Vice President calls for inclusive growth, policy flexibility amid global uncertainty

New Delhi, Oct 3: Vice President C. P. Radhakrishnan Saturday delivered the inaugural address at the 5th Kautilya Economic Conclave in New Delhi, organised on the theme “Resilience in an Age of Flux.”
Addressing policymakers, economists, academics, business leaders and other distinguished participants, he highlighted the need for resilient, inclusive and responsive economic policies amid rapid global changes.
Referring to the legacy of the Institute of Economic Growth (IEG), the Vice President said the Institute has remained closely connected with India’s development journey since its establishment in 1952 under Professor V. K. R. V. Rao. He emphasised that sound policymaking must be grounded in an understanding of ground realities, with policies remaining flexible and responsive to changing circumstances.
Radhakrishnan said that in times of flux, decisiveness must be embedded in consensus. Debate and discussion are integral to democracy, he said, but must ultimately lead to decisions that command broad acceptance. As Chairman of Rajya Sabha, he noted that free and transparent debate strengthens democracy, while rights and duties must go hand in hand.
The Vice President said India has demonstrated that democracy and development can advance together. India’s economic growth and inclusive progress have been achieved within a democratic framework, while consensus-building has given economic reforms greater durability and sustainability. He said this experience provides an important foundation for the vision of a Viksit Bharat by 2047.
Emphasising that economic resilience cannot be separated from social resilience, the Vice-President highlighted the transformative role of the JAM trinity, Direct Benefit Transfer and GST in strengthening financial inclusion, transparency and formalisation. He noted that more than 590 million Jan Dhan accounts had been opened as of August 2026, while GST registrations had risen from around 6.65 million in 2017 to 16.5 million in May 2026.
Radhakrishnan said inclusion must go beyond bringing people into the formal economy and must enable people to create value, generate income and become entrepreneurs. He highlighted the contribution of around 9.2 million Self-Help Groups covering more than 100 million rural women, and the emergence of over 34.6 million Lakhpati Didis. He said the growing participation of women in education and the economy reflects India’s transition from women’s empowerment to women-led development.
The Vice President emphasised that resilience is built not merely in boardrooms and financial markets, but also when a woman in a village has a bank account, receives benefits directly, enters the formal economy and transforms a Self-Help Group into an enterprise. He said that more than 250 million Indians have moved out of extreme poverty, describing it as a historic achievement, and stressed that every State, district and village must be an equal partner in India’s development journey.
Calling for stronger research and institutional partnerships, Radhakrishnan welcomed collaborations among the University of Delhi, Delhi School of Economics, London School of Economics and the Institute of Economic Growth. He said such partnerships, along with India’s expanding trade engagements, can strengthen research, education, innovation and entrepreneurship.
Concluding, the Vice President said that India’s resilience will come “not from resisting change, but from embracing it with confidence, inclusion and a spirit of collective endeavour.” He expressed confidence that the deliberations at the 5th Kautilya Economic Conclave would contribute meaningfully to the national endeavour of building a developed India by 2047.
IEG President, Board of Trustees, N. K. Singh; Chairman, Board of Governors, IEG, Dr. Michael Debabrata Patra; and other dignitaries were present on the occasion.