India can be called a developed economy if development is inclusive: V-P C P Radhakrishnan

On Saturday, Vice-President C P Radhakrishnan highlighted the significance of consensus and inclusivity, asserting that India could only be considered a developed economy if its development was inclusive. Addressing the Kautilya Economic Conclave 2026, Radhakrishnan stated that India was progressing towards becoming a developed nation and that development should permeate all segments of society. "We can call ourselves a developed economy if it is an inclusive development of everyone," he emphasized.

Radhakrishnan stressed the crucial role of policymakers in grasping both micro and macroeconomic realities, drawing parallels with China's approach. "If we understand the ground realities of the village, we can know what we should do for the development of that village... When you want to make macroeconomic policies, then you have to understand the ground realities of the globe," he explained.

He attributed China's success to its comprehensive understanding of local conditions, which has positioned the country as the second-largest economy globally.

Addressing contemporary economic challenges, Radhakrishnan underscored the importance of consensus, stating that while debate and discussion are essential, a decisive outcome acceptable to all is necessary during times of flux. He referenced India's recent reforms, such as Jan Dhan accounts, direct benefit transfer, and the Goods and Services Tax, as evidence of financial inclusion.

"History proves the process of consensus-building helps reforms go forward... The process may sometimes be gradual and sometimes we may lose our patience also, but we should never show it outside... India’s experience of the last decade shows how inclusiveness is important... Inclusion can itself become an instrument of resilience," he concluded.