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MARCH 2026

In this context, the March 2026 edition of CII ARTHA evolving economic structure, emerging evidence of a
places the spotlight on India’s evolving foreign direct revival in the private capital expenditure cycle, and
investment landscape and its broader implications for trends in corporate sector performance. An article on
growth, competitiveness, and economic “India’s Missing Women Workers: The Participation Gap
transformation. The focus story brings together and the Policy Fix” underscores the importance of
diverse and authoritative perspectives that raising female labour force participation as a driver of
collectively examine both the progress made and the inclusive growth, while briefly outlining the structural and
strategic priorities ahead. Shri Amardeep Singh policy constraints that continue to limit workforce entry.
Bhatia, Secretary, Department for Promotion of
Industry and Internal Trade, Ministry of Commerce Recognising the growing importance of subnational
and Industry, presents a comprehensive overview of dynamics, the State of States section examines state
India’s FDI trajectory, detailing the evolution of policy finances and their evolving fiscal position, alongside the
frameworks, sectoral liberalisation, and investment role of states as engines of export growth.
facilitation mechanisms. Mr N. Venkatram, Part-time
Member, SEBI and Country Chair, CDPQ India, The Global Trends section situates these developments
provides his perspective on attracting and managing within the broader context of an evolving world
international investment, emphasising the importance economy, characterised by transition, fragmentation,
of regulatory certainty, institutional coordination, and and recalibration. It presents key trends in growth, trade,
investor-centric governance frameworks. Dr Dipesh and inflation across major economies, including the
Shah, Executive Director, International Financial United States, China, the European Union, the United
Services Centres Authority (IFSCA), examines the Kingdom, and Japan.
strategic role of GIFT City-IFSC in positioning India
within global financial networks, elaborating on A particularly important contribution is the discussion
regulatory innovations, product development, and the on “Bridging the Gap Between Trade Agreements and
enabling ecosystem required to efficiently channel Trade Outcomes in India” by Mr Sanjeev Krishan,
international capital flows. The section also presents
an analysis of FDI inflows to India in the context of Chairperson, PwC India. The article provides a rigorous
examination of the persistent disconnect between
evolving global investment trends and domestic negotiated trade agreements and realised export
structural factors.
outcomes, highlighting structural bottlenecks such as
limited firm-level competitiveness, underutilisation of
Strengthening India’s economic security has emerged preferential market access, and gaps in trade facilitation.
as a critical priority in an increasingly uncertain global It also emphasises the need for stronger institutional
environment. In this context, article, “Strengthening coordination, improved implementation frameworks,
India’s Economic Security: Time to Broaden the and complementary domestic reforms to ensure that
Conversation” by Mr R. Dinesh, Past President and trade agreements translate more effectively into
Chairman-Economic Affairs Council, CII, calls for a export gains.
broader and more comprehensive approach, outlining
a five-pillar framework spanning resource security, We trust that this edition of ARTHA will provide valuable
supply chains, financial stability, domestic resilience, insights and contribute meaningfully to the ongoing
and external partnerships. This also sets the thematic discourse among policymakers, industry leaders, and
foundation for the next issue of ARTHA.
researchers as they collectively shape India’s
economic future.
The Domestic Trends section addresses several
critical issues shaping India’s near-term economic
trajectory. The article on “Dealing with the West Asian
Turmoil” by Mr A. K. Bhattacharya, Editorial Director
of Business Standard, provides a detailed analysis of
geopolitical developments in the region and their
implications for India’s energy security, trade flows,
inflation dynamics, and external sector stability. The Chandrajit Banerjee
section also presents a broader assessment of India’s
Director General, CII

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