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How India's Economy Works

How India's Economy Works

By: The Core
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Summary

 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
  • When Growth Doesn’t Reach Workers — The Hidden Stress in India’s Labour Market

    When Growth Doesn’t Reach Workers — The Hidden Stress in India’s Labour Market
    Apr 29 2026

    In this episode, journalist and author Puja Mehra speaks with Rosa Abraham, economist and one of the authors of the State of Working India 2026 report, about the growing stress in India’s labour market, highlighted by recent worker protests in Noida. They discuss why even formal sector jobs are no longer guaranteeing wage growth, with real earnings stagnating—and in some cases declining—over the past decade.

    Abraham explains how this is not a cyclical slowdown but a deeper structural issue, driven by weak productivity, misallocation of capital, and the absence of a strong small and mid-sized enterprise base (crucial sector that invests in workers). They also examine why higher education is failing to translate into better jobs, leaving many young graduates unemployed or underemployed.

    Are current policies missing the bigger picture? What does this mean for India’s demographic dividend?

    Tune in for a sharp look at why economic growth isn’t reaching workers—and the risks of ignoring it.


    CHAPTERS

    (00:00) Introduction

    (00:14) Worker Protests in Noida

    (01:20) Stagnant Wages in India

    (02:30) Falling Graduate Salaries

    (04:27) What Low Wage Growth Reflects

    (07:39) Why Minimum Wages Aren’t Enforced

    (08:31) Youth Unemployment Explained

    (12:01) India’s Demographic Dividend at Risk

    (15:00) Demand vs Supply Side Problem

    (18:16) Is It a Mindset Problem?

    (20:28) Role of Public vs Private Sector

    (22:09) Fixing the Jobs Ecosystem

    (23:58) Risks of Inaction

    (27:06) No Easy Solutions


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    29 mins
  • The RBI’s Losing Battle for the Rupee

    The RBI’s Losing Battle for the Rupee
    Apr 15 2026

    In this episode, journalist and author Puja Mehra speaks with Rajeswari Sengupta, Economist and Associate Professor at Indira Gandhi Institute of Development Research (IGIDR), about the recent volatility in the rupee and the Reserve Bank of India’s response to it. They discuss how global shocks—from the West Asia conflict to sustained capital outflows—have exposed deeper structural vulnerabilities in India’s external sector.

    Sengupta explains how the rupee’s weakness is not just cyclical but rooted in fundamentals, including rising import dependence, especially on energy, and weakening foreign capital inflows. Against this backdrop, they examine the RBI’s increasingly aggressive intervention to stabilise the currency.

    But are these measures addressing volatility, or attempting to influence the level of the exchange rate itself? What does this mean for the rupee’s role as a market-driven price, and for India’s ambitions of greater financial openness?

    Tune in for insights into the tensions between currency management and market forces, and what it means for the future of India’s exchange rate framework.


    CHAPTERS

    (00:00) Pressures on the Rupee

    (01:09) West Asia War Impact

    (02:30) Energy Import Dependencies

    (04:32) Sustained Capital Outflows

    (06:14) Financing Current Account Deficit

    (08:03) RBI’s Intervention Methods

    (10:14) Offshore Arbitrage and Banks

    (11:58) Unprecedented Regulatory Measures

    (13:16) Impact on Indian Banks

    (15:42) Risks of Policy Flip-Flops

    (16:59) Cost of Hedging Exposure

    (21:20) Value of Market Speculation

    (26:38) Rupee as Shock Absorber

    (31:07) Recommendations for Future Policy


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    37 mins
  • Why the Iran Conflict will Last Longer than Generally Expected

    Why the Iran Conflict will Last Longer than Generally Expected
    Apr 1 2026
    In this episode, journalist and author Puja Mehra speaks with Safi Rizvi, National Security Expert, Risk Analyst, Former top Intelligence Officer and Former IPS officer, about how the ongoing conflict involving Iran, the United States and its allies is reshaping the foundations of the global economic and geopolitical order. They discuss how the post-Cold War system—built on multilateral institutions, bilateral diplomacy and a broadly rules-based framework—is now giving way to a more fragmented, power-driven world.Rizvi explains how the erosion of multilateralism and the breakdown of negotiation channels are altering the way conflicts unfold, making them longer, less predictable and more economically disruptive. He also examines how recent wars—from Ukraine to West Asia—are exposing gaps in military strategy, accelerating shifts in defence technologies, and strengthening the global military-industrial complex.They explore how the centre of gravity in energy markets has shifted from the West to Asia, and why disruptions around critical chokepoints like the Strait of Hormuz now pose far greater risks for countries like India, China, Japan and South Korea.What does this mean for energy security, global trade flows and the ability of emerging economies to navigate prolonged geopolitical instability?Tune in for insights into how this conflict could reshape markets, energy dynamics and the global balance of power.CHAPTERS(00:00) Introduction (01:05) Rise of De-multilateralization (04:12) AI Targeting and Failures (06:01) Military Intelligence Gap Concerns (07:10) Attritive vs Attritable Munitions (08:20) Global Energy Buyer Shifts (10:45) Ground War Damage Risks (12:40) Breakdown of Negotiation Trust (14:20) Oil and Gas Predictions (16:44) Conditions for Peace Deals (18:25) Proposed Buyer OPEC Plus (19:58) India’s Measured Peace Call (22:25) Strait of Hormuz Miscalculations (23:01) Leveraging Financial Trade Power (25:02) Trump’s Aggressive Defensive Strategy (27:25) Future Republican Leadership Shifts (28:30) Market Adjustments and Tariffs (30:08) Iranian Resilience and Nationalism For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube
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    35 mins
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