Pleased to announce the online publication and launch of my second book by Carnegie India.
Carnegie India is the India arm of the global think-tank, ‘Carnegie Endowment for International Peace’. It opened early this year in India. It is headed by Raja Mohan, noted Security and Foreign Relations Analyst.
My co-author is Gulzar Natarajan. Much of the valuable insights in the report are his. He is a member of the Indian Administrative Service. He was in the PMO for a year and a half up to September this year. Now, he is in a social enterprise venture fund, Global Innovation Fund, in London. He is on leave from the IAS.
He had summarised the book beautifully in a message to a common friend:
The short story is that India faces acute capital deficiencies on multiple fronts as well as much under-appreciated adverse global structural headwinds which pose serious constraints to the achievement of sustainable high growth rates. High growth can be achieved only as episodes of over-heating followed by years of pain and lower growth from cleaning up the excesses. In the circumstances, the most prudent strategy may be to target a long period of moderate growth by focusing on steady economy-wide physical, human, and institutional capital accumulation and opportunistically riding on emergent global tailwinds.
Nowadays, things that we do not understand are called, ‘Complex Adaptive Systems’. We have not used that label on India. But, clearly, it would qualify to be labelled as such. Therefore, our recommendations are not magic wands. All the big headline type of reforms have been already identified. We have focused on the nuts and bolts in some areas.
The sections on State capability and the role of MoF in approving government projects and expenditure, etc., should be particularly interesting.
You can download the book/report, ‘Can India grow’ here: