The Unassuming Economist

From The Tribune:

“The Centre of Development Policy and Management (CDPM), IIM Udaipur, in association with People Research in India’s Consumer Economy (PRICE), recently hosted a thought-provoking panel discussion on ‘How Inclusive is India’s Growth in the 21st Century? The Experience of the First Quarter’. The session featured prominent experts–Dr. Shamika Ravi (Member, Economic Advisory Council to the PM), Mr. Nikhil Ojha (Senior Partner, Bain & Company), and Prof. Dipankar Gupta (Indian Sociologist)–who examined India’s economic and social transformation over the past 25 years. The discussion was moderated by Prof. Saurabh Gupta, Co-Head, CDPM.

Dr. Shamika Ravi emphasised that India’s growth is not an inevitability but the result of well-targeted policies. While India has successfully reduced absolute poverty to below 3%, human development indicators still lag behind global standards. She highlighted the increasing role of women in the labour force, attributing it to focused policy interventions. However, she noted that industrialisation remains critical for job creation as the country moves toward an increasingly urban future.

Mr. Nikhil Ojha focused on India’s shifting income distribution, pointing out that the middle class has expanded significantly, driving consumption growth. However, he cautioned that FMCG revenue growth is lagging behind nominal GDP, raising concerns about whether economic policies are sufficiently addressing the needs of aspirational consumers. He also highlighted the urgent need to address regional disparities, particularly in job creation, to ensure balanced growth.”

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