India Must Learn From China & Unleash Private Investment: Neelkanth Mishra

In a thought-provoking discussion on the ANI Podcast with Smita Prakash, Neelkanth Mishra, Chief Economist at Axis Bank, argues that India's next phase of economic growth will depend on bold reforms, stronger domestic demand and significantly higher private-sector investment.

Mishra highlights how several states, including Andhra Pradesh and Uttar Pradesh, are already implementing reforms aimed at attracting investment, easing land-use restrictions and expanding economic activity. He suggests that many of India's most important economic reforms are taking place at the state level and often receive less national attention than they deserve.

According to Mishra, governments alone cannot generate the scale of investment required to transform India's economy. Instead, the private sector must play the leading role, with governments acting as facilitators rather than direct participants. He argues that reducing regulatory hurdles, encouraging competition and accelerating infrastructure, housing and commercial development are essential for sustaining high growth.

Drawing lessons from China's rapid economic expansion, Mishra says India must be willing to embrace ambitious reforms and create conditions for large-scale capital formation. He estimates that as India moves from a $4 trillion economy towards a $20 trillion economy, the overwhelming majority of growth will have to come from domestic demand rather than exports. Watch the full conversation to understand the reforms, investments and policy choices that could shape India's economic future