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How India's Economy Works

The Core
India
Indian Economy
China
Agriculture
Tariffs
Employment
Economics
Bihar
Donald Trump
GDP Growth
Exports
Inflation
United States
1991 Economic Reforms
India's Budget
Reserve Bank Of India
Trade Negotiations
Private Investment
Cash Transfers
Manufacturing

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.

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Latest Episodes

In this episode of How India's Economy Works, journalist and author Puja Mehra speaks with economist Renu Kohli, formerly at the Reserve Bank of India and the IMF and currently senior fellow at the Centre for Social and Economic Progress (CSEP), abou... more

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The Reserve Bank of India has raised the repo rate and shifted its stance to “calibrated tightening”, signalling that rate cuts are unlikely even as future policy decisions remain data-dependent. But what does this mean for inflation, growth, borrowi... more

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India’s households save a substantial share of their income, but much of that saving goes into physical assets such as gold and real estate rather than financial instruments. Why does this matter for the economy? And what does the composition of hous... more

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The episode examines how rising government borrowing, persistent inflation, changing bond investors and huge AI-related investment needs are reshaping global bond markets. In this episode of How India’s Economy Works, Puja Mehra speaks with Dr. Anoop... more

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Recent Guests

Madan Sabnavnis
Economist, Bank of Baroda
Bank of Baroda
Episode: The RBI Raised Rates. Then It Softened the Sting
Anoop Singh
Economist featured on the show
Episode: Global Bond Markets Are Shifting. What It Means for India
Rohit Dey
Historian and political scientist specializing in energy policy
Independent scholar / University of Delhi (as referenced)
Episode: What the Iran Conflict has Revealed about India's Energy Security
Ananth (Professor Ananth)
Professor of Economics (introduced as such)
Episode: India’s Self-Inflicted Outflows: How Policy Makers Are Driving Away Foreign Investors
Partha Chatterjee
Professor, likely in Political Science/Economics
Professor at an Indian university
Episode: Why India's GDP Growth Isn't Resulting in Prosperity
Mr. Gera
Owner/leader of a genset manufacturing firm
Unspecified manufacturing SME in electrical/electronics
Episode: India’s Engineering Crisis
Dr. Nisha Taneja
Economics/Policy Expert invited to discuss tariff impact
Episode: How India's exports to the US jumped in the tumultuous year of Trump Tariffs
Renu Kohli
Expert guest discussing rupee policy and external accounts
Episode: India's Forex Reserves Aren't the Safety Net You Think
Parag Waknis
Economist/guest discussing RBI balance sheet and policy
[not stated in transcript]
Episode: What the RBI's role in the economy and its Relationship with Government is

Host

Puja Mehra
Host of the show and journalist focusing on India's economy.

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Talking Points

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What the Iran Conflict has Revealed about India's Energy Security
Q: What were the main fallout effects of the latest energy shock and how should policy respond going forward?
The crisis affected both industrial activity and household energy security, with visible impacts on LPG access and consumer costs; policy responses should emphasize reserve management, faster pivoting of refiners to LPG, better communication with the public, and a framework that balances private sector participation with essential state leadership and transparency.
What the Iran Conflict has Revealed about India's Energy Security
Q: What lessons from the earlier oil shocks have been imbibed that might better prepare India for the current Iran-related disruption?
There is greater electrification, better storage capability, and more recognition of inefficiencies within energy demand; the need now is for stronger transparency in contracting, more autonomy for PSUs to invest, and a long-term energy policy recipe that anticipates crises rather than reacting to them.
What the Iran Conflict has Revealed about India's Energy Security
Q: Could you summarize how oil shocks have historically affected India's economy and what lessons were learned from those periods?
Oil shocks historically pushed up prices, constrained growth, and spurred policy shifts such as increased coal use and acceleration of energy sector reforms; lessons include the importance of diversification, strategic storage, and energy efficiency, though implementation often lagged due to political and institutional constraints.
India Needs Cheaper Capital. Indian Households Could Hold the Key
Q: What policy reforms could increase financial savings without harming consumption?
End or reduce the tax on reshuffling within financial instruments, broaden retirement savings options beyond current schemes, and align tax treatment to incentivize financial instruments while curbing distortions in real estate incentives.
India Needs Cheaper Capital. Indian Households Could Hold the Key
Q: Why are household financial savings so low in India compared to physical savings?
Because cultural preferences (gold and housing as secure assets), limited access to formal lending for informal workers, and tax incentives skew investment toward physical assets rather than financial instruments, reducing the net flow of funds into banks and markets.

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Frequently Asked Questions About How India's Economy Works

What is How India's Economy Works about and what kind of topics does it cover?

A compact, policy-focused economics show that unpacks India's macro picture through interviews with economists, policymakers, and industry experts. Episodes frequently tackle household behavior, capital formation, inflation, currency dynamics, and how policy design shapes growth, jobs, and competitiveness. Notable strengths include data-driven explanations of complex topics (GDP measurement, RBI balance sheets, export dynamics) and a willingness to connect nuanced theory to practical policy options and real-world implications for investors, businesses, and citizens. The format tends to blend historical context with current developments, balancing technical rigor with accessible storytelling to help listeners understand how big-picture shift... more

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1. The Morning Brief
2. Daybreak
3. The Daily Brief
4. Finshots Daily
5. Moneycontrol Podcast

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How India's Economy Works launched 3 years ago and published 72 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on How India's Economy Works?

Recent guests on How India's Economy Works include:

1. Madan Sabnavnis
2. Anoop Singh
3. Rohit Dey
4. Ananth (Professor Ananth)
5. Partha Chatterjee
6. Mr. Gera
7. Dr. Nisha Taneja
8. Renu Kohli

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