India at 75: Replete with Contradictions, Brimming with Opportunities, Saddled with Challenges
审视印度经济现状，指出城乡、正规与非正规部门间的矛盾，探讨数字金融扩展的机遇，揭示工业集中度上升的成因与影响，并提出恢复工业与宏观经济平衡的政策建议。
ABSTRACT: I present a perspective on where the Indian economy stands right now. I acknowledge the contradictions that have arisen given the divergent growth path of urban, formal or (stock-market) listed India relative to rural, informal or unlisted India. I also focus on the country's immense opportunities in expanding the digital footprint of finance to last-mile borrowers. I present novel facts on the rising industrial concentration, drawing out its historical evolution, the channels that have caused it to rise recently, and its implications for product price markups and inflation. I recommend that to restore industrial balance, India increase overall competition by reducing import tariffs and reduce the pricing power of its largest conglomerates. I also propose that to restore macroeconomic balance, India reduce fiscal deficit and public sector borrowing requirements as well as rein in inflation, address gaps in skills and education, and restore female labor force participation.