Exploring Inclusive Growth: Insights From IIM Udaipur's Economic Discussion

Recently, the Centre of Development Policy and Management (CDPM) at IIM Udaipur, in collaboration with People Research in India's Consumer Economy (PRICE), hosted an enlightening discussion titled 'How Inclusive is India's Growth in the 21st Century? The Experience of the First Quarter'. This event brought together distinguished panelists including Dr. Shamika Ravi, a member of the Economic Advisory Council to the Prime Minister, Mr. Nikhil Ojha, a Senior Partner at Bain & Company, and Prof. Dipankar Gupta, a renowned Indian sociologist, to explore India's economic and social progress over the last 25 years. The dialogue was steered by Prof. Saurabh Gupta, Co-Head of CDPM.

Dr. Shamika Ravi pointed out that India's progress is the consequence of strategic policy efforts, not mere chance. She underscored the reduction of absolute poverty to under 3%, yet acknowledged that India still trails in terms of human development indices. Ravi attributed the growing female participation in the workforce to targeted government actions, but emphasized the necessity of industrialization for generating employment as India navigates its urban future.

Mr. Nikhil Ojha brought attention to the evolution of India's income structure, observing a significant swell in the middle class that propels consumption growth. He raised concerns over the fact that FMCG sector's revenue increments are not keeping pace with the nominal GDP, suggesting a potential misalignment of economic policies with the aspirations of consumers. Ojha also underscored the critical need to tackle regional imbalances in job creation to secure equitable growth across the nation.

Prof. Dipankar Gupta delved into the shifting dynamics of caste and class in India, noting the transformative impact of economic reforms and urbanization on traditional societal hierarchies. Despite the diminishing influence of caste-based structures, Gupta highlighted the enduring political potency of caste identity. He stressed the importance of investing in research and development to ensure the creation of quality jobs in the future.

The panel collectively recognized the pivotal role of industrialization, job production, and regional inclusiveness in sustaining India's growth trajectory. This discussion, part of IIM Udaipur's initiative to stimulate significant conversations, offered profound insights into the challenges and prospects defining India's economic landscape.

IIM Udaipur has established itself as a globally recognized business school, distinguished by its emphasis on premier research and the development of future leaders and managers. Achieving AACSB (Association to Advance Collegiate Schools of Business) accreditation within just eight years of its inception places IIM Udaipur among the elite group of global institutions, sharing the ranks with the likes of Harvard Business School and the MIT Sloan School. The institute's consistent presence in the Financial Times (FT) Global MIM Ranking for six consecutive years, a distinction unmatched by any other IIM, underscores its international stature. Furthermore, IIM Udaipur's presence in the QS Global MIM Ranking as the 6th highest-ranked IIM and its unique achievement of being the youngest B-School featured in both rankings affirm its global relevance. Additionally, its fourth-place rank in India for management research, as measured by the UT Dallas methodology, showcases its commitment to academic excellence.