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!

Contents
Introduction
Section 1 : RBI Days
1.Setting The Stage
I.Statement on Taking office, 4 September 2013
II.The Five Pillars of RBI's Financial Sector Policies
2.Hawks, Doves, or Owls
I.Fighting Inflation
II.Dosanomics
III.The Fight Against Inflation: A Measure without Theory or
Evidence
IV.Debate without Theory or Evidence
3.Making The Banking Sector More Competitve
I.Competition in the Banking Sector
II.Interesting, profitable, and Challenging: Banking in India
Today
4.Broadening and Deepening Markets
I.Strengthening Our Debt Markets
5.Financial Inclusion
I.Financial Inclusion : Technology, Institutions and Policies
II.The Changing Paradigm for Financial Inclusion
6.The Resolution of Distress
I.Saving Credit
II.Resolving Stress in the Banking System
7.The Economy and other Issues
I.Filtering out the Real India
II.Macroeconomic Advice
III.Finance and Opportunity in India
IV.Democracy, Inclusion, and Prosperity
V.Make in India, Largely for India
VI.Tolerance and Respect: Essentials for Economic Progress
VII.Words Matter but so Does Intent
8.International Issues
I.Competitive Monetary Easing : Is It Yesterday Once More?
9.RBI Matters
I.Remarks on RBIs 80the Anniversary
II.Year-end Letter to RBI Staff, 31 December 2015
IIIFinancial Sector Legislative Reforms Committee Report(FSLRC) : What to Do and When ?
IV.The Independence of the Central Bank
V.Message to RBI Staff

SECTION II : THE GLOBAL FINANCIAL CRISIS
I.Risky Business: Skewed Incentives for Investment Managers May Be Adding to Global Financial Risk
II.Financial Conditions, Asset Management, and Political Risks
: Trying to Make Sense of Our Times
III.The Credit Crisis and Cycle-Proof Regulation
IV.The True Lessons of the Great Recession

SECTION III : OCCASIONAL PIECES
I.Capitalism Does Not Rhyme with Colonialism
II.Clever Solution : But will it work?
III.Assume Anarchy?
IV.Odious or Just Malodorous ?
V.Aid and Growth : The Policy Challenge
VI.Debt Relief and Growth
VII.The Great Game Again ?

Index
About the Author