Day 1 of the Isaac Centre for Public Policy’s Annual Growth Conference brought together India’s top economic minds to chart the course toward long-term development goals, with a focus on fiscal frameworks, employment, and governance.
The Isaac Centre for Public Policy (ICPP) at Ashoka University launched its first-ever Annual Growth Conference on May 2, 2025, in New Delhi. The conference, hosted at the Taj Mahal Hotel, brought together an influential group of economists, finance officials, legal experts, and public policy leaders. It aimed to tackle India’s medium-term growth challenges while offering tangible policy directions in the areas of macro-finance, regulation, employment, and agriculture.
The event opened with remarks from Prachi Mishra, Director and Head of ICPP, and Professor of Economics at Ashoka University. She highlighted the structural shifts in global trade, particularly the rising tariffs in the United States, and how such changes are introducing fresh uncertainties into international economic dynamics. Mishra stated that effective tariffs in the U.S. are now likely the highest seen in a century and warned that retaliatory actions by other countries could further destabilize global trade.
Turning to India, Mishra pointed out that while reforms have continued steadily over the past decade, key areas such as manufacturing, private investment, and fiscal consolidation are still struggling to gain momentum. She described the current situation as a cyclical slowdown, despite long-term structural changes.
The first major panel, titled “Macro-Public Finance,” was moderated by Shri N.K. Singh, former Member of Parliament (Rajya Sabha) and Chairman of the 15th Finance Commission. Panelists included Dr. Arvind Panagariya, Chairman of the 16th Finance Commission, Shri Ajay Seth, Secretary, Department of Economic Affairs, and Dr. Prachi Mishra, in her capacity as a research leader in macroeconomic policy.
Dr. Panagariya, a respected economist and former Vice Chairman of NITI Aayog, provided an overview of India’s recent growth performance. He noted that although the COVID-19 pandemic triggered a historic contraction of -5.6 percent, the Indian economy demonstrated a strong rebound. Growth reached 9.7 percent in 2021–22, followed by 7.6 percent in 2022–23. The provisional estimate for 2023–24 stands at 9.2 percent, while the advance figure for 2024–25 is projected at 6.4 percent.
Reflecting on these numbers, Panagariya noted that, “We came out of the COVID downturn with an unexpectedly sharp recovery. The rebound confirms the underlying resilience in the economy and the effectiveness of macroeconomic stabilisation strategies.”
He also addressed India’s aspirational goal of becoming a developed nation by 2047 — a vision termed Viksit Bharat, set to coincide with the centenary of independence. Dr. Panagariya explained that reaching developed status would require India to raise its per capita income to around $14,000. To get there, the country would need to sustain a 7.3 percent annual growth rate in per capita terms for the next 24 years.
“It is a realisable ambition,” he said, “but one that demands consistent reform, private sector development, and urban-led transformation across states.”
The session also turned to fiscal federalism and inter-state disparities. Dr. Panagariya pointed to Bihar as a case study in slow growth, noting that while the state has seen some positive trends in recent years, it continues to lag behind more industrialised regions such as Karnataka. He emphasised the importance of fiscal transfers and encouraged renewed focus on private investment and targeted infrastructure for high-impact areas.
Ajay Seth, representing the Ministry of Finance, reinforced the need for macro-financial stability. He acknowledged that inflationary trends have eased, but stressed that India’s medium-term fiscal roadmap still requires bold policy choices and enhanced state-level cooperation.
Justice V. Ramasubramanian, former Judge of the Supreme Court of India, spoke in the second panel focused on regulation. He discussed the changing role of judicial interpretation in policy formulation and enforcement. “We live in an era where content is abundant, but comprehension is fading,” he said. “As a society, we must move from passive reading to critical thinking.”
The regulatory panel also featured Dr. K.P. Krishnan, former Secretary to the Government of India and Distinguished Fellow at ICPP, Smt. Anuradha Thakur, Additional Secretary, Ministry of Corporate Affairs, and Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India.
Dr. Raghuvanshi spoke about the ongoing balance between encouraging pharmaceutical innovation and maintaining public safety. He mentioned that regulatory agility is key, especially in post-pandemic India where the drug approval ecosystem must evolve rapidly to match scientific progress.
Day 1 concluded with a reaffirmation of ICPP’s mission. Established through a grant from the Ajit Isaac Foundation, founded by Ajit Isaac and Sarah Isaac, the Isaac Centre is focused on collaborative public policy work. Its ambition is to act as a bridge between researchers, practitioners, and policymakers.
ICPP’s agenda includes workstreams on labour and employment, fiscal policy, gender inclusion, healthcare, and rural transformation. It is positioning itself as a non-partisan think tank with real-world implementation goals.
The conference will continue on May 3, covering the role of agriculture in economic transformation, employment trends, and how advanced states can drive India’s composite growth.
At Prittle Prattle News, featuring you virtuously, we continue to document long-term strategic shifts that shape India’s development journey. This forum provided a snapshot of where India stands, and where its institutions hope to go in the next two decades.
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