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NOVEMBER - DECEMBER 2025
T H E O F F I C I A L N E W S L E T T E R O F T H E D E P A R T M E N T O F E C O N O M I C S ,
S T . X A V I E R ’ S C O L L E G E ( A U T O N O M O U S ) , M U M B A I
ECONOMICS DECLASSIFIED
CONTENTS
STAFF - IN - CHARGE’S NOTE - PG. 2,
EDITOR IN CHIEF’S NOTE - PG. 3,
EDITORIAL BOARD - PG. 4,
DEBATABLE: GREEN DREAMS, GREY REALITY: CAN INDIA AFFORD DEVELOPMENT WITHOUT
COMPROMISING ON ENVIRONMENTAL GOALS? - PG. 5
IN CONVERSATION WITH MR. SRINIVAS SESHADRI (HEAD OF INVESTMENTS – MIRABILIS
INVESTMENT TRUST) - PG.9
ECONOMICS DECLASSIFIED BLOG ARTICLES - PG. 11
MONTHLY UPDATES - ECOCIRCLE & DEPARTMENT OF ECONOMICS - PG. 15
ECOSEM CONCEPT NOTE - PG. 18
ARTHNITI CONCEPT NOTE - PG. 19
FACULTY IN-CHARGE'S NOTE
Warm regards,
Dr. Aparna Kulkarni
Department of Economics
Faculty-in-Charge
It gives me great pleasure to present this edition of our Department Newsletter, a platform that reflects
the academic vibrancy, creative energies, and collective achievements of our students and faculty.
This endeavour has been a period of rigorous engagement, meaningful learning, and steady growth,
marked by initiatives that continue to strengthen our academic community.
I appreciate the editorial team for their efforts in putting the ideas into a perspective and managing the
timelines for wider publicity of the articles. I also appreciate the writers and illustrators for their
continuous efforts to make the readings more meaningful. The student led articles and creatives are
the main highlights of the newsletter that helps them learn and understand Economics beyond
classrooms. I congratulate each of them for their efforts and encourage them to continue exploring,
questioning, and contributing with the same spirit.
I extend my appreciation to my colleagues for their unwavering dedication to teaching, mentoring,
and curriculum enrichment.
This newsletter is the result of thoughtful curation by the editorial team, who have worked diligently
to document departmental activities with clarity and creativity. I thank them for their hard work and
attention to detail.
As we look ahead, I hope this edition inspires all readers to participate more actively in departmental
initiatives and to take pride in the vibrant academic culture we collectively nurture. Let us continue to
collaborate, innovate, and grow together.
EDITOR IN CHIEF'S NOTE
Welcome to the first edition of the Official Newsletter of the Department of Economics for the
year 2025–26, presented by Economics Declassified. It is a privilege to introduce this year’s
collection of ideas, and conversations that reflect the spirit of curiosity and collaboration within
our department.
As the world of economics grows more complex and interdisciplinary, our goal this year has
been to create a space where classroom learning meets real-world inquiry. Each article in this
edition represents the combined effort of writers who ask thoughtful questions and editors who
help sharpen those ideas. Our editorial process continues to be deeply collaborative, one built
on discussion, refinement, and shared commitment to quality rather than mere checkpoints.
We have also worked consciously to expand our coverage of departmental activities: from
seminars and workshops and our In Conversation With segment. Capturing these moments
allows us to celebrate the vibrant academic ecosystem we are part of, while strengthening the
link between students, faculty, and the broader learning community.
Producing this newsletter has been both a challenge and a rewarding experience. Bringing
together writers, editors, and illustrators to create accessible, engaging, and rigorous content
requires patience, creativity, and teamwork, all of which this team has exemplified throughout
the process. As always, we welcome feedback from our readers. Your insights help us
understand what we are doing well and where we can grow, ensuring that each issue becomes
more thoughtful than the last.
Thank you for your support and enthusiasm. Here’s to a year of learning, collaboration, and
meaningful conversations ahead!
Arunima Mitra,
Editor-in-Chief, Economics Declassified
,
EDITORIAL BOARD
LEISHA VISHAL
Economics Declassified, as a platform, matters not just as a collection of articles but as a space where
curiosity meets clarity. Economics often hides in the everyday, shaping our choices, behaviours, and the
world around us long before we notice it, and working as an editor helped bring these subtleties to the
surface. Being part of this editorial team offered a front-row seat to how ideas evolve, how perspectives
deepen, and how writing becomes a bridge between insight and understanding.
It has been a process of learning just as much as refining - from the writers who approached ideas with
new angles, from discussions that pushed us to think deeper, and from the challenge of transforming
complex concepts into narratives that felt engaging and grounded. With every piece, we tried to ensure
that readers could see economics not as an abstract discipline, but as something creative, and
interconnected with culture, policy, technology, and human experience.
JIYA GANGAR
Economics Declassified has always felt like a space where thoughtful ideas take shape and where
complex discussions become understandable without losing their depth. What makes the platform
meaningful is the way it brings the quiet presence of economics, something that influences us long
before we recognise it into clearer view. Working as an editor helped me uncover these connections and
present them in a way that felt both honest and engaging.
The role was a continuous exchange of learning and refining. Every article came with a new perspective,
every conversation opened up a different line of thought, and every revision challenged me to make
difficult ideas feel approachable. Through this process, I came to see economics as something far more
dynamic woven into society, culture, policy, and everyday decisions. Our aim was always to help readers
experience that richness and recognise economics as a living, evolving part of the world around them.
SEMANTIKA SINGH
From being a reader to a writer, and now an Editor, my journey with Economics Declassified has shaped
not just the way I think and write, but also given me a space to grow, question, and express ideas with
confidence. The beauty of declassified lies in the fact that each article brings a fresher perspective, a
newer niche, a passionate first draft. Working with these writers who bring these newer topics into the
spotlight has also pushed me to be more thorough, think more deeply, and communicate more
intentionally. As an editor, I hope to help create pieces that feel grounded yet thought-provoking,
making space for economics to be understood as more than just theory, but rather as something
dynamic, human, and intertwined in our everyday lives.
Proposition
As the world wrestles with the dilemma between “growth” and “green”, India has begun showing that both can
walk hand in hand. Sustainable growth isn’t a burden but an investment in our future prosperity. It’s about
proving that taking care of the planet and growing the economy aren’t rivals but teammates. The term “green
growth” is an economic approach that aims to increase economic output while protecting the environment and
maintaining natural resources. The focus is on “decoupling” economic growth from environmental deterioration,
which permits economic growth to occur without the corresponding increase in pollution and depletion of
resources.
Firstly, when we talk of “sustainable growth”, many people imagine a trade-off ; that protecting the planet
automatically means slowing down progress. However, in reality, sustainable growth lays the foundation for
long-term economic stability. As argued by Roy in Green Growth in India: Balancing Economic Development
with Environmental Sustainability, India’s future prosperity depends on how effectively it can separate growth
from environmental damage. Investing in green technologies, renewable energy and efficient infrastructure
does not restrict growth; it strengthens it. States performing better on environmental and social parameters also
show more consistent economic progress. Similarly, reports by the World Bank (2023) and the Energy and
Resources Institute (TERI, 2016) show how transitioning to a low-carbon economy reduces long-term costs
linked to pollution, resource depletion and health crises while generating millions of jobs.
A persistent misconception about sustainable growth is that it kills jobs. However, this is false, as the numbers
tell a very different story. According to the IREA’s Renewable Energy and Jobs Annual Review 2023, India’s
renewable energy sector alone employed over 1.02 million people in 2023, a figure echoed by the Press
Information Bureau of India. Green industries such as solar, wind, waste management and electric mobility are
not eliminating jobs but transforming them by creating new categories of work that are safer, more skilled and
future-oriented. A 2023 UN-PAGE report on India’s Green Jobs and Just Transition Policy Readiness estimates
that a large-scale green transition could generate a million more jobs by 2030 if the country continues to invest
in renewables and clean technology. Further, Shashi Bala, a labour economist and professor at the VV Giri
National Labour Institute (VVGNLI), stated that over 9% of India’s total workforce could be employed in
sustainability-linked roles within the
DEBATABLE
India can achieve growth in a way that is good for the planet
and its people by changing how we think about success to
include new ideas, inclusion and taking care of the
environment. It doesn’t have to be a hindrance to growth but
rather the basis for a strong and ready-for-the-future
economy. We should aim at projects that help the
environment by increasing renewable energy or by planning
cities in a more sustainable way, demonstrating how such
development is beneficial for both ecological balance and
social welfare. However, as shown by historical precedent, the
current developed economies achieved their prosperity in
periods of minimal environmental regulations, a luxury
unavailable to emerging countries like ours. The core
“Green Dreams, Grey Reality: Can India Afford Development
Without Compromising on Environmental Goals?”
By Shriya Agnihotri, Trisha Shaju | Edited by Jiya Gangar
argument posits that the most pressing need for a developing country like India is poverty eradication, which
requires maximum, unhindered economic growth. The key to lasting success is policy fusion; preservation and
growth are not opposites but rather two sides of the same coin. And prosperity lies in mutually reinforcing both the
objectives.
next decade. The Economic Times (2024) even reported that demand for green jobs in India has grown tenfold
in the last five years, with Gen Z leading the shift towards eco-friendly careers. For a country with a massive
young population who are highly motivated to work for a better life and to build resilience in their
communities, harnessing this demographic energy through sustainable industries and green innovation can
transform India’s youth into the driving force of an inclusive and a low-carbon economy.
Moving beyond just employment generation, this type of an economy furthermore fuels innovations across
Indian industries. The push of green technology has sparked a wave of new ideas, start-ups and investments
that are redefining what economic progress looks like. Take India’s National Hydrogen Mission for instance. It
aims to develop India as a global hub for green hydrogen production, potentially adding about 8 lakh crores to
the GDP by 2030 (NITI Aayog) and creating over 600,000 direct and indirect jobs, according to the Ministry of
New and Renewable Energy. Similarly, the World Bank predicted that the clean-tech sectors, such as solar,
wind, electric mobility and waste management, could attract about 50 million USD in private investment over
the next decade. That’s not a slowdown but rather a green gold rush. Institutions like TERI also highlight how
India’s solar industry has evolved into a key driver of innovation and employment. This surge of eco-innovation
is changing how India thinks about growth.
Finally, the fact is that this growth makes India a global player. The World Bank approved USD 1.5 billion in
financing in both June 2023 and June 2024 to support India’s transition to a low-carbon economy, including
scaling renewable energy and green hydrogen. These investments signal to the world that India is open for
future-proof business in clean tech. Further, the Climate Policy Initiative’s Landscape of Green Finance in India
(2024) shows that green finance flows in India have tripled from around USD 5 billion to USD 15 billion, proving
a decisive move towards sustainability-led development. These numbers show the message: global investors
are betting on India’s green leap. So what does this mean for India? It means stronger manufacturing, export
potential in renewables (solar, hydrogen, storage), and jobs tied to global supply chains – a brand new era of
development, not the old fossil-fuel-based one. India’s competitive edge is sharpened when it leads in green
industries, not lags behind. In short, by adopting sustainable growth, India isn’t just preserving its future; it’s
upgrading its position in the global economy.
Opposition
When India chose the path of the Green Revolution, our policymakers were aware of its environmental costs,
but at that time, the priority was feeding millions and averting famine. Now this decision wasn’t born out of
disregard for nature, but out of compassion for human survival.
The same moral calculus guides us today. Our consistent defence of economic self-determination does not
stem from ignorance of climate change or indifference to its consequences. Instead, it arises from a deep
understanding that for a nation still grappling with poverty, unemployment and vast developmental gaps, the
foremost moral duty remains humanitarian, to secure dignity, opportunity and sustenance for every citizen.
The rhetoric of “Green Dreams” is indeed captivating, but for most, the immediate “Grey Reality” of hunger and
deprivation overshadows it. Pursuing “aggressive” environmental goals in this context risks compromising our
ultimate goal of economic ascent, which is necessary to overcome these challenges.
The primary issue lies with the diversion of critical capital into environmental mandates. Implementing
advanced environmental standards by micro, small and medium-sized enterprises (MSMEs) in India, which
account for over 95% of all industrial units in the country, requires an immediate and substantial capital
expenditure that these firms simply cannot absorb without compromising their core business expansion. To
illustrate it further, processes such as green manufacturing and pollution control systems like ‘Zero Liquid
Discharge Units’ and ‘Advanced Air Scrubbers’ require installation costs ranging from ₹50 lakh to over ₹10
crore and ₹1 lakh to over ₹10 lakh, respectively, with substantial operational costs thereafter, making it almost
impossible to be adopted by these firms. As a nation already plagued by high capital scarcity and
infrastructure funding gaps, estimated to exceed 5% of its GDP, and a significant ₹30 lakh crore gap for
MSMEs, increased overhead required by adhering to such regulations forces Indian producers to give up their
competitive edge on the global stage.
Even when India tries to reconcile its developmental needs with aggressive environmental compliances,
problems persist. These efforts are rendered inefficient because of the very systems designed to enforce them.
Procedural requirements have become unacceptable economic bottlenecks. It is the rigid and bureaucratic
nature of clearance processes which is to be blamed for the resultant situation.
For instance, as per Coal India’s annual report for the year 2011-12, it was noted that 179 coal blocks and forestry
clearances for diverting 28,771 hectares of land were awaiting clearance. These delays slowed the
government’s power generation plans. Other projects for roads, iron & steel, and defence faced similar
difficulties in obtaining clearance. As a result, it became impossible for India to achieve its target of attracting
an investment of $1 trillion in infrastructure between 2012 and 2017. Some Indian magazines even went so far
as to call this “green terrorism”.
This regulatory friction directly threatens India’s development trajectory. This stagnation poses a high risk to
both domestic and foreign investors, freezing the long-term capital required to lift the masses out of poverty.
Thus, the current regulatory structure for fulfilling these environmental goals poses a barrier to humanitarian
upliftment rather than being a vehicle of sustainable development.
Another point frequently discussed is the need for an immediate shift to green energy sources. However, in a
nation where millions still lack adequate power, supported by the findings of a 2022 report by Smart Power
India, only 48% of rural households receive electricity for more than 12 hours a day; an instant green flip would
leave them in a state of crippling uncertainty, stripping them of even the limited access they currently have.
The primary failure here would be the inability to provide affordable and reliable power to millions of Indian
families running their shops and small factories that depend on it. Our current safety net is coal, which fuels
nearly 74% of the country’s electricity generation. While solar and wind energy are noble and growing rapidly,
they are inherently unpredictable. The giant batteries needed to store clean power and enable power supply,
called ‘Battery Energy Storage Systems’ (BESS), are still too expensive and immature for us to deploy
nationwide. Abandoning our cheapest and most reliable domestic energy source at this stage and in this state
would not be environmental heroism but rather forfeiting our competitive economic advantage.
Looking at a global scale, India’s contribution to total emissions remains marginal when compared to the
carbon footprint left behind by developed nations during their own industrialisation phases. It is, therefore,
unjust for a developing nation to bear the weight of a burden largely created by those who have already
reaped the benefits of industrial progress. This is precisely what India continues to assert on international
platforms: that our commitment to environmental responsibility is tempered by our foremost duty, which is
poverty alleviation and inclusive growth. We believe in a pragmatic stance of cautious engagement, rooted in
a fierce interest in national financial and economic well-being, which is achieved through strategic principles
such as ‘Common but Differentiated Responsibility’.
Once we cross this fundamental threshold of achieving a certain degree of sophistication, both
infrastructurally and technologically, we will not only possess the productive strength but also the financial
capacity required for the large-scale, nationwide and meaningful implementation of green mandates. In other
words, development must come first; environmental sustainability will naturally follow as a consequence of
empowerment.
In the end, neither the advocates of aggressive environmental goals nor the defenders of developmental
primacy are wrong. Each speaks from a place of conviction, one for the planet, the other for its people. The
truth, as always, lies in the grey spaces between. India’s task, then, is not to choose between growth and green
but to weave the two together, to craft a model that safeguards nature without forsaking humanity, that
preserves ecosystems while uplifting lives. The goal here is not to reject environmental responsibility but to
anchor it in the economic realities of today’s India.
Illustrated by Gabriella Dominic Pereira
References
Angshuman Roy. (2024). Green Growth in India: Balancing Economic Development with Environmental Sustainability.
Journal of Sustainable Solutions, 1(3), 24–34. https://doi.org/10.36676/j.sust.sol.v1.i3.17
Driving Sustainability in India: Regulation, Nudges, and Green Defaults for MSMEs – ASM StratConsult. (2025, September
2). Asmconsultancy.com. https://asmconsultancy.com/driving-sustainability-in-india-regulation-nudges-and-green-
defaults-for-msmes/
Editorial. (2024, December 19). Innovations & Challenges in Green Manufacturing in the Indian Market. Electronics Era.
https://electronicsera.in/innovations-challenges-in-green-manufacturing-in-the-indian-market
GGSDI, Kedia, S., Goswami, A., Kumar, A., Radhakrishnan, A., Agarwal, P., Vashisht, A., Jain, R., Chaudhury, S., Kedia, S.,
Goswami, A., Kumar, A., Radhakrishnan, A., Agarwal, P., Vashisht, A., Jain, R., & Chaudhury, S. (2015). Green growth and
sustainable development in India. In The Energy and Resources Institute & Global Green Growth Institute, Green
Growth and Sustainable Development in India. The Energy and Resources Institute.
https://www.teriin.org/projects/green/pdf/National_Tech%20Report.pdf
Green Jobs in India: Present and Future Prospects. (n.d.). https://vvgnli.gov.in/sites/default/files/157-
2023%20Shashi%20Bala.pdf
Groner, T., & Moradi, A. (2024). Sacrificing Sustainability for a Higher GDP Growth Rate. Development and Sustainability
in Economics and Finance, 2-4, 100015–100015. https://doi.org/10.1016/j.dsef.2024.100015
Ministry of New and Renewable Energy. (2023). National Green Hydrogen Mission | MINISTRY OF NEW AND
RENEWABLE ENERGY | India. Mnre.gov.in. https://mnre.gov.in/en/national-green-hydrogen-mission/
Raman, R., Nair, V. K., Lathabai, H. H., & Nedungadi, P. (2025). Research on sustainable development in India: Growth, key
themes, and challenges. Social Sciences & Humanities Open, 11, 101637. https://doi.org/10.1016/j.ssaho.2025.101637
Tandon, R. (2024, May 6). Green careers report: Understanding green jobs and their increasing demand. The Economic
Times. https://economictimes.indiatimes.com/jobs/mid-career/green-careers-report-understanding-green-jobs-and-
their-increasing-demand/articleshow/109617277.cms?from=mdr
Team, C. (2025). Hard Truths About Village Electricity in India – Prayatna. Prayatnaworld.org.
https://prayatnaworld.org/hard-truths-about-village-electricity-in-india/
The World Bank. (2024, September 16). The World Bank in India. World Bank.
https://www.worldbank.org/en/country/india/overview
Why India’s green growth dream is turning into a nightmare. (2017). Green Economy Coalition.
https://www.greeneconomycoalition.org/news-and-resources/why-indias-green-growth-dream-is-turning-into-a-
nightmare
World Bank Group. (2024, June 28). World Bank Approves Additional $1.5 Billion in Financing to Support India’s Low-
Carbon Transition. World Bank; World Bank Group. https://www.worldbank.org/en/news/press-
release/2024/06/28/world-bank-approves-additional-1-5-billion-in-financing-to-support-india-s-low-carbon-transition
World Bank Approves $1.5 Billion in Financing to Support India’s Low-Carbon Transition. (2023, June 29). World Bank.
https://www.worldbank.org/en/news/press-release/2023/06/29/world-bank-approves-1-5-billion-in-financing-to-support-
india-s-low-carbon-transition
IN CONVERSATION WITH
In Conversation with Mr. Srinivas Seshadri (Head of
Investments – Mirabilis Investment Trust)
By Arunima Mitra and Leisha Vishal
In our first-ever video segment with the
distinguished Mr. Srinivas Seshadri, Head of
Investments at Mirabilis Investment Trust, we
explored the intricate world of investing, capital
markets, and long-term financial strategy through
his decades of experience across institutions like
JPMorgan, RBS, and CIMB. Mr. Seshadri reflected on
his career journey, from beginning as a Chartered
Accountant and joining GE’s Financial Management
Program to discovering his passion for equity
research at JPMorgan’s Global Research Centre.
He emphasized how those formative years, working
with global analysts across diverse sectors, laid the
foundation for his analytical and disciplined
approach to investing. Transitioning from an equity
analyst to managing a family office, he shared how
the move offered a unique vantage point to think
long-term, manage multi-asset portfolios, and build
an institution that now houses several talented
investment professionals.
Discussing investment philosophy, he highlighted the importance of structured asset allocation
guided by an investor’s risk profile and the interplay between safety, liquidity, and returns. His
approach blends strategic five-year planning with tactical adjustments based on proprietary valuation
models and a macroeconomic “heat map” that tracks indicators like inflation, interest rates, and PMI
data. Mr. Seshadri spoke about the structural transformation of Indian capital markets, particularly the
rise of domestic investors as a stabilizing force and the increasing accessibility of information through
technology. He identified promising opportunities in India’s growth story, manufacturing under the
Make in India push, emerging technologies in cleantech, defence, and space, and shifting
consumption patterns among an aspirational middle class.
He also offered valuable insights into the changing role of family offices in private investments, the
reduced volatility from foreign institutional flows, and how global macro factors, from US monetary
policy to China’s growth, continue to shape Indian portfolios. Concluding with personal advice, Mr.
Seshadri urged students to stay grounded and rational in their investment approach, build endurance
for a marathon-like career, and embrace AI as a transformative tool that will redefine the analytical
edge in finance. His reflections offered a masterclass in balancing analytical rigour with long-term
vision, an inspiring perspective for students navigating the evolving landscape of finance and
economics.
About Mr. Srinivas Seshadri
Mr. Srinivas Seshadri is the Head of Investments and Trustee at Mirabilis Investment Trust, the direct
investing arm of the K. Dinesh Family Office, where he oversees a diversified portfolio across fixed income,
public and private equity, and other alternative assets. With nearly two decades of experience in the
financial sector, he focuses on long-term value creation through disciplined asset allocation and strategic
investment in high-quality listed and unlisted businesses.
Before Mirabilis, Mr. Seshadri spent over a decade tracking public markets as an institutional equity analyst,
holding senior roles at ABN Amro, RBS, CIMB Securities, JPMorgan India, and Antique Stock Broking,
covering sectors such as media, IT, telecom, and chemicals. He began his career with GE India’s Financial
Management Program, gaining early experience in financial planning, analysis, and ERP implementation. A
Chartered Accountant, he also holds a PGDM in Finance and Marketing from IIM Kozhikode and a
Bachelor’s degree in Commerce from Mulund College of Commerce.
Illustration by Mia Louise Coutinho
ECONOMICS DECLASSIFIED BLOG ARTICLES
OCTOBER - NOVEMBER 2025
w w w . e c o n d e c l a s s i f i e d . c o m
By Trisha Shaju // Edited by Arunima Mitra
1.Economic Burden of Protests: Streets Stop, Economies Stall
2. Sipping into the Matcha Market: A Brew of Trends and Trade
What really happens when a city shuts down
for a protest? From shuttered tea stalls to
silent marketplaces, the economic fallout is
far deeper than it appears. Drawing from
Nepal’s Gen-Z demonstrations to India’s
farmer movement, this article unpacks how
GDP, tourism, transport, and daily
livelihoods take a hit. But if the costs are so
steep, why do people still take to the
streets? Explore how the long-term fight for
rights and reform often outweighs the
immediate economic strain.
How did a centuries-old Japanese tea turn into
Gen Z’s favourite green obsession? From Zen
monks in Kyoto to your Instagram feed today,
matcha’s journey has been anything but
ordinary. This article explores how the vibrant
brew transformed into a global wellness icon
and a billion-dollar industry, fuelled by clever
marketing and shifting consumer tastes. As the
market continues to boom, it leaves us with a
question worth sipping on: are we shaping
trends, or are trends shaping us?
By Shannon D'souza // Edited by Leisha Vishal
3.Vantara – An ESG Initiative or Greenwashing Corporate Misconduct?
By Kanusha Chauhan // Edited by Jiya Gangar
Is Reliance’s Vantara truly a step toward
sustainability, or just a polished PR makeover?
From rescuing elephants in Gujarat to high-
profile tech partnerships, the initiative paints a
picture of green progress. Yet, with core
operations still tied to fossil fuels, the
contradictions become hard to ignore. This
article delves into the economics behind ESG,
carbon credits, green taxes, and the value of
reputation, to uncover whether Vantara signals
genuine change or strategic greenwashing in
disguise.
By Sujal Dabre // Edited by Semantika Singh
4.Opening the Iron Curtain: Economic Prosperity in Eastern Europe
Through Regional Integration
5.Blooming Business: How Festivals Fuel Mumbai’s Flower Market
What sparked Eastern Europe’s remarkable
rise after the fall of communism? Once
weighed down by low incomes and chronic
shortages, these nations transformed their
economies through strategic regional
integration. This article explores how access
to Western capital, technology, and markets,
paired with strong domestic reforms,
powered an economic revival that reshaped
the region. Dive in to see how breaking
down borders opened the door to growth.
What keeps Mumbai’s flower market buzzing
long before sunrise? From the 4 am hustle at
Dadar to a festive turnover crossing ₹200 crore
in just ten days, this article uncovers how petals
power an entire ecosystem of trade. Tracing the
market’s journey from small street stalls to a
bustling hub of 800+ vendors, it explores how
inelastic demand, soaring prices, and global
supply chains transform simple blooms into
seasonal economic engines. Dive in to discover
how fleeting flowers create lasting prosperity.
By Radhika Deshpande // Edited by Leisha Vishal
6.Generative AI and the Economics of Information Failure: Revisiting
Asymmetry, Bias and Regulation
By Neeraja Gokhale // Edited by Arunima Mitra
How is AI rewriting the rules of information in
the digital age? From Aaron Swartz’s battle
against the “privatisation of knowledge” to
today’s opaque algorithms, this article
examines how generative models deepen
asymmetry, embed bias, and test the limits of
regulation. Blending economic theory with
tech ethics, it unpacks the challenges of
originality, transparency, and accountability in
an AI-driven world, and what it means for the
future of information.
By Troy Nunes // Edited by Semantika Singh
7.The Economics of Collectibles – A Study of Trends, Fads and the
Markets They Create
8.Stargazing for Profit: When the Cosmos Meets Capital
Why do some toys become treasured assets
while others fade as quickly as they appear?
From Beanie Babies to today’s Labubu
mania, this article explores how emotion,
scarcity, and hype shape the value of
collectibles. Using examples like Hot Wheels
and Funko Pops, it unpacks why certain fads
survive across generations while others
crumble under speculation. Dive in to
discover what these quirky markets reveal
about human behaviour and economic logic.
How did astrology turn into a billion-dollar
business? From horoscope-based investing to
zodiac-driven dating apps, this article explores
how an ancient belief system has been
reshaped into a modern marketplace. Tracing
the rise of astro-finance and the boom in
astrology apps, it examines the economic
incentives, tech algorithms, and psychological
biases that keep consumers looking to the stars.
Dive in to discover whether we’re finding
guidance, or buying into a beautifully packaged
illusion of control.
By Salil Kulkarni // Edited by Jiya Gangar
9.PopVerse: Where Pop Meets the Dollar
By Aditi Prabhu // Edited by Leisha Vishal
How did pop culture turn from entertainment
into a billion-dollar economy powered by
emotion and identity? From concerts that boost
GDPs to vinyl drops that vanish in minutes, this
article breaks down how scarcity, hype, and
digital attention shape what we buy and how we
engage. Tracing the rise of fandoms as economic
engines and memes as global marketing, it
explores why we don’t just consume culture
anymore, we invest in it. Dive in to see how
passion is rewriting the rules of profit.
By Gressica Gandhi // Edited by Arunima Mitra
10.Panda Diplomacy: China’s Soft Power with Economic Claws
11. The Economy Picks Your Outfit… Before You Do
How did pandas become China’s most
powerful diplomats? From ancient royal
gifts to today’s million-dollar leases, this
article uncovers how these gentle giants
shape global trade, tourism, and soft power.
Blending conservation with commerce, it
reveals how every panda carries strategic
influence far beyond its cuddly charm. Dive
in to see how China turns diplomacy into an
economic art form.
Have you ever wondered why fashion
suddenly shifts from bold colours to quiet
neutrals, and what that has to do with the
economy? The Economy Picks Your Outfit…
Before You Do uncovers how every boom,
peak and recession quietly shapes the
trends we wear. Blending history, pop
culture and economics, this article reveals
the hidden forces behind your wardrobe
and why fashion is far more than just style. If
you’ve ever wondered why trends change
the way they do, this piece offers a fresh,
insightful look into the hidden economics
behind your wardrobe.
By Rohaan Panjwani | Edited by Semantika Singh
MONTHLY UPDATES - DEPARTMENT OF ECONOMICS
ECOCIRCLE
Ecocircle kicked off its activities for the year with an
insightful workshop, Regression Made Easy in Excel,
conducted by Anarose Catherine Palauri under the banner
of EcoSem.
The session offered a clear introduction to regression
analysis, covering concepts like regression equations, and
paired with live Excel demonstrations to simplify each
concept. Students also explored Excel’s Analysis Toolpak
and compared manual calculations with software outputs
to deepen their understanding.
As the first event of the academic year, the workshop set
the tone for a series of engaging, skill-building sessions
ahead. It ended with team activities and an open
discussion, giving participants the chance to interact, ask
questions, and look forward to the many events the
Ecocircle has planned.
The Department of Economics inaugurated the first-ever
Padma Desai Memorial Lecture on 20th August 2025,
instituted in honour of Padma Bhushan Late Dr. Padma
Desai through the initiative of alumna Ms. Shruti Mishra.
The event aimed to celebrate Dr. Desai’s legacy and
establish an annual platform for meaningful dialogue on
themes central to her work.
The keynote address, delivered by Dr. Vinay
Sahasrabuddhe on “Strengthening India’s Cultural
Economy for Viksit Bharat,” highlighted how India’s
cultural heritage and creative sectors can shape
inclusive, future-ready growth. His talk explored the role
of cultural capital, creative entrepreneurship, and soft
power in India’s development journey.
The lecture concluded with an engaging Q&A session
and the announcement of the Padma Desai Best
Dissertation Award, marking the beginning of what
promises to be a significant academic tradition for the
department.
Regression Made Easy by Excel Workshop
Dr. Padma Desai Memorial Lecture
MONTHLY UPDATES - DEPARTMENT OF ECONOMICS
ECOCIRCLE
The Abstract Writing Made Easy workshop, conducted
by the Editor-in-Chiefs of EcoSem and Arthniti, Ms.
Anarose Catherine Palauri and Ms. Neelanjana
Arunkumar, aimed to simplify the process of abstract
writing as a proposal for future research.
The session began with an introduction to the purpose
and structure of an academic abstract. Participants
were guided through its key components, including
the literature review, methodology, and the
articulation of research objectives. The speakers also
shared insights from their own experiences working on
research papers for EcoSem and Arthniti, offering
students a practical understanding of the research-
writing process.
The Department of Economics, under its
student body EcoCircle (2025–26),
organised an insightful aptitude-building
session titled “Unlock Your Aptitude:
Practical Tips and Tricks.” Led by Mr.
Paritosh Takiar, Associate at Accenture’s
Strategy & Consulting division, the
workshop aimed to help students
strengthen the problem-solving skills
essential for placement processes and
competitive examinations. Drawing from
his own placement experience, Mr. Takiar
provided students with a clear
understanding of how companies
evaluate candidates.
Abstract Writing Made Easy Workshop
Placement Talk & Case Study Session,
“Unlock Your
Aptitude: Practical Tips & Tricks”
Designed to encourage students to engage in academic research, the workshop provided a
collaborative space where participants discussed potential research ideas and received guidance on
how to refine and develop them further.
The session focused on practical strategies to approach quantitative and logical reasoning
questions with confidence. Mr. Takiar broke down common question types, demonstrated time-
saving techniques, and emphasised the importance of accuracy and analytical thinking.
Students engaged actively by attempting sample problems and discussing different approaches
to solving them.
MONTHLY UPDATES - DEPARTMENT OF ECONOMICS
ECOCIRCLE
The Integration Made Easy workshop, conducted by
Anarose Catherine Palauri (Editor-in-Chief, EcoSem
2025–26), aimed to simplify integration for students
through a clear, problem-solving-based approach. The
session began with an introduction to fundamental
integration concepts, followed by the rules of
integration and detailed demonstrations of key
techniques such as substitution and integration by
parts.
Once the basics were established, participants
explored definite integrals and their applications,
including calculating areas under curves and
determining consumer and producer surplus. To
ensure active learning, students practiced problems
alongside the instructor, and the workshop concluded
with an open discussion where doubts were
addressed.
Much like its previous counterpart, the
Differentiation Made Easy workshop, conducted
by Anarose Catherine Palauri (Editor-in-Chief,
EcoSem 2025–26), aimed to make the concept of
differentiation more accessible through clear
explanations and practical examples. The
session began with a revision of limits, followed
by an introduction to foundational
differentiation rules, such as the chain, product
and quotient rules.
Once participants were comfortable with the
basics, they explored applications to economics,
such as calculating marginal cost and revenue,
total cost and revenue, and solving optimisation
problems. The workshop concluded with an
interactive practice segment, where students
solved questions and engaged in discussions to
reinforce their understanding.
Integration Made Easy Workshop
Differentiation Made Easy Workshop
ECOSEM 2025-26
CONCEPT NOTE
What truly determines a choice? Risk? What fates its payoff? Is it luck? Or is it an enigma?
Mellody Hobson reminds us that , "The biggest risk of all is not taking one." This captures the
paradox at the heart of payoffs: outcomes are never guaranteed, yet the act of choosing
inevitably generates consequences.
The term payoffs refers to the final outcome born out of the culmination of a series of choices
as a whole, developments brought about through active action. The purpose of studying
payoffs is to understand how they impact and largely define the decisions and outcomes we
opt for based on what we expect as payoffs. We hope to delve deeper into how they compel us
to make certain choices and what we stand to gain or lose.
In this context, payoffs refer to an array of things: economic payoffs, environmental payoffs,
social payoffs, political payoffs, etc.
This year's theme aims to offer abundant explorable concepts under the wide umbrella of
payoffs. The theme encourages writers to systematically explore various kinds of payoffs and
their many facets.
Through research, writers may choose to compare theoretical models with real-world cases
and reveal patterns that simple observation might miss or highlight situations where focusing
solely on economic payoffs leads to incomplete or misleading conclusions.
PAYOFFS
“Choices, Consequences, and the Logic of Outcomes”
THE ARTHNITI 2025-26
CONCEPT NOTE
Alexander The Great shook the mighty Indian subcontinent in 326 BCE with his short-lived
military campaign. The socio-economic ripples of this interruption weakened empires and
altered trade, forcing adaptations. The world order has always been marked by endless Flux,
periods of constant change. Taoists call this Chaos and Order, Yin and Yang; their transient
synergy brings long lasting transformations to the world. Today, such continuous movements
(gradual or sudden) continue to reshape systems and societies, giving rise to enduring new
possibilities. In light of the shifting political and economic landscape, researchers are rethinking
the foundations of economics, making Flux more relevant than ever.
Flux is a state of continuous change and uncertainty. In a world characterized by rapid
technological advancement, shifting trade patterns, and evolving policy landscapes, Flux
captures the essence of transformations within economic systems, markets, and societies. This
flow of changes affects how people work, learn, produce, and interact. This year, The Arthniti
invites you to explore the theme of Flux.
The theme is inherently interdisciplinary, as changes are constant and they rarely occur in
isolation. In economics, they reshape markets and growth paths. In psychology, they influence
behavior, decision-making, and mental health. In political science, they alter governance
priorities and international relations. Even culture and education are reshaped by such shifts, as
people adapt to new norms and ways of living.
The economy is in a constant state of Flux with evolving technologies, geopolitical relations,
markets, and thoughts. A flux inevitably leads to a paradigm shift in the functioning of the
economy. For example, the Covid-19 pandemic acted as a catalyst for a major shift. Alongside
having its own set of changes it also accelerated the technological flux as it forced digitization
and rethinking of work cultures. And many of these changes have become the new normal.
Change is inevitable and constant thus, adapting to these changes is the key to creating a more
resilient and sustainable system. The multiple industrial revolutions serve as an example and a
testament to how adapting to radical changes can become the foundation to progress.
Understanding this flux is necessary given the interconnectedness of today's world. These
changes highlight both opportunities and challenges. Studying flux can help see how instability
can lead to innovation, and how societies can build adaptability.
www.econdeclassified.com
xaviers.econoblog@gmail.com
WRITERS
ILLUSTRATORS
EDITORIAL BOARD
EDITOR IN CHIEF
EDITORS
Gabriella Pereira
Latika Shetty
Mia Coutinho
Shannon D'souza
SPECIAL THANKS TO
Sanjana S Menon (Chairperson, EcoCircle)
Neelanjana Arunkumar (Editor in Chief, Arthniti)
Anarose Catherine Palauri (Editor in Chief, Ecosem)
ECONOMICS DECLASSIFIED, DEPARTMENT OF ECONOMICS
ST. XAVIER'S COLLEGE - AUTONOMOUS, MUMBAI
Jiya Gangar
Leisha Vishal
Semantika Singh
Aditi Prabhu
Gressica Gandhi
Kanusha Chauhan
Neeraja Gokhale
Radhika Deshpande
Rohaan Panjwani
Salil Kulkarni
Shannon D'souza
Shriya Agnihotri
Sujal Dabre
Trisha Shaju
Troy Nunes
Arunima Mitra
