1. Raghuram Rajan pens book on RBI stint in ‘turbulent times’

Raghuram Rajan pens book on RBI stint in ‘turbulent times’

Raghuram Rajan explains economic concepts and talks of issues like tolerance and connection between political freedom and prosperity in his new book, which is a collection of essays and speeches during his stint as RBI head.

By: | New Delhi | Published: August 23, 2017 7:19 PM
raghuram rajan, raghuram rajan book, I Do What I Do: On Reform, Rhetoric & Resolve, rbi governor book, ex reserve bank governor book Former RBI Governor Raghuram Rajan. (Express Photo)

Raghuram Rajan explains economic concepts and talks of issues like tolerance and connection between political freedom and prosperity in his new book, which is a collection of essays and speeches during his stint as RBI head. When 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 exchange reserves were falling. As measure after measure failed to stabilise 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, publisher HarperCollins India said. Rajan’s commentary and speeches in “I Do What I Do: On Reform, Rhetoric & Resolve” convey what it was like to be at the helm of the central bank in those turbulent but exciting times, it said.

The book will hit stores on September 4. “Rajan 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,” the statement by HarperCollins said. “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,” it added.

This is not Rajan’s first book. He co-authored “Saving Capitalism from the Capitalists” with Luigi Zingales and wrote “Fault Lines: How Hidden Fractures Still Threaten the World Economy”, for which he was awarded the Financial Times-Goldman Sachs prize for best business book.

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    Dr T V Gopalakrishnan
    Aug 23, 2017 at 10:03 pm
    All said, Dr Rajan also could not save RBI from its failure in various responsibilities particularly Regulation and Supervision of the Finacial system and the banking system in particular. The Ins ution lost its glory and image and it has been reduced to a division of the Misnistry of Finance and is being dictated as to what to do with its functions. The Ins ution has lost its independent thinking and operational freedom and some speeches here and there by the Governors have not helped to protect its re tion. No doubt individually almost all Governors have done well with their outspokenness, academic brialliance , but only a very few can claim that they have kept the image of RBI in tact under all political massacres the Ins ution had been subjected to. Dr Rajan is also not an exception. He came and conquered and kept his credentials in tact but allwed the ins uion to weaken as all his predecessors except one or two. History if written unbiasedly will vouch for that.
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