Quest for Equitable Knowledge

The Economics Department of Daulat Ram College, in collaboration with the Meghnad Desai Academy of Economics (MDAE), hosted a compelling webinar on the topic “Quest for Equitable Growth”. The keynote address was delivered by Mr. Dharmakirti Joshi, Chief Economist at CRISIL and a board member at MDAE.

The session began with an analytical comparison of India’s Composite Purchasing Managers’ Index (PMI) with those of the US, Eurozone, UK, China, and Japan. This was followed by a discussion on India’s GDP growth rate, which was highlighted as being significantly higher than these economies. Mr. Joshi attributed India’s strong year-on-year GDP growth to its robust commitment to achieving equitable growth, with investments being the key driver of the post-pandemic recovery. A stable increase was observed across GDP, fixed investments, private expenditure, and government expenditure.

The speaker addressed the issue of localized inflation surges, emphasizing the complexity faced by the Reserve Bank of India (RBI), which cannot entirely control or ignore this phenomenon. Rising food inflation was identified as a significant challenge, disproportionately affecting the poor and exacerbating economic inequities. Mr. Joshi warned that unchecked inflation could widen the gap between the rich and poor.

Despite these challenges, the external markers of India’s growth—including macroeconomic health, forex reserves, and external liabilities—were noted as strong indicators of the country’s potential to achieve equitable growth.

Mr. Joshi provided a roadmap for achieving sustainable and equitable growth, projecting a 6.7% average GDP growth between FY24 and FY31. He highlighted the cyclical rise in investment as a percentage of GDP and emphasized the importance of productivity improvements.

In conclusion, Mr. Joshi urged the youth of India to actively participate in nation-building. He highlighted the interplay of challenges such as geopolitical uncertainties, climate risks, and emerging technologies like generative AI, but affirmed that with commitment and collaboration, equitable growth remains an attainable goal.

The webinar provided valuable insights into India’s economic trajectory and outlined actionable steps for creating a more inclusive and prosperous future.