For instance, understanding why China dominates critical minerals isn’t just about knowing the numbers. It’s about seeing how that control trickles down into everything—from EV supply chains to global politics. Similarly, with quick commerce, it’s not just about the convenience of delivery but how it’s rewired consumer expectations and disrupted traditional retail in ways we’re only beginning to understand.

Looking back, these six months have been an intense education. The more I write and research, the more I realize how much there is to learn. Markets aren’t just about numbers; they’re about stories. People keep looking at quarter-on-quarter growth but what really matters is creating real impact over a very long horizon.

If there’s one takeaway from this year for me it’s this: being curious enough to go down rabbit holes and patient enough to connect the dots over time 🙂

Anurag’s Lesson: India’s Unique Growth Story

Looking back at 2024, something that has really fascinated me through the year is India’s economic and consumption story. I see this story as a mix of contradictions, resilience, and new possibilities that constantly reshape how we all look at and define growth.

India, as a market, is complex yet inspiring. It teaches us lessons that go beyond the usual economic ideas. And that’s what I find truly amazing and worth studying about our country.

Despite being the world’s 5th largest economy, India doesn’t fit perfectly into any established global financial or economic framework.

We have multiple paradoxes: there’s aspiration amidst poverty, technological advancement alongside ancient traditions, and modern consumerism amidst deep-rooted cultural values. These contrasts practically shape the fabric of our economy in a way no other country can match.

Thinking about India as an economy, I’ve come to realize that it’s not concentrated in a few major corporates or major cities. It’s actually spread across millions and millions of small consumers and suppliers. This decentralization makes understanding India, both, challenging as well as fascinating.

Think of it this way: individual incomes in India might be on the lower end compared to global standards. But when taken together, the sheer size of our population creates a massive market for just about anything and everything. This unique dynamic makes India a market that’s tough to crack but, at the same time, open to almost anyone and everyone willing to understand its intricacies.

One of the biggest chunks of the population that contributes to the Indian economy is the middle class. In a manner of speaking, the middle class of India is the central engine of consumption in our country.

To give you some numbers, less than 5% of Indian households earn more than ₹30 lakh annually. That’s fewer than 7.5 crore people in a population of 150 crore!

Despite this, the majority of economic activity does not rely solely on this top 5%. The real action actually lies with the massive middle class, which, no matter what cannot be ignored in a country like ours.

India’s middle class is a lot more about aspiration than it is about affluence or wealth. And their consumption patterns show this perfectly, too. Opposite to popular belief, India’s middle class, at large, aren’t reckless spenders as such. Instead, they’re more strategic as consumers, and they focus on investing in quality and value.

Someone once said this, and it stuck with me: “India isn’t a price-sensitive market; it’s a value-sensitive one.” And I think that one statement captures the essence of consumer behavior in India.

But talking about consumer behavior, perhaps the most interesting segment of India that’s worth looking at is our rural population.

While media narratives may force us to think otherwise, let me tell you that about half of India’s income comes from rural areas. Rural consumers may not be “rich” as such, but that doesn’t mean they aren’t informed, connected, or aspirational.

Thanks to the massive penetration of the internet and social media across our country today, people even in the remotest parts of India have access to the same information that people in top-tier cities do. This connectivity has fundamentally shifted rural India’s role in the economy.

Also, digital technologies like smartphones and UPI payments have transformed even remote villages today. They have made these areas active participants in India’s consumption story, which a few years ago was practically unimaginable.

So, while cities like Mumbai and Delhi usually take the media limelight, India's real growth stories are actually emerging from relatively smaller towns and cities. These areas, which are usually referred to as Tier 2 and Tier 3 cities, are now starting to shape the future of consumption and innovation in our country.

Remember how I said, “India doesn’t fit perfectly into any established global financial or economic framework”? A big reason for this is the diversity and complexity of our market, which global companies usually struggle to interpret.

A typical mistake they make is trying to push a one-size-fits-all strategy. Because of Western biases, they tend to miss the nuances that make the Indian market unique. And as for Indian consumers, they demand value over anything else; whether they live in metros or in villages.

For example, a refrigerator designed for the European region may have fancy features and even a low price. But if it doesn’t meet the needs of a typical Indian household, where power cuts are frequent, it is bound to fail as a product. This is why brands that understand these nuances usually do better than multinational giants in our country.

So, if I were to summarise, India’s economy is full of contrasts.

It’s modern yet traditional. It’s growing fast, but it’s still very uneven.

If any business wants to succeed here, it needs to think very differently. It can never be about copying global strategies in India. It’s almost always about creating something that fits our unique needs perfectly. And for those who manage to get it right, the rewards are crazy, to say the least.

Also, while this story of contrasts has been true for many years now, 2024 has taught me that India isn’t a market that’s waiting to grow. We, as a market, are already there. The only difference is that we’re there on our own terms, and these terms often don’t align with global definitions of growth and success.

India is a very, very different country. It’s a place where small businesses hold big power, where dreams drive consumption choices, and where digital tools and technologies create a level playing field, no matter where you live or how much money you earn.

For anyone interested in learning the nuances of economics, finance, and consumer behavior, studying India as a year-long case study is, in my opinion, worth every minute spent.

Pranav’s Lesson: The Transformative Potential of AI

This year I learned that… I’m terrified and thrilled about the future.

When AI chatbots first came out, I wasn’t really too impressed. It seemed like some glorified writing assistant who confidently lied to you. I didn’t see the appeal. This was just a machine that had learned to talk. It was a cute gimmick — maybe even an engineering marvel — but why would I want to talk to a computer? It didn’t solve any problems for me. What did it know about the world? How could it possibly understand anything? I thought, once the novelty faded out, I’d quickly get bored of it.

I’m happy to report that I was wrong. Because AI has changed my life.

I still think AI is a mediocre writing assistant, by the way. If you’re only using AI to write some emails or automate menial office work, you’re missing out. Let’s think bigger.

AI gives you additional intelligence on command. Once you learn how to talk to it, it can think for you.

I’m not talking about philosophizing like Socrates. I’m talking about regular, boring stuff.

Want a workout, but you’re feeling a little tired and lazy, and your shoulders hurt and you only have thirty minutes to spare? It’ll give you a perfect workout plan. Bought ingredients for a biryani but you’ve ruined the rice and now need to know what else you can quickly whip up for your guests? ChatGPT could give you a whole new recipe. Need to dress up for a party, but you’re feeling bloated and your confidence is low, and you’re not sure of how your clothes go together? AI can help you again.

That’s what makes it special: AI has infinite use cases. It can find you perfect answers for almost any situation. Give me a scenario and I’ll give you a new use case.

I don’t think we’ve really had a product like this, ever. The internet comes close — as do computers or smartphones — but not really. The apps you use let you do one or two things well. WhatsApp lets you talk to people. Instagram lets you view and share images. Google lets you find things others may have published. You might use these for many reasons — but it’s basically the same use case.

AI isn’t like that. It’s infinitely more flexible.

When you get comfortable with AI — once you learn how to prompt it to do what you want — you start coming up with use cases on the fly. Sit with it for half an hour, and you can find a dozen use cases that nobody on the planet has thought of.

In fact, here’s a prediction I’ll make with some confidence: while most people use their smartphones in roughly the same way, I think every single person will eventually use AI in a way that’s wholly unique to them. It’ll be the ultimate personalized super-app.

After a few months of using AI a lot, here’s how I’ve come to think of it, though I might be completely wrong.

To oversimplify things a lot, psychologists broadly see the brain as having two distinct ‘parts’. There’s the base stuff — the monkey brain — which is what we use most of the time. It’s the part of the brain that wants things, fears things, likes or hates things, or cares about how others see you. It’s what we share with dogs and pigs and most other higher animals.

Then, there’s the special human stuff — a thin rational layer sitting on top of the monkey brain. It’s what engages in Kahneman’s “System 2” thinking. It’s a part of your brain that you engage occasionally — when you’re analyzing or thinking deeply over something. It’s immensely useful — it’s what makes us human. But you can only use it sparingly because it’s slow and eats up a lot of energy.

AI is an incredibly powerful update to this rational layer. It’s as though you can call on the power of a million extra brains — trained on every word available on the internet — to deliberate for you. It’s infinite intelligence on command.

Don’t like the answer it gives you? You can ask for five more. Or twenty. Or two hundred. We don’t really have an intuition for how an inexhaustible source of intelligence works. It works at a scale that’s entirely superior to our own heads. We’ve really never seen anything like it.

How do you prepare for an economy that’s augmented with AI? It’s really hard to tell. When we learned to augment our muscle power with engines, we ended up creating everything from vehicles to factories, to skyscrapers. Computers gave us everything from video games to 3D printing. When the smartphone first came out, nobody imagined it would give you services like BlinkIt or Uber.

The thing is: we have a knack for mixing technology in all sorts of different combinations, to make up entirely new, unimaginable things. So, what will we do with something that already has innumerable use cases? What will we do with the ability to be a thousand times as smart as we are? I really don’t know. All I know is that we’re staring at a fundamental transformation.

What should you do personally, though? I recommend you play with it. Just… bask in its magic. Figure out where your own brain falls short, and see what life is like when you support it with extra intelligence. Don’t make this a workplace tool. See what it does for your life.

From personal experience, it’s a game changer.

Thank you for reading. Do share this with your friends and make them as smart as you are 😉 Join the discussion on today’s edition here.