23
Jul

India: Political and Economic Outlook

Written on July 23, 2018 by Campus Life in Geographic

On 5th April 2018, the IE India Club in association with IE International Relations had the honor to host Mr. Surjit Bhalla, Economic Advisor to the Prime Minister of India at IE Business School. As a guest speaker, Mr. Bhalla introduced the various facts of the Indian economy and the economic system. He introduced the session by acknowledging the importance of the Spanish language in the financial world and in the world economy. Mr. Bhalla mentioned that the structural changes in India are so rapid that it was difficult to experience the same in any other economy other than India or China and highlighted the importance of Millennials in this change and their role as leaders and change recipients in the forefront in the era of structural changes.

He pointed an important note towards the Democracy. The fact that India being the largest democracy of the world is a boon, but it is also a bane in this time of changes and the bureaucracy hinders the speed which doesn’t happen in any other economy. This is what rises agony in millennials and Gen Y, but he reaffirms that Democracy is the element that differentiates the old conventional India to the new unconventional one. He also noted about the transition in the thought process of Indians about how it went from starting with logic and evidence-based economic journalism to a jaadu (magic) economics backed journalism where people are no more looking for evidence and are going beyond logic.

The conversation ended with Q&A by students who participated and asked questions about demonetization and its perceived benefits, unemployment in India and the social consequences followed as a result, education as a tool to raise social mobility in India, policies such as RTE, and “Make In India”.

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