After discussing the trajectory of China's economy earlier this year, Luigi and Bethany turn their attention to the future of another global economic behemoth: India. Joining them is renowned Indian economist Raghuram Rajan, who has a brand-new book out this week, "Breaking the Mould: Reimagining India's Economic Future" (co-authored with Rohit Lamba).
In "Breaking the Mould," Rajan and Lamba make the controversial and counterintuitive argument that India should follow an economic development path that is based not on manufacturing, as China has done, but rather on services. In this conversation, we discuss why India's strengths play to services-based development, how India can deal with the economic and educational inequality created by its past, how Western business should engage with India, and why democracy is critical to India's future economic success.
We think his perspectives are important for Indian citizens and policymakers, but also for global citizens and policymakers given the critical role India will play in shaping the world of the future.