Indian economist Karthik Muralidharan’s book “Accelerating India’s Development: A State-Led Roadmap for Effective Governance” has won the esteemed Gaja Capital Business Book Prize 2025.
After a conversation with the writers on the short list, the prize was presented at the Gaja Talks event. The book won an award for providing a practical roadmap for unlocking India’s next stage of development by emphasizing improved public service delivery and state capability.
The article presents evidence-based reform strategies that can be implemented at the state level to guarantee that economic growth results in improvements in citizens’ lives. It does this by methodically examining India’s governance challenges, particularly in areas like education, health, social protection, and employment.
“Accelerating India’s growth: A State-Led Roadmap for Effective Governance” provides a thorough explanation of why India’s growth is hampered by inadequate state capacity and unequal service delivery rather than a lack of desire or resources.
Muralidharan contends that rather than just increasing expenditure or developing new programs, sustainable improvement requires a deliberate emphasis on bolstering the state’s fundamental functions, including people management, data systems, accountability, fiscal federalism, and program design.
With a focus on state-level innovation and decentralization, the book suggests politically viable and practically implementable changes to enhance results in sectors including education, health, social protection, and employment. It may serve as a useful guide for anybody interested in comprehending India’s economic trajectory since it is written in an easy-to-read and captivating manner.
Muralidharan has a PhD from Harvard University and is the Tata Chancellor’s Professor of Economics at the University of California, San Diego. He demonstrates how better-designed institutions, more prudent public expenditure, and more state capacity may enhance development results by fusing academic depth with real-world insights, drawing on more than 20 years of study, policy involvement, and field experience. For policymakers, practitioners, and people alike who are interested in creating an inclusive and successful Indian state, the book is notable for its ability to simplify complicated economic and governance concepts into a practical road map.
Before entering academia, Muralidharan, a graduate of Harvard University and the University of Cambridge, worked as a consultant at the World Bank for ten years. His research focuses on improving the efficiency of public expenditure in the social sector and encompasses development and labor economics. In 2019, Muralidharan established the Centre for Effective Governance of Indian States (CEGIS), an organization committed to enhancing lives by assisting Indian state governments in achieving greater development results, in addition to advising research institutions worldwide.
Creating India’s Future at the 2025 Gaja Talks
The prize was given out during Gaja Talks in 2025. Entrepreneurs, investors, officials, and intellectuals who discussed ideas to influence India’s future attended the event. The nominated writers participated in a panel discussion on topics ranging from leadership, innovation, and India’s changing economic environment to institutional change and federalism.
“By investing in a stronger, more competent state, India can turn its enormous potential into concrete achievements for every person. This year’s winning book blends academic rigor with practical vision.” “It closely aligns with the Prize’s mission to celebrate ideas that shape India’s business and development story and that inspire the next generation of leaders, policymakers, and entrepreneurs by shining a light on governance and state capacity,” stated Gopal Jain, co-founder and managing partner of Gaja Capital.
In keeping with the custom of a diverse panel that assesses books for originality, depth of study, clarity of argument, and practical effect, the 2025 jury gathered together professionals from business, investment, public policy, economics, and governance. “Accelerating India’s Development is a practical manual for improving the functioning of the Indian state for its citizens, not just a book on economics or politics.” Manish Sabharwal, Chairman of the Gaja Capital Business Book Prize committee, said, “The committee was especially pleased with how the author strikes a balance between ambition and reality, presenting reform routes that are anchored in facts, sensitive to political economics, and focused on implementation, not simply purpose.”
The award, which is now in its seventh edition, has become a standard for writers who shed light on India’s institutional development, entrepreneurial endeavors, and more general economic and social change.
A distinguished group of industry leaders participated, including:
Manish Sabharwal – Vice-Chairman & Chairman, TeamLease
Imran Jafar – Co-founder & Managing Partner, Gaja Capital
Arindam Bhattacharya – Senior Advisor & Emeritus Partner, Boston Consulting Group
Dr. Lakshmi Venu – Managing Director, Sundaram-Clayton
Dr. Sangita Reddy – Joint Managing Director, Apollo Hospitals
Neelkanth Mishra – Chief Economist & Head of Global Research, Axis Capital
Prithvi Haldea – Founder Chairman, Praxis Consulting
Shailesh Haribhakti – Founder & Managing Partner, Shailesh Haribhakti & Associates
U.K. Sinha – Chair, RBI Expert Committee on MSMEs
The Gaja Capital Business Book Award
The Gaja Capital Business Book Prize was created in 2019 and includes a reward of INR 20 lakh for the winner. It honors writers and their creations that highlight India’s ethos of corporate leadership, economics, and entrepreneurship.
The recommended reading list includes several influential business books:
“The Tatas: How a Family Built a Business and a Nation” by Girish Kuber and Vikrant Pande
“Big Billion Startup: The Untold Flipkart Story” by Mihir Dalal
“Indian Icon: A Cult Called Royal Enfield” by Amrit Raj
“Broke to Breakthrough” by Harish Damodaran
“Against All Odds: The IT Story of India” by Kris Gopalakrishnan, N. Dayasindhu, and Krishnan Narayanan
“Entrepreneurs Who Built India – Lala Shri Ram: The Man Who Saw Tomorrow” by TN Hari and Bala Srinivasa
