In this episode of The Big Picture with Rakesh Khar, economist Dr Arvind Virmani, former Chief Economic Adviser to the Government of India and former member of NITI Aayog, discusses the choices that could shape India’s economic trajectory over the next two decades.

The conversation ranges from lessons of the 2008 global financial crisis to the economic response to the pandemic, the limits of permanent subsidies, the debate over charging for UPI, India’s manufacturing challenge and the growing concentration of global production in China.

Dr Virmani argues that India’s underlying growth potential has strengthened and explains why he remains comfortable with a 7% growth baseline despite global uncertainty. He also makes the case for deeper trade agreements with high-income economies, stronger state-level reforms and a sharper focus on learning rather than credentials.

The conversation also examines:

• Why economic stimulus must be withdrawn once a crisis passes
• Whether free food and other subsidies are consistent with an empowerment-led development model
• Why UPI cannot remain indefinitely subsidised
• How India can compete with China’s manufacturing ecosystem
• Why FTAs with the US, EU and other high-income economies matter
• What states must do to improve ease of doing business
• Why India needs better economic data
• The one metric Dr Virmani believes will matter most for Viksit Bharat 2047

A wide-ranging conversation on growth, reform, welfare and India’s place in the global economy.