How India's Economy Works
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
What the RBI's role in the economy and its Relationship with Government is
In this episode of How India’s Economy Works, host Puja Mehra speaks with economist 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.T
India's Manufacturing is Broken. There's Only One Way to Fix It, says Rajiv Kumar
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
The Productivity Slowdown Bedevilling India’s Growth Story
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
When Growth Doesn’t Reach Workers — The Hidden Stress in India’s Labour Market
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 p
The RBI’s Losing Battle for the Rupee
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
Why the Iran Conflict will Last Longer than Generally Expected
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 institutio
How Global Conflicts are Rewiring the World’s Financial Architecture and India in this new world
In 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. The
The Legal Setback to Trump's Tariffs is an Advantage for India. This Is How
In 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 p
India’s Climate Governance Gap
In 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 exp
Coal Still Powers Much Of India’s Industry. Why Does It Remain A Troubled Sector?
In 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 problem
Capital Markets: The Missing Piece in India’s Growth Story
In 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
What India’s Impressive GDP Growth Numbers Are Hiding
In 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, Chatt
What the Data Reveals about India–US Trade Under 50% Tariffs
In 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 export
Cash Transfers For Women Is Sound Economics
In 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 bett
Is India’s Demographic Dividend Over?
In 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
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-capi
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 re
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 accou
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 concession
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 competit
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 undermine
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 t
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 majo
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, D
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. B
TACO vs Tariffs: Can India Trust Donald Trump
In this episode, author and journalist Puja Mehra speaks to trade policy expert Prof. Abhijit Das about the status of India’s trade negotiations with the United States under the Trump administration. While President Trump had promised 90 trade deals in 90 days, only two have materialised—one with the UK and another with Vietnam—and even those remain light on details. Meanwhile, Indian negotiators
JRD Tata to Vijay Mallya: The Story of India's Airlines Business
In this episode, author and journalist Puja Mehra speaks to senior aviation journalist Ashwini Phadnis and former Senior Deputy Editor at Business Line (aka The Hindu Business Line) about the long and chequered history of India’s civil aviation sector—from the post-Independence days of Air India under JRD Tata to the airline’s recent crash under Tata Group ownership. They trace how government poli
Why India's Employment Puzzle Resists Solutions with Amit Basole
In this episode, author and journalist Puja Mehra speaks to Amit Basole, Professor of Economics and Head, Centre for Sustainable Employment and the lead author of the State of Working India report. They talk about why India’s unemployment challenge remains unresolved, why fixing the employment crisis goes beyond grand economic reforms, touching on issues like local governance, municipal underfundi
The Hidden Costs of the India-UK Free Trade Agreement with Abhijit Das
In this episode, author and journalist Puja Mehra speaks to trade policy expert Abhijit Das about what’s at stake for India in its free trade agreement (FTA) with developed economies like the UK. Why do countries push for non-trade clauses such as labour, environment, and gender standards in trade deals? How do intellectual property (IPR) obligations affect India’s ability to innovate? Drawing on
Do Wealthy Indians Pay Enough Tax with Ram Singh
In this episode, journalist Puja Mehra speaks to economist and Director of the Delhi School of Economics, Ram Singh about why India's income tax base remains so narrow. Why do the richest Indians pay a smaller share of their income in taxes than the middle class? Drawing on his research, Ram Singh explains how India's tax system unintentionally favours the wealthy, and why income reporting becomes
The Sovereign Push Fueling India’s AI Aspirations with Payal Malik
In this episode, journalist Puja Mehra speaks to economist and competition law expert Payal Malik about India’s push to become an AI powerhouse. While India has advantages in data and digital talent, Malik argues that inadequate computing infrastructure, limited R&D spending, and over-reliance on big tech threaten to stall its progress.They discuss how initiatives like AIRAWAT aim to build ind
Why Optimistic Economists are Getting Trump’s Tariffs All Wrong with Abhijit Das
In this episode, author and journalist Puja Mehra speaks to trade policy expert Abhijit Das. President Donald Trump's Liberation Day, as Trump calls it, is a serious blow to the rules-based global trade order that the US had led as a champion of free trade for 80 years. This trading system was biassed against developing countries like India and in favour of developed countries, but the rise of
How India’s Power Sector is Blocking its GDP Growth with Subhomoy Bhattacharjee
In this episode, author and journalist Puja Mehra speaks to Journalist and Consulting Editor at Business Standard, Subhomoy Bhattacharjee. They discuss the deficiencies within the power sector, why it is incurring losses, the parallels between Power Sector Policy and GST policy, how the power sector disincentivises business and much more. Tune in for insights into the absurdities into one of the m
Trump’s Trade War Has Begun: Understanding What US Is Trying To Do To Global Trade with Abhijit Das
In this episode, author and journalist Puja Mehra speaks to trade policy expert Abhijit Das. They discuss the recent spat of Trump Tariffs, the implications it has for the world and how it fits in the context of the overall US trade strategy. Tune in for insights into the current state of Trump's trade war.For more of our coverage check outthecore.inSubscribe to ou
How China Raced Past India to Dominate Global Car Manufacturing with Raghavan Srinivasan
In this episode, author and journalist Puja Mehra speaks to Raghavan Srinivasan, journalist and former editor for The Hindu Business Line. They discuss the factors and history that gave rise to China’s domination in Global car manufacturing. They also talk about the role of the US, and the opportunities that India might have in this sector. Tune in for a discussion that clarifies and simplifies t
A Budget for Politics, Not Growth with Rajeswari Sengupta
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 tha
Did RBI Manage the Rupee Exchange Rate to Help Select Oligarchs? — with Rathin Roy
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,
What Should the Budget do to Taxes with Suranjali Tandon
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
Rupee’s Future and History with Bazil Shaikh
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
India’s Telecom Reforms Story with Dr. Rajat Kathuria
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
Spotlight on Bihar: Understanding India’s Poorest State with Prachi Mishra
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 st
Rhetoric vs Reality: Trump’s Disruptive Agenda with Neelkanth Mishra
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 dyn
How Poultry Became India’s Fastest Growing Agriculture Sector with Siraj Hussain
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 Thums Up Gave Coca-Cola and Indian Politicians A Lesson In Market Economics with R Srinivasan
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 ho
India’s Endless Struggles Against China’s Exports Dominance with Ila Patnaik
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 expor
Big Tech’s Hidden Costs and Power with Payal Malik
In this episode, Puja Mehra talks to economist Payal Malik about the impact of big tech companies like Google and Meta on market competition in India and the recent antitrust ruling against google. They explore how these giants dominate industries through data extraction, stifling innovation and harming suppliers, the need for new regulations to address anti-competitive behavior, the role of digit
India Before 1991 And How The Reforms Changed It with Shruti Rajagopalan
In this conversation, Puja Mehra talks to Dr. Shruti Rajagopalan about the historical context of the 1991 Economic Liberalisation of India. She illustrates how the economy in india worked through the manufacture of a bicycle and goes on to explain the impact of those economic reforms, the careful planning that went into it, the people who brought it to fruition, the political turmoil at the time a
How To Read India’s Budgets with Vijay Singh Chauhan
In this conversation, Puja Mehra talks to Vijay Singh Chauhan about the complexities of government budgeting and fiscal management in India. They discuss discrepancies in GDP numbers, government borrowing, the fiscal deficit, the importance of transparency, statistical skills, and public input in the budget-making process, and much more.For more of our coverage check out thecore.inSubscribe to our
Banks of the Princely States: Before and After Independence with Amol Agrawal
In this conversation, Puja Mehra and economist Amol Agrawal discuss the history and evolution of banking in India, the establishment of princely state banks, their merger into the State Bank of India, the emergence of new banking forms and much more.ABOUT AMOL AGRAWALAmol Agrawal is a teacher of economics having taught economics at Ahmedabad University and now currently visiting faculty at Meghnad
Households: The GDP's Largest, Battered Sector with Nikhil Gupta
In this conversation, journalist Puja Mehra speaks to economist Nikhil Gupta about the financial situation of households (including weakening income growth, growing debt, and reliance on non-mortgage personal loans), the intricate relationship between the household and corporate sectors, recent trends in savings, investments, and borrowings, and much more.ABOUT NIKHIL GUPTANikhil Gupta is Senior V
The Origins Of Private Banking In India with Amol Agrawal
In this conversation, journalist Puja Mehra speaks to economist Amol Agrawal about the history of private banks in India, how the RBI was setup, banking regulation through the years, the beginnings of some of India's most iconic private banks and much more. ABOUT AMOL AGRAWALAmol Agrawal is a teacher of economics having taught economics at Ahmedabad University and now currently visiting faculty at
India's GDP: Whose GDP Is It Really? with Rathin Roy
In this conversation, journalist Puja Mehra speaks to economist Rathin Roy about India's economic growth and challenges, the country's economic transformation, the need for inclusive development, the growing disconnect between the masses and the growth process and much more.ABOUT RATHIN ROYRathin Roy was the Director and CEO of the National Institute of Public Finance and Policy (NIPFP) in New Del
From Severe Shortages to Huge Surpluses and Shortages Again - India’s Food Economy with Siraj Hussain
In this conversation, journalist Puja Mehra speaks to former secretary with the Ministry of Agriculture Siraj Hussain about agriculture policy, managing food inflation, minimum support price, wheat procurement, nuanced policies that balance farmer interests with consumer needs and much more.ABOUT SIRAJ HUSSAINSiraj Hussain joined the IAS in 1979 and served the Govt for 37 years. He has worked as t
India’s Success and Struggles Against Poverty with Maitreesh Ghatak and Rishabh Kumar
In this conversation, journalist Puja Mehra speaks to economists Maitreesh Ghatak and Rishabh Kumar about poverty estimation in India, historical trends in poverty reduction, defining the poverty line, poverty in rural areas vs urban areas and much more.ABOUT MAITREESH GHATAKMaitreesh Ghatak is Professor of Economics at the London School of Economics since 2004. He is an elected Fellow of the Brit
How Parliamentary Debates Sometimes Shape India’s Economy with Chakshu Roy
In this conversation, journalist Puja Mehra speaks to Chakshu Roy about challenges faced by members of parliament in contributing to economic policymaking, the importance of research support, the limitations of the parliamentary system and much more.ABOUT CHAKSHU ROYChakshu Roy is an expert on the rules and procedures of Parliament and its functioning. He anchors programs to strengthen the capacit
How India Cut Time For Goods To Come Through Ports From 14 to 2 days with Vijay Singh Chauhan
In this conversation, journalist Puja Mehra speaks to Vijay Singh Chauhan about streamlining cargo clearance processes in India, the challenges faced during COVID-19 in cargo clearance and much more.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube
Why Air Travel Isn’t Hassle-Free In India with Rajesh Vetcha
In this conversation, journalist Puja Mehra speaks to Rajesh Vetcha about Airports, how they are run, how the systems that allow for the functioning of airports work, passenger charters and much more.For more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube
Should India Give Apple Money To Make iPhones Here with Suyash Rai
In this conversation, journalist Puja Mehra speaks to economist and deputy director at Carnegie India Suyash Rai about manufacturing policy in India, Apple's planned iPhone manufacture in India, whether PLI schemes actually work, industrial policy in India and much more.ABOUT SUYASH RAISuyash Rai is a deputy director and fellow at Carnegie India. His research focuses on the political economy of ec
The Kashmir Economy's Truth And Myths with Haseeb Drabu
In this conversation, journalist Puja Mehra speaks to Former Finance Minister of Jammu and Kashmir Haseeb Drabu about the inner workings of the Kashmir economy, opportunities for businesses in the valley, what the abrogation of Article 370 meant for businesses and much more.ABOUT HASEEB DRABUHaseeb Drabu is an Indian politician, economist and the former member of Jammu and Kashmir Legislative Asse
How India's Economy Works - Trailer
Join journalist Puja Mehra as she talks to Economists, Academics and Researchers and breaks down one story to give you all the context you need - historical, macro-economic and policy-related - to understand how it fits into the larger picture of India's economy. For more of our coverage check out thecore.in--Support the Core Report--Join and Interact anonymously on our whatsapp channelSubscribe t
