How India's Economy Works
The Core
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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.
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India's Manufacturing is Broken. There's Only One Way to Fix It, says Rajiv Kumar 27.05.2026 29минIn 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 SilosFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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The Productivity Slowdown Bedevilling India’s Growth Story 13.05.2026 30минIn 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 economyCHAPTERS(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 ThoughtsFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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When Growth Doesn’t Reach Workers — The Hidden Stress in India’s Labour Market 29.04.2026 28минIn 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 SolutionsFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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The RBI’s Losing Battle for the Rupee 15.04.2026 36минIn 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 PolicyFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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Why the Iran Conflict will Last Longer than Generally Expected 01.04.2026 34минIn 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 For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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How Global Conflicts are Rewiring the World’s Financial Architecture and India in this new world 11.03.2026 37минIn this episode, journalist and author Puja Mehra speaks with Hemant Mishr, Co-Founder and Group CIO of SCUBE Capital, and former Managing Director & Head- Financial Markets, South East Asia, SCCG at Standard Chartered Bank. They talk about how rising geopolitical tensions—from the Iran conflict to great-power rivalry—are beginning to reshape the foundations of the global financial system. They discuss how the post-1970s financial architecture was built on three pillars: globalization, a rules-based order backed by the United States, and relative geopolitical consensus.Mishr explains how that system evolved around the oil shocks of the 1970s and the emergence of the petrodollar, which helped anchor the dominance of the US dollar and the recycling of global capital through American markets. But today, shifting power balances, the expanding use of financial sanctions, and growing geopolitical fragmentation are testing that framework.What does this mean for the future of the dollar, global capital flows, and emerging economies like India?Tune in for insights into how geopolitics is reshaping the world’s financial architecture.SHOW NOTES(00:00) Introduction (00:52) Pillars of Financial Architecture (02:18) Rise of the Petrodollar (03:25) Shift to Petrodollar 2.0 (04:06) Three Scenarios for Finance (06:05) India’s Role as Swing State (07:25) Economic Impact of Oil Prices (09:37) Risks to Rupee and Remittances (11:02) Managing Complex Geopolitical Ties (12:59) Timelines for Market Recovery (16:17) Resilience of India’s Growth (18:31) Investing in Indian Markets (20:41) Lessons from China’s Model (22:49) Managing Exchange Rate Volatility (24:45) Deepening Local Credit Markets (26:23) China’s Strategic Currency Policy (29:57) Attracting Global Institutional Capital (32:21) Developing International Financial Hubs (34:24) Technology and Data SecurityFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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The Legal Setback to Trump's Tariffs is an Advantage for India. This Is How 04.03.2026 20минIn this episode, journalist Puja Mehra speaks with economist Dr. Shekhar Aiyar about the recent US Supreme Court ruling that struck down the use of the International Emergency Economic Powers Act (IEEPA) as the legal basis for President Trump’s sweeping tariffs. As Washington recalibrates its trade strategy, Aiyar argues that the judgment is more than a legal setback — it reshapes the balance of power in ongoing trade negotiations, including those with India.They discuss what this means for the current 15% global tariff, the earlier 50% duties imposed on Indian imports, and whether companies can realistically expect refunds. The episode also examines how the timing of the ruling intersects with India–US trade deal negotiations, and why India’s bargaining position may have improved significantly.They also talk about the broader geopolitical implications of the decision — from the use of tariffs as strategic leverage to the erosion of the World Trade Organization’s dispute settlement system. As global trade becomes more fragmented, Aiyar makes the case for diversification, institutional reform, and a more assertive Indian role in shaping the next phase of multilateral trade rules. Tune in for insights on the reshaping of India’s trade strategy.SHOW NOTES(00:00) Introduction (00:20) US Supreme Court Ruling on Trump Tariffs (02:47) Impact on Indian Exports and Alternative Trade Instruments (04:39) Prospects for Tariff Refunds for Indian Exporters (06:30) Status of India-US Trade Deal Negotiations (10:13) Limits of Executive Power in Setting High Tariff Rates (11:10) Duration and Renewal of Section 122 Tariffs (12:32) Recommendations for Indian Trade Negotiators (14:55) Geopolitical Implications and Trade Diversification (17:18) WTO Ministerial and Reforming Dispute ResolutionFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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India’s Climate Governance Gap 18.02.2026 24минIn this episode, journalist Puja Mehra speaks with Economist Dr. Anoop Singh about the gap between India’s ambitious climate commitments and the institutional framework required to deliver them. As India moves closer to its 2030 targets, Singh argues that the real challenge lies not in announcing goals but in building the legal and fiscal architecture to implement them.Drawing on international experience and recent developments — including the Supreme Court’s landmark ruling recognising the constitutional right to be free from the adverse effects of climate change — Singh explains why India remains one of the few major economies without a comprehensive national climate law. They discuss how fragmented, sector-specific policies have led to uneven implementation, why coordination between the Centre and states remains weak, and how climate finance cannot be mobilised or monitored effectively without clear institutional structures and climate budget tagging.The conversation also examines state-level innovations in places like Kerala, Tamil Nadu, Odisha and Assam, and asks whether these “islands of excellence” can evolve into a coherent national framework. Tune in for a closer look at the structural reforms needed to move India from fragmented efforts to a unified climate strategy.SHOW NOTES(00:00) Introduction(01:05) India’s Current Climate Change Targets(02:11) Supreme Court’s Landmark Climate Ruling(04:13) Why India Lacks National Laws(06:04) Improving Cooperation Between Indian States(07:45) Reviewing Current National Climate Institutions(09:15) Securing International Climate Finance Needs(11:39) How States Spend Climate Funds(13:12) Global Models for Climate Accountability(16:12) Closing the Macroeconomic Data Gap(18:04) Success Stories From Indian States(20:59) Parliament's Role in New Legislation(22:45) Building a National Climate Consensus(23:53) Final ThoughtsRegister for India Finance and Innovation Forum 2026https://tinyurl.com/IFIFCOREFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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Coal Still Powers Much Of India’s Industry. Why Does It Remain A Troubled Sector? 04.02.2026 37минIn this episode, journalist Puja Mehra speaks with Subhomoy Bhattacharjee, Journalist and Contributing Editor at Business Standard, about the paradox at the heart of India’s coal economy—why the country is sitting on large coal stocks even as it continues to import coal for power generation. They discuss how India’s transition from coal shortages to apparent surplus masks deeper structural problems in production, transportation, pricing, and quality.Drawing on recent data and policy decisions, Bhattacharjee explains why domestically mined coal often fails to reach power plants economically, how high rail freight costs and geographic mismatches distort supply, and why many plants prefer imported coal despite higher headline prices. The conversation also examines the opening up of coal mining to private players, the weakening of Coal India’s monopoly, and the push towards market-driven coal pricing through proposed coal exchanges.The discussion concludes by looking ahead to India’s energy future, assessing whether coal consumption has peaked, how rising electricity demand from data centres and the AI economy could reshape power needs, and why coal is likely to remain central to India’s power mix for years to come. Tune in for insights on what India’s coal surplus reveals about infrastructure bottlenecks, market design, and energy policy.CHAPTERS(00:00) Introduction to India’s Coal Economy(02:00) The Coal Surplus Puzzle(04:00) Why Coal Isn’t Reaching Plants(06:30) Transport Costs and Rail Bottlenecks(09:00) Imported Coal vs Domestic Coal(11:30) Why Plants Aren’t Near Mines(14:00) Pollution and Poor Plant Location(16:30) Private Miners and Rising Production(18:30) Can Coal India Adapt(21:00) Coal India’s Financial Health(23:30) Employees and Market Transition(26:00) Coal Pricing and Linkages(28:00) Has India’s Coal Use Peaked(30:30) AI, Data Centres and Power Demand(33:00) Global Coal Demand Outlook(35:30) Nuclear Power and the FutureRegister for India Finance and Innovation Forum 2026https://tinyurl.com/IFIFCOREFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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Capital Markets: The Missing Piece in India’s Growth Story 21.01.2026 35минIn this episode, journalist and author Puja Mehra speaks with economist Dr. Jahangir Aziz, Economist (Head Emerging Market Economics) at JPMorgan and a former finance ministry official, about what India’s upcoming Union Budget can realistically achieve amid slowing nominal growth and weak private investment. They discuss how the government’s commitment to fiscal consolidation shapes budget choices, even as tax revenues soften and demand remains constrained. Drawing on recent fiscal outcomes, inflation trends, capital market dynamics, and historical episodes such as the global financial crisis, Aziz explains why India’s investment slowdown is no longer cyclical but structural. He unpacks the widening disconnect between strong headline growth and persistently low core inflation, arguing that sustained disinflation signals excess capacity, weak pricing power, and a chronic shortfall of demand. The conversation examines why corporate investment has stagnated for over a decade, how rising industry concentration and limited sectoral churn are dampening incentives to invest, and the role underdeveloped corporate bond and private credit markets play in constraining medium-term financing for firms. Aziz also assesses the limits of budgetary action, the risks of an increasingly intrusive regulatory approach to capital markets, and the implications of slowing nominal GDP for earnings, debt dynamics, and fiscal space. The discussion concludes with reflections on why focusing narrowly on fiscal prudence and “Goldilocks” narratives risks overlooking deeper structural constraints to growth. Tune in for insights on what India’s macroeconomic signals reveal about demand, investment, market concentration, and the policy challenges that lie beyond budget day.(00:00) Introduction(00:27) Fiscal deficit and budget strategy(02:57) Customs duties and tariff constraints(05:10) Deregulation beyond the budget(07:30) Capital markets and lack of reform(11:52) Lessons from the 2008 crisis(14:57) Corporate credit and market failures(19:57) Nominal GDP growth concerns(23:11) Explaining economic slack simply(26:22) Investment slowdown and policy limits(29:10) Structural causes of weak investment(33:14) Industry concentration and ministries’ role(34:40) Closing remarksFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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What India’s Impressive GDP Growth Numbers Are Hiding 14.01.2026 30минIn this episode, journalist and author Puja Mehra speaks with economist Partha Chatterjee and Dean of Academics at Shiv Nadar University. They talk about how the Indian economy is really performing beneath the headline numbers and what recent data signals about growth prospects through 2026. Drawing on the latest GDP estimates, inflation readings, labour market indicators, and credit trends, Chatterjee explains why strong real GDP growth and low inflation—hailed by the Reserve Bank of India as a “Goldilocks” phase—mask growing imbalances across sectors. He unpacks the widening gap between real and nominal GDP growth, the emergence of deflationary pressures in agriculture and parts of manufacturing, and why subdued price growth has serious implications for incomes, profitability, and government finances. The conversation examines the sources of current demand, including public capital expenditure, rising household credit, and the expanding role of cash transfers, and questions how sustainable this mix is over the medium term. Chatterjee also assesses the limits of industrial policy tools such as PLI schemes, their weak employment impact, and the risks posed by slowing job creation, stagnant rural wages, and rising import dependence. The discussion concludes with reflections on the policy trade-offs facing the government and the RBI, and why characterising the economy as “Goldilocks” risks complacency at a time of heightened global volatility. Tune in for insights on what India’s growth numbers reveal—and conceal—about jobs, incomes, fiscal space, and economic resilience.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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What the Data Reveals about India–US Trade Under 50% Tariffs 31.12.2025 21минIn this episode, journalist and author Puja Mehra speaks with trade policy expert Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), about the impact of steep US tariffs on India’s exports and what the latest data reveals about the state of India–US trade negotiations. Drawing on sector-wise export trends, Srivastava explains the puzzling two-step trajectory in India’s exports to the US—a sharp initial fall followed by a partial recovery even as tariffs climbed to 50%—and outlines why this resilience may be driven by temporary adjustments.He also examines whether India can realistically diversify away from the US market, why such shifts are slow and constrained by India’s export basket, and how global competition—particularly from China—limits alternative options. The conversation also touches on India’s recent spurt of free trade agreements, arguing that they reflect a revival of stalled negotiations rather than a fundamental shift in trade strategy. The discussion highlights why the India–US talks go far beyond a conventional trade agreement, touching on agriculture, domestic policy autonomy, and strategic concerns that India has consistently treated as red lines. Tune in for insights on what the trade data signals about India’s negotiating space, the costs of prolonged uncertainty, and the limits of compromise in a high-stakes economic relationship.(00:00) Setting the India–US trade context(00:42) Sharp export decline and partial rebound(02:44) Why exports revived despite higher tariffs(03:06) How exporters are sharing tariff losses(05:33) Why the recovery may not last(06:44) Is export diversification really happening(09:27) Why tariffs won’t speed negotiations(10:12) Trade deal versus strategic demands(12:34) Employment risks from prolonged tariffs(13:13) India’s non-negotiable red lines(14:21) What India can realistically offer(15:57) Country-specific versus MFN concessions(16:45) Are India’s FTAs a strategy shift(18:35) Why FTAs are being fast-tracked(19:16) Using data to read trade signalsFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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Cash Transfers For Women Is Sound Economics 17.12.2025 27минIn this episode, journalist and author Puja Mehra speaks with economist N. R. Bhanumurthy about the rise of women-focused cash transfer schemes and what they reveal about India’s social policy priorities. Drawing on his evaluations of early pilots in Madhya Pradesh that shaped the Ladli Behna programme, Bhanumurthy explains why cash outperforms kind transfers, how implementation improved with better beneficiary identification and payment systems, and what the evidence shows about nutrition gains for women and children.He also addresses concerns that these schemes are becoming political tools or crowding out spending on health and education, arguing instead that the real issue is the lack of rationalisation across hundreds of overlapping state schemes. The conversation highlights why mobility remains a major barrier for women, why free bus travel could have long-term economic benefits, and how India’s current gender budgeting framework must shift from accounting to outcomes. Tune in for insights on how welfare can be redesigned to advance gender equity.SHOW NOTES(00:00) Introduction(00:14) How Cash Transfer Ideas Began(01:00) Early Schemes in Madhya Pradesh(04:04) Lessons from Ground Evaluations(04:47) What Worked and What Didn’t(06:40) Cash vs Kind: Key Findings(07:54) Misuse Concerns and Realities(09:24) Are Schemes Becoming Political?(10:16) Welfare, Politics, and Gender Gaps(12:44) Cash Transfers vs Public Services(13:28) Do Transfers Reduce State Effort?(15:03) Fiscal Risks and Scheme Overlap(15:32) Why States Must Rationalise(17:16) Free Bus Travel for Women(19:05) Short-Term vs Long-Term Impact(20:36) Mobility, Culture, and Labour Gaps(21:32) Women’s Work and Growth Potential(23:59) Rethinking India’s Gender BudgetingFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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Is India’s Demographic Dividend Over? 03.12.2025 25минIn this episode, journalist and author Puja Mehra speaks with economist Arjun Jayadev, Director at the Centre for the Study of the Indian Economy (CSIE) at Azim Premji University and co-author of a major new study on how India’s demographic dividend has actually contributed to economic growth across states. Jayadev explains why India’s per-capita growth has diverged sharply across regions, how GDP per capita can be decomposed into productivity, employment, and demographic effects, and what this reveals about the three distinct phases of India’s post-liberalisation growth story. He outlines why the 2004–2017 period saw East Asian–level productivity surges in states such as Tamil Nadu, Gujarat and Karnataka, why employment ratios simultaneously collapsed, and how the years since 2017 have been defined by a worrying fall in labour productivity despite a rise in employment.Jayadev also highlights the structural risks ahead: young states like Bihar and Uttar Pradesh that are unable to generate high-productivity jobs; ageing states like Kerala and Himachal Pradesh that are losing demographic tailwinds; and the national challenge of absorbing millions into productive work before the demographic dividend fully fades. Drawing on granular state-level data and labour force trends, he argues that India is at risk of “growing old before it grows rich,” and that the next decade must focus on expanding high-productivity employment, enabling migration, and designing state-specific strategies rather than uniform national prescriptions. Tune in for insights on what India must prioritise now to convert its demographic window into sustained and inclusive economic growth.(00:00) Introduction(00:14) What the demographic dividend really means(01:36) How the study decomposes GDP per capita(01:58) The three components of growth explained(05:55) Why early job absorption lagged(07:14) Phase 2 (2004–2017): jobless growth and soaring productivity(10:47) Phase 3 (post-2017): collapsing labour productivity(11:02) Rise of low-productivity, agriculture-heavy employment(12:21) What the findings mean for policymakers(13:55) Young vs ageing states: diverging economic futures(15:38) India vs Japan: productivity and demographics(17:26) East Asian–level productivity in Indian states(19:52) What states must do now to create productive jobs(22:04) How India squandered its demographic dividend(23:22) Why lagging states must urgently generate high-productivity work(24:01) The warning signs aheadFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
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The Economics Behind a Viksit Bihar and Real Implications of Cash Transfers and Emigration 19.11.2025 26минIn 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
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We Assume India Can’t Export to China, But There’s a $161 Billion Market Waiting 05.11.2025 30минIn 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
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The Shift from Trade to Public Spending as the New Engine of Growth--and its Bad Timing 22.10.2025 25минIn 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
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The Give and Take Needed to Bring the India–US Trade Deal Back on Track 08.10.2025 36минIn 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
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India’s Outsized Efforts for Outsized Growth Ambitions with Aurélien Kruse 23.09.2025 36минIn 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
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The GST Reform India Needs but Didn’t Get with Arbind Modi 10.09.2025 1чIn 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
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