Growth Is Discovery, Not Design — Why Firms Build Economies Ft. Ajay Shah | Growth is Good | Ep 25

Innovation, Export Discipline & Why India Must Never Waste a Crisis | Prachi Mishra | Ep 27

What does it actually take for India to become a high-income economy?In this episode of Growth is Good, Rahul sits down with Prachi Mishra — one of India's most respected economists, with stints at the IMF, Goldman Sachs, and the RBI. She now leads the Isaac Center for Public Policy at Ashoka University. One of the most wide-ranging conversations on India's economic future we've had on the show.

Inside India’s Growth Strategy With the Chief Economic Advisor | Growth is Good | Ep 26

In this episode of Growth is Good, Rahul sits down with Dr. V. Anantha Nageswaran — India's Chief Economic Advisor — for a candid, wide-ranging conversation on what it will really take for India to grow.From the "missing middle" in India's manufacturing to why 30-year-old policy prescriptions are still relevant today, Dr. Nageswaran brings together decades of thinking — as a scholar, investor, author, and now India's top economic policymaker.About Dr. V. Anantha Nageswaran:Dr. Nageswaran is India's Chief Economic Advisor and co-author of "Can India Grow?" He has taught at several leading institutions, and previously worked in investment management across the US, Switzerland, and Singapore.Growth is Good is a podcast by the Foundation for Economic Development exploring the ideas, people, and policies behind India's growth story.📌 Subscribe for more conversations with India's leading economic minds.🔔 Turn on notifications so you never miss an episode.

Growth Is Discovery, Not Design — Why Firms Build Economies Ft. Ajay Shah | Growth is Good | Ep 25

Ajay Shah is back! And this time, he's going granular.In this episode of Growth is Good, Rahul Ahluwalia and Ajay Shah break down why firms — not policies, not savings rates, not grand macroeconomic plans — are the true unit of economic growth. GDP is just the sum of value added by every firm in the country. Ajay lays out 4 pillars that determine whether a society produces great firms or squanders its people's energy, the 3 rooms of R&D in India, why shell companies aren't all hera pheri and why India's tax-to-GDP ratio is less alarming than we think.0:00 [https://www.youtube.com/watch?v=cFiAEjVimno]- The world will keep throwing stuff at you teaser0:55 [https://www.youtube.com/watch?v=cFiAEjVimno&t=55s]- Welcome back: Ajay Shah's second appearancePart 1 — Why firms are the entire economy2:08 [https://www.youtube.com/watch?v=cFiAEjVimno&t=128s]- GDP is just the sum of all firm value added3:23 [https://www.youtube.com/watch?v=cFiAEjVimno&t=203s]- Value added explained: from ball bearings to engines4:39 [https://www.youtube.com/watch?v=cFiAEjVimno&t=279s]- Every productive unit — even one farmer — is a firm5:59 [https://www.youtube.com/watch?v=cFiAEjVimno&t=359s]- Think one firm at a time: micro foundations of macro6:28 [https://www.youtube.com/watch?v=cFiAEjVimno&t=388s]- Incentives: what conditions make firms emerge?Part 2 — Entrepreneurship & what firms are made of7:14 [https://www.youtube.com/watch?v=cFiAEjVimno&t=434s]- What does an entrepreneur actually need?7:59 [https://www.youtube.com/watch?v=cFiAEjVimno&t=479s]- The magic of entrepreneurship: energy, not capital8:45 [https://www.youtube.com/watch?v=cFiAEjVimno&t=525s]- Story: Dhirubhai Ambani, petrol pump to Reliance9:41 [https://www.youtube.com/watch?v=cFiAEjVimno&t=581s]- Narayan Murthy, Infosys, and the art of doubling11:28 [https://www.youtube.com/watch?v=cFiAEjVimno&t=688s]- Even standing still is incredibly hard11:57 [https://www.youtube.com/watch?v=cFiAEjVimno&t=717s]- The 6% profit reality: the math of running a firm13:13 [https://www.youtube.com/watch?v=cFiAEjVimno&t=793s]- Capitalism: dynamic and constantly contested14:05 [https://www.youtube.com/watch?v=cFiAEjVimno&t=845s]- Every transaction is a vote14:49 [https://www.youtube.com/watch?v=cFiAEjVimno&t=889s]- Firms are rated every single day — elections aren'tPart 3 — Productivity, GDP and how to grow both15:59 [https://www.youtube.com/watch?v=cFiAEjVimno&t=959s]- Productivity dispersion: not all firms are equal17:22 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1042s]- India's casual worker earns ₹1.2 lakh a year17:37 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1057s]- Two ways to grow GDP: reallocation and improvement20:40 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1240s]- New firms vs better firms: both are goodPart 4 — The history and boundaries of the firm21:06 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1266s]- Why did firms even emerge? A brief history21:42 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1302s]- Ships to India, the industrial revolution, and Coase25:16 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1516s]- Shell companies, legal engineering, and piece-rate production27:33 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1653s]- Are shell companies just hera-pheri?28:35 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1715s]- State legibility vs firm productivity: they're incompatiblePart 5 — The state, rules, and what goes wrong29:53 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1793s]- When states change rules mid-game30:43 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1843s]- Growth is discovery, not design32:17 [https://www.youtube.com/watch?v=cFiAEjVimno&t=1937s]- India's tax-GDP ratio: time to be less hysterical33:47 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2027s]- The cost of trying to eliminate all type-2 error34:43 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2083s]- The SEBI insider trading absurdity36:32 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2192s]- Is insider trading actually a serious crime?36:54 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2214s]- Insider trading brings prices closer to the truth37:45 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2265s]- Prediction markets and the value of private informationPart 6 — The 4 pillars that build great firms38:29 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2309s]- What actually creates conditions for great firms?39:59 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2399s]- Leadership must commit to the madness of building lead-in42:36 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2556s]- Pillar 1: Safety from expropriation P147:04 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2824s]- Pillar 2: Globalization — the most powerful engine P247:39 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2859s]- Why competing abroad is the best meritocracy49:05 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2945s]- Why don't Indian firms invest in R&D?49:42 [https://www.youtube.com/watch?v=cFiAEjVimno&t=2982s]- The 3 rooms of R&D in India52:49 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3169s]- India's two-wheeler global success — and its limits55:36 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3336s]- Rooms 1 and 2 don't need large R&D spend56:25 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3385s]- Pillar 3: Creative destruction and the IBC P31:00:18 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3618s]- Firm death is normal, healthy, and necessary1:01:09 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3669s]- Pillar 4: Finance as the brain of the economy P41:03:43 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3823s]- Summary: the 4 pillars — and what India must build1:04:46 [https://www.youtube.com/watch?v=cFiAEjVimno&t=3886s]- ClosingAjay Shah is a researcher, former government advisor, and author of 'In Service of the Republic.' This is his second appearance on Growth is Good — back by popular demand.References & Recommended Reading: The short history of global living conditions and why it matters that we know it (Max Roser) https://ourworldindata.org/a-history-... [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbVlkZ1lmR1J0QmpCTTZBRlRWZ2M5bC13RU16UXxBQ3Jtc0tsNTh2TUtXVkg4RHFhVTY4ZnRCZkc4U1RVd0NCMHgwdTl1RFdjcEFtQ0pxaW95a1MyRE5TcUlEMjRvWkxwb3U3OWR2NFNSNkRaYzNObnZfRHYtRlpmOXg4N0VFT1hBekxDWUEyN0RlSExKVjRTNlliZw&q=https%3A%2F%2Fourworldindata.org%2Fa-history-of-global-living-conditions&v=cFiAEjVimno] Economic growth is enough and only economic growth is enough (Lant Pritchett)https://lantpritchett.org/wp-content/... [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa0REUjQ5X2MxM1lyWll2X1c5V0tRTHF3dnlvQXxBQ3Jtc0tsUldKRDh1S212YnJTdWRwSkFrbEFBSGtVN1p6dV9FZ3ZsZzhEZDJZbVhad01WcGpIMVJ2MGh4elpaQXRjbWFydzdlYlExVlJfVmxKcmZ0WVMyZnBHQmljQnVGWG1tOEIxYS1QRnFmX3BtNGRCajNONA&q=https%3A%2F%2Flantpritchett.org%2Fwp-content%2Fuploads%2F2022%2F05%2FBasics-legatum-paper_short.pdf&v=cFiAEjVimno]The Case for Economic Growth as the Path to Better Human Wellbeing (Lant Pritchett) https://lantpritchett.org/wp-content/... [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjFra1ZCQ21tUm90a1paRDFsbHhFY1VqdGtXd3xBQ3Jtc0trNXNuRUs0SThIaGtWUUdNbE90cGlESmloQzJidGhDb1hubWZJcmhHUFFHUGt4OVRvUFlEYmxYZUxSZ2JLMXlWNWRxZFVoaE5vWkFzU3hlSDhqcXBjRWpyMmZvU3V6M2ctNGJLVjVCbXVpLUx1MEZQcw&q=https%3A%2F%2Flantpritchett.org%2Fwp-content%2Fuploads%2F2024%2F10%2FEconomic-Growth-first-complete-draft.pdf&v=cFiAEjVimno]

How a Left Leaning Young Man Became One of India's Leading Reformers | Ep 24 | Dr Rakesh Mohan

In this episode of Growth is Good, Rahul Ahluwalia speaks with Dr. Rakesh Mohan — former Deputy Governor of the RBI, former Executive Director at the IMF, and one of the key policy minds around India’s 1991 reforms. This is a grounded, insider account of how reforms actually happen — and why they are harder than we think.Watch till the end for Dr. Mohan’s reflections on how policy thinking in India evolved — and what the next generation must learn. Also available on YouTube: Subscribe to Our Newsletter:

Why Enforcing a Contract Is So Hard in India Ft. Anand Kumar| Ep 23 | Growth is Good

In this episode of Growth is Good, Rahul Ahluwalia is joined by Anand Prasad, co-founder of Trilegal, for a wide-ranging conversation on India’s legal system, economic growth, and the incentives that quietly shape how business actually works.Anand traces his journey from becoming a lawyer just after liberalisation to building one of India’s most influential corporate law firms. From there, the conversation moves into deeper questions:• Why breach of contract has become a “resource” rather than a deterrent• How delays, litigation, and weak enforcement slow down deal-making• Why technology alone can’t fix government systems without changing incentives• The role of culture — from “milord” courtrooms to the chalta-hai mindset• How regulation, corruption, and premature imitation shape everyday business decisionsUsing examples ranging from power sector reform to the pakoda-thela economy, this episode explores why India’s economy continues to function despite systemic friction — and what real reform would actually require.A candid, experience-driven conversation on law, incentives, culture, and growth.