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On August 15, 2017, India celebrated 70 years of independence from British colonial rule. In 1947, many considered India too diverse and poor to survive as a functioning democratic nation-state. 70 years later, India has become the world’s largest democracy and is predicted to become the third largest economy by 2030.

At independence, India chose to adopt a mixed economic model with Fabian socialism as the foundation. Since the liberalization reforms of 1991, India has moved toward a free market economy and its GDP growth has averaged seven percent from 1994 to 2016. India has a labor force of 510 million, a middle class of 267 million, and a market capitalization of $1.94 trillion. Yet India still faces vast challenges in terms of poverty, infrastructure, and bureaucratic red tape.

To discuss these issues and more, �����’s South and Central Asia program held “India at 70,�� an event with Dr. Yaga Venugopal Reddy, former governor of the Reserve Bank of India (2003-2008) and author of Advice & Dissent: My Life in Public Service. The event was moderated by Dr. Alyssa Ayres, a senior fellow for India, Pakistan, and South Asia at the Council on Foreign Relations.