‘Accelerating India’s Development: A State-led Roadmap for Effective Governance’, written by Indian economist Karthik Muralidharan, has been awarded the prestigious Gaja Capital Business Book Prize 2025. The award was announced at the Gaja Talks event, following a discussion with the shortlisted authors. The book was acclaimed for presenting an effective blueprint for unlocking India’s next phase of growth by focusing on stronger government capacity and effective public service delivery. The paper systematically looks at India’s governance challenges, particularly in sectors such as education, health, social protection and employment and presents evidence-based reform strategies that can be implemented at the state level to ensure that economic growth leads to improvements in the lives of citizens. The author and blueprint ‘Accelerating India’s Development: A State-Led Roadmap for Effective Governance’ offers a comprehensive analysis of why India’s development is limited not by a lack of ambition or resources, but by weak state capacity and uneven service delivery. Muralidharan argues that sustained progress requires a strategic focus on strengthening the core functions of the state, namely personnel management, data systems, accountability, fiscal federalism and program design, rather than simply expanding spending or creating new schemes. The book proposes politically feasible and practically feasible reforms to improve outcomes in areas such as education, health, social protection and employment, with a strong emphasis on state-level innovation and decentralisation. Written in a clear and engaging style, it brings rigorous ideas into the mainstream and can become a valuable guide for anyone interested in understanding India’s economic trajectory. Muralidharan serves as the Tata Chancellor’s Professor of Economics at the University of California, San Diego and holds a PhD from Harvard University. With more than two decades of research, policy engagement and field experience, he combines academic depth with practical insights to demonstrate how better designed institutions, smarter public spending and stronger state capacity can improve development outcomes. The book stands out for the way it breaks down complex economic and governance ideas into an actionable roadmap for policy makers, practitioners and citizens, interested in building an inclusive and effective Indian state. An alumnus of Harvard University and the University of Cambridge, Muralidharan spent a decade as a consultant at the World Bank before transitioning to academia. His research areas include development and labor economics, with a focus on improving the efficiency of public spending in the social sector. In addition to advising research institutions around the world, Muralidharan founded the Center for Effective Governance of Indian States (CEGIS), an organization dedicated to improving lives by helping state governments in India deliver stronger development outcomes, in 2019. View full image The Gaja Capital Business Book Prize 2025 recognized Karthik Muralidharan’s action for India’s ‘Acceleration’. strategies. (Gaja Capital) Shaping India’s Future at Gaja Talks 2025 The award was presented at Gaja Talks 2025. The event was attended by entrepreneurs, investors, policy makers and thinkers who brainstormed ideas to shape India’s future. The evening featured a panel featuring the shortlisted authors, who discussed issues ranging from institutional reform and federalism to leadership, innovation and India’s evolving economic landscape. “This year’s winning book combines intellectual rigor with practical vision to show how India can transform its great potential into tangible outcomes for every citizen, by investing in a stronger, more capable state. By shining a light on governance and state capacity, it aligns closely with the prize’s mission to celebrate ideas that inspire the next generation and lead India’s business and development, shape entrepreneurs,” said Gopal Jain, co-founder and managing partner, Gaja Capital. The 2025 jury brought together leaders from business, investment, public policy, economics and management, continuing the tradition of a multidisciplinary panel that evaluates books for originality, depth of research, clarity of argument and real impact. “Accelerating India’s Development is more than a book on economics or policy; it is a practical guide to making the Indian state work better for its people. The jury was particularly impressed by how the author balances ambition with feasibility, offers reform pathways that are evidence-based, sensitive to political economy, and focused on execution, not just intent,” added Gajair Business Bookman of the Jury, the Gajair Business Book. Now in its seventh edition, the prize has emerged as a benchmark recognition for writers who illuminate India’s entrepreneurial journeys, institutional evolution and broader economic and social transformation. The jury for this year’s edition consisted of Manish Sabharwal, vice-chairman of TeamLease (who serves as chairman of the jury), Imran Jafar, co-founder and managing partner of Gaja Capital, Arindam Bhattacharya, senior advisor and partner emeritus at Boston Consulting Group, Dr Lakshmi Venu, Dr Lakshmi Venu, Managing Director of Boston Consulting Group, Dr. Managing Director of Apollo Hospitals, Neelkanth Mishra, Chief Economist and Head of Global Research at Axis Capital, Prithvi Haldea, Founder-Chairman of Praxis Consulting, Shailesh Haribhakti, Founder and Managing Partner of Shailesh Haribhakti & Associates, and UK Sinha, Former Chairman of the MSME Expert Committee and Head of the MSME Expert Committee. Gaja Capital Business Book Prize The Gaja Capital Business Book Prize was established in 2019 and carries a purse of INR 20 lakh for the winner. It honors writers and their works that celebrate the spirit of entrepreneurship, economics and business leadership in India. Some previous winners of the award include ‘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 All Daagmodaran by Harish, ‘Broke to Daakthrough’ by Harish. India’ by Kris Gopalakrishnan, N Dayasindhu and Krishnan Narayanan, ‘Win Middle India: The Story of India’s New Age Entrepreneurs’ by TN Hari and Bala Srinivasa and ‘Entrepreneurs Who Built India – Lala Shri Ram: The Man Who Saw Tomorrow’ by Sonu Bhasin. Note to Reader: This article has been produced on behalf of the brand by HT Brand Studio and has no journalistic/editorial involvement from Mint.