VICE-PRESIDENT C P Radhakrishnan on Saturday underlined the importance of consensus and inclusivity, saying India could call itself a developed economy only if its development was inclusive.

Speaking at the inauguration of Kautilya Economic Conclave, 2026, Radhakrishnan said India was moving towards becoming a developed economy and that development should reach every section of society.

“We can call ourselves a developed economy if it is an inclusive development of everyone,” he said.

Story continues below.
Subscribe to see fewer ads.

He emphasised the importance of policymakers understanding the ground realities of both micro and macroeconomic situations, saying China had understood the same.

“If we understand the ground realities of the village, we can know what we should do for the development of that village… When you want to make macroeconomic policies, then you have to understand the ground realities of the globe. That is where the success story of the Chinese is well-established. They understand the ground realities of both, and they have brought their nation to be the second largest economy of the world…Policymakers should always understand the ground realities…”

Speaking of the challenges being faced by economies today, he said consensus was important.

“In these times of flux, we need decisiveness embedded in consensus. We have to debate, we have to discuss and we have to come to a conclusion that is acceptable to everyone.”

Story continues below this ad

Referring to the reforms undertaken by the Narendra Modi government over the past decade, including Jan Dhan accounts, direct benefit transfer and Goods and Services Tax, he highlighted financial inclusion.

“History proves the process of consensus-building helps reforms go forward…The process may sometimes be gradual and sometimes we may lose our patience also, but we should never show it outside… India’s experience of the last decade shows how inclusiveness is important… Inclusion can itself become an instrument of resilience,” he said.