Overview

Former Chief Economic Adviser Dr. Arvind Subramanian delivered the 2026 B.R. Shenoy Memorial Lecture on July 18, 2026, organised by the Centre for Civil Society (CCS) in association with the Economics Research Centre (ERC). The lecture, themed “Yes, Yes and Mostly Yes,” was conducted online via Zoom and concluded with an interactive question‑and‑answer session.

Core Message

Subramanian argued that the period of economic liberalisation had been a major driver of India’s expansion, poverty reduction, and improvements in education, healthcare and infrastructure. He warned that recent policy shifts represent a departure from that framework and called for a renewed emphasis on market‑oriented reforms. He identified declining private investment as a key challenge and recommended completing pending structural reforms, expanding openness to global trade, and creating an environment conducive to productivity‑led growth.

Specific Policy Recommendations

  • Replace fertilizer and electricity subsidies with Direct Benefit Transfers (DBTs) to enhance the efficiency of public spending.
  • Review the increasing use of Quality Control Orders (QCOs), which he said have heightened compliance burdens for businesses.
  • Re‑embrace openness to trade and finish the reforms that were initiated in earlier liberalisation phases.

Strategic Rationale

Subramanian emphasized that sustained high economic growth, specifically a target of 10% growth, would be the most effective foreign policy tool for strengthening India’s international influence.

Context of the Lecture Series

The B.R. Shenoy Memorial Lecture commemorates economist Prof. B.R. Shenoy, a proponent of market‑oriented policies in the early decades after Independence. The annual series convenes economists and public‑policy experts to discuss contemporary economic issues. Previous speakers have included Prof. Arvind Panagariya, Dr. Pravin Krishna, Dr. Surjit Bhalla, Dr. Duvvuri Subbarao, Dr. Montek Singh Ahluwalia, Dr. Bibek Debroy, Dr. Parth J. Shah and Dr. Geeta Gouri.

Publication Details

The organisers announced that a recording of the lecture will be uploaded to the Centre for Civil Society’s YouTube channel in the coming week. Additional information about the organisers and past speakers is available at www.ccs.in.