In this episode of State of the Economy podcast, host Shishir Sinha speaks with V Anantha Nageswaran, Chief Economic Adviser to the Government of India, on how India is navigating an increasingly uncertain global economic environment. 

Anantha Nageswaran acknowledges the headwinds confronting the global economy—geopolitical tensions, shifting trade patterns, and excess manufacturing capacity abroad—but argues that these challenges can serve as catalysts for reform rather than constraints. He outlines why a coordinated response is critical: governments must provide policy clarity and expand trade partnerships, businesses must invest in innovation and competitiveness, and households must focus on skill development and resilience. 

The conversation also explores the idea of Swadeshi beyond slogans. Anantha Nageswaran explains why indigenisation is essential in a world of weaponised supply chains, while cautioning against permanent protectionism that shelters inefficiency. On PLI schemes and exports, he underlines that incentives are only one tool among many, with structural cost reforms and free trade agreements playing a crucial role. 🎧 Listen in to the full podcast for more details.

Published on January 30, 2026