Varanasi: As a co-host of all G20 Finance Track Meetings including 4th Sustainable Finance Working Group meeting, the Reserve Bank of India, Lucknow organised a symposium on Contemporary Narratives on Indian Economic Thoughts at Banaras Hindu University on Thursday. RBI Lucknows regional director Dr Balu Kenchappa welcomed participants and mentioned that the symposium was organised in the backdrop of Indias G20 Presidency, celebrating the nations rich cultural heritage while fostering intellectual discourse on economic insights that transcend borders. It underscored the ancient Indian story of economic and fiscal policy, governance, public policy, and Indian Jurisprudence. Referring the great economic sutra of G20 Vasudhaiva Kutumbakam (world is a family), he highlighted the importance of collective efforts enshrined in One Earth, One Family and One Future and its role in fostering global economic growth. In his address Chancellor of Swami Vivekananda Yoga Anusandhana Samsthana (S-VYASA) University, Bengaluru Dr H R Nagendra exhorted as to how the ancient Indian economic ideas have been providing a deeper insight into Indias culture, tradition, and inherent national characteristics. He emphasized how the synergy of politics, ethics, and economics with the Vedas, Arthasastra, the Ramayana and Mahabharata, Manusmriti, Sukraniti, and several other ancient Indian texts, have skilfully and holistically contributed to the nations growth and wellbeing.Department of Economic Policy and Research, RBI, Mumbai director Dr Ashutosh Yashwant Raravikar, traversed through the history of RBI and its path to prosperity. Dr Manjusha Pandharinath Kulkarni, Administrative officer, Deputy Chief Ministers Secretariat, Maharashtra gave anecdotal insights concerning the originality of Kautilyas Arthashastra and expressed her views on the contemporary relevance of its principles. A panel discussion on Dilemmas in Balancing Gross Domestic Product and Gross National Happiness- Learnings from Ancient Texts witnessed participation of academicians. Around 250 students and teachers participated in the program. Going forward, the discussions and deliberations of the symposium are bound to create self-sustaining platforms for discourse and discussions on the subject matter and build wider interest and competencies amongst the participants. We also published the following articles recentlyTribals need neoliberal, economic paradigms for sustainable devptA three-day seminar on Tribal Economy aimed at discussing alternative economic models for tribal communities was held in Ranchi. Experts and scholars emphasized the potential of traditional practices such as collective work and sharing meals together, which prioritize community well-being. They also highlighted the disparities between capitalist development and tribal aspirations, advocating for a shift in production structures and conservation over consumerism. The seminar aimed to empower tribal communities and align with their cultural values and sustainability goals, exploring collectives and adopting property ownership patterns from tribal societies.Game changer: Exporters on economic corridor proposalThe G20 Summit has made a landmark decision to establish an economic corridor linking India with Europe via the Middle East. This decision is expected to significantly reduce logistics costs and transit time for containers, benefiting exporters in Ludhiana, particularly those in the garment and textile industry. Currently facing tough competition from Bangladesh and Sri Lanka, exporters in Ludhiana hope that the corridor will give them an edge by reducing freight charges and allowing them to lower their selling prices. Additionally, the corridor is expected to increase export sales by cutting delivery time in half.Why countries like India are copying Chinas economic modelChina has surpassed India in terms of per-capita income and technological advancements, becoming a global tech leader in various fields. Chinas Belt and Road Initiative has created extensive infrastructure across continents, while its economic model of combining political autocracy with competitive markets has been emulated worldwide. The West, including the US and Europe, is now adopting similar strategies, with President Joe Biden proposing substantial subsidies for strategic industries. This shift towards industrial policy and increased safeguards is fragmenting the world economy and slowing global growth. India is also following the Chinese economic model with increased tariffs and subsidies.

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