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I Do What I Do
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!
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!
344 pages, Hardcover
First published August 1, 2017
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Displaying 1 - 30 of 208 reviews
September 5, 2017
One of the most anticipated Economic Book of the year, especially coming from an Ex-RBI governor and one who left RBI just before the Demonetization. As the sensation loving media, repeatedly asked Mr. Rajan's take on Demonetization and his eventual silence had lead up to anticipation that this book may hold some necessary answers.
There is a wide spread rumor in media and general public that, Raghuram Rajan was removed by the government (Which is not true!) and installed a Gujarat Cadre Civil Servant Dr. Urjit Patel, who now has turned into a puppet of The current Government (again, not true!). Surprisingly, this book holds some answers, but not exactly to the sensational questions but to those questions, which may effect the credibility of RBI.
My Initial take on the book - A Bunch of well arranged speeches, which is not much of a sensational material for media, which may disappoint it and also to the critics, who wish to blame Rajan based on the fact that he was appointed by Dr. Manmohan Government. He tries to explain the rational, the well thought mechanism behind his every decision during his tenure as the RBI Governor. He makes it clear that, all his speeches are written by himself though eventually edited to avoid any political controversies before delivering them.
He makes it very clear from the beginning that, only his speeches were 'One Sided James-Bondish' but not actions. They were well thought, well guided and a collective team effort. The title of his book is derived from one of his sensational answers to media or the in Rajan's words the media made them sensation, made them headlines in the next day newspapers and pushed the policy to center pages.
Right from the second page, his use of the word 'We' clearly states his nature and method of work. One of the most prominent of his works as RBI governor is reduction in Inflation(I guess, you all remeber - Dosanomics) but he gives most of the credit to 'Dr Urjit Patel' Committee(The Current RBI governor).
If this book fails to change your opinion on Mr.Rajan, it will surely change your opinion on Dr.Urjit Patel, which is definitely a favorable factor for the credibility for RBI and thus the stability of Indian Economics.
Over the end he does accept that, there was no offer from Government for extension of tenure, which is a very general and normal thing to happen and had happened many times in the past. He doesn't rule out the possibility to return back to Indian Economics in some power in near future.
The book takes you back to year 2014, when Indian Economics and India are relatively in turbulent state. He explains various issues, his thought process and the decisions taken by use of his speeches made during those instances. A very well crafted book, in terms of speeches which are generally very boring(at-least to me!).
He explains lots of Economic concepts, but I suggest pick this book only if you know atleast about 'E' of the 'Economics' and if you have a keen interest to know about the past economic events. Else, mostly for Educational purposes and for fans.
Rajan tries to cover various issues right from the reforms related to inflation, Banking sector, debt markets, Financial inclusion, Resolution of Distress, Advice on Macro Economics, Some broad concepts like Democracy and Rule of law, Tolerance and Respect! The book holds some messages on the event of RBI's 80th Anniversary and India 67th Independence day celebrations.
The book carries in lot of support for current Government's(PM Modi Government) work on financial inclusion, Make in India and also emphasizes on importance of 'Make for India'.
On broader scale Mr. Rajan stresses on mutual trust in market, credibility and long-term plans. The narrative is quite appealing though at times it may feel that, it is fluctuating between being too simple to being too hard.(May be that depends on your understand of the particular topic!). All-in-all a good read to understand the dynamics involved at the central bank, the role of different committees, reports and the collective work between government and Central bank, markets and Banks.
Mr. Rajan tries to keep this book out of any controversy(or, is there any?!). Tries to instill trust in RBI, it's current governor and the government overall. He says, he may have been termed a rock-star/James Bond by Media but in no means he is one!
The book clearly establishes, If there is indeed a Rock star, it is RBI and it's team.
P.S: The review is first published at Koffee Cup Tales
There is a wide spread rumor in media and general public that, Raghuram Rajan was removed by the government (Which is not true!) and installed a Gujarat Cadre Civil Servant Dr. Urjit Patel, who now has turned into a puppet of The current Government (again, not true!). Surprisingly, this book holds some answers, but not exactly to the sensational questions but to those questions, which may effect the credibility of RBI.
My Initial take on the book - A Bunch of well arranged speeches, which is not much of a sensational material for media, which may disappoint it and also to the critics, who wish to blame Rajan based on the fact that he was appointed by Dr. Manmohan Government. He tries to explain the rational, the well thought mechanism behind his every decision during his tenure as the RBI Governor. He makes it clear that, all his speeches are written by himself though eventually edited to avoid any political controversies before delivering them.
He makes it very clear from the beginning that, only his speeches were 'One Sided James-Bondish' but not actions. They were well thought, well guided and a collective team effort. The title of his book is derived from one of his sensational answers to media or the in Rajan's words the media made them sensation, made them headlines in the next day newspapers and pushed the policy to center pages.
Right from the second page, his use of the word 'We' clearly states his nature and method of work. One of the most prominent of his works as RBI governor is reduction in Inflation(I guess, you all remeber - Dosanomics) but he gives most of the credit to 'Dr Urjit Patel' Committee(The Current RBI governor).
If this book fails to change your opinion on Mr.Rajan, it will surely change your opinion on Dr.Urjit Patel, which is definitely a favorable factor for the credibility for RBI and thus the stability of Indian Economics.
Over the end he does accept that, there was no offer from Government for extension of tenure, which is a very general and normal thing to happen and had happened many times in the past. He doesn't rule out the possibility to return back to Indian Economics in some power in near future.
The book takes you back to year 2014, when Indian Economics and India are relatively in turbulent state. He explains various issues, his thought process and the decisions taken by use of his speeches made during those instances. A very well crafted book, in terms of speeches which are generally very boring(at-least to me!).
He explains lots of Economic concepts, but I suggest pick this book only if you know atleast about 'E' of the 'Economics' and if you have a keen interest to know about the past economic events. Else, mostly for Educational purposes and for fans.
Rajan tries to cover various issues right from the reforms related to inflation, Banking sector, debt markets, Financial inclusion, Resolution of Distress, Advice on Macro Economics, Some broad concepts like Democracy and Rule of law, Tolerance and Respect! The book holds some messages on the event of RBI's 80th Anniversary and India 67th Independence day celebrations.
The book carries in lot of support for current Government's(PM Modi Government) work on financial inclusion, Make in India and also emphasizes on importance of 'Make for India'.
On broader scale Mr. Rajan stresses on mutual trust in market, credibility and long-term plans. The narrative is quite appealing though at times it may feel that, it is fluctuating between being too simple to being too hard.(May be that depends on your understand of the particular topic!). All-in-all a good read to understand the dynamics involved at the central bank, the role of different committees, reports and the collective work between government and Central bank, markets and Banks.
Mr. Rajan tries to keep this book out of any controversy(or, is there any?!). Tries to instill trust in RBI, it's current governor and the government overall. He says, he may have been termed a rock-star/James Bond by Media but in no means he is one!
The book clearly establishes, If there is indeed a Rock star, it is RBI and it's team.
P.S: The review is first published at Koffee Cup Tales
September 18, 2017
An almost expected collection of speeches but this time with more context around events leading up to those and beyond. I wonder why it wasn't reviewed/released as such and instead the media hype was it was a "tell-all". If you subtract that expectation and attempt to find some time to read and learn from Rajan; understand his perspective, this is a good read to have.
August 3, 2020
Since Mr. Rajan resigned from the RBI just before the demonetization, I thought this book will take the lid off of why did he leave six months before the completion of his term of office.
However, Media and TV channels actually was dishing the dirt on making everything way too shady.
Anyway, the book is actually a compilation of his speeches given by him on various colloquiums.
He talks about Monetary Policies, inflation, competitive markets, investments, demonetisation, banking sector, mutual funds and other macroeconomic issues.
The book takes you back to those days when India was amongst (top) Fragile Five and how Mr. Rajan and his team worked towards taking down the inflation, how they framed and formulated policies etc.
I believe, I really need to read this book again, as I am still ambiguous about many facts, terms and concepts.
But, if you're interested in macroeconomics and want to have a good understanding of the subject, this book is surely for you. It's in simple language, but there would be many concepts and terms that you'll have to google for and may need to jot down them for a better hold.
***Giving 3/5, just because I am yet to get to the bottom of this book.
May change the ratings after reading it again.
However, Media and TV channels actually was dishing the dirt on making everything way too shady.
Anyway, the book is actually a compilation of his speeches given by him on various colloquiums.
He talks about Monetary Policies, inflation, competitive markets, investments, demonetisation, banking sector, mutual funds and other macroeconomic issues.
The book takes you back to those days when India was amongst (top) Fragile Five and how Mr. Rajan and his team worked towards taking down the inflation, how they framed and formulated policies etc.
I believe, I really need to read this book again, as I am still ambiguous about many facts, terms and concepts.
But, if you're interested in macroeconomics and want to have a good understanding of the subject, this book is surely for you. It's in simple language, but there would be many concepts and terms that you'll have to google for and may need to jot down them for a better hold.
***Giving 3/5, just because I am yet to get to the bottom of this book.
May change the ratings after reading it again.
February 22, 2021
I have been a big fan of Raghuram Rajan for two reasons a) He comes across as a rock-star economist, unlike many other influential yet boring professionals of his field, b) one of my friends was his student in Chicago University, and had told me how inspiring a professor he was and told me how he conducted his lectures. So, when I saw the title of the book, I picked it up, assuming it would be his autobiography, his intellectual journey. Rather it turned out to be mostly his speeches during his RBI tenure, and some of the write ups, providing context to each of the pieces.
Rajan divides the book in to three sections RBI days, Global Financial Crisis and Occasional Pieces. I would rather divide the book into three sections
a) The stuff I understood - These are the most brilliant parts of the book. Rajan covers the role of RBI (core purposes of the RBI: to foster monetary and financial stability conducive to sustainable economic growth, and to ensure the development of an efficient and inclusive financial system), the reasons behind the decision of increasing the repo rates ( The best way for the central bank to generate growth in the long run is for it to bring down inflation. By raising interest rates, the RBI causes banks to raise rates and thus lowers demand; firms do not borrow as much to invest when rates are higher and individuals stop buying durable goods against credit and, instead, turn to save. Lower demand growth leads to a better match between demand and supply, and thus lower inflation for the goods being produced, but also lower growth.), (geo-)political economics and his famous Dosanomics. I felt smarter and more informed after I read those stuff.
b) The stuff I didn't understand -- Detailed analysis of certain policies and its implications, and some takes on global and local economies with jargons that only an informed student of economics can understand. Obviously, these talks intended towards highly qualified economists, bankers etc with prior education in finance and commerce, and not dummies like me.
c) The stuff I don't care -- These are the directives and explanations that are relevant for RBI workers, and bankers. I neither understood nor I cared.
Majority portion of the book comprises of the speeches during Rajan's RBI days, and I can understand, he had to maintain a fine balance while tightrope walking without being too critical of the government and at the same time, preserving the independence of RBI. However, in doing so in order to avoid unnecessary conflicts, I believe, a man with the knowledge and experience of Rajan, would do little justice to the honest evaluation of current fiscal policies and execution of the government in power. For example, the biggest fiscal decision taken by the Government just after Rajan's tenure, (demonetization, of course) he is more or less silent.
Rajan divides the book in to three sections RBI days, Global Financial Crisis and Occasional Pieces. I would rather divide the book into three sections
a) The stuff I understood - These are the most brilliant parts of the book. Rajan covers the role of RBI (core purposes of the RBI: to foster monetary and financial stability conducive to sustainable economic growth, and to ensure the development of an efficient and inclusive financial system), the reasons behind the decision of increasing the repo rates ( The best way for the central bank to generate growth in the long run is for it to bring down inflation. By raising interest rates, the RBI causes banks to raise rates and thus lowers demand; firms do not borrow as much to invest when rates are higher and individuals stop buying durable goods against credit and, instead, turn to save. Lower demand growth leads to a better match between demand and supply, and thus lower inflation for the goods being produced, but also lower growth.), (geo-)political economics and his famous Dosanomics. I felt smarter and more informed after I read those stuff.
b) The stuff I didn't understand -- Detailed analysis of certain policies and its implications, and some takes on global and local economies with jargons that only an informed student of economics can understand. Obviously, these talks intended towards highly qualified economists, bankers etc with prior education in finance and commerce, and not dummies like me.
c) The stuff I don't care -- These are the directives and explanations that are relevant for RBI workers, and bankers. I neither understood nor I cared.
Majority portion of the book comprises of the speeches during Rajan's RBI days, and I can understand, he had to maintain a fine balance while tightrope walking without being too critical of the government and at the same time, preserving the independence of RBI. However, in doing so in order to avoid unnecessary conflicts, I believe, a man with the knowledge and experience of Rajan, would do little justice to the honest evaluation of current fiscal policies and execution of the government in power. For example, the biggest fiscal decision taken by the Government just after Rajan's tenure, (demonetization, of course) he is more or less silent.
September 3, 2018
An outstanding offering by way of speeches and articles by a man who was perhaps the only person who predicted the 2008 meltdown. The analyses of the problems that beset Indian Economy, his diagnosis and the prescription are fairly precise and logical . The reader can also discern authors yearning to bring about a change but it is indeed ironical that Raghuram Rajan couldn't really get things moving. Makings things happen in India is a different ball game and perhaps Rajan was not adept at it. There is no doubt about his intellectual outpouring as a Professor but he couldn't translate it into action as a practitioner.
October 12, 2017
An excellent read. The book gives you a great insight into how the mind of a central banker workers. A collection of speeches, essays and "random pieces" by RR, this collection gives an excellent perspective into how the RBI plays a pivotal role in managing the nation's economy. The part where the genius of Raghuram Rajan really stands out is when he is commenting on the global economy. Minor point - some speeches or comments by Rajan, when taken out of context, have proven to be quite controversial. By reading the entire body of those speeches, one realizes the depth & profoundness of his words, and that he is man of great bearing. This book is definitely going on my recommendation list.
Currently reading
September 6, 2017I was so ecstatic to see that Raghuram Rajan Sir has launched a book that I couldn't abstain myself from preordering it on 3rd September. The book is due to be delivered today.
I belong to Science Stream and to be honest, my understanding of world or my eyes to see the economical world are little weak. I had to start with some book on economics to have better insight of it. I can't believe my luck that I am starting with Sir Raghuram Rajan's book.
I belong to Science Stream and to be honest, my understanding of world or my eyes to see the economical world are little weak. I had to start with some book on economics to have better insight of it. I can't believe my luck that I am starting with Sir Raghuram Rajan's book.
May 20, 2018
the book was an epitome of economics that is relevant to all indians. The intention to impart this knowledge in these troubled economic and political times is truly appreciated. my sense and understanding of concepts like fiscal Prudence, bank repo rates and their implications on common Man and day today life has improved by leaps and bounds. Thanks a ton Raghuram Rajan :-)
July 11, 2023
I had picked up this one thinking it to be an autobiography, and with an expectation that it'll cover Rajan's tussles with the government in more details. I was pleasantly surprised to find instead a good collection of technical essays covering the workings of RBI, and economics in general. If you're looking for a good explanatory work in the field of Economics (and especially those concerning India and its policies), you'll enjoy this.
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This is also available on my website here.
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This is also available on my website here.
Want to read
September 27, 2018Two topics I repeatedly try to read and fail to make headway into are economics and quantum mechanics. It was my hubris to believe that this rut would get changed by this book but no it didn’t.
Economics still eludes me. Another time !
Economics still eludes me. Another time !
October 28, 2017
During his tenure as RBI Governor, Dr. Raghuram Rajan had delivered many lectures on state of the economy including role of the RBI, controlling inflation, problem of NPA in banks. This book assembles some of those speeches along with few articles on global financial crisis and other relevant topics.
In spite of being a collection of articles, it is highly readable for most parts and well organized, especially first six chapters which articulates aim of the RBI during his tenure. Admittedly I didn't completely understand the sections which were too technical on finance, but it did generate curiosity and conveyed his core ideas. I wish he had spent more pages on macroeconomics, because when he did the clarity of thoughts was evident.
Dr. Rajan clearly points out reason behind controlling inflation as a priority and how he achieved it. Although the NPA problem of the banks could not be solved, he suggests specific measures.
Another important highlight is importance of data in his recommendations. One drawback of this book is lack of references to either validate the claims or as starting point for further study.
It can be argued that Dr. Rajan has focused only on growth under any condition and inequality seldom deserved his attention. In fact a reference to to the book - "Capital in twenty first century" by Thomas Piketty is made only to make us aware that there is growing concerns against global finance.
This leads to a world where everything can be solved by free market and deep rooted financial institutions. Even if it results in immense inequality, let it be, at least according to Dr. Rajan. If that inequality causes political problem leading to crisis at the top of the structure of market economics, then it is a problem which needs to be addressed.
Dr. Rajan was one of the few economists who had predicted global financial crisis. But in a later chapter he argues - everyone was responsible for it - govt., people who borrowed, financial institutions and the banks. However he didn't mention that maximum cost was put on the shoulders of the people.
In order to disregard Keynesian economics, Dr. Rajan says growth in global economy during 1950 - 60s was due to "broader use of technologies such as electricity" among others things. In an otherwise well written book which is well balanced, this could have been avoided.
The chapters where the focus is on broader society (such as the one titled - "Democracy, Inclusion and Prosperity"), Dr. Rajan is much more empathetic.
As he has mentioned in the book, communication was important to Dr. Rajan. He had used one of his public speeches to send a message to fraudulent businessmen that RBI can take action. In this respect it is probably better to read each chapter in it's own context, which would involve taking note of the audience it was originally intended for.
Nonetheless it provides enough food for thought for further discussion, debate and analysis, which is the ultimate aim of any book of this nature.
In spite of being a collection of articles, it is highly readable for most parts and well organized, especially first six chapters which articulates aim of the RBI during his tenure. Admittedly I didn't completely understand the sections which were too technical on finance, but it did generate curiosity and conveyed his core ideas. I wish he had spent more pages on macroeconomics, because when he did the clarity of thoughts was evident.
Dr. Rajan clearly points out reason behind controlling inflation as a priority and how he achieved it. Although the NPA problem of the banks could not be solved, he suggests specific measures.
Another important highlight is importance of data in his recommendations. One drawback of this book is lack of references to either validate the claims or as starting point for further study.
It can be argued that Dr. Rajan has focused only on growth under any condition and inequality seldom deserved his attention. In fact a reference to to the book - "Capital in twenty first century" by Thomas Piketty is made only to make us aware that there is growing concerns against global finance.
This leads to a world where everything can be solved by free market and deep rooted financial institutions. Even if it results in immense inequality, let it be, at least according to Dr. Rajan. If that inequality causes political problem leading to crisis at the top of the structure of market economics, then it is a problem which needs to be addressed.
Dr. Rajan was one of the few economists who had predicted global financial crisis. But in a later chapter he argues - everyone was responsible for it - govt., people who borrowed, financial institutions and the banks. However he didn't mention that maximum cost was put on the shoulders of the people.
In order to disregard Keynesian economics, Dr. Rajan says growth in global economy during 1950 - 60s was due to "broader use of technologies such as electricity" among others things. In an otherwise well written book which is well balanced, this could have been avoided.
The chapters where the focus is on broader society (such as the one titled - "Democracy, Inclusion and Prosperity"), Dr. Rajan is much more empathetic.
As he has mentioned in the book, communication was important to Dr. Rajan. He had used one of his public speeches to send a message to fraudulent businessmen that RBI can take action. In this respect it is probably better to read each chapter in it's own context, which would involve taking note of the audience it was originally intended for.
Nonetheless it provides enough food for thought for further discussion, debate and analysis, which is the ultimate aim of any book of this nature.
October 5, 2017
"I am a professor so I lecture (though I typically lecture well)"
I'm glad someone sent this book on my way else I might have never picked it up, coloured as I was by Dr Rajan's out of brief comments on tolerance and his own departure from the RBI.
The book, basically a collection of his speeches and articles, provides a wonderful running commentary on the various changes in the Indian regulatory and economic landscape over the 3 years of Dr Rajan's governorship. In some sense it is like a Central Bank 101 with a fair bit of macroeconomics thrown in.
It gives the reader a good perspective of the broad framework the RBI works within. It makes the case for inflation targeting in a rather compelling way, and its importance in delivering sustainable economic growth. Most noteworthy was his Dosanomics speech where he attempts to simply the real a interest rate conundrum in the context of low inflation.
The reader also gets a bit of a ring-side view on the various efforts towards the whole NPA saga which seems to be dogging the Indian economy over the past few years, and the structural efforts made by RBI to ensure the problem was brought tot fore and not left simmering under the surface. Similarly, the articulation of the case for financial inclusion and the challenges involved in it are quite powerfully made. Dr Rajan's criticism of the FLSRC is quite scathing wherein he simply but effectively demolishes the case for a super-regulator.
Overall, the book brings out the achievements in the 3-year tenure on the domestic front quite effectively, including the reclassification of India from the Fragile Five to the Fastest, the adoption of inflation targeting as RBI's primary role, widening of the banking system, attacking the NPA problem (even though this one seems to be an unfinished agenda), improving the payments framework and infrastructure and financial inclusion.
Th surprise element of the book were Dr Rajan's speeches and articles on the international context wherein, to me, one of his key achievements was to firmly put on the table, the global challenges of the easy monetary policy followed by most developed countries in recent years.
Towards the end, the book does lose the plot with the inclusion of some speeches / articles which are not threaded together well within the overall context of the book. Seemed like some of the Ocassional Pieces did not find a home and were just thrown in together as they couldn't have warranted a book on their own. Though, the discussion on the complete market model was quite interesting to a non-economist like me.
For those with an interest in macro-economics it's a good read so long as you can give Dr Rajan some leeway for letting the professor in him take-over at times.
PS: I still can't fathom why the book is called what it is.
I'm glad someone sent this book on my way else I might have never picked it up, coloured as I was by Dr Rajan's out of brief comments on tolerance and his own departure from the RBI.
The book, basically a collection of his speeches and articles, provides a wonderful running commentary on the various changes in the Indian regulatory and economic landscape over the 3 years of Dr Rajan's governorship. In some sense it is like a Central Bank 101 with a fair bit of macroeconomics thrown in.
It gives the reader a good perspective of the broad framework the RBI works within. It makes the case for inflation targeting in a rather compelling way, and its importance in delivering sustainable economic growth. Most noteworthy was his Dosanomics speech where he attempts to simply the real a interest rate conundrum in the context of low inflation.
The reader also gets a bit of a ring-side view on the various efforts towards the whole NPA saga which seems to be dogging the Indian economy over the past few years, and the structural efforts made by RBI to ensure the problem was brought tot fore and not left simmering under the surface. Similarly, the articulation of the case for financial inclusion and the challenges involved in it are quite powerfully made. Dr Rajan's criticism of the FLSRC is quite scathing wherein he simply but effectively demolishes the case for a super-regulator.
Overall, the book brings out the achievements in the 3-year tenure on the domestic front quite effectively, including the reclassification of India from the Fragile Five to the Fastest, the adoption of inflation targeting as RBI's primary role, widening of the banking system, attacking the NPA problem (even though this one seems to be an unfinished agenda), improving the payments framework and infrastructure and financial inclusion.
Th surprise element of the book were Dr Rajan's speeches and articles on the international context wherein, to me, one of his key achievements was to firmly put on the table, the global challenges of the easy monetary policy followed by most developed countries in recent years.
Towards the end, the book does lose the plot with the inclusion of some speeches / articles which are not threaded together well within the overall context of the book. Seemed like some of the Ocassional Pieces did not find a home and were just thrown in together as they couldn't have warranted a book on their own. Though, the discussion on the complete market model was quite interesting to a non-economist like me.
For those with an interest in macro-economics it's a good read so long as you can give Dr Rajan some leeway for letting the professor in him take-over at times.
PS: I still can't fathom why the book is called what it is.
November 26, 2019
Well everybody is aware with the acumen raghuram rajan has in macroeconomic stability. This book is indeed an extension of that. Essentially consists of lectures he delivered at various places. One of the remarkable things which stays with me from the book is that "unorthodox ideas will lead to orthodox results which is destabilization of economy". Hence it becomes important that one sticks to the basic fundamentals of the economy as suggested by him in the book. Overall it's a good read for those who want to know the rationale behind the policy decisions specially interest rate fixation done by central bank of India. Added to that there are some lectures pointing out to his predictions about global financial crisis and reasons behind it.
March 6, 2019
A good book. Basically it’s divided into three parts. First part covers the author’s term as the governor of the RBI which’s really wonderful to read. The second and the third part deal with the economic crisis that began in 2008 and some snippets written by the author previously. This is very technical and hard to read through the content.
March 17, 2018
If you eagerly want to know about banking and finance then this book is surely for you.
writer beautifully explained the concept Dosa Economics. He has shared his various life experiences in this book and what are the difficulties he faced during his tenure.
writer beautifully explained the concept Dosa Economics. He has shared his various life experiences in this book and what are the difficulties he faced during his tenure.
November 11, 2017
Amazing book which opens up various aspects of Indian monetary policy. The added cherry on the top is RR's views on the financial meltdown of 2007-08 and other macroeconomic fault lines in the world.
June 29, 2021
An enlightening read. Mr. Rajan thoroughly explained the various levers at play while building an economy through his structurally curated speeches and articles. A basic knowledge of Macro Economics and Finance is recommended to understand some of the chapters.
September 9, 2020
It was a huge fan boy moment when I started this book. Like many others, I have admired Mr. Rajan as an idol, a guru, as someone who believes in shooting straight arrows as truth always travel quick
The book is about his stint as the RBI Governor and he has done a tremendous job in describing the job. He has hardly left a subject untouched, relevant to Indian economy. It wouldn't be fair to my friends if I reproduce his words verbatim here upon subjects like monetary policy, fiscal prudence, financial inclusion etc., but I would like to talk about the most amazing chapter of this book which blew me off of my feet and that was about the global financial evolution that has occurred since 1945 post World War 2
Historical records suggests that the two economies which grew exceptionally rapidly from 1945 to late 60s were the west, which included USA and EU and east which included Japan. But the exponential growth in the two nations were attributed to the post-war reconstruction activity which was bound to taper off sooner or later. Saturation of growth happened around early 1970s and was coincided with the OPEC countries realizing that they have a much bigger clout than they realize as they control the energy security of developed and developing nations by exercising control over supply of oil. A sudden spike in oil prices collaborated with this saturation in the economic growth and the nations started to face difficulty in justifying this great fall. This was the time when governments, for the first time, thought of using monetary policy and fiscal policy as a leverage to sustain the growth by making the former dovish and the latter expansionary. All of this went on for a while but slowly, inflation started to rear its ugly head. It is true that short bursts of inflation leads to spurts of economic growth, but one can never be too careful about keeping an eye out for the spiraling hyperinflation. As the risk of hyperinflation got higher, monetary policy had to be tightened and fiscal policy had to move towards austerity. So, in a fit of frenzy, US in particular, decided to deregulate most of its sectors in which private participation was not allowed like defense, banking, construction etc.
It kept the economic growth going for a while but not for long. Income inequality started rising rapidly solely because of deregulation as it not only brought efficiency into the play, but also exposed people who suffered from lack of employable skills in the market. As the lacunae got wider, the middle level jobs with moderate skill requirements and good benefits ceased to exist while the share of economic pie for middle class was being absorbed by the rich class and the middle class were either rendered unemployed or employed in jobs with considerably less pay and benefits with substantial over-qualification. So, this was the problem at hand with which we entered the 21st century the job was cut out for the politicians, either ensure a more equitable distribution of economic prosperity ensuing out of the economic growth or face the music of uprising and protests. If the problem was to be solved, it required reskilling of people and at mass level which would require substantial investment along with long timeline to see the results of efforts made today. The other way was to manage the perception of masses by convincing them that even though their wages have been stagnant, they can lead a life at par with the rich class. How? The million dollar question. Simple. By ensuring universal access of cheap credit. It was true that people's salary growth was not commensurate to the economic growth but the growing protest against the issue fizzled out because their consumption never got affected because of lack of financial resources or assets. Liquidity became the new savings through new instruments such as overdraft facilities, credit cards etc. It was observed across the world that even though the income inequality kept on increasing from 90s, consumption inequality has remained relatively constant which corroborates the story as we as consumers were successfully managed
Now, not only we don't earn as much as we should be earning, but our society is becoming highly indebted. This move doesn't see any organized opposition as our silence has been bought off by cheap credit while we keep our rightful demands as collateral to ensure the sustenance of the system. Take a look around you, irrespective of the country you belong to, this must be happening and either we must be condoning it, or must be an unaware contributor to the menace
Beautifully explained concepts are only the tip of the iceberg of pleasure you'll derive once you complete this masterpiece. It will come more than handy for anyone who wants to know about contemporary Indian and world economic systems in simple language
"Belief of success being about learning should always exceed fear of deficiencies being exposed publicly"
The book is about his stint as the RBI Governor and he has done a tremendous job in describing the job. He has hardly left a subject untouched, relevant to Indian economy. It wouldn't be fair to my friends if I reproduce his words verbatim here upon subjects like monetary policy, fiscal prudence, financial inclusion etc., but I would like to talk about the most amazing chapter of this book which blew me off of my feet and that was about the global financial evolution that has occurred since 1945 post World War 2
Historical records suggests that the two economies which grew exceptionally rapidly from 1945 to late 60s were the west, which included USA and EU and east which included Japan. But the exponential growth in the two nations were attributed to the post-war reconstruction activity which was bound to taper off sooner or later. Saturation of growth happened around early 1970s and was coincided with the OPEC countries realizing that they have a much bigger clout than they realize as they control the energy security of developed and developing nations by exercising control over supply of oil. A sudden spike in oil prices collaborated with this saturation in the economic growth and the nations started to face difficulty in justifying this great fall. This was the time when governments, for the first time, thought of using monetary policy and fiscal policy as a leverage to sustain the growth by making the former dovish and the latter expansionary. All of this went on for a while but slowly, inflation started to rear its ugly head. It is true that short bursts of inflation leads to spurts of economic growth, but one can never be too careful about keeping an eye out for the spiraling hyperinflation. As the risk of hyperinflation got higher, monetary policy had to be tightened and fiscal policy had to move towards austerity. So, in a fit of frenzy, US in particular, decided to deregulate most of its sectors in which private participation was not allowed like defense, banking, construction etc.
It kept the economic growth going for a while but not for long. Income inequality started rising rapidly solely because of deregulation as it not only brought efficiency into the play, but also exposed people who suffered from lack of employable skills in the market. As the lacunae got wider, the middle level jobs with moderate skill requirements and good benefits ceased to exist while the share of economic pie for middle class was being absorbed by the rich class and the middle class were either rendered unemployed or employed in jobs with considerably less pay and benefits with substantial over-qualification. So, this was the problem at hand with which we entered the 21st century the job was cut out for the politicians, either ensure a more equitable distribution of economic prosperity ensuing out of the economic growth or face the music of uprising and protests. If the problem was to be solved, it required reskilling of people and at mass level which would require substantial investment along with long timeline to see the results of efforts made today. The other way was to manage the perception of masses by convincing them that even though their wages have been stagnant, they can lead a life at par with the rich class. How? The million dollar question. Simple. By ensuring universal access of cheap credit. It was true that people's salary growth was not commensurate to the economic growth but the growing protest against the issue fizzled out because their consumption never got affected because of lack of financial resources or assets. Liquidity became the new savings through new instruments such as overdraft facilities, credit cards etc. It was observed across the world that even though the income inequality kept on increasing from 90s, consumption inequality has remained relatively constant which corroborates the story as we as consumers were successfully managed
Now, not only we don't earn as much as we should be earning, but our society is becoming highly indebted. This move doesn't see any organized opposition as our silence has been bought off by cheap credit while we keep our rightful demands as collateral to ensure the sustenance of the system. Take a look around you, irrespective of the country you belong to, this must be happening and either we must be condoning it, or must be an unaware contributor to the menace
Beautifully explained concepts are only the tip of the iceberg of pleasure you'll derive once you complete this masterpiece. It will come more than handy for anyone who wants to know about contemporary Indian and world economic systems in simple language
"Belief of success being about learning should always exceed fear of deficiencies being exposed publicly"
August 12, 2022
As a student of economics, Raguram Rajan has always been an idol for me...He is an intelligent economist and a fluent speaker but after reading his book I realized he is a good writer too.. This books tells you about the fierce & smart actions taken by him to rebuild broken economic conditions of India... If you love to read economics then go for this..
November 12, 2017
A non controversial book on his tenure at RBI, Raghuram Rajan tries to put the entire frame on his brief stint on his three year tenure at RBI. The book is a very candid piece and he himself talks about issues and frailties in working at the central bank of India and how he felt about it. With increasing globalization and the economic prowess the position has come more and more under media scrutiny. He talks about comparison with Yellen or hawkish Volcker and how India was typecast as Fragile Five when he took centre stage. India was facing a big balance of payment crisis in 2013 and the inflation work started by Subharao was yet undone. AT this time taking over RBI was crucial.
Author talks long about his policies specifically on five fronts - macroeconomic policy, banking crisis, capital market development, financial inclusion and access to banking. Author tries to build up on these fronts of how his and the governments reformist agenda worked to bring about the change. Due details are provided of the inputs of HR KHan, Nachiket Mor, FSLRC, Urjit Patel, Malegam Reports over which the entire infrastructure in banking services was transformed. IMportant steps like debt market opening up, corporate restructuring reforms, Mudra etc have been introduced.
The interesting part his personal take on international banking and the theory of money. For long there was a discussion on the direction of monetary policy and whether inflation targeting was the right way to go. The author has in successive chapters defended the decision of selecting inflation targeting. This is in slight opposite of the viewpoints of previous Governors like Subbharao. Similarly the author makes up some interesting points with respect to unconventional monetary policy and RBI's challenge of reducing rates. India is not strong enough to face severe shocks thus policy are much muted and tapered. However the base of economy and economics is not money but productivity. THe author stresses that its productivity what as a country India must strives and not fall into inflation, fiscal capacity etc cauldron.
Banking sector reforms and financial inclusion including the infrastructure of Payment banks will have a lasting and competitive effect on the entire system and it is expected that things will move towards productivity. However in such treacherous times bodies like RBI would need autonomy and GOI support though limited intervention to make intelligent and rational decisions. The ability to say 'no' to the Government would be the icebreaker.
Author misses the entire topic of controversy of interference of the government in the book. RBI has been the hotbed since demonetization which didn't picture much in the book considering he received the proposal in Feb 2016. THe book could have been made people centric because the on surface issues is available everywhere covered in the media. Between core economics and core theory or decision making the book juggles more towards GENERIC memoirs than some hard core under the table unknown facts.
Author talks long about his policies specifically on five fronts - macroeconomic policy, banking crisis, capital market development, financial inclusion and access to banking. Author tries to build up on these fronts of how his and the governments reformist agenda worked to bring about the change. Due details are provided of the inputs of HR KHan, Nachiket Mor, FSLRC, Urjit Patel, Malegam Reports over which the entire infrastructure in banking services was transformed. IMportant steps like debt market opening up, corporate restructuring reforms, Mudra etc have been introduced.
The interesting part his personal take on international banking and the theory of money. For long there was a discussion on the direction of monetary policy and whether inflation targeting was the right way to go. The author has in successive chapters defended the decision of selecting inflation targeting. This is in slight opposite of the viewpoints of previous Governors like Subbharao. Similarly the author makes up some interesting points with respect to unconventional monetary policy and RBI's challenge of reducing rates. India is not strong enough to face severe shocks thus policy are much muted and tapered. However the base of economy and economics is not money but productivity. THe author stresses that its productivity what as a country India must strives and not fall into inflation, fiscal capacity etc cauldron.
Banking sector reforms and financial inclusion including the infrastructure of Payment banks will have a lasting and competitive effect on the entire system and it is expected that things will move towards productivity. However in such treacherous times bodies like RBI would need autonomy and GOI support though limited intervention to make intelligent and rational decisions. The ability to say 'no' to the Government would be the icebreaker.
Author misses the entire topic of controversy of interference of the government in the book. RBI has been the hotbed since demonetization which didn't picture much in the book considering he received the proposal in Feb 2016. THe book could have been made people centric because the on surface issues is available everywhere covered in the media. Between core economics and core theory or decision making the book juggles more towards GENERIC memoirs than some hard core under the table unknown facts.
September 17, 2018
"I Do What I Do" is a collection of former "rock star" RBI Governor, Raghuraman Rajan's speeches and articles.It is divided into three sections - the first and longest called RBI days consists of speeches during his tenure as RBI Governor from 2013 to 2016. The second part has his prescient predictions of the 2008 crisis - Rajan was one of the few global economists to have seen it coming - and from the period after the crash, suggesting possible ways to prevent the recurrence of similar systemic failures. The third part contains his articles covering other topics in economics. As the author explains in the introduction, this is not a tell-all book. He had the decency to wait for a year after the controversial end of his tenure to publish the book so that it would not come in the way of his successor's work. The speeches were made partly with the objective of spreading financial and economic literacy. In this, Dr. Rajan, the economics professor, does a remarkable job. In each of his speeches or essays, he lays out the broad outline, explains the points in detail and concludes his points in a clear and logical manner. Even someone with only a basic knowledge of economics (like me) could follow his speeches because of the brilliant clarity of his writing. The book gives an idea of how he set RBI policy with great foresight and in spite of the various pressures he had to face. The Indian economy is still benefiting from some of the measures he pushed through, such as forcing banks to recognize NPA's and setting a framework for controlling inflation.
Unfortunately, he faced a lot of unfair flak during his tenure. The government, unhappy with his outspokenness, indirectly put pressure on him by allowing him to be criticized by people with vested motives. These criticisms were picked up and amplified by the faithful followers of the party. Ultimately he was ousted as RBI governor - his term was not renewed though he was willing to serve another term - and RBI lost one of its most talented RBI Governors. I remember a few of my friends, not economists but faithful supporters of the government, who would confidently and emphatically express their views on the correct levels for the RBI policy rates. I think they would definitely benefit from reading this book. Highly recommended but needs a basic understanding of economics.
Unfortunately, he faced a lot of unfair flak during his tenure. The government, unhappy with his outspokenness, indirectly put pressure on him by allowing him to be criticized by people with vested motives. These criticisms were picked up and amplified by the faithful followers of the party. Ultimately he was ousted as RBI governor - his term was not renewed though he was willing to serve another term - and RBI lost one of its most talented RBI Governors. I remember a few of my friends, not economists but faithful supporters of the government, who would confidently and emphatically express their views on the correct levels for the RBI policy rates. I think they would definitely benefit from reading this book. Highly recommended but needs a basic understanding of economics.
August 26, 2018
Why do the poor allow the rich to be rich? In a democracy like India where the poor people are the majority, can't they elect a government that charges exorbitant taxes for the rich and distributes it to the poor? As long as everyone has equal opportunity and the most deserving become rich, it helps incentivize hard work in the society. The most deserving person creates opportunities in the society that benefits the poor and helps the society grow. In the other extreme, when the rich are rich just because they were already rich, the poor would want to fight against that and the rich would like to keep their position by doing favours for the government. All societies lie between the two extremes.
Raghuram Rajan has shown why he is a thought leader in the field of economics and finance. These are the kind of thought-provoking ideas he puts in the book and I learnt a lot of new ideas from this book. This book is a mix of his speeches about the RBI, the country's economy, global financial crisis and general economic principles. He also writes preludes and postscripts that explain how a lot of what he said was misinterpreted/politicized by the media. Once you read that you truly feel for how much of his speeches have made misconstrued and extrapolated headlines. I would give it 4 stars instead of 5 because the speeches vary a lot in terms of technical requirements and sometimes feel like speeches put together rather than a fully cohesive book.
Raghuram Rajan has shown why he is a thought leader in the field of economics and finance. These are the kind of thought-provoking ideas he puts in the book and I learnt a lot of new ideas from this book. This book is a mix of his speeches about the RBI, the country's economy, global financial crisis and general economic principles. He also writes preludes and postscripts that explain how a lot of what he said was misinterpreted/politicized by the media. Once you read that you truly feel for how much of his speeches have made misconstrued and extrapolated headlines. I would give it 4 stars instead of 5 because the speeches vary a lot in terms of technical requirements and sometimes feel like speeches put together rather than a fully cohesive book.
April 30, 2018
The book is a collection of speeches given by the author at various forums on a wide range of issues at various points of time, including his tenure as the governor of RBI.
Very few economists have the ability to make complex issues understandable to a layman, Mr Rajan in that sense is a gifted one. Also he belongs to the central bankers who just doesn’t churn out the data, but can empathise and bring the ‘socio-economic’ aspect into the whole central banker picture.
The book helps in getting a broad picture of role of banking and central regulatory bank in the Indian scenario. The clarity with which the author explains the problems ailing public sector banks in India is remarkable. The book also serves as a basic understanding of all aspects(functions,duties,role) of both RBI and also commercial banks.
The book also has witty parts, where the author also talks about the media interpretation of his speeches, the headline hungry indian media which selectively reported what they want in contrast to the point he was trying to make!
All in all, it’s a very informative book and is recommended for anyone interested in central bank’s role in the economy of a country!
PS: The book touches a personal chord with me, when the author talks about the different kinds of employees in any public institution and the analysis couldn’t be anymore true!
Very few economists have the ability to make complex issues understandable to a layman, Mr Rajan in that sense is a gifted one. Also he belongs to the central bankers who just doesn’t churn out the data, but can empathise and bring the ‘socio-economic’ aspect into the whole central banker picture.
The book helps in getting a broad picture of role of banking and central regulatory bank in the Indian scenario. The clarity with which the author explains the problems ailing public sector banks in India is remarkable. The book also serves as a basic understanding of all aspects(functions,duties,role) of both RBI and also commercial banks.
The book also has witty parts, where the author also talks about the media interpretation of his speeches, the headline hungry indian media which selectively reported what they want in contrast to the point he was trying to make!
All in all, it’s a very informative book and is recommended for anyone interested in central bank’s role in the economy of a country!
PS: The book touches a personal chord with me, when the author talks about the different kinds of employees in any public institution and the analysis couldn’t be anymore true!
February 9, 2018
An interesting book which draws on the experience of Dr. Rajan during his tenure as the Gov at RBI.
What's good is how it helps you understand the thought process behind some of the RBI actions while continuing to provide a basic understanding for the reader but What's not is how frequently the book changes gears. There are so many factors covered right from capital markets to bottom of pyramid banking and from FX fluctuations to Make in India . I feel the book could had been more focussed and a bit shorter for that matter.
What's good is how it helps you understand the thought process behind some of the RBI actions while continuing to provide a basic understanding for the reader but What's not is how frequently the book changes gears. There are so many factors covered right from capital markets to bottom of pyramid banking and from FX fluctuations to Make in India . I feel the book could had been more focussed and a bit shorter for that matter.
September 18, 2017
First, take a bow Mr. Rajan. Not only for your service to the position you held but also to the vision you encompassed and the clear and logical way you communicated the vision while serving in that post. Rajan covers every aspect he touched upon during his tenure in the first section of the book and the remaining 2 sections, he devots to macroeconomic trends in the international markets. In all of these sections, he lays out a clear and coherent vision, exploring spillover effects backed by logic and fundamental analysis to make his point. The emphasis he lays on institution building is perhaps the most important message you can take away from the book.
His forthcoming and unapologetic nature is clear in his writings as is his dedication to his profession.
Beautiful, logical, concise and readable. This book is a gem of a piece for anyone wishing to understand the challenges we have surpassed and the ones that are before us.
His forthcoming and unapologetic nature is clear in his writings as is his dedication to his profession.
Beautiful, logical, concise and readable. This book is a gem of a piece for anyone wishing to understand the challenges we have surpassed and the ones that are before us.
April 5, 2018
Raghuram Rajan is an utter genius and it's truely evident from the book.
This book is a compilation of his speeches given through the 3 years during which he was the RBI governor and minimal comments from him. Towards the end, there are a few of his speeches and articles on economics he gave during his time at world bank.
Book being very much into economics and finance, he discusses the steps he took at RBI, namely to reduce inflation, diffuse banking services to the poor by creating better methods like giving banking license more freely than before thereby increasing competition, by creating better methods for identifying and relieving distressed assets for PSU banks, helping banks to hold risk which they should hold and shifting other risks to insurance companies, etc.
RR describes it best. This book gave me incredible insights into Indian Finance and Economy. Accounting of RBI was a real interesting part where he showed what RBI earns from!
This book is a compilation of his speeches given through the 3 years during which he was the RBI governor and minimal comments from him. Towards the end, there are a few of his speeches and articles on economics he gave during his time at world bank.
Book being very much into economics and finance, he discusses the steps he took at RBI, namely to reduce inflation, diffuse banking services to the poor by creating better methods like giving banking license more freely than before thereby increasing competition, by creating better methods for identifying and relieving distressed assets for PSU banks, helping banks to hold risk which they should hold and shifting other risks to insurance companies, etc.
RR describes it best. This book gave me incredible insights into Indian Finance and Economy. Accounting of RBI was a real interesting part where he showed what RBI earns from!
February 2, 2018
A light coffee table finance read for those interested in learning about the macro forces that transpire behind the scenes. It's a collection of the various speeches/lectures/letters that Dr. Raghuram Rajan has delivered while working with RBI/IMF/UChicago.
One particular speech was too exciting for me! It was Dr. Rajan's convocation address at IIT Delhi. My excitement stemmed not from the content of the address, but from the feeling that it would have been for him to deliver a convocation address in his own alma mater. An insightful read that I would recommend carrying along on your next travel if you're even slightly interested in finance/economics.
One particular speech was too exciting for me! It was Dr. Rajan's convocation address at IIT Delhi. My excitement stemmed not from the content of the address, but from the feeling that it would have been for him to deliver a convocation address in his own alma mater. An insightful read that I would recommend carrying along on your next travel if you're even slightly interested in finance/economics.
October 3, 2017
The Collection of Rajan's speeches covers a broad spectrum of economic challenges of India from Central Banker's point of view. It broadly covers working with RBI, fighting inflation and understanding it through famous Dosanomics, current banking infrastructure (challenges and solutions) and political economy (from both national and economic perspectives) with many clever solutions subject to some economic adjustments reflecting his faith in India's strong institutional setup.
Yes, its a must read!
Yes, its a must read!
October 20, 2017
Just collection of old speeches. Time mentioned are not even edited and it’s not clear what time/year the narration is for. Not recommended unless you are a die-hard fan. Most of the places author has tried to justify what he spoke or what he did. Hindsight is 20/20. And this book is boring to core.
This entire review has been hidden because of spoilers.
January 25, 2018
This book is a collection of his speeches with some additional details. A really well written book if you want to understand what the RBI thinking process was behind the decisions made.
It is an easy read. I am not from the economics field but still was able to grasp and understand the changing landscape of Indian economy. 4 stars are for just for that.
It is an easy read. I am not from the economics field but still was able to grasp and understand the changing landscape of Indian economy. 4 stars are for just for that.
Displaying 1 - 30 of 208 reviews