Title: Breaking the Mould : Reimagining India’s Economic Future
Author: Rajan Raghu Ram and Rohit Lamba
Pages: 336
Publisher: Penguin Business
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About the book:
The book by Raghuram Rajan and Rohit Lamba presents a novel viewpoint on India’s economic development, arguing against following traditional development routes in favour of a distinctive and indigenous strategy. The SMILE curve is shown by the authors, who highlight the role that premium services will have in propelling future expansion. They discuss issues including automation, global protectionism, and low-skilled manufacturing while offering insights on how the manufacturing industry is changing and how important services are to the process.

The book explores the causes of China’s manufacturing success and links India’s manufacturing deficit to past events like the licence raj and onerous regulations. In order to take advantage of the changing global value chains, it criticises antiquated policies and recommends a move towards high-value services. The approach gains practical importance from the inclusion of real-world examples, such as the business models of Tilfi and Lenskart. The review urges readers to set aside political viewpoints in order to concentrate on the insightful information and knowledge provided by the book, which makes it a worthwhile read for anyone looking to gain a deeper understanding of India’s economic opportunities and challenges—in spite of any potential biases related to Raghuram Rajan’s viewpoints.

In conclusion, readers looking for a comprehensive understanding of India’s economic landscape will find Raghuram Rajan and Rohit Lamba’s book to be a useful resource. The writers present new insights on the obstacles impeding the country’s development by proposing a unique developmental strategy and introducing the SMILE curve. The book offers forward-thinking perspectives on utilising high-end services for future economic growth in addition to criticising past policies and their effects on India’s industrial industry.

About the Author:

Raghuram Rajan, an Indian economist, professor, and author, is known for his contributions to economics and his role as the 23rd Governor of the Reserve Bank of India. Born in 1963, he holds a bachelor’s degree in electrical engineering and a Ph.D. in economics from MIT. Rajan has held various positions, including Chief Economist and Director of Research at the IMF and Governor of the Reserve Bank of India. His written works, such as “Fault Lines: How Hidden Fractures Still Threaten the World Economy,” provide insights into global financial issues.

Rohit Lamba is an economist at pennsylvania state university. He is an economic theorist with wide interests in applied and policy related questions.