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How India's Economy Works

How India's Economy Works

Written by: 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.The Core Politics & Government
Episodes
  • What the Data Reveals about India–US Trade Under 50% Tariffs

    What the Data Reveals about India–US Trade Under 50% Tariffs
    Dec 31 2025

    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 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 signals


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    21 mins
  • Cash Transfers For Women Is Sound Economics

    Cash Transfers For Women Is Sound Economics
    Dec 17 2025

    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 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 Budgeting


    For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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    27 mins
  • Is India’s Demographic Dividend Over?

    Is India’s Demographic Dividend Over?
    Dec 3 2025
    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 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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    25 mins
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