V. Anantha Nageswaran on Surveying the Growth and Financialization of the Indian Economy

Today my guest is Dr. V Anantha Nageswaran, who is currently serving as the Chief Economic Advisor to the Government of India. He is also the co-author of the books Economics of Derivatives and The Rise of Finance: Causes, Consequences and Cures.  We talked about import substitution and strategic resilience, futures and options market, gross fixed capital formation, crypto markets, India's growth trajectory, and much more. Recorded March 12th, 2026. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro   (00:02:38) - Import Substitution as a Policy   (00:11:19) - Indian States' Spending Problem   (00:18:16) - Capital Formation   (00:25:47) - Increasing Financialization   (00:30:21) - Options and Futures Markets in India   (00:34:15) - Securities Transactions Tax (STT)   (00:40:27) - Curbing Crypto   (00:46:01) - How Should We Approach Policy Regulation?   (00:51:04) - Deregulation   (00:53:41) - Digital Public Infrastructure   (00:56:28) - India's Growth Trajectory  

Today my guests are Ornit Shani and Rohit De, historians and the authors of the latest book Assembling India's Constitution. Ornit Shani is an associate professor of history at the University of Haifa and the author of How India Became Democratic: Citizenship and the Making of the Universal Franchise. Rohit De is an associate professor of history at Yale University and the author of A People's Constitution: The Everyday Life of Law in the Indian Republic.  We talked about how their latest book is a radical departure from the usual telling of the making of the Indian Constitution as an elite project, the mass mobilization that took place during the drafting of the constitution, the role of public participation in political negotiation, the status of provincial legislatures and of princely states during the constitution making, and much more. Recorded January 20th, 2026 and February 10th, 2026. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Ornit on X Follow Rohit on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:02:49) - Situating Rohit and Ornit's Book (00:13:52) - More Than the Text (00:27:22) - Provincial Legislatures (00:35:40) - India's Princely States (01:01:04) - Mass Mobilization (01:16:10) - Theater and the Constitution (01:26:06) - Judicial Interpretation (01:31:21) - Future Projects (01:34:08) - Outro

Today my guest is Pranay Kotasthane who is the deputy director of the Takshashila Institution and chairs the High Tech Geopolitics Programme.  Pranay co-writes Anticipating the Unintended, a newsletter on public policy ideas and frameworks, and co-hosts Puliyabaazi, a popular Hindi-Urdu podcast on politics, policy, and technology. He is the co-author of - Missing in Action: Why Should You Care About Public Policy, When the Chips are Down, and the graphic nonfiction narrative We, the Citizens.   We spoke about rare earths and critical minerals, China's dominance, the gap between India's ambitions and opportunities, the potential for recycling, and much and more. Recorded February 2nd, 2026. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Pranay on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - 1991 Fellowship (00:01:11) - Intro (00:02:59) - Rare Earths versus Critical Minerals (00:10:15) - Why Are Rare Earths and Critical Minerals So Important Now? (00:29:29) - Geopolitical Uncertainty (00:33:14) - China's Process Advantage (00:44:10) - Industrial Policy (00:48:10) - India's Critical Elements Mission (00:53:00) - Auctions (00:56:53) - India's Position in the Value Chain (01:04:36) - Recycling (01:34:04) - Law of One Price (01:41:28) - Pakistan and Rare Earth Reserves (01:46:26) - Outro

Today my guest is Nachiket Mor, a health economist whose work focuses on the design of national and regional health systems. He is a visiting scientist at the Banyan Academy of Leadership in Mental Health, a senior research fellow at the Centre for Information Technology and Public Policy at IIIT Bangalore, and a commissioner and author on the Lancet Citizens' Commission on Reimagining India's Health System, which published its final report in The Lancet in January 2026. We talked about the different layers of the Indian healthcare system, the design and policy failures in both public and private sector healthcare, the role of community workers, the health insurance and regulation market, and much more.  Recorded January 29th, 2026. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Nachiket on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - 1991 Fellowship (00:01:11) - Intro (00:02:32) - Policy Design Failure in India's Healthcare System (00:07:43) - Layers of Indian Healthcare (00:14:04) - ASHA Workers (00:23:59) - State Capacity (00:26:47) - The Exit to the Private Sector (00:34:00) - Getting Ambitious with ASHA Workers (00:37:54) - Stacking Healthcare (00:51:53) - India's Private Sector Healthcare (01:05:14) - Government Insurance Instruments (01:13:10) - Insurance Regulation in India (01:41:09) - Outro

Today my guest is Akshay Jaitly, the author of the recent book, Trilegal: The Making of a Modern Indian Law Firm. He is one of the founders of Trilegal and specializes in advising on energy and infrastructure projects. His research interests include power sector reform, the energy transition and public-private contracting. We talked about how Trilegal grew in the context of India's market liberalization and sectoral reforms, different partnership structures, delegated legislation, regulatory capture, the alchemy between the founding partners, and much more. Recorded January 6th, 2026. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Akshay on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - 1991 Fellowship (00:01:11) - Intro (00:02:20) - In the Shadow of Liberalization (00:07:28) - Specialization (00:20:55) - Delegated Legislation (00:28:35) - Managing Risk (00:33:30) - Dispute Resolution (00:38:44) - Trilegal's Partnership Structure (00:51:57) - Scaling (00:59:42) - Design or Alchemy? (01:05:08) - Regulatory Capture (01:11:27) - Foreign Law Firms (01:19:08) - Outro

Today my guest is Renuka Sane who is the managing director of Managing Director of Trustbridge. An institution that seeks to improve India's business environment by improving the rule of law. Renuka was a member of many expert committees including: the Task Force of Experts set up by the Employees Provident Fund Organisation; the research team of the Bankruptcy Legislative Reforms Commission; the Pension Advisory Committee of the Pension Fund Regulatory Development Authority; and the Working Group on personal insolvency at the Insolvency and Bankruptcy Board of India. She received a Ph.D. in Economics from the University of New South Wales.  We talked about the old, new, and unified pension scheme and related reforms over the last few decades in India, India's broader financial regulation framework, separation of powers in regulatory authorities, the way regulatory orders are written, and much more.  Recorded December 17th, 2025. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Renuka on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - The 1991 Fellowship (00:01:09) - Intro (00:02:49) - India's Pension System (00:35:42) - Private Sector Pension Schemes (01:06:28) - Regulatory Orders (01:24:03) - Improving Transparency at the Reserve Bank of India (01:34:57) - Outro  

Today my guest is Snigdha Poonam who is a journalist and writer. She is the author of the new book Scamlands and also the author of the 2018 award winning book Dreamers: How Young Indians Are Changing Their World. We talked about the scam industrial complex in different states like Jharkhand,  Assam and Tamil Nadu in India, the interaction between the scam economy and the formal economy, the transnational scams in China and Cambodia and how they are connected to India, the aspirations and traumas of the scam work force and much more.  Recorded November 17th, 2025. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Snigdha on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:01:13) - The Scam-Industrial Complex (00:03:48) - On Jamtara and the Economics of Joining a Scam (00:09:12) - The Moral Logic of Scamming (00:13:31) - How the State Enables the Scam Economy (00:15:54) - Inside Assam's Paperwork and Insurance Scams (00:23:04) - The Politics of Legibility in Assam (00:32:47) - Women in the Scam Economy (00:38:32) - How Scammers Get Trapped Inside the System (00:46:18) - From Local Scams to Transnational Cybercrime (00:52:18) - Scam Slavery in Southeast Asia (01:02:15) - Reporting on the Shadow Economy (01:10:49) - Starting the Story (01:16:54) - From Aspiration to Desperation (01:21:56) - Closing Reflections (01:27:08) - Outro

Shruti and Ideas of India producer Dallas Floer sit down for the 2025 end-of-year episode. They look back at key themes and top episodes from the past year, address listener questions, and look forward to what's in store for Shruti and the show in 2026. Recorded December 16th, 2025. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:01:03) - Listener Questions (00:25:50) - Big Themes and Top Episodes (00:42:21) - Personal Moments  (00:46:53) - Looking to 2026 (00:49:47) - Hope or Concern for Next Generation (00:51:45) - Intellectual Mood Around India (00:53:01) - Shruti and Animals (00:56:52) - What's New for 2026 (01:00:07) - The Ideas of India Team (01:05:21) - Thank You's (01:09:49) - Outro

Our seventh and final scholar in the series is Ammu Lavanya, a PhD candidate in Economics at George Washington University. Her research is in the areas of International Finance, Monetary Economics, Empirical Banking and Financial History. We spoke about her job market paper titled International Financial Flows, Credit Allocation and Productivity. We talked about financial liberalization in India, the 2004 banking reform that increased the ceiling on raising foreign equity its impact on  market value, lending capacity and increasing productivity through credit in India, the difference between private versus state owned banks, and much more.  Recorded October 9th, 2025. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Ammu on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:03:06) - Understanding Capital Inflows and Financial Liberalization (00:04:36) - Concerns Around Foreign Capital and Hot Money Flows (00:07:12) - The Banking Reform and Ownership Landscape in India (00:12:10) - Banks Most Affected and Patterns of Foreign Investment (00:17:05) - Impact on Borrowing Capacity and Lending Behavior (00:19:38) - Productive Lending and Screening Mechanisms (00:25:53) - Managerial Practices and Governance Improvements (00:34:20) - Firm-Level Effects and Data Construction (00:39:50) - Aggregate Effects and Decline in Misallocation (00:45:19) - Implications for Policy and the Future of Liberalization (00:48:42) - Differences Between Public and Private Banks (00:53:15) - Outro

Our sixth scholar in the series is Nayantara Biswas is a postdoctoral research fellow at the Beth Israel Deaconess Medical Center. She received her Ph.D. in economics from Clark University. Her research focuses on health equity impact evaluations of small-scale interventions and large-scale public policies. We spoke about dissertation titled, The Impact of Social Policies on Reproductive Health, Maternal Employment, and Child Health: Evidence from India. We talked about demand side versus supply side policy interventions in public health, India's maternal health policy landscape, the ASHA workers program, variation across states in policy impact and much more.  Recorded August 28th, 2025. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Nayantara on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:01:35) - Setting the Stage (00:04:44) - India's Maternal–Child Health Policy Landscape (00:08:29) - Uneven Progress: State Differences, Culture, and Measurement Challenges (00:09:24) - Who Are the ASHA Workers? (00:11:56) - Trust, Access, and the Information Channel (00:14:26) - Pay, Hours, and Unionization: Why Conditions Vary by State (00:16:50) - How Incentives Are Structured (00:21:44) - From Design to Data: Building the District-Level Panel (00:25:20) - We Are Measuring ASHAs—and Something Else (00:26:45) - DiD Simplified: How the Causal Claim Works (00:33:45) - Policy Implications: Where to Invest and How to Train (00:36:53) - Cost-Effectiveness: Supply vs. Demand (00:39:53) - Why Supply-Side Effects Take Time (00:41:50) - Beyond Pregnancy: Anganwadi Daycare and Women's Work (00:46:27) - Outro