In their new book, Breaking the Mould: Reimagining India’s Economic Future, Chicago Booth’s Raghuram G. Rajan and Pennsylvania State University’s Rohit Lamba make the 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 episode of the Capitalisn’t podcast, Rajan discusses with cohosts Luigi Zingales and Bethany McLean 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.

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