Economic Resilience Must Go Hand in Hand With Social Resilience: Vice-President

New Delhi, October 3, 2026: Vice-President C. P. Radhakrishnan on Saturday called for economic policies that are resilient, inclusive and responsive to rapid global changes, stressing that economic resilience cannot be separated from social resilience.

Addressing the inaugural session of the 5th Kautilya Economic Conclave in New Delhi, organised around the theme “Resilience in an Age of Flux”, Radhakrishnan said policymaking must remain closely connected to ground realities and adapt to changing circumstances.

Referring to the legacy of the Institute of Economic Growth (IEG), he said the institution, established in 1952 under economist V. K. R. V. Rao, has remained closely associated with India’s development journey. He emphasised that sound policymaking requires a clear understanding of realities on the ground and the flexibility to respond to emerging challenges.

The Vice-President also highlighted the importance of consensus in times of uncertainty. While debate and discussion are essential to democracy, he said they should ultimately contribute to decisions that enjoy broad acceptance. As Chairman of the Rajya Sabha, he stressed that transparent debate strengthens democratic institutions and that rights must be accompanied by responsibilities.

Radhakrishnan said India’s experience demonstrates that democracy and development can progress together. He linked consensus-building with the durability of economic reforms and said the experience provides a foundation for the vision of a developed India by 2047.

Highlighting financial inclusion, he pointed to initiatives such as the JAM trinity, Direct Benefit Transfer and the Goods and Services Tax as important contributors to transparency, formalisation and wider participation in the economy. According to figures cited in his address, more than 590 million Jan Dhan accounts had been opened by August 2026, while GST registrations increased from around 6.65 million in 2017 to 16.5 million in May 2026.

The Vice-President said inclusion should not be limited to bringing people into the formal economy but should also enable them to generate income, create value and become entrepreneurs. He highlighted around 9.2 million Self-Help Groups involving more than 100 million rural women and the emergence of more than 34.6 million Lakhpati Didis.

He said the growing participation of women in education and economic activity reflected a broader shift towards women-led development. Resilience, he added, is strengthened not only through financial markets and institutions but also when people in rural areas gain access to banking, government benefits and opportunities to build enterprises.

Radhakrishnan also stressed the importance of ensuring that every State, district and village becomes a partner in India’s development process. He cited the movement of more than 250 million people out of extreme poverty as a major achievement and underlined the need for broad-based development.

Calling for greater collaboration between research and academic institutions, he welcomed partnerships involving the University of Delhi, Delhi School of Economics, London School of Economics and the Institute of Economic Growth. He said such cooperation could strengthen research, education, innovation and entrepreneurship alongside India’s expanding trade engagements.

Concluding his address, the Vice-President said India’s resilience would depend on embracing change with confidence, inclusion and collective effort. He expressed confidence that discussions at the Kautilya Economic Conclave would contribute to India’s long-term development goals.

IEG President N. K. Singh, Chairman of the IEG Board of Governors Dr Michael Debabrata Patra and other dignitaries attended the event.