In this episode of The India Briefing, former Chief Economic Advisor Arvind Subramanian joins hosts Mukulika Banerjee and Pragya Tiwari for a wide-ranging and incisive conversation on the state of the Indian economy. Drawing on decades of experience as a policy insider and analyst, Subramanian offers a candid assessment of India’s growth narrative, the reliability of GDP data, and the deeper structural challenges facing the economy today.
From the persistent divide between richer southern and western states and the poorer Hindi heartland, to the ongoing struggles with informality, underemployment, and regional inequality, the discussion delves into the complexities that headline numbers often obscure. Subramanian also reflects on India’s missed opportunities in manufacturing, the risks posed by regulatory overreach, and the challenges of attracting private and foreign investment amidst political and economic uncertainty.
With insights on India’s welfare state, fiscal policy, the future of agriculture, and the geopolitical forces shaping India’s economic options, this episode is essential listening for anyone seeking to understand where the Indian economy is headed—and what needs to change to make growth more inclusive and sustainable.
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Further Links –
https://www.business-standard.com/opinion/columns/reducing-gdp-discrepancies-india-needs-radical-improvements-in-estimation-125040701339_1.html - Reducing GDP Discrepancies by Arvind Subramanian
https://www.indiabudget.gov.in/economicsurvey/ - Economic Survey (2024-25)
https://asercentre.org/aser-2024/ - ASER Reports on Education in India
https://www.hks.harvard.edu/centers/cid/publications/faculty-working-papers/india-gdp-overestimate - India's GDP Mis-estimation: Likelihood, Magnitudes, Mechanisms, and Implications by Arvind Subramanian
https://ashoka.edu.in/static/doc_uploads/file_1602585593.pdf - India’s Inward (Re)Turn by Arvind Subramanian & Shoumitro Chatterjee
https://www.mercatus.org/ideasofindia/rohit-lamba-reimagines-indias-economic-policy-emphasis - Rohit Lamba Reimagines India’s Economic Policy Emphasis
https://indianexpress.com/article/opinion/columns/narendra-modi-modinomics-foreign-investment-make-in-india-foreign-direct-investment-9429419/ - Why Modinomics has failed to attract foreign investment by Arvind Subramanian & Josh Felman
https://casi.sas.upenn.edu/sites/default/files/iit/Growth%20in%20India%27s%20States%20-%20UK%2C%20AS.pdf - Growth in India's States in the First Decade of the 21st Century: Four Facts by Arvind Subramanian & Utsav Kumar