196. How to Revive the Indian Economy

With India in its seventy-fifth year of independence, conventional policy is unlikely to combat the breadth of its economic challenges. Does India need the state to be big or small? Is growth to be manufacturing-led or services driven? Will India produce for the exports market or the home market? Do the young prefer government jobs to private sector employment? Across a range of areas - human capital, technology, agriculture, finance, trade, public service delivery and more - new ideas must now be on the table. The COVID-19 pandemic has not only cost India many lives and livelihoods, it has also exposed major structural weaknesses in the economy. A huge farm and jobs crisis, rising and massive inequalities, tepid investment growth, and chronic banking sector challenges have plagued the economy, exacerbated by the COVID-19 pandemic. It has also exposed the limitations of the Indian state, which tries to control too much-and ends up stifling the economy and the inherent energies of its young population. Climate change is no longer a distant threat, while disruptive technology has huge implications for India's demographic dividend. In addition, the dangerous lurch towards majoritarianism will cast its shadow on India's pursuit of prosperity for all.  In this episode of BIC Talks, authors of Unshackling India, Ajay Chibber and Salman Soz in a conversation with Ashima Goyal acknowledge hard truths and examine the question: Can India use the next twenty-five years, when it will reach the hundredth year of independence, to restructure not only its economy but rejuvenate its democratic energy and unshackle its potential-to become a genuinely developed economy by 2047? This conversation is an extract from a session at Bangalore Literature festival 2021, which took place in collaboration with BIC last December.  Subscribe to the BIC Talks Podcast on your favourite podcast app! BIC Talks is available everywhere, including iTunes, Spotify, Google Podcasts, Castbox, Overcast, and Stitcher.