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Economists Raghuram Rajan & Rohit Lamba to publish a path-breaking book on the future of Indian Economy with Penguin

Penguin Random House India is excited to announce the acquisition of the latest book by renowned Indian economist and former RBI governor Raghuram Rajan. Titled Breaking the Mould: Reimagining India’s Economic Future, this marks the first-time collaboration between Dr Rajan and economist Rohit Lamba. These two distinguished voices from the field of economics and public policy have put together a gripping book about the future of India’s economic development. There is a truly Indian path to prosperity, they argue, that builds on the strengths of our people and our political and societal frameworks. They examine fundamental policy choices that concern every Indian. Set to release under the Penguin Business imprint in December 2023, it is currently available to preorder on all major e-commerce websites.

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 floundering, unable to provide jobs for the millions joining the labour force? What should India do to secure a better future? Breaking the Mould: Reimagining India’s Economic Future tackles these critical questions that revolve around India’s growth and progress in the 21st century.

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 centred on innovative new products; and making India a ferment of ideas and creativity to accelerate growth. They explain how India’s democratic traditions will support this path, helped further by governance reforms, including strengthening democratic institutions and greater decentralization.

Writing with unusual candour, Raghuram Rajan and Rohit Lamba offer praise for where the Indian establishment has been successful but are also unsparing in pointing out its weaknesses. They highlight the critical challenges that India faces in today’s global economy when compared to other major economies and urge India to break free from the shackles of the past and look to the possibilities of the future. Making their case with exceptional clarity, vivid examples, and persuasive arguments, this is a book for anyone who has a stake in India’s future.

Commenting on the upcoming book, Raghuram Rajan says, ‘India is at a critical juncture. The decisions we make now will determine its economic future, either for the good or the bad. Our book outlines India’s options—it can either blindly follow outdated paths that other countries took or it can chart a uniquely Indian way.  We believe that India has a clear trajectory which builds on its historical strengths, and it is not the one it is currently embarked on.  We are enthusiastic about making the case to all our audiences, sharing what we have learnt on the journey together.’

Rohit Lamba, co-author, added, ‘India’s remarkable tryst with modernity is at a crucial juncture today. A proud and profound ancient civilization that has jostled broadly successfully with the foundational questions of nationhood must now break the mould of old bromides to answer the emergent question of our times: how to bring prosperity to the hundreds of millions of our fellow citizens who are painfully just about getting by. I’ve known Raghu for a decade now, and this question would engross us every time we spoke. We are excited to bring our knowledge of economics, politics, and society to ask and attempt to answer this question in what we hope is a new vision for the economic future of India.’

Radhika Marwah, Executive Editor, Penguin Random House India, says, ‘It is a rare honour to publish this extremely important book– an objective and well-researched evaluation of India’s current trajectory and the path it must follow to realise its unique potential. It has been an edifying and illuminating experience working with Dr Rajan and Rohit, and I hope everyone who has India’s best interests at heart reads and follows this book closely.’

Milee Ashwarya, Publisher, Penguin Random House India, says, ‘Breaking the Mould by Raghuram Rajan and Rohit Lamba is an important book on the way forward for India and the Indian economy. A timely, well researched and relevant book, it attempts to offer a vision for India’s future and its people. We are proud to publish it in December, and I recommend it to all our readers’.

About the authors

RAGHURAM G. RAJAN is a world-renowned Indian economist who is currently a distinguished service professor at the University of Chicago Booth School of Business. His past policy positions include governor of the Reserve Bank of India and chief economist at the International Monetary Fund. His bestselling books include Fault Lines (winner of the Financial Times Business Book of the Year Award), I Do What I Do, The Third Pillar and Saving Capitalism from the Capitalists (with Luigi Zingales). His widely cited research focuses on the underpinnings of economic growth. His numerous awards include the Fischer Black Prize and the Deutsche Bank Prize for financial economics, Euromoney’s Central Banker of the Year award and the Banker’s Global Central Banker Award.

ROHIT LAMBA is an assistant professor of economics at Pennsylvania State University and a visiting assistant professor of economics at New York University Abu Dhabi. He received a PhD in economics from Princeton University and was a postdoctoral fellow at the University of Cambridge. He publishes regularly in leading academic journals and newspapers. He has also worked as an economist at the office of the chief economic adviser to the Government of India.

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