India needs to invest in human capital: Rajan

New Delhi: Is India surging forward, having just overtaken the UK to become the fifth-largest economy in the world?’ or ‘Is it floundering, unable to provide jobs for the millions joining the labour force?’ are among the questions on India’s growth and progress that former RBI governor Raghuram Rajan and economist Rohit Lamba seek to answer in their upcoming book, “Breaking the Mould: Reimagining India’s Economic Future.”

The book, scheduled to release under Penguin Random House India’s (PRHI) business imprint in December, highlights the critical challenges that India faces in today’s global economy when compared to other major economies as it urges “the nation to break free from the shackles of the past and look to the possibilities of the future.”

“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 Our book outlines India’s options -- it can either blindly follow outdated paths that other countries took or it can chart a uniquely Indian way.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,” said Rajan, currently a professor at the University of Chicago Booth School of Business, in a statement. In the book, the authors explain how India can accelerate economic development by investing in 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.