How India's Economy Works

India's economy has demonstrated considerable resilience, repeatedly surprising on the upside. But can this momentum translate into sustained growth, better jobs and higher living standards? As geopolitical tensions, volatile energy prices and uncertainty around the global technology boom reshape the economic landscape, India must navigate new risks while capitalising on emerging opportunities.

In this episode of How India's Economy Works, journalist and author Puja Mehra speaks with economist Dr. Prachi Mishra, Dean, Ashoka School of Economics and Finance and former member of the Economic Advisory Council of Prime Minister about the strongest reasons to be optimistic about India's economic future, and the challenges that could hold it back. They discuss how India can diversify its trade and investment partnerships, particularly with Japan, and what it will take to achieve the sustained growth needed to become a high-income economy. The conversation examines sluggish manufacturing investment, foreign direct investment, the need to expand labour-intensive industries, and the importance of creating more high-quality jobs. Mishra also explains why strengthening state capacity, improving municipal finances and fixing last-mile infrastructure are essential to translating India's economic potential into better outcomes for its citizens.

Tune in for insights on India's growth prospects, the opportunities in a changing global economy, and the reforms needed to build a more prosperous, employment-rich and resilient economy.

CHAPTERS

(00:00) Introduction to India's Economic Prospects

(00:41) Global Shocks and Geopolitical Crosscurrents

(03:28) US and China Macroeconomic Trends

(04:59) Global Contagion and AI Spillovers

(07:47) Strategic Opportunities in India Japan Ties

(10:42) Long-Term Targets for Viksit Bharat

(13:46) Manufacturing Stagnation and Corporate Investment

(16:35) Expanding Labor Intensive Economic Sectors

(19:15) Strengthening State Capacity and Infrastructure

(22:03) The Strongest Case for Optimism

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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In this episode of How India's Economy Works, journalist and author Puja Mehra speaks with Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), about why the negotiations have stalled and what India stands to gain or lose from an agreement. They examine the implications of US tariff policy, the uncertainty surrounding penalties linked to India's Russian oil purchases, and the demands for greater access to India's markets, including agriculture. Srivastava argues that India should not exchange permanent trade concessions or strategic commitments for temporary tariff relief, particularly when the US cannot guarantee protection against future tariffs.

The conversation also explores whether India should retaliate against US tariffs, how trade agreements with the UK and European Union could open alternative markets for Indian exporters, and what the changing rules of global trade mean for India's economic interests.

Tune in for insights on the India-US trade negotiations, the costs and benefits of a potential agreement, and why India should prioritise a balanced deal that delivers lasting benefits over one driven by tariff threats and uncertainty.

CHAPTERS

(00:00) Introduction to India-US Trade Talks

(00:49) Reciprocal Tariffs and Supreme Court Ruling

(05:11) Risks of Unequal Trade Deals

(09:50) Evaluating Durable Benefits Versus Tariffs

(13:43) Demands on Agriculture and Security Alignment

(15:53) US Security Allies Versus Non-Aligned Nations

(19:04) Expanding Free Trade Agreements Globally

(22:07) Flaws in American Tariff Policies

(24:26) Managing Threats Without Provoking Retaliation

(25:59) Temporary Russian Oil Import Waivers

(28:07) Contrasting Political Talk With Real Progress

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In this episode of How India's Economy Works, journalist and author Puja Mehra speaks with economist Renu Kohli, formerly at the Reserve Bank of India and the IMF and currently senior fellow at the Centre for Social and Economic Progress (CSEP), about why the rupee continues to face depreciation pressure, even as India's economic growth remains strong and inflation relatively low. Kohli argues that the problem goes beyond oil prices and global uncertainty, pointing instead to persistent weakness in the capital account and India's difficulty in attracting and retaining foreign capital. She explains the costs of defending the rupee, the future liabilities created by foreign currency borrowings, and the risks that further monetary tightening could pose to consumption and growth.

The conversation also examines the lessons from India's 2013 currency crisis, whether the RBI needs to allow a more orderly adjustment in the exchange rate, and why policymakers must address the structural reasons behind weak capital inflows rather than rely on temporary interventions.

Tune in for insights on the rupee's depreciation, the RBI's foreign exchange strategy, India's balance of payments and the policy choices that could shape the country's economic outlook.

CHAPTERS

(00:00) RBI Defense of Rupee Introduction

(00:30) Unsustainable Interventions and Depleted Reserves

(02:00) Capital Account Versus Current Account

(03:55) Long-Term Repayment and Economic Costs

(06:05) Short-Term Tools and Foreign Exchange

(08:00) Emerging Balance of Payments Crisis

(10:45) Rate Hikes and Growth Risks

(12:45) Monetary Policy Committee Hiking Dilemma

(14:35) Comparing Taper Tantrum With Today

(18:40) Attracting Foreign Capital for Stability

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The Reserve Bank of India has raised the repo rate and shifted its stance to “calibrated tightening”, signalling that rate cuts are unlikely even as future policy decisions remain data-dependent. But what does this mean for inflation, growth, borrowing costs and liquidity in the banking system?

In this episode of How India’s Economy Works, journalist and author Puja Mehra speaks with Madan Sabnavis, Chief Economist at Bank of Baroda, about the RBI’s latest monetary policy decision. Sabnavis explains why he had argued for delaying the rate hike, why he expects further increases, and how the RBI could manage the large surplus liquidity created by FCNR deposits.

They also discuss India’s dependence on foreign capital, the role of domestic savings in financing growth, why net FDI flows have remained lacklustre, and whether India can remain insulated from global financial conditions. Sabnavis also explains why economic forecasts are becoming increasingly dynamic as economists rely on high-frequency data and constantly changing global conditions.

Tune in for insights on interest rates, inflation, liquidity, foreign capital, domestic savings and India’s growth outlook.

CHAPTERS

(00:00) RBI Monetary Policy Review Introduction

(00:43) Contrarian Views on Rate Hike

(03:42) Defining Calibrated Tightening Monetary Stance

(05:12) Global Spillovers Versus Domestic Realities

(06:37) Capital Formation and External Funding

(08:36) Managing Systemic Surplus Banking Liquidity

(10:47) Dynamics of Modern Economic Forecasting

(12:50) Unanimous Vote and Key Surprises

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India’s households save a substantial share of their income, but much of that saving goes into physical assets such as gold and real estate rather than financial instruments. Why does this matter for the economy? And what does the composition of household savings have to do with investment, borrowing costs and economic growth?

In this episode of How India’s Economy Works, journalist and author Puja Mehra speaks with economist Vidya Mahambare, Union Bank Chair Professor of Economics and Director (Research and Fellow Programme In Management) at the Great Lakes Institute of Management in Chennai about India’s household savings and why financial savings are particularly important. They discuss why households save heavily in physical assets, the role of gold and housing, rising household financial liabilities, and why financial savings have increased but remain relatively small compared with physical savings.

They also examine whether tax policy creates different incentives for physical and financial savings, and discuss possible ways to encourage households to shift more of their savings into financial instruments without simply asking them to save more overall. Tune in for insights on India’s savings patterns, financial savings, household investment, borrowing costs and the policy changes that could reshape how Indians save.

CHAPTERS

(00:00) Introduction to Household Savings

(01:00) Domestic Savings and Investment Needs

(05:35) Financial Savings Lower Borrowing Costs

(07:16) Comparing Global Household Savings Rates

(09:35) Reasons for Physical Asset Dominance

(12:47) Rising Liabilities and Net Savings

(14:02) Distortions in Real Estate Taxation

(17:46) Ending Taxes on Financial Reshuffling

(21:44) Rebalancing Incentives Across Asset Classes

(24:20) Offsetting Fiscal Revenue via Agriculture

(27:12) Shifting Savings Composition Over Volume

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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The episode examines how rising government borrowing, persistent inflation, changing bond investors and huge AI-related investment needs are reshaping global bond markets. In this episode of How India’s Economy Works, Puja Mehra speaks with Dr. Anoop Singh, economist and Former Director of the IMF. Singh explains why the US Treasury market matters far beyond the United States, why central banks have less control over long-term borrowing costs than many assume, and how the world is entering what he describes as a “new fiscal era” marked by greater fiscal dominance.

The conversation also looks at the implications for India. Singh discusses India’s high public debt and fiscal deficit, the importance of maintaining fiscal and central-bank credibility, and why the key question is not simply how much the government can borrow today, but whether that borrowing will generate enough productive investment and growth to service the debt in the future. He also examines India’s definition of capital expenditure, the need for greater spending on research and development and innovation, and the importance of building stronger fiscal buffers.

Tune in for insights on the global bond-market shift, fiscal dominance, rising borrowing costs, India’s public finances, and why fiscal credibility is increasingly tied to economic growth.

CHAPTERS

(00:00) Introduction to Global Bond Markets

(00:35) Liquidity Buybacks and Currency Interventions

(02:58) The Federal Reserve Rate Decision

(06:15) Entering the Fiscal Dominance Era

(12:18) Political Barriers to Budget Adjustments

(16:56) Fiscal Credibility Linked with Growth

(22:27) Global Spillovers on Indian Debt

(24:02) Redefining Quality in Capital Expenditure

(27:27) Persistent Global Inflation and Buffers

(32:29) Sustainability of State Fiscal Deficits

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In this episode of How India’s Economy Works, Puja Mehra speaks with political scientist and economic historian Rohit Chandra, Assistant Professor at the School of Public Policy of IIT, Delhi. They talk about what those crises taught India, how the country’s energy system has changed, and what the latest Iran conflict and Strait of Hormuz disruption reveal about India’s continuing vulnerabilities.

Chandra explains why India was better placed to absorb the latest shock than it was in the 1970s, thanks to greater electrification, domestic refining capacity and crude storage. But he argues that the human and economic costs have been underestimated, particularly for poorer households, migrant workers and small businesses. He also discusses India’s dependence on imported energy, the delayed response to LPG shortages, the need for greater strategic petroleum reserves, and why energy efficiency must focus more on industry than households.

The conversation also looks ahead at what India needs to do differently: give public-sector energy companies greater autonomy, allow them to invest and experiment across a changing energy economy, make energy-sector contracts more transparent, and create a more predictable policy environment for investors. Chandra argues that crises often push governments towards ad hoc, statist interventions — making clear rules and predictability essential for long-term energy security.

Tune in for insights on India’s oil shock, energy security, strategic petroleum reserves, LPG shortages, energy efficiency, PSU autonomy and the policy lessons from past crises.

CHAPTERS

(00:00) Introduction to India's Oil Vulnerability

(01:01) History of Indian Energy Shocks

(08:27) Hidden Costs of Recent Disruptions

(15:12) Strategic Petroleum Reserves and Preparedness

(18:56) Industrial Efficiency and PSU Autonomy

(24:42) Global Oil Markets and Supply

(29:54) Big-Picture Energy Sector Reforms

(32:15) Transparency in Energy Market Contracting

(35:48) Predictability and Future Investment Policies

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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India’s latest GDP numbers show the economy growing at 7.8%, but how much confidence should we place in that figure? In this episode of How India’s Economy Works, Puja Mehra speaks with economist Rajeswari Sengupta about the complexities of measuring India’s GDP, the latest base-year revision and the methodological changes behind the new estimates.

Sengupta explains why India’s large informal economy, limited data, rapid structural change and the absence of comprehensive income data make GDP estimation particularly challenging. She also breaks down the shift from single deflation to double deflation, the use of producer price indices, and why the statistical office’s lack of detailed sources-and-methods documentation has raised concerns.

The conversation also examines the use of GST data and surveys of the informal sector, the credibility of the new GDP series, and the unusual spending boom implied by the latest quarterly numbers despite a sharp rise in import prices. Sengupta argues that the debate should be about transparency and statistical methodology—not politics.

Tune in for insights on India’s GDP measurement, the new base-year revision, double deflation, data transparency, and the puzzle surrounding the 7.8% growth figure.

CHAPTERS

(00:00) Introduction to Indian GDP Estimation

(01:19) Challenges in Indian GDP Measurement

(09:47) Uncaptured Services and Gig Economy

(15:19) Controversies of Past Base Revisions

(21:42) Single Versus Double Deflation Explained

(26:04) Shift from WPI to PPI Deflation

(32:43) Missing Methodology and Sources Document

(35:10) Doubts Around Quarterly GDP Numbers

(40:01) Mismatched Identifiers in GST Data

(46:12) Political Pressures on Statistical Agencies

(52:48) The Terms of Trade Shock Puzzle

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In this episode of How India’s Economy Works, Puja Mehra speaks with Ananth Narayan, Economist and Former Whole Time Member, SEBI about the growing interconnections between India’s interest-rate, equity and currency markets—and the unintended consequences of intervening in each of them separately.

Narayan argues that the RBI’s aggressive intervention in the bond market, including record purchases of government bonds, has kept interest rates artificially low and weakened the appeal of fixed-income assets for domestic savers. This, he says, has pushed more savings into equities and overseas assets, contributed to stretched equity valuations, and made it harder for foreign capital to flow into India. At the same time, lower interest-rate differentials have created incentives for hedgers and speculators to buy dollars, adding pressure on the rupee.

The conversation explores the idea of an “impossible trinity” in a more interconnected financial system, why RBI intervention in one market can create problems in another, and whether India needs to allow markets to function more freely. Narayan also discusses tax reforms for fixed income, greater freedom for Indians to invest overseas, and why policymakers need to take a holistic view of financial markets.

Tune in for insights on RBI intervention, interest rates, the rupee, capital flows, equity valuations and what India needs for more sustainable capital formation.

CHAPTERS

(00:00) Introduction to the Impossible Trilemma

(01:19) Interconnected Markets and Bond Interventions

(04:57) Low Rates Distort Credit Markets

(12:15) Discretionary Savings Flood Equity Markets

(15:47) Domestic Overvaluation Deters Foreign Capital

(24:49) Interest Differentials Drive Dollar Outflows

(28:51) Subsidized Swaps and Forex Interventions

(31:54) Reforming Fixed Income Tax Parity

(36:18) Allowing Freer Overseas Investment Limits

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India has spent heavily on housing schemes, but are we building homes in the places where people actually need them? In this episode of How India’s Economy Works, Puja Mehra speaks to economist Dr. Vidya Mahambare, Union Bank Chair Professor of Economics and Director (Research and Fellow Programme In Management) at the Great Lakes Institute of Management in Chennai, about why India’s housing policy needs to be rethought as part of a broader strategy for employment and economic growth. Mahambare argues that homes need to be built closer to where jobs are being created, particularly in urban and semi-urban areas, rather than simply subsidising home ownership in rural areas.

The conversation also explores how housing can influence migration, manufacturing, regional development and women’s participation in the workforce. From industrial housing for large-scale manufacturing to safe working-women’s hostels, childcare located near schools and better public transport, Mahambare explains why housing is best understood as labour-market infrastructure, rather than simply a welfare measure.

Tune in for insights on India’s employment challenge, the housing-jobs mismatch, women’s workforce participation, migration, manufacturing and the policy changes needed to make India’s cities more productive.

CHAPTERS

(00:00) Introduction to Housing Policy

(00:54) Pradhan Mantri Awas Yojana Issues

(02:37) Subsidizing Rental Housing Instead

(05:37) Job Creation Precedes Housing Need

(09:33) Government Role in Industrial Housing

(12:16) Working Women Hostels and Mobility

(17:43) Beyond Housing for Economic Growth

(19:49) Enabling Conditions for Married Women

(24:49) Pilot Programs for Effective Policy

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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India has been one of the world's fastest-growing major economies for years. Yet for millions of Indians, rising GDP has not translated into rising household prosperity, better jobs, or greater economic security.

In this episode of How India's Economy Works, Puja Mehra speaks with economist Professor Partha Chatterjee, Dean of Academics and Professor of Economics at ⁠Shiv Nadar University, about the structural reasons behind this disconnect. They explore why India's "missing middle"—the absence of enough productive, mid-sized firms and middle-income jobs—has become one of the country's biggest economic challenges. The conversation examines why firms struggle to scale, how policy incentives often encourage businesses to stay small, and why investment in education, health, finance, land, and judicial reforms is just as important as building physical infrastructure.

The discussion also covers innovation, productivity, labour market opportunities for women, industrial policy, self-reliance, global supply chains, and why creating an ecosystem where firms can grow may be far more important than simply backing a handful of national champions.

Tune in for insights on why sustained economic growth alone cannot deliver widespread prosperity—and what India must do to ensure that growth creates better jobs, stronger businesses, and rising living standards for millions.

CHAPTERS

(00:00) Introduction

(01:21) Why Growth Misses Household Prosperity

(03:31) Missing Middle-Sized Productive Firms

(06:05) Policy Cliffs and Educational Deficit

(09:30) Resource Misallocation and Skill Mismatch

(12:20) Why Unproductive Firms Survive

(14:29) Impact of Creeping Tariff Protection

(16:43) Political Economy and Interest Groups

(18:16) Beyond Physical Infrastructure and Credit

(20:56) Risks and Barriers to Innovation

(23:46) Building Slopes and Supporting Ecosystems

(28:10) Rethinking Self-Reliance and National Champions

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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In this episode of How India's Economy Works, Puja Mehra speaks with Electrical Engineer Sudhir Gera, Director of Operations at IEC Electric Power Ltd, who has spent over three decades in the industry and has worked closely with engineering colleges, regulators, and policymakers. He explains why India's challenge is not a shortage of engineering graduates but a shortage of industry-ready skills. From outdated curricula and weak industry-academia collaboration to the dominance of IT jobs and the neglect of hands-on manufacturing training, Gera argues that the country's engineering education system is no longer aligned with the needs of modern industry.

He also proposes an ambitious "linking school" model that would connect engineering colleges, local industries, and students—much like teaching hospitals do for medical education—to bridge the gap between classrooms and shop floors. The discussion also explores how AI is reshaping engineering careers, why manufacturing deserves renewed attention, and what reforms are needed if India is to become a global manufacturing powerhouse.

Tune in for insights on why India's employability crisis is really a skills crisis, how engineering education can be reimagined for manufacturing, and what it will take to build the workforce India's industrial future demands.

CHAPTERS

(00:00) Introduction to the Interview

(00:56) Background of Sudhir Gera

(01:28) Defining the Employability Crisis

(04:47) Role of MSME Margins

(07:41) Need for Training Infrastructure

(09:07) Assembly Versus True Manufacturing

(11:06) Stigma Around Vocational Skills

(14:04) Introducing the Linking School

(18:16) Sourcing Industry Experts Faculty

(21:12) Value of Practical Knowledge

(26:01) Geopolitics and Manufacturing Needs

(30:45) Bringing Action to Industry

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In this episode of How India's Economy Works, host Puja Mehra speaks with trade economist Dr. Nisha Taneja, Professor at Indian Council for Research on International Economic Relations (ICRIER). They unpack what the latest export data really reveals. Why did some sectors thrive while others—diamonds, pharmaceuticals, petroleum products and jewellery—registered sharp declines? Why did exports to China unexpectedly surge? And what does this tell us about India's overdependence on the US market?

The conversation also examines whether India's recent free trade agreements can genuinely help exporters, why earlier FTAs failed to deliver the expected gains, and how non-tariff barriers, product standards and local market knowledge matter as much as tariff cuts. Dr. Taneja explains why the tariff shock has become a catalyst for a new export diversification strategy, prompting the government to launch an ambitious export promotion mission aimed at helping Indian firms enter new markets.

Tune in for insights on how Trump's tariffs reshaped India's export strategy, why diversification has become an economic necessity, and what India must do to build a more resilient export ecosystem.

CHAPTERS

(00:00) Introduction

(00:14) Why US Tariffs Didn't Hurt Exports

(03:27) Which Indian Sectors Lost Most

(05:31) China's Surprising Demand For Indian Goods

(06:52) How Exporters Found New Markets

(08:21) Can Free Trade Agreements Help?

(10:53) Lessons From Trump's Tariffs

(11:32) India's New Export Diversification Strategy

(14:17) Can Textile Exports Recover?

(14:57) Finding Markets Beyond America

(16:20) A Turning Point For India's Exports

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In this episode of How India's Economy Works, host Puja Mehra speaks with economist Renu Kohli, formerly at the Reserve Bank of India and the IMF and currently senior fellow at the Centre for Social and Economic Progress (CSEP). They talk about the recent depreciation of the rupee and why this episode may be different from previous currency shocks. Despite India's large foreign exchange reserves, the rupee has faced sustained pressure. Why?

Renu Kohli argues that the deeper issue lies not in India's trade balance but in the drying up of foreign capital inflows. She explains the difference between reserves earned through exports and what she calls "borrowed reserves", examines the decline in foreign direct investment, and discusses whether policymakers underestimated the structural nature of these pressures.

The conversation also explores the RBI's exchange-rate management strategy, the limits of using reserves to defend a currency, the impact of global capital flows, and why short-term measures can only buy time. Looking ahead, she outlines the reforms India may need if it wants to attract and retain long-term foreign investment in an increasingly competitive global environment.

What does the rupee's recent weakness tell us about India's place in the global economy? And what must change to ensure that external vulnerabilities do not become a lasting feature of India's growth story?

Tune in for insights on the rupee, foreign capital, forex reserves, and the structural challenges shaping India's economic future.

CHAPTERS

(00:00) Introduction

(01:04) Why Forex Reserves Didn't Prevent Rupee Weakness

(04:25) How the Current Shock Differs from 2013

(08:55) The Hidden Problem: Drying Foreign Capital

(13:33) Is This India's Most Serious External Vulnerability Since 1991?

(16:14) Did the RBI Misread the Nature of the Pressure?

(19:24) Should the Rupee Have Been Allowed to Fall Earlier?

(22:54) RBI's Short-Term Measures and Their Limits

(26:20) Can Policymakers Count on Global Capital Returning?

(29:29) Why India Is Struggling to Attract Foreign Investment

(32:19) What India Must Do to Secure Long-Term Capital Inflows

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In this episode of How India’s Economy Works, host Puja Mehra speaks with economist and Professor of Economics at SRM University, Dr. Parag Waknis to unpack one of the most important yet least understood documents in Indian policymaking, the RBI’s accounts. They explore how the RBI manages government debt, why it holds government securities on its balance sheet, and how these operations influence GDP, liquidity, interest rates and inflation.

The conversation examines the evolution from direct deficit financing to the current system of primary dealers, the significance of foreign exchange reserves, and the RBI’s use of tools such as open market operations and Operation Twist. Dr. Waknis also explains the relationship between government borrowing and central bank profits, and discusses whether these dynamics affect the RBI’s policy independence.

Tune in for insights into the institution at the heart of India’s monetary and financial system.

CHAPTERS

(00:00) Introduction

(00:14) Why the RBI Balance Sheet Matters

(03:54) Why Government Bond Auctions Fail

(06:15) How RBI Invests Forex Reserves

(08:28) Operation Twist and Borrowing Costs

(11:21) Why RBI Doesn't Fund Government Directly

(14:33) Currency Notes, Coins and Sovereignty

(16:35) What the Latest Balance Sheet Shows

(19:00) Government Borrowing and RBI Surplus

(21:27) Rising Government Debt on RBI Books

(24:18) Is India’s Bond Market Distorted?

(25:44) RBI Independence and Balance Sheet Risks

(27:47) Understanding the Monetary Policy Corridor

(32:54) Rules Versus Discretion in Monetary Policy

(34:49) RBI’s Conflicting Institutional Roles

(36:36) Why US Debt Markets Differ

(37:48) Key Takeaways on RBI Operations

For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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In this episode of How India's Economy Works, journalist and author Puja Mehra speaks with economist and former NITI Aayog Vice Chairman Rajiv Kumar about why India’s manufacturing sector continues to underperform despite decades of policy attention and repeated attempts to boost industrial growth.

India has long aspired to become a global manufacturing hub, yet manufacturing’s share in GDP has stagnated and labour-intensive sectors such as apparel, leather and food processing have struggled to expand. Drawing on Dr. Kumar’s recent writing and policy experience, the conversation explores why India has failed to build an export-oriented manufacturing economy, why scale and competitiveness remain elusive, and whether the country has become too dependent on the idea of a large domestic market.

They discuss the limitations of production-linked incentives, the persistence of protectionist thinking, and why Indian industry has often preferred domestic shelter over global competition. The episode also examines the contrasting experiences of China, Bangladesh and Vietnam, the role of state governments in export promotion, the challenges facing SMEs, and why labour-intensive manufacturing remains crucial for absorbing surplus workers from agriculture.

The discussion raises larger questions about employment, industrial strategy and India’s long-term growth model. Can manufacturing still become a major engine of jobs and exports? What would it take for India to double its share in global trade? And are policymakers, industry and states aligned enough to make that happen?

Tune in for insights on why India’s manufacturing ambitions continue to fall short — and what it will take to build a more competitive, export-driven economy.

CHAPTERS

(00:00) Introduction

(00:20) Manufacturing Slowdown

(01:01) Export-Led Growth

(02:53) India’s Market Myth

(03:57) Competing With China

(08:37) Rewarding Exporters

(11:51) Bangladesh Garment Success

(12:25) Why Factories Leave India

(15:13) Jobs And Textiles

(16:52) Manufacturing Wake-Up Call

(18:14) Employment Concerns

(21:02) Supporting Smaller Firms

(21:39) Lessons From China

(23:58) Rethinking PLI

(25:51) Bureaucracy And Industry

(26:31) Breaking Policy Silos

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In this episode of How India’s Economy Works, journalist and author Puja Mehra speaks with economists Arjun Jayadev and Amit Basole, authors of the CSIE working paper India's Labour Productivity Puzzle, about a troubling trend beneath India’s headline growth numbers: a sharp slowdown in labour productivity since 2017.

India remains one of the world’s fastest-growing major economies, employment levels have risen, and female labour force participation has increased. Yet, according to their latest research, workers today are producing far less than they would have if earlier productivity trends had continued. The conversation explores why this matters for wages, living standards, investment, and the broader health of the economy.

They discuss the rise of surplus labour, the difference between employment and productive jobs, and why much of the recent increase in work — especially for women — may reflect economic distress rather than opportunity. The episode also examines weak private investment, manufacturing stagnation, structural transformation, the limits of formalisation, and whether policies like infrastructure spending, digitalisation, and production-linked incentives are truly improving productivity.

The discussion raises a deeper question: can India sustain high growth if output per worker remains stagnant? Tune in for insights on why India’s growth story may be masking a deeper productivity crisis — and what it means for jobs, wages, and the future of the economy

CHAPTERS

(00:00) Introduction

(01:23) India’s Labour Productivity Slowdown Since 2017

(05:05) Why India’s Productivity Crisis Stands Out Globally

(09:32) How Growth Can Rise Despite Stagnant Productivity

(10:58) Surplus Labour and the Rise of Low-Quality Employment

(14:02) The Manufacturing Productivity Puzzle

(15:08) Low Wages, Weak Productivity, and Employer Incentives

(17:24) The Link Between Productivity and Wages

(18:35) Women’s Employment and Economic Distress

(20:40) The “Intensification of Dualism” in India’s Economy

(21:45) Formalisation Versus Informal Labour Expansion

(22:14) PLI Schemes, Policy Dynamism, and Missing Counterfactuals

(25:30) Cash Transfers and Structural Transformation

(27:00) Why Digitalisation Does Not Automatically Improve Productivity

(28:55) Conclusion and Final Thoughts

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In this episode, journalist and author Puja Mehra speaks with Rosa Abraham, economist and one of the authors of the State of Working India 2026 report, about the growing stress in India’s labour market, highlighted by recent worker protests in Noida. They discuss why even formal sector jobs are no longer guaranteeing wage growth, with real earnings stagnating—and in some cases declining—over the past decade.

Abraham explains how this is not a cyclical slowdown but a deeper structural issue, driven by weak productivity, misallocation of capital, and the absence of a strong small and mid-sized enterprise base (crucial sector that invests in workers). They also examine why higher education is failing to translate into better jobs, leaving many young graduates unemployed or underemployed.

Are current policies missing the bigger picture? What does this mean for India’s demographic dividend?

Tune in for a sharp look at why economic growth isn’t reaching workers—and the risks of ignoring it.

CHAPTERS

(00:00) Introduction

(00:14) Worker Protests in Noida

(01:20) Stagnant Wages in India

(02:30) Falling Graduate Salaries

(04:27) What Low Wage Growth Reflects

(07:39) Why Minimum Wages Aren’t Enforced

(08:31) Youth Unemployment Explained

(12:01) India’s Demographic Dividend at Risk

(15:00) Demand vs Supply Side Problem

(18:16) Is It a Mindset Problem?

(20:28) Role of Public vs Private Sector

(22:09) Fixing the Jobs Ecosystem

(23:58) Risks of Inaction

(27:06) No Easy Solutions

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In this episode, journalist and author Puja Mehra speaks with Rajeswari Sengupta, Economist and Associate Professor at Indira Gandhi Institute of Development Research (IGIDR), about the recent volatility in the rupee and the Reserve Bank of India’s response to it. They discuss how global shocks—from the West Asia conflict to sustained capital outflows—have exposed deeper structural vulnerabilities in India’s external sector.

Sengupta explains how the rupee’s weakness is not just cyclical but rooted in fundamentals, including rising import dependence, especially on energy, and weakening foreign capital inflows. Against this backdrop, they examine the RBI’s increasingly aggressive intervention to stabilise the currency.

But are these measures addressing volatility, or attempting to influence the level of the exchange rate itself? What does this mean for the rupee’s role as a market-driven price, and for India’s ambitions of greater financial openness?

Tune in for insights into the tensions between currency management and market forces, and what it means for the future of India’s exchange rate framework.

CHAPTERS

(00:00) Pressures on the Rupee

(01:09) West Asia War Impact

(02:30) Energy Import Dependencies

(04:32) Sustained Capital Outflows

(06:14) Financing Current Account Deficit

(08:03) RBI’s Intervention Methods

(10:14) Offshore Arbitrage and Banks

(11:58) Unprecedented Regulatory Measures

(13:16) Impact on Indian Banks

(15:42) Risks of Policy Flip-Flops

(16:59) Cost of Hedging Exposure

(21:20) Value of Market Speculation

(26:38) Rupee as Shock Absorber

(31:07) Recommendations for Future Policy

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In this episode, journalist and author Puja Mehra speaks with Safi Rizvi, National Security Expert, Risk Analyst, Former top Intelligence Officer and Former IPS officer, about how the ongoing conflict involving Iran, the United States and its allies is reshaping the foundations of the global economic and geopolitical order. They discuss how the post-Cold War system—built on multilateral institutions, bilateral diplomacy and a broadly rules-based framework—is now giving way to a more fragmented, power-driven world.

Rizvi explains how the erosion of multilateralism and the breakdown of negotiation channels are altering the way conflicts unfold, making them longer, less predictable and more economically disruptive. He also examines how recent wars—from Ukraine to West Asia—are exposing gaps in military strategy, accelerating shifts in defence technologies, and strengthening the global military-industrial complex.

They explore how the centre of gravity in energy markets has shifted from the West to Asia, and why disruptions around critical chokepoints like the Strait of Hormuz now pose far greater risks for countries like India, China, Japan and South Korea.

What does this mean for energy security, global trade flows and the ability of emerging economies to navigate prolonged geopolitical instability?

Tune in for insights into how this conflict could reshape markets, energy dynamics and the global balance of power.

CHAPTERS

(00:00) Introduction

(01:05) Rise of De-multilateralization

(04:12) AI Targeting and Failures

(06:01) Military Intelligence Gap Concerns

(07:10) Attritive vs Attritable Munitions

(08:20) Global Energy Buyer Shifts

(10:45) Ground War Damage Risks

(12:40) Breakdown of Negotiation Trust

(14:20) Oil and Gas Predictions

(16:44) Conditions for Peace Deals

(18:25) Proposed Buyer OPEC Plus

(19:58) India’s Measured Peace Call

(22:25) Strait of Hormuz Miscalculations

(23:01) Leveraging Financial Trade Power

(25:02) Trump’s Aggressive Defensive Strategy

(27:25) Future Republican Leadership Shifts

(28:30) Market Adjustments and Tariffs

(30:08) Iranian Resilience and Nationalism

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