I present a perspective on where the Indian economy stands right now. I acknowledge the contradictions that have arisen given the divergent growth path of urban, formal or (stock-market) listed India relative to rural, informal or unlisted India. I also focus on the country's immense opportunities in expanding the digital footprint of finance to last-mile borrowers. I present novel facts on the rising industrial concentration, drawing out its historical evolution, the channels that have caused it to rise recently, and its implications for product price markups and inflation. I recommend that to restore industrial balance, India increase overall competition by reducing import tariffs and reduce the pricing power of its largest conglomerates. I also propose that to restore macroeconomic balance, India reduce fiscal deficit and public sector borrowing requirements as well as rein in inflation, address gaps in skills and education, and restore female labor force participation.

我提出了对印度经济目前状况的看法。我承认，鉴于印度城市、正规或（股票市场）上市的印度相对于农村、非正规或非上市的印度的增长路径存在差异，已经出现了矛盾。我还关注该国在将金融数字足迹扩展到最后一英里借款人方面的巨大机遇。我提出了关于产业集中度上升的新事实，描绘了其历史演变、导致其近期上升的渠道，以及它对产品价格上涨和通货膨胀的影响。我建议，为了恢复产业平衡，印度通过降低进口关税和降低其最大企业集团的定价权来增强整体竞争。我还建议，为了恢复宏观经济平衡，印度应减少财政赤字和公共部门借贷要求，并控制通货膨胀，解决技能和教育方面的差距，并恢复女性劳动力参与度。