The Indus Valley Annual Report, published by Blume Ventures, is an annual deep-dive into the Indian macroeconomy, the Indian consumer, and the innovation ecosystem in India. The report has become one of the most highly anticipated reports on the economy—pored over by policy wonks, economic analysts, and India watchers.

The lead author of the report is Sajith Pai. Sajith is a partner at Blume Ventures, an early stage venture firm with offices in Mumbai, Bangalore, Delhi, and San Francisco. Sajith oversees consumer and India B2B investing at Blume. Prior to joining Blume, Sajith had a two-decade career in various corporate strategy roles with the Times of India Group.

To talk more about this year’s report, Sajith joins Milan from his office in Noida. The two discuss the origins and objectives of the Indus Valley Annual Report, India’s post-pandemic recovery trajectory, and India’s low (and declining) savings rate. Plus, the two discuss the trials and tribulations of India’s manufacturing sector and whether India can become an artificial intelligence (AI) powerhouse.

Episode notes:

1. Abhishek Anand et al., “How quality control orders are crippling India's trade competitiveness,” Business Standard, March 4, 2025.

2. Abhishek Anand et al., “Multiplying multi-plants: A new and consequential phenomenon,” Journal of Development Economics 174 (May 2025).

3. “Sajith Pai Unpacks the 2024 Indus Valley Annual Report and the Changing Indian Consumer,” Ides of India (podcast), July 4, 2024.

4. “Will India's Budget 2025 Turn the Economic Tide? (with Sukumar Ranganathan),” Grand Tamasha, February 5, 2025.

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