Grand Tamasha

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Each week, Milan Vaishnav and his guests from around the world break down the latest developments in Indian politics, economics, foreign policy, society, and culture for a global audience. Grand Tamasha is a co-production of the Carnegie Endowment for International Peace and the Hindustan Times.

1 HR AGO

India’s Youth Boom Meets a Jobs Bust

For more than three decades, India’s growth story has rested on the promise of a large and youthful workforce—but whether that promise is being realized remains an open question. A new report published by the Centre for Sustainable Employment at Azim Premji University—State of Working India 2026—takes a comprehensive look at how young Indians move from education into the labor market—and asks whether India is successfully converting its demographic dividend into an economic one. The report documents a striking paradox: even as educational attainment has expanded dramatically, the transition to stable, gainful employment remains uncertain—with high graduate unemployment, limited job creation outside agriculture, and persistent gaps between aspirations and opportunities. To discuss the report, this week on the show Milan speaks with the report’s lead author Rosa Abraham, who heads theCentre for Sustainable Employment at Azim Premji University. Her research focuses on informal work and women’s employment, with a particular interest in issues at the intersection of labor statistics and women’s work. Prior to joining the university, she worked as a researcher at the Ashoka Trust for Research in Ecology and Environment and as a lecturer at the Madras School of Economics. Milan and Rosa discuss the state of India’s mythical “demographic dividend,” the quality and quantity of higher education, and India’s stalled structural transformation. Plus, the two discuss the high unemployment rate for college graduates, trends in internal migration, and the loosening of caste-based occupational segregation. Episode notes: “India’s Middle Class Hits a Breaking Point (with Saurabh Mukherjea and Nandita Rajhansa),” Grand Tamasha, April 15, 2026. Rishita Khanna, “‘We are not overproducing graduates, we are underproducing good jobs,’” Hindu, March 25, 2026. Soutik Biswas, “India's young are more educated than ever. So why are so many jobless?” BBC, March 19, 2026. Karthik Madhavapeddi, “‘For 1st Time In 4 Decades, Young Men Are Withdrawing From Education,’” IndiaSpend, March 27, 2026.

54 min
22 APR

The Indian Who Helped Build Silicon Valley

Over the past several decades, the story of Silicon Valley has been deeply intertwined with the story of Indian immigrants—engineers, entrepreneurs, and investors who helped shape the technology revolution while building new bridges between the United States and India. Few individuals embody that journey as vividly Kanwal Rekhi. Rekhi was the first Indian-American founder & CEO to take a venture-backed company public on the NASDAQ. He also co-founded and built The Indus Entrepreneurs—or TiE—into the largest global network of Indian entrepreneurs, and cofounded Inventus—where he is building the venture franchise into a catalyst for India’s tech revolution. He writes about his life in his new memoir, The Groundbreaker: Entrepreneurship, the American Dream, and the Rise of Modern India, which traces his remarkable journey from a modest upbringing in India to becoming one of the most influential figures in the Indian diaspora in the United States. To talk more about his book, Kanwal joins Milan on the podcast this week. They discuss his lifelong passion for entrepreneurship, his modest upbringing and challenging early family life, and his role in building the modern Internet. Plus, the two discuss Kanwal’s role in India’s landmark telecommunications reforms and his recent efforts to boost entrepreneurs in India. Episode notes: “The Secret to Indian Americans' Success (with Meenakshi Ahamed),” Grand Tamasha, June 4, 2025. Meenakshi Ahamed, Indian Genius: The Meteoric Rise of Indians in America (New Delhi: HarperCollins India, 2025). Kanwal Rekhi, “I’m a tech founder from India. Here’s why I’m worried about the future of America,” San Francisco Chronicle, February 3, 2026. Zofeen Maqsood, “Kanwal Rekhi’s next mission: 10 million entrepreneurs by India at 100,” American Bazaar, March 3, 2026.

1 hr
15 APR

India’s Middle Class Hits a Breaking Point

For decades, India’s growth story has rested on the spectacular rise of its middle class. But a new book argues that this very group—roughly 40 million income-tax–paying households—is now under acute strain. Facing a convergence of job disruption, wage stagnation, and rising debt, the middle class may no longer be the engine of growth it once was. This is the argument made in a new book titled, Breakpoint: The Crisis of the Middle Class and the Future of Work. It is authored by Saurabh Mukherjea, along with Nandita Rajhansa and Sapana Bhavsar Saurabh is the founder of Marcellus Investment Managers and the author of six previous books. Prior to setting up Marcellus, Saurabh was the CEO of Ambit Capital. He is also a Founding Director of the Association of Portfolio Managers in India Nandita is an economist and a small and midcap analyst at Marcellus. She’s the co-author of a national bestseller, Behold the Leviathan: The Unusual Rise of Modern India, which was published in 2024. Milan speaks with Saurabh and Nandita about the Indian middle class’s most vulnerable moment since 1991, the hollowing out of middle-skill jobs, the structural challenges with India’s education system, the worrying trend in declining placement rates and salaries, and the explosion in household debt. Plus, the trio discuss how AI and automation are remaking the Indian economy—both for good and for ill. Episode notes: Saurabh Mukherjea and Nandita Rajhansa, “Educated and employed but still struggling: India's middle class under strain,” BBC, March 30, 2026. “A Sixth of Humanity and the Dreams of a Nation (with Devesh Kapur and Arvind Subramanian),” Grand Tamasha, October 22, 2025. Saurabh Mukherjea, Nandita Rajhansa and Sapana Bhavsar, “Graduate and unemployed: India’s middle-class rulebook for career & success no longer works,” ThePrint, March 23, 2026.

56 min
8 APR

Inside The Complex: Family, Power, and India in Turmoil

On this week’s show, Milan sits down with the novelist Karan Mahajan, author of a much-anticipated new novel, The Complex. Karan and Milan discussed the book at our first ever live Grand Tamasha event at Carnegie headquarters in Washington, DC on March 16. Karan is an associate professor in Literary Arts at Brown University and the author of the books Family Planning and The Association of Small Bombs.

52 min
1 APR

Can India Thrive in Trump’s World?

Donald Trump’s return to the White House has once again altered the contours of international politics. For India, this evolving context raises several important questions about the viability of its foreign policy approach. This week on the podcast, Milan sits down with three of the contributors to a new compilation published by the Carnegie Endowment—Shoumitro Chatterjee, Sameer Lalwani, and Tanvi Madan—to discuss the uncertain trajectory of Indian foreign policy.

55 min
25 MAR

Inside Washington: Ami Bera on Shifting U.S.–India Ties

Over the past two decades, Washington and New Delhi have drawn steadily closer—driven by shared concerns about China, expanding economic ties, and a growing Indian diaspora in the United States. To help us unpack all of this, this week Milan spoke with Congressman Ami Bera in his office on Capitol Hill.

35 min
18 MAR

Bangladesh’s Political Reset

For decades, Bangladesh has long oscillated between competitive democracy and dominant-party rule. In 2024, mass protests brought an abrupt end to Prime Minister Sheikh Hasina’s long tenure in power, opening the door to Bangladesh’s most consequential election in more than a decade—one that returned the Bangladesh Nationalist Party to power and reshaped the country’s political landscape. With Hasina’s fall and a new government in office, the country once again stands at a crossroads—testing whether institutional reform and electoral competition can deliver lasting democratic stability. To talk about the new political era in Bangladesh, Milan is joined on the show this week by Naomi Hossain. Naomi is Global Research Professor with the Department of Development Studies at SOAS University of London. She has researched extensively across Bangladesh and has managed large international studies spanning 20 countries in Asia, Africa, Latin America, and Europe. Naomi is the author of the acclaimed 2017 book, The Aid Lab: Understanding Bangladesh's Unexpected Success. Naomi and Milan discuss the abrupt end to Hasina’s fifteen-year rule, the performance of the interim government under Muhammad Yunus, and the prospects for new prime minister Tarique Rahman. Plus, the two discuss the country’s immense economic challenges and the role of the military. Episode notes: Naomi Hossain, “Ali Riaz's Big Bet,” Counterpoint, January 19, 2026. Naomi Hossain, “Dhaka pre-election diary (pt 1, possibly, of 2),” Substack, January 6-19, 2026. “How India Lost the Neighborhood (with Muhib Rahman),” Grand Tamasha, February 11, 2026. “Sri Lanka's Peaceful Revolution (with Neil DeVotta),” Grand Tamasha, January 25, 2025.

48 min
11 MAR

India’s AI Moment?

Just weeks ago, India hosted the 2026 AI Impact Summit, the latest chapter in a global process that began in 2023 in the UK. For India, the stakes could not be higher: it’s a country with immense technical talent and a data-rich digital ecosystem, but also a services-led growth model that AI could either boost or seriously disrupt. For the Modi government, the summit was part diplomatic showcase, part investment pitch, and part declaration of ambition. To talk more about the summit and its key takeaways, Milan is joined on the show this week by Anirudh Suri. Anirudh is a nonresident scholar with Carnegie India. His interests lie at the intersection of technology and geopolitics, climate, and strategic affairs. He is also a managing partner at India Internet Fund, a technology-focused venture capital fund based in India and the United States. He’s the author of The Great Tech Game: Shaping Geopolitics and the Destinies of Nations, published in 2022. And he’s also the host of a podcast by the same name, “The Great Tech Game,” which focuses on technology, business and geopolitics. Milan and Anirudh discuss the evolution of global AI summitry, the debate over India’s elusive “DeepSeek moment,” and the country’s indigenous large language models (LLMs). Plus, the two discuss the effects of AI on India’s services industry and India’s quest to marshal its domestic scientific talent. Episode notes: 1. Anirudh Suri, “Learning from DeepSeek, honing India’s AI strategy,” Hindustan Times, March 2, 2025. 2. Anirudh Suri, “The Missing Pieces in India’s AI Puzzle: Talent, Data, and R&D,” Carnegie India, February 24, 2025. 3. Anirudh Suri, “Winning the AI race with research talent,” Hindustan Times, November 3, 2024. 4. “Governing India's Digital Revolution (with Rahul Matthan),” Grand Tamasha, January 23, 2024.

48 min

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TRAILER

Special Event: #GrandaTamashaLive

YOU'RE INVITED: Join Milan, Tanvi, and Sadanand for a special LIVE episode of Grand Tamasha on Tuesday, May 19, at 11am EST / 8:30pm IST. Tune in as they break down the week's news - and join the live chat to ask questions! Add it to your calendar, and join the live show here.

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TRAILER

Trailer

Grand Tamasha debuts February 27! Here's a taste of what's coming up. Every week Milan will break down the biggest news with fellow experts in Indian politics, and interview an important guest on topics that transcend the headlines.

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Each week, Milan Vaishnav and his guests from around the world break down the latest developments in Indian politics, economics, foreign policy, society, and culture for a global audience. Grand Tamasha is a co-production of the Carnegie Endowment for International Peace and the Hindustan Times.