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I do what I Do is a non fiction book authored by economist and former Governor of the Reserve Bank of India, Raghuram Rajan published by Harper Collins India in 2017. Raghuram Rajan’s book I Do What I Do is a collection of talks, lectures and papers, some of which have been in the public domain for a while. Between these articles, the former governor of the Reserve Bank of India covers much territory. Divided into three sections wherein first section deals with RBI days and dividing the section in to 9 chapters dealing different aspects including making banking sector more competitive, broadening and deepening markets, financial inclusion, Resolution of distress, major economic issues, international issues and RBI matters, second section is about global financial crisis which Rajan is credited to predict with accuracy much prior to actual crisis and then his occasional papers in given the third section.
Rajan writes with great clarity and has a nice style. My estimation, for what it’s worth, of this readable book is that it is strong on the finance . Rajan recounts his actions as governor and assesses their impact, mostly dispassionately except in the case of inflation control where he simply assumes that the outcome reflects the RBI’s prowess. If you want to know how RBI really works and how our monetory policies are set and where our current economy stands this book gives a good picture about the same.
Raghuram Rajan writes the book the way objective people and especially those outside of India know him to be - Scholarly, sophisticated and passionate to his beliefs. The book explains the workings of RBI both from the exalted status of Governor and the ramifications to the ordinary citizen.
One of the most controversial issues affecting the RBI was the demonetization. Though he hasn’t discussed much of this in his book, he did accept that RBI was just a passive partner. “At no point during my term was the RBI asked to decide on demonetization,” Rajan writes. He expressed his reservations against it, saying short-term economic costs would outweigh long-term benefits and there were “better alternatives to achieve the main goals”.
This book is a good read to understand the dynamics involved at the central bank, the role of different committees, reports and the collective work between government, the central bank, markets and Banks. To quote Rajan, “The governorship of the central bank is not meant to win one votes or Facebook “likes”. But I hope to do the right thing, no matter what the criticism, even while looking to learn from the criticism.”
This book is a must read not only to economists and people having interest in economic matters but for everyone in the country whosoever has some little interest in how Indian economy works.