How to Break Free from the Past and Look to the Future: A Review of Breaking the Mould

Breaking the Mould Book Review

Name: Breaking the Mould
Launch: 7 December 2023
Author: Raghuram Rajan, Rohit Lamba
Genre: Economics

Rating: ★★★★☆
Buying Link:  Amazon

Breaking the Mould Review: Reimagining India’s Economic Future is a book by Raghuram Rajan and Rohit Lamba, two eminent economists who have been closely involved in the policy-making and analysis of the Indian economy. The book, published in December 2023, is a timely and provocative intervention that challenges the conventional wisdom and offers a bold and innovative vision for India’s economic development. The book argues that India is at a critical juncture today, facing a low growth rate, a high unemployment rate, a rising inequality, a worsening environment, and a divisive politics. The book contends that India cannot afford to follow the standard development path that other countries have taken, as it is no longer feasible or desirable in the changing global and domestic scenario. Instead, the book proposes that India should embark on a truly Indian path, that leverages its unique strengths and opportunities, and addresses its specific challenges and constraints. The book outlines how India can achieve this by investing in its human capital, expanding its high-skilled services and manufacturing sectors, and fostering a culture of innovation and creativity. The book also emphasizes the importance of democratic institutions, governance reforms, and decentralization for supporting this path. The book is a lucid and persuasive work that combines rigorous analysis, empirical evidence, and practical suggestions to offer a comprehensive and balanced perspective on India’s economic future.

The book is divided into three parts, each consisting of four chapters. The first part, titled ‘The Past’, provides a historical and comparative overview of India’s economic development, and identifies the key factors that have shaped its trajectory and performance. The second part, titled ‘The Present’, diagnoses the current state of the Indian economy, and highlights the major challenges and opportunities that it faces. The third part, titled ‘The Future’, presents the authors’ vision and strategy for India’s economic development, and discusses the policy implications and recommendations that follow from it. The book also includes an introduction, a conclusion, and an appendix that contains the data sources and the methodology used in the book.

The book is a well-researched and well-argued work that draws on the authors’ extensive knowledge and experience of the Indian economy, as well as their familiarity with the global and regional trends and developments. The book is rich in facts, figures, and examples that illustrate and support the authors’ points and claims. The book is also clear and concise in its language and style, making it accessible and engaging for a wide range of readers. The book is not only informative and insightful, but also provocative and inspiring, as it challenges the readers to rethink and reimagine India’s economic future.

The book is a must-read for anyone who is interested in the Indian economy, and its prospects and potential. The book is also a valuable resource for anyone who wants to learn more about the economic theory and practice, and the policy issues and debates that are relevant and important for India. The book is not only a book about the Indian economy, but also a book about India, and its place and role in the world. The book is a rare and remarkable example of a book that combines academic rigour, policy relevance, and public interest.

I would give this book a rating of 4 out of 5 stars, as it is a well-written and well-presented work that offers a fresh and original perspective on India’s economic future. I would recommend this book to anyone who wants to know more about India’s economic development, and the challenges and opportunities that it faces. I would also suggest some questions for further discussion, such as:

• What are the advantages and disadvantages of India’s unique development path, and how can it be improved and optimized?
• How can India balance its economic growth and its social and environmental sustainability, and what are the trade-offs and synergies involved?
• How can India leverage its demographic dividend and its human capital, and what are the key areas and sectors that need investment and innovation?
• How can India foster a culture of innovation and creativity, and what are the institutional and cultural factors that enable or hinder it?
• How can India strengthen its democratic institutions and governance systems, and what are the benefits and costs of decentralization and federalism?