How India's Economy Works
The Core
Join journalist Puja Mehra as she breaks down one story to give you all the context you need to understand how it fits into the larger picture of India's economy.
Episodes
Mentioned books
Nov 19, 2025 • 27min
The Economics Behind a Viksit Bihar and Real Implications of Cash Transfers and Emigration
In this episode, journalist and author Puja Mehra speaks with economist Prachi Mishra, Professor at the Department of Economics, and Director and Head of Isaac Center for Public Policy at Ashoka University and lead author of a forthcoming report on how the Bihar can accelerate its path to Viksit Bihar. Mishra explains why Bihar must aim for sustained double-digit growth to close its large per-capita income gap with the rest of India, and why doing so requires more than traditional agriculture or services-led expansion. She outlines how Bihar can unlock growth by pursuing targeted agro-industrialisation around crops such as maize, makhana and litchi, scaling tourism through distributed cultural circuits and diaspora engagement, developing GCC and special economic and logistics zones, and improving the quality and allocation of public capital spending. Mishra also highlights the need for stronger state capacity — from law and order to skilling and logistics — better revenue mobilisation including property taxes, and clearer fiscal rules to balance transfers and investment. Drawing on empirical analysis and a granular, district-level roadmap, she argues that Bihar’s greatest opportunity lies in strategic industrial policy that links geography, value addition and employment. Tune in for insights on what the new government must prioritise to turn Bihar’s potential into sustained prosperity.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Nov 5, 2025 • 31min
We Assume India Can’t Export to China, But There’s a $161 Billion Market Waiting
In this episode, journalist and author Puja Mehra speaks with economist Dr. Nisha Taneja, Professor at ICRIER and author of a comprehensive study on India–China trade, about how India can recalibrate its economic relationship with China. Taneja explains why India’s imports from China continue to rise despite policy tightening and geopolitical tensions, and why efforts to restrict trade have not reduced dependence. She outlines how India can expand its export base by targeting a $161 billion opportunity in pharmaceuticals, machinery, shrimp, gems, and tourism, while building competitiveness in medium and high-tech sectors. Taneja also highlights the need for a clearer institutional framework to separate politics from trade, encourage investment in manufacturing, and deepen business-to-business dialogue. Drawing on decades of research, she argues that India’s real leverage lies in its human capital and its ability to diversify. Tune in for insights on how India can seize an opportunity with China that it has too long overlooked.RESOURCE LINKShttps://icrier.org/pdf/Calibrating_India_s_Economic.pdf For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Oct 22, 2025 • 26min
The Shift from Trade to Public Spending as the New Engine of Growth--and its Bad Timing
In this episode, Puja Mehra speaks with economist Dr. Anoop Singh, author of Managing Public Finances in a New Global Era: India’s Experiences and Challenges, about how India can strengthen fiscal discipline in an age of slowing trade and rising public debt. Singh explains why the world is shifting from trade-driven to fiscal-driven growth and how India must confront the challenges of opaque accounting, off-budget borrowing, and mounting subsidies. He highlights the urgent need for common definitions across states, transparent reporting, and institutional reform to ensure that every rupee spent is visible and accountable. Drawing on lessons from global peers, Singh argues that sustainable growth depends on seeing and managing what governments spend. “You cannot manage what you can’t see,” he warns. Tune in for insights on how India can build a more transparent and resilient fiscal framework for the years ahead.PDF - The State of State Finances in India: Bridging the Data Gaps: https://www.thecore.in/h-library/is-3aanoops.pdf For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Oct 8, 2025 • 36min
The Give and Take Needed to Bring the India–US Trade Deal Back on Track
In this episode, Puja Mehra speaks with economist Dr. Rajat Kathuria about the evolving landscape of India-US trade relations and the broader challenges of global economic engagement. Kathuria explains how India must balance political sensitivities in sectors like agriculture while ensuring competitive access to the US market. He highlights the importance of tariff reductions, strategic concessions, and diversification in trade and energy imports to attract investment and strengthen economic resilience. The discussion also delves into the role of media in shaping economic narratives and the lessons India can learn from China’s measured rise. Kathuria emphasizes India’s intrinsic entrepreneurial talent, frugal innovation, and the need to engage in global trade frameworks like CPTPP and RCEP. Tune in for insights on how India can leverage its strengths to become a leading global economic power.(00:00) Introduction(01:15) The Politics Behind India–US Trade Relations(04:40) Why Agriculture Is Always a Sticking Point(08:05) The Role of Tariffs and Market Access(11:20) What India Can Offer the United States(14:35) Mini Deals vs. Comprehensive Trade Agreements(17:10) How Global Trust Has Broken Down Since the Pandemic(20:25) India’s Strategy for Building Economic Resilience(23:45) The Importance of Diversifying Energy and Trade Partners(26:30) Media Narratives and Policy Misunderstandings(29:10) Learning from China’s Measured Global Strategy(31:45) Redefining India’s Red Lines in Trade Negotiations(33:00) Why Rajat Kathuria Remains Optimistic About India’s Future(34:56) ConclusionFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Sep 23, 2025 • 36min
India’s Outsized Efforts for Outsized Growth Ambitions with Aurélien Kruse
In this episode, economic journalist and author Puja Mehra speaks to Aurélien Kruse, Lead Economist of the Economic Policy team in India at the World Bank and lead author of its recent report on India. The conversation unpacks how India can break out of the middle-income trap, why small firms struggle to scale up, and what stalled reforms on land, labour, and credit mean for the country’s competitiveness.They also discuss whether India’s large domestic market is enough to drive growth, the limits of tariff-led industrial policy, and why inclusive development—not just fiscal incentives—will ultimately determine the size of India’s consumer class and its ability to attract sustained private capital.Tune in for insights on what it will take to reignite private investment, implement reforms that actually deliver, and unlock India’s long-awaited growth potential. This episode offers both a reality check on India’s reform story and a roadmap for policymakers to create a more predictable, investment-friendly future.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Sep 10, 2025 • 1h 1min
The GST Reform India Needs but Didn’t Get with Arbind Modi
In this episode, economic journalist and author Puja Mehra speaks to Arbind Modi, retired IRS officer and Senior Economist at the IMF and one of the chief architects of India’s Goods and Services Tax (GST), about what India’s broken tax system means for its growth ambitions. The conversation explores how GST’s design flaws have hurt competitiveness, why exempting large sections of income undermines fairness, and how Centre–State revenue sharing has created new fiscal strains.The discussion connects India’s tax choices to global shifts, from the Trump-era trade wars to the reordering of supply chains, making clear that without serious reform, India risks missing yet another growth opportunity.Tune in for insights on what it will take to reset India’s tax system, revive competitiveness, and lay the foundation for sustained 8% growth. This episode is both a masterclass in India’s tax system and a call for bold, evidence-driven policymaking.(00:00) Introduction(02:15) Why GST Hasn’t Delivered on Its Promise(07:42) Fixing GST Design and Efficiency(12:30) The Problem with GST Rates and Complexity(16:58) Corporate Tax Cuts and Their Consequences(21:47) Why Income Tax Exemptions Are a Mistake(27:15) The Centre–State Revenue Sharing Dilemma(32:44) The Case for Comprehensive Tax Reform(38:52) How GST Reform Could Unlock Higher Growth(46:10) Why Political Will Matters More Than Bureaucratic Hesitation(51:21) Decluttering GST and Fixing Excise Duties(55:23) Why Taxing Gold Jewellery Hurts the Poor(59:26) ConclusionFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Aug 28, 2025 • 36min
Why India’s Russian Oil Imports are Suddenly Bugging Trump with Suhasini Haidar
In this episode, journalist Puja Mehra speaks to Suhasini Haidar, Diplomatic Affairs Editor of The Hindu, about what India’s failed trade deal with Donald Trump reveals about the country’s foreign policy. The discussion unpacks how India balances principles with pragmatism in global negotiations, the costs of missed opportunities in its own neighbourhood, and the deeper shifts from globalisation to populism that are reshaping trade worldwide. Suhasini also explains why India’s diplomatic space depends not only on economic choices but also on the strength of its democratic and pluralistic values.Tune in for insights on how India can navigate uncertainty, define its red lines, and reset its strategy for the future.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Aug 14, 2025 • 44min
Trump Has Reset India and the World for at Least the Next 15 Years
In this episode, author and journalist Puja Mehra speaks to Neelkanth Mishra, Chief Economist at Axis Bank, about the lessons India can draw from past currency wars to navigate the turbulent years ahead. They discuss how, in the decade after the collapse of the Bretton Woods system, countries devalued their currencies to gain trade advantages—and how similar pressures are resurfacing today as major economies look to depreciate their exchange rates. Drawing on global historical patterns, Mishra explains why India’s medium-term balance of payments outlook is relatively stable, but also why access to foreign capital and careful currency calibration will be crucial for sustaining growth.He argues that the current period of global economic flux is a rare opportunity for India to take difficult but necessary reform decisions—removing barriers for entrepreneurs and farmers, improving access to technology, and building resilience against a more protectionist world order. Without such reforms, sustaining current growth rates could become a challenge.Tune in for insights on how India can use a moment of global turbulence to drive structural change, sustain economic momentum, and emerge stronger in an era of competitive currency moves.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Aug 11, 2025 • 35min
Global Upheaval, National Ambition: India’s Policy Shifts in a Time of Flux
In this episode, author and journalist Puja Mehra speaks to economist Dr. Rajiv Kumar about his new book “Everything All At Once: India and the Six Simultaneous Global Transitions” co-authored with Ishan Joshi. The book argues that at a time the world is in a geoeconomic and technological flux, India’s development goals cannot be met through “business as usual.” Drawing on decades of experience, Dr. Kumar explains that India is perhaps the only country in world history that must develop while reducing its carbon footprint at the same time. This too at a time the US is abandoning its universalist approach, China is rising, and there is a widespread sense of unease in major capitals at the emergent fragmented world order. The sense of optimism at the end of the Cold War, despite lingering issues of power asymmetry and inequitable growth, has dissipated. Dr. Kumar argues that Indian policymakers must ensure they are not seduced into tackling the ongoing transitions in either a piecemeal fashion or within a linear framework. The six global transitions demand a rethink of policy priorities. In the absence of such a construct, India faces the unsavoury prospect of being caught in the middle-income trap, and not achieving its aspirations of becoming a developed economy (Viksit Bharat) by 2047, he cautions. Tune in for insights on how India needs to go about developing a new policy framework to successfully address the multiple simultaneous global challenges.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Jul 30, 2025 • 32min
What India Gained—and Gave Up—in the UK Free Trade Deal
In this episode, author and journalist Puja Mehra speaks to trade policy expert Prof. Abhijit Das about the India-UK Free Trade Agreement (FTA) that was signed on 24th July 2025 after years of negotiation. Hailed as a major breakthrough, the agreement promises tariff-free access for Indian exports like textiles, leather, and marine products, along with visa commitments for service professionals. But what lies beneath the surface?Prof. Das explains why, despite the initial excitement, the fine print raises concerns—ranging from stringent UK standards in agriculture and environment to new subsidy notification obligations and a surprising shift in India’s position on compulsory licensing for medicines. He unpacks what India has agreed to in areas like Intellectual Property Rights, labour, and gender, and whether these concessions could come at the cost of future policy flexibility.Tune in for insights and analysis of what this FTA really means for India’s exporters, its negotiating strategy, and its ability to shape trade policy in the years ahead.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
