new economy

He said that it was critical not only “to our economic health” but also for families, “because it influences their capacity to manage what is new in the New Economy: not least, the fact that people are living much longer than before.”

Ms Sengupta, an associate professor at Mumbai-based Indira Gandhi Institute of Development Research, told the BBC that the ongoing crisis was borne out by the fact that India's economy was operating on a "two-speed trajectory", driven by diverging performances in its "old economy and new economy".

In contrast, the new economy, defined by the boom in services exports post-Covid, experienced robust growth in 2022-23.

So the old economy appears to lack a growth catalyst while the new economy slows.

This new economy is fueled by cutting out traditional middlemen, banks, and allowing transparent, secure, and borderless peer-to-peer payments.