Recommended by: Rasananda Panda

Few economists have had as profound an impact on India’s economic policymaking as Shankar Acharya. A key architect of economic reforms, Acharya’s influence spans decades—from shaping the long-term fiscal policy to guiding macroeconomic strategies as chief economic advisor under multiple governments. His insights have played a crucial role in steering India through major economic transitions. A Festschrift in honour of Shankar Acharya was long overdue. A World in Flux: India’s Economic Priorities aims to fill this gap.

This Festschrift brings together essays that examine the evolving global economic landscape and India’s policy imperatives. Divided into two parts—global dynamics and the Indian context—the volume explores critical issues such as global trade shifts, climate change, digital transformation, urbanization, and the future of India’s labour market, among others.

Offering deep analysis and actionable insights, this book is an essential resource for policymakers, economists, and anyone interested in India’s economic trajectory.

Contents:

Introduction
Section 1: Global Dynamics
Martin Wolf
Whither the World Economy? Implications for India
Amita Batra
The Global Trade Reset in the 2000s and India's Trade Policy Priorities
Montek Singh Ahluwalia
Climate Change in India: An Agenda for the Next 10 Years
Emmanuel Jimenez
People Power: Human Capital Development in India and Other Asian Economies
Roberto Zagha
Latin America's Failure to Catch Up: The Examples of Argentina and Brazil
Shyam Saran
Moving China from the Margins to the Centre of Global
Finance
Ajay Chhibber
Reforming the Bretton Woods Institutions for the Twenty - First Century
Section II: India: The Domestic Economy
Sajjid Z. Chinoy
Getting Rich before Getting Old: India's Macroeconomic Imperatives in a Post - Pandemic World
Michael Debabrata Patra
Monetary Policy Challenges and Choices in Heightened Uncertainty
Sudipto Mundle and Manish Gupta
Fiscal Performance in a Soft State: A Review of Central and
State Government Finances in India
Radhicka Kapoor
India's Quest for Productive Employment and the Role of
MSMEs
Rakesh Mohan
Indian Urbanization Is Slowing Down: What Can Be Done about It?
Deepak Mishra and Mansi Kedia
Digitalization and Development: India's Journey from the Backwaters to the High Seas of Digital Revolution
Priorities for Indian Agriculture: A Case for Cooperative Federalism to Improve Incomes and Livelihoods
A.K. Bhattacharya
Waiting for Consensus: How India's Political Economy Impacts Its Economic Reforms