Breaking the Mould: 8 key ideas
The core ideas of Breaking the Mould, each in under a minute, written in our own words. Want the full depth? Get the book.
- IDEA 1 OF 8
The old path may not work
Rajan and Lamba argue that India may not be able to grow mainly through low-cost manufacturing, as China did.
Automation and global competition have made that path harder. They propose an alternative.
- IDEA 2 OF 8
Services offer a different route
The authors suggest that India can grow by expanding high-value services, such as software, design and consulting.
India already has strengths in these areas. Many Indian firms already compete globally.
- IDEA 3 OF 8
People are the key investment
The authors argue that education and health are the foundation of growth.
Investing in people's skills matters more than subsidising factories. Schools and hospitals deserve more focus and money. Human capital drives everything else.
- IDEA 4 OF 8
Subsidies for industry are risky
The authors question large subsidies to attract specific industries.
They argue such policies are costly and may not create many jobs. Taxpayers bear the cost of failures. They prefer broad support for all firms instead.
- IDEA 5 OF 8
Democracy is a strength
The authors argue that India's democracy can help growth by encouraging debate and creativity.
Open societies attract talent and ideas. Freedom of expression, they argue, fuels innovation and progress. Debate improves policy.
- IDEA 6 OF 8
Institutions need strengthening
The authors call for stronger institutions, such as courts and regulators.
Good institutions make it easier for businesses and people to thrive. Predictable rules attract long-term investment. Investors value certainty highly.
- IDEA 7 OF 8
Decentralise decisions
The authors suggest giving states and local governments more power.
Decisions made closer to people can better match local needs. Local leaders understand local problems best. Cities could also gain more control over spending.
- IDEA 8 OF 8
India can chart its own course
The authors conclude that India should break the mould of copying others.
A path based on its own strengths could bring prosperity. Confidence in its own path is essential. Copying others has limits.
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