Breaking the Mould: Reimagining India's Economic Future is a non-fiction book by economists Raghuram Rajan and Rohit Lamba, published on 6 December 2023 by Penguin Random House India. The book analyses challenges facing the Indian economy, critiques past and present economic policies, and proposes strategies for inclusive growth. Written in a conversational style, it draws on RajanâÂÂs experience as former Reserve Bank of India governor and International Monetary Fund chief economist, and LambaâÂÂs academic perspective. It received positive reviews for its clarity but faced criticism for lacking detailed implementation plans.
The bookâÂÂs 12-chapter narrative examines IndiaâÂÂs economic trajectory, arguing that the traditional manufacturing-led growth model is less viable today. Rajan and Lamba advocate a service-oriented approach, emphasizing human capital, innovation, and decentralized governance. Key topics include: IndiaâÂÂs shift from agriculture to services, bypassing large-scale manufacturing. It advocates for education reform to foster critical thinking, addressing unemployment and regional inequalities, and strengthening local governance.
The book critiques policies like âÂÂMake in Indiaâ for overemphasizing manufacturing.
The book stemmed from conversations between Rajan and Lamba, who met when Lamba was a graduate student. LambaâÂÂs admiration for Rajan evolved into this collaboration, drawing on RajanâÂÂs policy experience and LambaâÂÂs research at New York University Abu Dhabi. The title reflects their aim to challenge conventional economic models. Announced in mid-2023, it was published on 6 December 2023 in hardcover and e-book formats.
The book was praised for its accessible style. The Hindu Business Line called it âÂÂa balanced critique free of ideological baggageâÂÂ. Mint noted its focus on decentralization but cautioned that its optimism might overlook political hurdles. Hindustan Times deemed it âÂÂessential reading for policymakersâÂÂ. India Today found its ideas compelling but noted a lack of specific implementation details. The Telegraph (India) described it as âÂÂa polite yet firm call for reformâÂÂ. Some reviewers found the proposals ambitious but vague. Business Standard appreciated its âÂÂquestion-driven approachâ but sought more actionable steps. Asian Age valued its education focus but questioned its feasibility in IndiaâÂÂs political landscape.