India’s path to prosperity: Book talk with Raghuram Rajan on ‘Breaking the Mold’

India is at a crossroads. Its growth rate, while making it the fastest-growing major economy in the world, is still too low for the jobs its youth need. India’s services sector has driven growth, with manufacturing playing a secondary role. The East Asian path of manufacturing-led exports no longer seems feasible, but geopolitical developments present an opportunity for India to develop a stronger manufacturing base. What will it take for India to accomplish this? Meanwhile, as the world’s largest democracy holds national elections, there are concerns that India’s institutional framework is fraying even amidst its economic success. Will this affect India’s growth prospects?

On May 20, the Global Economy and Development program at Brookings will host Raghuram Rajan, professor at the University of Chicago’s Booth School of Business and former governor of the Reserve Bank of India, to discuss his new book (“Breaking the Mold: India’s Untraveled Path to Prosperity”; co-authored with Rohit Lamba). Brahima S Coulibaly, the director of the Global Economy and Development program, will provide an introduction, followed by a panel discussion between Professor Rajan and Brookings Senior Fellow Eswar Prasad on the main themes of the book. Rajan will explain how India can accelerate economic development by investing in education and training, 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 can support this path, helped by governance reforms that strengthen its democratic institutions and enable greater decentralization. As India commences its national elections, the choices it makes matter to the world. The panel will discuss why and what it will take for India to succeed.

The audience will have the opportunity to ask questions in person or virtually by emailing [email protected] or on X using #BreakingtheMold and tagging @BrookingsGlobal.