Shruti Rajagopalan, Indian-American economist and host of the Ideas of India podcast, discusses spotting underrated talent for Emergent Ventures India. They explore India's historical empires and cultural differences, the trade-off between socialist redistribution and individual rights in land reform, and the challenges of talent scouting and incubation infrastructure in India. They also touch on remote work assessments, the complexity of Indian classical music, and the misconceptions of Western venture capitalists investing in India.
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Quick takeaways
India's large population and young demographic position it for significant influence in the coming decades.
To truly understand India, immerse yourself in its diverse culture and engage with locals.
Assessing the success of EV India winners involves measuring impact, talent identification, and support.
When searching for talent in India, focus on cities for efficient scouting infrastructure and opportunities.
Cultural differences play a role in topic preferences at unconferences in the US and Chennai.
Access to online resources and smartphones is fueling growing interest in Austrian and Public Choice economists in India.
Deep dives
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An Interview with Shruti Rajagopalan on India
Shruti Rajagopalan, an economist, leads the Indian political economy program at George Mason University. In the interview, she shares insights on India's potential, its large population and young demographic, and how India's talent can contribute to innovation and entrepreneurship. She also discusses the importance of understanding India's diverse culture and the role of caste in Indian society.
India's Potential and Importance on the World Stage
India's large population and young demographic position it to exert significant influence in the coming decades. With the largest population of young people globally, India holds immense potential to contribute to various fields, from technology and innovation to entrepreneurial solutions for pressing global problems. India's entrepreneurial talent, its efforts to solve its own challenges, and its pluralism make it a driving force for development and a potential leader in democratic institutions in the global South.
Exploring Indian Culture and Insights on Traveling India
To truly understand India, it is best to immerse yourself in its culture. Shruti suggests visiting places like Banaras/Varanasi, famous for its syncretic living and cultural vibrancy, Ladakh for its stunning landscapes and Buddhist influence, Kerala for its coastal beauty, and Mumbai for its vibrant and diverse atmosphere. She also advises engaging with locals, trying street food while being cautious, and respecting and learning from India's rich cultural diversity.
Assessing EV India Winners
To assess the success of EV India winners, the focus would be on whether the proposed project exists and if it managed to sustain itself, especially for for-profit ventures. The market test would be a key factor. Additionally, the evaluation would include whether the winners continued to be entrepreneurs and if they moved on to other successful projects, highlighting the importance of talent identification. For non-profit projects, specific metrics would depend on the sector. Follow-up analysis would also involve reviewing rejected applicants and evaluating if any mistakes were made or if there were missed opportunities. Overall, the goal is to measure the impact and success of the winners and determine if the right talent was identified and supported.
Searching for Talent in India
When searching for talent in India, it is generally more efficient to focus on the cities rather than the villages. While education may be a limiting factor, the scouting infrastructure and opportunities available in the cities make it more likely to spot talented individuals. However, it is important to recognize that the educational system in villages may limit the visibility of potential Ramanujans or similarly talented individuals. In evaluating success, the focus would be on the existence of the proposed projects, their sustainability, and assessing their market performance for for-profit ventures. For non-profit projects, metrics specific to each sector would be considered.
Culture and Breakout Room Discussions
In comparing unconferences in the US and the Chennai unconference, there are some cultural differences at play. The inclination towards more generic topics in Chennai may stem from politeness, hierarchy, and a desire to meet perceived expectations. There may be a hesitancy to propose very unique and eccentric topics for fear of being judged or not attracting participants. This suggests a preference for conforming to societal norms rather than embracing individuality. However, the focus on staying on topic during discussions could also be attributed to politeness and a respect for structure and hierarchy. The US EV community, on the other hand, might embrace weirder topics and foster a more unapologetically unconventional approach.
The slow pace of Indian history
The speaker agrees with Tyler Cowen's theory that Indian history moves in slow motion, with few sudden turns. However, with the advent of widespread smartphone penetration and digital connectedness, there is uncertainty about whether this slow pace will continue in the future.
Underrepresentation of Austrian and Public Choice economists in India
The speaker explains that Austrian and Public Choice economists are underrepresented in India due to the control of the curriculum by the state, which prevented the teaching of these schools of thought. However, with the availability of online resources and the widespread access to smartphones, there is a growing interest in these schools of thought among Indian economists.
Optimism and progress
The speaker expresses optimism and a positive outlook due to the rapid progress in India, such as the widespread smartphone adoption and access to consumer goods. The speaker believes in the potential for technological advancements and the ability to overcome challenges. They also emphasize the importance of progress and the joy it brings.
Book in progress
The speaker mentions that they are currently working on a book about property rights and eminent domain in India. They explore the historical background and the reasons behind weak property rights in India despite the need for strong private property protections in a market economy.
Conclusion
The speaker concludes the podcast episode by thanking the host and expressing their enjoyment of the conversation. They also provide information on how to find their work online and express their appreciation for the host's podcast.
Shruti Rajagopalan is an Indian-American economist. She leads the Indian political economy research program and Emergent Ventures India at the Mercatus Center at George Mason University. She also hosts the Ideas of India podcast.
