IIM Udaipur Wednesday hosted a discussion on ‘How Inclusive is India's Growth in the 21st Century? The Experience of the First Quarter'. The session featured Dr Shamika Ravi, Member of Economic Advisory Council to the PM, Nikhil Ojha, and Prof Dipankar Gupta.
Dr Ravi 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 urban future.
Ojha focused on India's shifting income distribution, pointing out that the middle class expanded significantly, driving consumption growth. However, he cautioned that FMCG revenue growth was lagging behind nominal GDP growth, raising concerns about whether economic policies were sufficiently addressing the needs of aspirational consumers. He also highlighted the urgent need to address regional disparities.
Gupta spoke on the evolving caste and class structures in India, explaining that economic reforms and urbanisation significantly altered traditional power equations. While caste-based hierarchies weakened, caste identity remains a powerful political force, he said and stressed that investment in research and development will be key to ensuring quality job creation. Online Link
