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 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

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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 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) Conclusion

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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 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.

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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 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) Conclusion

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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 to populism that are reshaping trade worldwide. Suhasini also explains why India’s diplomatic space depends not only on economic choices but also on the strength of its democratic and pluralistic values.

Tune in for insights on how India can navigate uncertainty, define its red lines, and reset its strategy for the future.

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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 major economies look to depreciate their exchange rates. Drawing on global historical patterns, Mishra explains why India’s medium-term balance of payments outlook is relatively stable, but also why access to foreign capital and careful currency calibration will be crucial for sustaining growth.

He argues that the current period of global economic flux is a rare opportunity for India to take difficult but necessary reform decisions—removing barriers for entrepreneurs and farmers, improving access to technology, and building resilience against a more protectionist world order. Without such reforms, sustaining current growth rates could become a challenge.

Tune in for insights on how India can use a moment of global turbulence to drive structural change, sustain economic momentum, and emerge stronger in an era of competitive currency moves.

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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, Dr. Kumar explains that India is perhaps the only country in world history that must develop while reducing its carbon footprint at the same time.

This too at a time the US is abandoning its universalist approach, China is rising, and there is a widespread sense of unease in major capitals at the emergent fragmented world order. The sense of optimism at the end of the Cold War, despite lingering issues of power asymmetry and inequitable growth, has dissipated.

Dr. Kumar argues that Indian policymakers must ensure they are not seduced into tackling the ongoing transitions in either a piecemeal fashion or within a linear framework. The six global transitions demand a rethink of policy priorities. In the absence of such a construct, India faces the unsavoury prospect of being caught in the middle-income trap, and not achieving its aspirations of becoming a developed economy (Viksit Bharat) by 2047, he cautions.

Tune in for insights on how India needs to go about developing a new policy framework to successfully address the multiple simultaneous global challenges.

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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. But what lies beneath the surface?

Prof. Das explains why, despite the initial excitement, the fine print raises concerns—ranging from stringent UK standards in agriculture and environment to new subsidy notification obligations and a surprising shift in India’s position on compulsory licensing for medicines. He unpacks what India has agreed to in areas like Intellectual Property Rights, labour, and gender, and whether these concessions could come at the cost of future policy flexibility.

Tune in for insights and analysis of what this FTA really means for India’s exporters, its negotiating strategy, and its ability to shape trade policy in the years ahead.

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