Rating: Not rated
Tags: Business & Economics, General, Lang:en
Publisher: Harper Collins
Added: August 28, 2018
Modified: November 5, 2021
Summary
When Raghuram G. Rajan took charge as Governor of the
Reserve Bank of India in September 2013, the rupee was in
free fall, inflation was high, India had a large current
account deficit, and India's exchange reserves were falling.
As measure after measure failed to stabilize markets,
speculators sensed a full-blown crisis and labelled India one
of the Fragile Five economies. Rajan's response was to go all
out, not just to tackle the crisis of confidence, but also to
send a strong message about the strength of India's
institutions and the country's ongoing programme of reform.
He outlined a vision that went beyond the immediate crisis to
focus on long-term growth and stability, thus restoring
investor confidence. Boldness and farsightedness would be
characteristic of the decisions he took in the ensuing three
years. Rajan's commentary and speeches in I Do What I Do
convey what it was like to be at the helm of the central bank
in those turbulent but exciting times. Whether on dosanomics
or on debt relief, Rajan explains economic concepts in a
readily accessible way. Equally, he addresses key issues that
are not in any banking manual but essential to growth: the
need for tolerance and respect to assure India's economic
progress, for instance, or the connection between political
freedom and prosperity. I Do What I Do offers a front-row
view into the thinking of one of the world's most respected
economists, one whose commitment to India's progress shines
through in the essays and speeches here. It also brings home
what every RBI Governor discovers for himself when he sits
down at his desk on the 18th floor: the rupee stops here.
Right here!