Panel Discussion on "How Inclusive is India's Growth in the 21st Century: The Experience of the First Quarter"

Organised by the Centre for Development Policy and Management (CDPM) in association with People Research on India's Consumer Economy (PRICE), at IIM Udaipur. 

In-person

People Research in India’s Consumer Economy (PRICE), in collaboration with the Centre of Development Policy and Management (CDPM), IIM Udaipur, recently hosted a thought-provoking panel discussion on 'How Inclusive is India's Growth in the 21st Century? The Experience of the First Quarter.' The session brought together distinguished experts—Dr. Shamika Ravi (Member, Economic Advisory Council to the PM), Mr. Nikhil Ojha (Senior Partner, Bain & Company), and Prof. Dipankar Gupta (Indian Sociologist)—to analyze India’s economic and social transformation over the past 25 years. The discussion was moderated by Prof. Saurabh Gupta, Co-Head, CDPM.

As a leading research organization dedicated to understanding India’s macro consumer economy, PRICE played a pivotal role in shaping the discussion around the inclusivity of India’s growth. Dr. Shamika Ravi underscored the importance of targeted policies in driving India’s economic progress. While absolute poverty has fallen below 3%, human development indicators still require substantial improvement. She emphasized that women's increasing participation in the labor force is a positive development, but industrialization remains essential for sustainable job creation in an increasingly urban landscape.

Mr. Nikhil Ojha offered critical insights into India’s evolving income distribution, highlighting the expansion of the middle class as a major driver of consumption growth. However, he pointed out that FMCG revenue growth is lagging behind nominal GDP, raising concerns about whether economic policies adequately address the needs of aspirational consumers. He also stressed the need to bridge regional disparities in job creation to ensure equitable growth.

Prof. Dipankar Gupta provided a sociological perspective, discussing the transformation of caste and class structures in India. While economic reforms and urbanization have diluted traditional hierarchies, caste identity continues to hold political significance. He emphasized that investment in research and development is crucial for fostering high-quality employment opportunities in the future.

The panel concluded that industrialization, employment generation, and regional inclusivity are key to sustaining India’s economic momentum. PRICE remains committed to facilitating evidence-based discussions that contribute to a deeper understanding of India's consumer economy and its future trajectory. The event reinforced PRICE’s mission to generate insightful research that informs policy and business decisions, ensuring that India’s growth story remains inclusive and sustainable