Raghuram Rajan's new book on future of Indian economy set for December release

In a statement announcing the release of the new book, Rajan said on October 26 that India is at a "critical juncture".

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"Our book outlines India's options—it can either blindly follow outdated paths that other countries took or it can chart a uniquely Indian way.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," Rajan said.

According to Lamba, India must now break "the mould of old bromides" and bring prosperity to the hundreds of millions "who are painfully just about getting by".

Lamba, who has previously co-authored newspaper columns with Rajan, is an assistant professor of economics at Pennsylvania State University. He has a PhD in economics from Princeton University and has had two stints as an economist in the office of the Indian government's Chief Economic Advisor, first under Rajan and then his successor, Arvind Subramanian.

The book will likely create waves - Penguin Random House India said Rajan and Lamba praise the Indian establishment for its successes "but are also unsparing in pointing out its weaknesses" - with the former RBI governor having criticised the government and its policies on several occasions in recent years. More recently, he also participated in Congress leader Rahul Gandhi's 'Bharat Jodo Yatra'. While this sent tongues wagging about a potential political role, Rajan has rejected such suggestions, saying he is "perfectly happy" with his job.

Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at University of Chicago's Booth School of Business.