Top Picks Of The Year: Books To Read On Indian Economy

From former RBI Governor Raghuram Rajan advocating a fresh economic vision for India in his latest book to J.J. Irani chronicling Tata’s transformation of India's steel sector, 2024 has been a year of compelling narratives in economy and business.

Some of these works have been showered with accolades, while others, equally deserving, have flown under the radar.

Here are four (of many) works from the economic literary landscape of 2024 that are shaping conversations and provoking debates regarding the Indian economy:

1. The Nehru Development Model: History and Lasting Impact - Arvind Panagariya

In his latest work, Professor Arvind Panagariya, Chairman of the 16th Finance Commission, offers a critical examination of the detrimental effects associated with Nehru's economic model by analysing its long-term consequences.

While the book critiques Nehruvian socialism, it does not engage in disparaging Nehru himself. Instead, the author acknowledges Nehru's significant role in steering India towards a successful democratic framework, while also highlighting the economic shortcomings that accompanied this journey.

The author also provides a nuanced critique of Prime Minister Narendra Modi's economic policies, noting that the record of his administration is not without its shortcomings.

This work offers a comprehensive account of India's economic history, supported by thorough research and citations, which one would anticipate from a scholar of Prof Panagariya's caliber.

2. India@100 — Envisioning Tomorrow’s Economic Powerhouse - Krishnamurthy Subramanian

Former chief economic adviser to the Narendra Modi government, Krishnamurthy Subramanian (2018-2021), in his new book explores India's ambition to become a $55 trillion economy by 2047, the nation’s centenary of independence.

Subramanian argues that India is at a critical inflection point, with the potential to achieve two decades of 8 per cent of annual growth—a feat requiring zealous economic reforms and doubling down on the sound policies implemented post 2014.

Since 2007, when its GDP per capita was equal to India’s current level, China exploited its demographic dividend to grow at about 8 percent for about two decades. Similar growth for the next two decades will make India a $55 trillion economy by 2047, says India@100.

Blending compelling empirical evidence with actionable policy insights, Subramanian calls for urgent agricultural and industrial reforms, a growth-first approach, and leveraging the power of free competition and creative destruction. He also stresses the transformative potential of judicial and civil service reforms in driving sustained economic momentum.

Noted economist Karthik Muralidharan dives into a critical question in his magnum opus: Are Indian states ready to become developed?

To quote from the initial lines of this book, “Taking stock of India as we reflect on over seventy-five years of Independence, we have much to be proud of spanning political, economic, and administrative fronts.” 

The title is generic but the sub-title is more indicative of what the book is about — a state-led roadmap and reinventing the state. To quote again, “A core argument of this book is that India’s weaknesses in basic service delivery reflect inadequate investments in the capacity of the Indian state to deliver these goals". 

The book’s first half offers a richly researched, lucidly written overview of India’s developmental policies, blending global cross-references with practical insights—making it a must-read for policymakers and practitioners alike.

The second half shifts gears, presenting evidence-backed, actionable strategies for state governments to accelerate growth and reform. Unique in its focus, Muralidharan emphasizes empowering state governments rather than the Union, suggesting more autonomy for states delivering strong outcomes.

Dedicated to the people of India, it’s a refreshing call to action for anyone invested in the nation’s future. "We the people need to read this book," writes Bibek Debroy in his glowing review.

4. Dharmanomics : An Indigenous and Sustainable Economic Model

What connects the grandeur of Angkor Wat in Cambodia, the Brihadeeswara Temple in Tanjavur, and the Mỹ Sơn Shiva Temple in Vietnam?

Author and economist Sriram Balasubramanian unpacks this intriguing socio-economic commonality in Dharmanomics, the second installment in his groundbreaking trilogy.

Building on the ideas of his acclaimed Kautilyanomics for Modern Times, this book seeks to present a structured economic framework rooted in Dharma, drawing from over 1,500 years of history.

It advocates Dharmic capitalism as a remedy for profit obsession and excessive state intervention, proposing an ethical, responsibility-driven approach to growth and governance.

Balasubramanian delves into the economic systems of the Saraswati-Sindhu civilization and the great kingdoms of the Cholas, Pallavas, Pandyas, Vijayanagar, Kambuja Desa, Champa, and more. He positions Dharma as the core interface for economic policy, exploring state-market dynamics, sustainable growth, and the rule of law through an ethical lens.

Rich with inscriptive and anecdotal evidence, Dharmanomics highlights the continuity and sophistication of Bharatiya economic thought—showing how ancient Indian rulers devised policies far ahead of their time, long before Adam Smith's theories emerged.