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I Do What I Do - Book Review

I DO WHAT I DO 
By Arpit Sharma
Craving for Dosas is a different thing but understanding the concepts of economics with the example of Dosas really quenches my thirst for knowledge and that's what Raghuram Rajan the former governor of RBI did with the help of his book named "I Do What I Do". This book takes us through the tenure of Raghuram Rajan as the governor of RBI from 2013 to 2016.The book is a collection of his speeches, lectures, and commentaries conveying what it was like to be the head of the central bank.
 Indian economy was actually bleeding, rupee was falling, inflation was high and also the current account deficit was really huge and that was the time when Raghuram Rajan had to take charge as the governor and outline a term plan to stabilize the Indian economy. He started working on the three major problems which were unemployment, inflation and bad loans. He also worked upon the reckless lending and took drastic steps to control inflation. Had steps not been taken,it could have led to hyperinflation. With the help of this book he has explained how inflation can cause serious damages to the economy and how it should be dealt with,by drawing the analogies of birds and dosas with economics. 
According to Raghuram rajan one of the common misconceptions about interest rates is that, high interest rates gives better returns and low interest rates gives poor returns. But nobody thinks about the relation between inflation and interest rate. Even if your interest rate is good, you won’t get better returns when the inflation is high.
Raghuram Rajan also makes a few suggestions which are as follows:
 Financial literacy in rural areas needs to be improved. Banking sector should try to improve the lives of rural people by making banks more accessible. There are no strong boards in PSBs and top talent is hired by private banks by offering good packages. In order to counter this the public sector banks should attract top talent by offering them more incentives and form boards for specific sections. Credit defaulters are increasing and banks should have strong policies against defaulters and ensure customers are repaying their loans. These days private banks are also adapting new technologies to serve customers better. But public sector banks are way behind in adapting technologies. 
Raghuram Rajan also suggests some general measures such as improviing road and rail connectivity. Electricity and water should be abundantly available for the industries to function. The youth should develop their skills for them to be able to grab opportunities coming their way. Healthcare and sanitation should be improved. Youth should be provided with proper nutritious food. Banking & financial institutions should be more accessible and link everyone through technology. Government should ease their policies and create a free environment for entrepreneurs to launch their businesses.
His book also speaks volumes about his perspective towards the economy and also his approach to deal with instances which a reader would love to know about. This book also gives you a different perspective to look at the government and the Indian economy. So go ahead and have some Dosas filled with knowledge, spiced with a pinch of concepts of economics, cooked under the vision of a scholar, folded with precision of a great monitory policy and served with some beautiful analogy of birds by reading this book.
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