Unleashing India’s Animal Spirits

Leaders come and go, but institutions stay forever. This is the central takeaway of a new book by Subhashish Bhadra, Caged Tiger: How Too Much Government Is Holding Indians Back.

Subhashish is an economist whose career has straddled both the policy and corporate worlds. He has worked at a leading global management consulting firm, a venture capital firm, and a tech start-up, working closely with CEOs, entrepreneurs, bureaucrats, politicians and academics throughout his career.

His new book is a call to action that encourages Indians to move beyond their fixation with leaders and focus instead on building strong state institutions. While discussions of state capacity are typically the stuff of academic conference rooms and think tank seminars, Bhadra believes they should be at the core of everyday discussions Indians have on the future of their democracy.

Subhashish joins Milan on the show this week to discuss his motivations for writing the book, the institutional flaws in Indian democracy, the need for a new “social contract” on welfare, and the appropriate balance between states and markets in India. Plus, Subhashish explains what ordinary citizens can do to change the status quo.

Episode notes:

Anirudh Burman, “Resisting the Leviathan: The Key Change in India’s New Proposal to Protect Personal Data,” Carnegie India, November 28, 2022.

Vijay Kelkar and Ajay Shah, In Service of the Republic: The Art and Science of Economic Policy (New Delhi: Penguin India, 2022).

Devesh Kapur, Pratap Bhanu Mehta, and Milan Vaishnav, eds. Rethinking Public Institutions in India (New Delhi: Oxford University Press, 2017).