F&D Magazine

Raghuram Rajan on Blazing a New Path to India’s Development

RAGHURAM RAJAN, KRISHNA SRINIVASAN

August 15, 2024

Princeton University Press

In This Episode

For many emerging market economies, moving from an export-oriented strategy with labor-intensive manufacturing to a more sophisticated production process was key to their development. But the world is quickly changing, and Raghuram Rajan says India need not follow that same path. In their new book, Breaking the Mold, the former Reserve Bank of India governor and co-author Rohit Lamba argue that India has lost its labor cost advantage and must focus on developing its human capital. In this podcast, IMF Asia and Pacific Department Head Krishna Srinivasan and Raghuram Rajan discuss how India might leverage its growing workforce and pivot from “brawn to brain”. Transcript

Read Krishna Srinivasan’s book review in September’s Finance and Development

RAGHURAM RAJAN is a professor at the University of Chicago Booth School and previously served as governor of the Reserve Bank of India and economic counsellor at the IMF.

KRISHNA SRINIVASAN is director of the IMF’s Asia and Pacific Department.

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