Breaking the mould : reimagining India's economic future / Raghuram Rajan, Rohit Lamba.

Includes bibliographical references (p. 275-297) and index.

Introduction -- How do countries grow rich? -- Why has India not built a global manufacturing presence? -- The transformation in trade and services-led development -- Where should we place our hopes? -- Governance for the twenty-first century: structure -- Governance for the twenty-first century: process -- Capabilities: the childhood challenge -- Capabilities: higher education -- Capabilities: health care -- Addressing inequality -- India's engagement with the world -- A creative country -- The wrong way

Where is India going today? Is it surging forward, having just overtaken the United Kingdom to become the fifth-largest economy in the world? Or is it flailing, unable to provide jobs for the millions joining the labour force? What should India do to secure a better future? India is at a crossroads today. Its growth rate, while respectable relative to other large countries, is too low for the jobs our youth need. Intense competition in low-skilled manufacturing, increasing protectionism globally and growing automation make the situation still more difficult. Divisive majoritarianism does not help. India broke away from the standard development path--from agriculture to low-skilled manufacturing, then high-skilled manufacturing and, finally, services--a long time back by leapfrogging the intermediate steps. Rather than attempting to revert to development paths that may not be feasible any more, we must embark on a truly Indian path. In this book, the authors explain how we can accelerate economic development by investing in our people's human capital, expanding opportunities in high-skilled services and manufacturing centered on innovative new products, and making India a ferment of ideas and creativity. India's democratic traditions will support this path, helped further by governance reforms, including strengthening our democratic institutions and greater decentralization. The authors offer praise where the Indian establishment has been successful but are clear-eyed in pointing out its weaknesses. They urge India to break free from the shackles of the past and look to the possibilites of the future. Written with unusual candor, and packed with vivid examples and presuasive arguments, this is a book for everyone who has a stake in India's future. Publisher's website