How India's Economy Works

In this episode, author and journalist Puja Mehra speaks to economist Rajeswari Sengupta to scrutinize the government's fiscal strategy in the latest budget. Sengupta offers candid insights on how the shift from transparent fiscal deficit targets to a more opaque debt-to-GDP approach—coupled with expenditure cuts and generous tax reliefs—is unlikely to spur growth. Tune in for a discussion that goes into the arithmetic of fiscal management, the risks of masking structural weaknesses, and the broader implications for India's economic future.ABOUT RAJESWARI SENGUPTARajeswari Sengupta is currently an associate professor of economics at Indira Gandhi Institute of Development Research (IGIDR). Her research focuses on policy-relevant issues of emerging economies in general and India in particular, in the fields of empirical macroeconomics, international finance, monetary policy, banking and financial institutions, firm financing and national accounts measurement.In the past she has held research positions at the Institute for Financial Management and Research (IFMR) in Chennai, San Francisco Federal Reserve, the World Bank, the International Monetary Fund (IMF) in Washington DC and Reserve Bank of India, Delhi. She was a member of the research secretariat to the Bankruptcy Law Reforms Committee that drafted India's Insolvency and Bankruptcy Code (IBC, 2016). She has published in reputed international journals such as Journal of Money, Credit and Banking, Economic Policy, Journal of International Money and Finance, The World Economy, Emerging Markets Review, Pacific Economic Review, Open Economies Review as well as the Economic and Political Weekly in India. She has also written chapters in various books published by the Asian Development Bank, G20, the Centre for International Governance Innovation (CIGI), among others.For more of our coverage check out⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube

In this episode, author and journalist Puja Mehra speaks to economist Rathin Roy about India's exchange rate policy and its intricate connections with foreign reserves, FDI/FII trends, and the role of the Reserve Bank of India (RBI). Economist Dr. Rathin Roy shares his candid insights on how India's foreign exchange reserves are shaped, the implications of private sector borrowing abroad, and whether the rupee's stability is a result of strategic RBI intervention or unintended consequences of policy oversights. Tune in for a discussion that explores the dynamics of the rupee, the independence of the RBI, and the broader implications of exchange rate management. ABOUT RATHIN ROY Rathin Roy was the Director and CEO of the National Institute of Public Finance and Policy (NIPFP) in New Delhi. He has previously worked as an Economic Diplomat and Policy Advisor at the United Nations Development Programme (UNDP), with postings in London, New York, Kathmandu and Brasilia. He has also served as an Economic Adviser with the Thirteenth Finance Commission, New Delhi, in the rank of Joint Secretary to the Government of India. He was part of the Prime Minister's Economic Advisory Council and was a member of the last pay commission that recommended pay hikes for central government employees as well as being a member of the selection panels that chose the two governors of the RBI. His policy interests and research has mainly focused on fiscal and macroeconomic issues pertinent to human development in developing and emerging economies. For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠ Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Youtube

In this conversation, author and journalist Puja Mehra speaks to Suranjali Tandon, Associate Professor at NIPFP (National Institute of Public Finance and Policy). They talk about India’s tax system, the tax-to-GDP ratio, disparities between salaried and business taxpayers, and the implications of social and economic constraints on tax structures. They also explore the various directions the budget could take and how it could impact the economy.  ABOUT SURANJALI TANDONSuranjali Tandon is an Associate Professor at the National Institute of Public Finance and Policy. Her research covers Direct and International taxation, Sustainable finance, Corporate Taxation, Financial markets and Climate Finance. She has also written articles on Tax for leading publications like The Indian Express, Bloomberg Quint, Hindu Business Line and The Economic Times to name a few. For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠ Follow us on:⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Youtube

In this episode, journalist Puja Mehra is joined by Bazil Shaikh, former RBI official and author of the book The Conjurors Trick An Interpretive History Of Paper Money In India. They discuss the history and evolution of the rupee, exploring how money has served as a medium of communication, a tool for sovereignty, and how it is a reflection of societal values. They also talk about the global reach of the Indian rupee, and the emergence of cryptocurrencies, the challenges to state monopolies on currency issuance and the transition from physical to digital money. Tune in for insights into the future of financial systems. For more of our coverage check out ⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠ Follow us on:⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Youtube

In this episode, journalist Puja Mehra is joined by economist Dr. Rajat Kathuria to explore the evolution of India’s telecom sector. From the early days of competition and spectrum allocation to the challenges faced by both new and legacy operators, Dr. Kathuria discusses the regulatory hurdles and the shift in policies that shaped the industry. They also examine how the telecom sector has driven India’s digital transformation, enabling advancements in payments, startups, and citizen services. Finally, Dr. Kathuria shares insights on the future of telecom, suggesting potential reforms in spectrum allocation for a more streamlined and efficient sector. ABOUT DR. RAJAT KATHURIA Dr. Rajat Kathuria spent over 12 years with the International Management Institute (IMI), New Delhi, teaching post-graduate students Managerial Economics and International Trade. He has also previously worked with the World Bank in Washington D.C. as a Consultant, and worked on research assignments for a number of international organizations, including the International Labour Organization (ILO), United Nations Conference on Trade and Development (UNCTAD), LIRNEasia, The World Bank and The Asian Development Bank (ADB). For more of our coverage check out ⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠ Follow us on:⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Youtube

In this episode, journalist Puja Mehra is joined by economist Prachi Mishra to uncover the factors behind Bihar’s economic challenges. From historical policies like the Freight Equalisation Scheme to the migration patterns driven by low wages, Prachi explains the root causes of Bihar’s struggles and its divergence from other Indian states. They also discuss the aspirations of Bihar’s youth, the state’s limited industrial growth, and the role of education in shaping its future. ABOUT PRACHI MISHRA Prachi Mishra is currently Professor of Economics, Director and Head of the Isaac Center for Public Policy, Ashoka University. Prior to joining Ashoka, Prachi was Chief of the Systemic Issues Division and Advisor in the Research Department at the International Monetary Fund. Previously, Prachi worked in several IMF departments in Washington, including the office of the First Deputy Managing Director. Between 2018 and 2020, she worked at Goldman Sachs as Managing Director, Global Macro Research, and India Chief Economist. During 2014-17, she served as Specialist Adviser and Head of the Strategic Research Unit at the Reserve Bank of India. During 2012-13, she was Senior Economist in the Office of Chief Economic Advisor in India’s Ministry of Finance, and at the Prime Minister’s Economic Advisory Council. She also served as a member on the Board of CAFRAL (Center for Advanced Financial Research and Learning, owned and promoted by the RBI), on the External Advisory Council of the Fifteenth Finance Commission of India, and on the Fiscal Responsibility and Budget Management Review Committee. She has a PhD in Economics from Columbia University and a Masters from the Delhi School of Economics. Her research interests are in the areas of international economics, macroeconomics, and the Indian economy and financial markets. For more of our coverage check out ⁠⁠⁠⁠thecore.in⁠⁠⁠⁠ ⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠ Follow us on:⁠⁠⁠⁠Twitter⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠ | ⁠⁠⁠⁠Linkedin⁠⁠⁠⁠ | ⁠⁠⁠⁠Youtube

In this conversation, journalist Puja Mehra speaks to Neelkanth Mishra, Chief Economist at Axis Bank. They explore the global economic ripple effects of Donald Trump’s fiscal and trade policies and what they mean for India, inflationary pressures, shifts in global capital flows, the “China shock” impacting trade and manufacturing. They also discuss Elon Musk’s geopolitical role, US-India trade dynamics, and how India can adapt. Tune in for insights into the challenges and opportunities for India in a rapidly changing global economic landscape. ABOUT NEELKANTH MISHRA Neelkanth Mishra is Chief Economist, Axis Bank. He is also the Head of Global Research and a Whole Time Director of Axis Capital. Prior to Axis bank, he was Co-Head of Asia Pacific Strategy and the India Strategist at Credit Suisse. He is a part-time member of the Indian Prime Minister’s Economic Advisory Council as well as part-time Chairman of UIDAI (Aadhaar) and a part-time member of the Telecom Regulatory Authority of India (TRAI). He has also advised government bodies like the India Semiconductor Mission and the 15th & 16th Finance Commission. For more of our coverage check out ⁠⁠⁠thecore.in⁠⁠⁠ ⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠ Follow us on:⁠⁠⁠Twitter⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠Linkedin⁠⁠⁠ | ⁠⁠⁠Youtube

In this conversation, journalist Puja Mehra speaks to former secretary with the Ministry of Agriculture Siraj Hussain about the rapid growth of India's poultry sector and how it has outpaced other agricultural sectors like fisheries and livestock. They discuss the rise of the integrator model in poultry farming, the challenges and benefits of contract farming, the poultry sector versus other crops, how supply regulation in poultry helps stabilize prices and much more. ABOUT SIRAJ HUSSAIN Siraj Hussain joined the IAS in 1979 and served the Govt for 37 years. He has worked as the Secretary, Ministry of Food Processing and as Secretary in the Ministry of Agriculture. At present, he is Chairman of the Board of Directors of National e-Repository Limited, a director on the board of Shri Renuka Sugars Limited and also a trustee of World Food Programme Trust for India. He writes regularly on agriculture and food policy for various reputed publications. For more of our coverage check out ⁠⁠thecore.in⁠⁠ ⁠⁠Subscribe to our Newsletter⁠⁠ Follow us on:⁠⁠Twitter⁠⁠ | ⁠⁠Instagram⁠⁠ | ⁠⁠Facebook⁠⁠ | ⁠⁠Linkedin⁠⁠ | ⁠⁠Youtube

In this episode, Raghavan Srinivasan, journalist and former editor for The Hindu Business Line, talks about the story of Coca-Cola's entry into the Indian market. He highlights how global brands like Coca-Cola and Pepsi, after initially trying to dominate the Indian market, had to adapt to local preferences, even reintroducing beloved brands like Thums Up and Limca. The conversation underscores how consumer-driven markets often teach lessons that regulations cannot, with companies—both foreign and local—innovating to meet the unique demands of Indian consumers, illustrating the importance of localisation for success in India’s dynamic market. For more of our coverage check out ⁠thecore.in⁠ ⁠Subscribe to our Newsletter⁠ Follow us on:⁠Twitter⁠ | ⁠Instagram⁠ | ⁠Facebook⁠ | ⁠Linkedin⁠ | ⁠Youtube

In this episode, Puja Mehra talks to economist Ila Patnaik about the complex challenges India faces as it strives to compete with China's export dominance. They talk about the uncompetitive infrastructure, higher labor and energy costs, and irrational tariff structures that hinder India’s manufacturing sector. Patnaik discusses the impact of China's post-COVID economic slowdown, its focus on exports, and the implications for India. She argues that India must address its internal economic issues before considering protectionist measures, and emphasises the need for a comprehensive strategy to counter China's export-driven model.ABOUT ILA PATNAIKDr Ila Patnaik is the Chief Economist at the Aditya Birla Group. In 2014 she was the Principal Economic Advisor to the Government of India. Her research interests include international macroeconomics, finance and emerging economy business cycles and she has been published in journals such as the Journal of International Money and Finance, the World Bank Economic Review, International Finance, and in collected volumes. She has also been a regular columnist with The Print and co-authored (with Bhupender Yadav) the book The Rise of the BJP: The Making of the World's Largest Political Party. For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube