While economists and analysts express concern on the Indian economy, some remain stubbornly optimistic, and one of these people is investor Porinju Veliyath, who manages the Equity Intelligence portfolio. Equity Intelligence, which invests in small and micro caps, has struggled in the last year, with the major holdings all in red on yearly returns.

Veliyath's biggest holdings, Kaya Limited (bought in the September quarter of FY20) and Praxis Retail (where he first bought shares in 2018) have both plunged over 40% in one year returns. He holds Rs. 5.7 crore and Rs 3.6 crore respectively in Kaya and Praxis. Shalimar Paints, the only long-term positive performer in the portfolio, was sold off in the most recent quarter. 

Veliyath, however, is bullish on the state of the Indian economy, remarking online that "foundations of sustainable and secular growth are in place", citing Anand Mahindra's comments on slowdown being the "detoxification" of the Indian economy. On the impact of the anti CAA and NRC protests, Veliyath made strongly pro-government comments on Twitter, saying that "they are transient and mostly instigated by vested interests - attempts to resist order and retain chaos!"

Photo: Twitter