One of the most popular book of the year, Bestseller book category of the year. A Non-fiction book authored by and former Governor of the Reserve Bank Of India, Raghuram Rajan. The book contains the collection of speeches delivered by Rajan during governor tenure in RBI with all economy & political context of that time.
Media repeatedly inquired Mr. Rajan’s Stand on Demonetization and his silence from one last year made eagerness that this book may contain answers to the rumor. Rumor in media & general public that, Raghuram Rajan was removed by the government ( Not Right- from the book, you will get to know) & Settle a Gujrat cadre civil servant Dr. Urjit Patel, Who now has turned a tool of the BJP government (again wrong!). Ultimately book contains some sensational answer to that question which can show the working condition of RBI.
The title of his book is derived from one of the answers to media, words that, made the 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 the reduction in Inflation(I guess, you all remember – Dosanomics) but he gives most of the credit to ‘Dr. Urjit Patel’ Committee(The Current RBI governor).
This book will surely change your opinion on Dr.Urjit Patel, which is definitely a supporting factor for the credibility for RBI and thus the stability of Indian Economics.
In the book, he accepts it, there has been no offer from the government to extend the tenure, which is a very general and normal thing that has happened several times in the past. It does not exclude the possibility of returning to the Indian economy in the near future.
The book takes you back to 2014 when Indian Economics and India are relatively turbulent. He explains various issues, his reflection process, and the decisions made with his speeches in these cases. A very well designed book, in terms of speech that are usually very boring (at least for me!).
It explains many economic concepts but I suggest choosing this book only if you know at least “E” from “the economy” and if you have a great interest in knowing the past economic events. Otherwise, mainly for educational purposes and for fans.
Rajan tries to cover various problems from inflation-related reforms, the banking sector, debt markets, financial inclusion, distress resolution, advice on the macroeconomic economy, general concepts such as democracy and the rule of law, tolerance, and respect! The book provides much support for the current work of the government (PM Modi government) on financial inclusion, Make in India and also stresses the importance of “Make for India”
On a larger scale, Rajan stresses mutual trust in markets, credibility, and long-term plans. The narrative is quite attractive although it can sometimes feel it fluctuates between being too simple to be too hard (maybe it depends on your understanding of the particular subject!). All-in-all is a good read to understand the dynamics involved in the central bank, the role of various committees, relationships and collective work between government and central banks, markets and banks.
Mr. Rajan tries to keep this book out of controversy (or is there?). Trying to instill confidence in RBI is the current governor and the government in general. He says, he may have been called rock-star / James Bond by Media, but by no means is the one!