Year-ender Series, Theme Three: Stock markets, IPOs and funding in startups, all touched record highs in 2021. Banks had so much money to lend that it became the cheapest to borrow in a decade. But there was high inflation, job losses, slow credit growth and capital expenditure. Fears of Omicron too spooked investors.

Hosts Anirban Chowdhury and Nehal Chaliawala speak to ET’s associate editor Sugata Ghosh and Mahindra Group’s chief economist Sachchidanand Shukla about how money behaved in 2021