Conventional techniques for transverse mode discrimination rely on introducing differential external losses to the different competing mode sets, enforcing single‐mode operation at the expense of additional losses to the desirable mode. We show how a parity‐time (PT) symmetric design approach can be employed to achieve single mode lasing in transversely multi‐moded microring resonators. In this type of system, mode selectivity is attained by judiciously utilizing the exceptional point dynamics arising from a complex interplay of gain and loss. The proposed scheme is versatile, robust to deviations from PT symmetry such as caused by fabrication inaccuracies or pump inhomogeneities, and enables a stable operation considerably above threshold while maintaining spatial and spectral purity. The experimental results presented here were obtained in InP‐based semiconductor microring arrangements and pave the way towards an entirely new class of chip‐scale semiconductor lasers that harness gain/loss contrast as a primary mechanism of mode selectivity.