10 August 2026 | NISM Campus, Patalganga

The National Institute of Securities Markets (NISM) hosted an insightful session by Dr. Michael Patra, Former Deputy Governor, Reserve Bank of India (RBI), who engaged with students on India’s economic journey, growth trajectory, and future prospects.

The session provided students with valuable perspectives on India’s transformation since Independence and its growing role in the global economy. Dr. Patra highlighted that India has emerged as one of the fastest-growing major economies and has strengthened its position through a diversified manufacturing sector and a globally competitive services sector.

He also emphasised the importance of looking beyond Gross Domestic Product (GDP) when assessing economic development. Employment, productivity, living standards, and the overall quality of economic growth are equally important indicators of a nation’s progress.

Key themes discussed during the session included:

• India’s Economic Journey:India’s transformation since 1947 and its emergence as the world’s fifth-largest economy in 2022.

• Growth Beyond GDP:The importance of evaluating economic progress through employment, productivity, living standards, and other development indicators.

• Purchasing Power Parity (PPP):Understanding the real purchasing capacity of individuals across economies and India’s advancement to the world’s third-largest economy on a PPP basis.

• Demographic Dividend:The opportunities presented by India’s large working-age population and the importance of quality education, skill development, employment, and productivity.

• Growth with Stability:The role of savings, investment, foreign exchange reserves, a stable external sector, and sound fiscal management in sustaining economic growth.

• Inflation and Geopolitical Risks:The impact of global developments and strategic trade and energy routes on inflation, transportation costs, and economic stability.

• Future Drivers of Growth:The importance of a skilled workforce, global manufacturing capabilities, green economic transition, and emerging technologies in shaping India’s future productivity.

The session also reflected on the economic and human impact of the COVID-19 pandemic and the importance of retaining institutional and societal lessons from such major disruptions.

The address provided students with a comprehensive understanding of India’s economic strengths, emerging challenges, and future opportunities. The session concluded on an optimistic note, highlighting India’s potential to play an increasingly significant role in the global economy in the coming decades.