Archive · 19 Dec 2025
India's Growth Challenges Questioned by Experts
Two experts, Devesh Kapur and Arvind Subramanian, talked about India's economy in a podcast.
They said that India's economy hasn't grown much in the last ten years, only about 3% on average.
This is much lower than the official numbers, which say the economy grew by 8.2% in a recent quarter.
They also discussed how India's past and present economic policies might not be helping the country grow as much as they should.
Another expert, Duvvuri Subbarao, said that India's goal to become a developed country by 2047 is very hard but not impossible.
He said India needs to grow its economy by 8% or more every year for the next 22 years.
He also said that the economy is growing, but jobs and household incomes are not keeping up.
He thinks that the benefits of growth should be shared widely.
Experts Devesh Kapur and Arvind Subramanian question the accuracy of India's GDP data, estimating average GDP growth to be around 3% over the last decade.
Official data reports India's real GDP grew 8.2% in the second quarter of 2025-26.
Former RBI Governor Duvvuri Subbarao says India's goal to become a developed country by 2047 requires unprecedented and sustained economic growth of 8% or higher.
Subbarao cautions that India's recent macroeconomic performance, while strong, does not indicate a structurally higher growth path.
Both sets of experts highlight concerns about weak private investment, job creation, and the distribution of growth benefits.
- Who
- Devesh Kapur, Arvind Subramanian, Duvvuri Subbarao
- What
- Questioned the accuracy of India's GDP data and the feasibility of India's 2047 development goal
- When
- During a podcast episode and an interview with CNBC-TV18
- Where
- On Scroll Adda and CNBC-TV18
- Why
- They argue that India's GDP growth has stalled over the last decade and that achieving the 2047 goal requires unprecedented growth
Optimistic View
Skeptical View
GDP Growth
Optimistic View
India's recent macroeconomic performance has been strong with growth above 7%.
Skeptical View
India's GDP growth has stalled over the last decade, averaging around 3%.
Economic Policies
Optimistic View
India's economic policies have shown relatively strong macroeconomic performance.
Skeptical View
India's economic policies, both past and present, may not be fostering sufficient growth.
Private Investment
Optimistic View
Private investment is subdued despite favorable macro conditions.
Skeptical View
Protecting big Indian companies from international competition may not be the best way to help the economy.
- Authors
- Devesh Kapur, Arvind Subramanian, Duvvuri Subbarao
- Book
- In A Sixth of Humanity
- Podcast
- Scroll Adda
- Host
- Shoaib Daniyal
- Estimated Growth
- 3%
- Official Growth
- 8.2%
- Per Capita Income
- $2,700
- Target Per Capita Income
- $21,700
- Required Growth Rate
- 8% or higher
