On this Special Report, Chief Economic Advisor V. Anantha Nageswaran discusses the drivers behind India’s recent economic reforms ahead of the Union Budget. Addressing the impact of global shifts, he states, ‘I would not necessarily attribute the reformed dynamism to the geopolitical situation, although, doubtless, it would have played its part.’ Nageswaran clarifies that key policy shifts, including the opening of the nuclear power sector to foreign and private investors, the liberalisation of the insurance sector, and the implementation of the labor code, were in development long before current geopolitical uncertainties arose. He emphasizes that while global factors are a consideration in India’s policy calculus, the momentum for these structural changes was already established. The conversation provides a glimpse into the government’s long-term economic strategy and what to expect as the nation counts down to the big budget day.
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