New Delhi: The Institute of Objective Studies (IOS) organised a discussion on Saturday evening on “India and the Changing Multipolar World: Challenges and Opportunities—A Roadmap for the Sustainable Development of the Indian Economy,” bringing together prominent economists, academics and social scientists to examine the rapidly changing global economic and geopolitical order and its implications for India.
The discussion focused on how the emergence of a multipolar world is creating not only new centres of political power but also far-reaching changes in global production, trade, technology, finance and energy relations. Speakers underlined that India would have to strengthen its domestic economic foundations while simultaneously diversifying its international partnerships to navigate growing geopolitical rivalries, trade tensions, technological competition, supply-chain disruptions and protectionism.
The panel included distinguished economists Professor Surjit Bhalla, former Jawaharlal Nehru University economics professor Professor Arun Kumar, former Dean of the Faculty of Social Sciences at Jamia Millia Islamia Professor Naushad Ali Azad, Professor Amir Ullah Khan, Research Director at the Centre for Development Policy and Practice, Hyderabad, business economist Dr Romki Majumdar, and Islamic economist Dr Waqar Anwar.
The session was chaired by Professor Muhammad Afzal Wani, while Sheikh Nizamuddin served as moderator.
In his introductory remarks, IOS Secretary General Muhammad Alam said the world was undergoing a period of profound geopolitical and economic transformation. He pointed to strategic rivalries, armed conflicts, trade tensions, technological competition, supply-chain disruptions, energy insecurity and increasing protectionism as factors challenging assumptions about a stable global economic system.
Against this backdrop, he said, India’s emergence as a major economy offered significant opportunities but also posed formidable challenges. The key question, he suggested, was how India could convert its demographic strength, expanding domestic market, technological capabilities and strategic geographical position into sustainable, inclusive and resilient economic growth.
The discussion stressed that the emerging multipolar order was not simply about the rise of new political powers. It was also reshaping the architecture of global production, trade, finance, technology and energy. Economic interdependence, the speakers observed, was increasingly being viewed through the lens of national security and strategic competition.
Professor Surjit Bhalla highlighted the need for India to assess its economic performance against both other major economies and the country’s own enormous potential and long-term aspirations. He said India had demonstrated considerable economic resilience and had emerged as one of the world’s major growth centres.
However, he argued that India would need to substantially accelerate its growth rate if it was to realise its ambition of becoming a developed economy. Sustaining high growth, increasing investment, generating employment and raising productivity would be crucial, he said.
Bhalla also stressed the need to translate improvements in infrastructure, human capital and macroeconomic stability into faster and more sustainable economic expansion. Policy reforms and more effective utilisation of India’s demographic and economic potential, he maintained, would be essential.
The intervention raised a fundamental question about whether India was growing in accordance with its capabilities and aspirations. The challenge, therefore, was not merely to maintain economic growth but to ensure faster, broader and more productive growth.
Professor Arun Kumar approached the issue from the perspective of the structural weaknesses of the Indian economy. He cautioned against judging the health of the economy solely through aggregate macroeconomic indicators and emphasised employment, purchasing power, inequality, the informal sector and the condition of small and medium enterprises.
He argued that sustainable growth must benefit wider sections of society and cannot depend exclusively on a handful of sectors or large corporations. Broad-based employment generation, stronger domestic demand and greater support for productive sectors would be necessary to create a more balanced economy.
Professor Kumar underlined the close connection between economic growth, employment and equality. He called for greater investment, technological advancement and wider participation of the population in the development process.
Professor Naushad Ali Azad examined the relationship between economic development, social development and wider social transformation. He emphasised that economic policy could not be separated from education, human development, social justice and the empowerment of different sections of society.
Professor Amir Ullah Khan similarly stressed the importance of human development in determining India’s long-term economic prospects. Quality education, skill development, healthcare, employment and financial inclusion, he said, were critical to creating an economy capable of sustaining growth over the long term.
From the perspective of business and industry, Dr Romki Majumdar highlighted the growing importance of resilience, diversification and adaptability amid geopolitical tensions, supply-chain disruptions, technological transformation and volatility in international markets.
He stressed the need to improve India’s competitiveness by strengthening infrastructure, the investment climate, technological capabilities and the ease of doing business.
Dr Waqar Anwar brought an ethical and alternative economic perspective to the discussion. He emphasised values such as equity, social responsibility, fiscal prudence and the broader welfare of society in shaping a sustainable economic order.
He argued that the debate over economic growth should not be confined to GDP expansion. Equitable distribution of wealth, productive investment, financial inclusion and protection of vulnerable sections of society were equally important components of sustainable development.
In his concluding observations, Professor Muhammad Afzal Wani, Chairman of IOS, emphasised the need for sustained intellectual engagement with the economic and strategic challenges confronting India.
He said the transformation of the global system required India to formulate policies that were economically robust, socially responsible and responsive to rapidly changing international realities.
India’s development strategy, he stressed, needed to be comprehensive and long-term, with economic growth, technological advancement, human development, institutional strength, social cohesion and sustainability progressing together.
The discussion ultimately underscored that India’s opportunity in the emerging multipolar world would depend not only on the country’s ability to expand its global economic and strategic influence but also on its capacity to build strong domestic foundations. Inclusive growth, employment, human development, technological advancement and social cohesion were identified as key pillars of a sustainable roadmap for India’s economic future.
