FAULT LINES : Dr Raghuram G Rajan

Notes from M G Warrier's Library:

FAULT LINES : Dr Raghuram G Rajan

The Book:  Fault Lines

Author:      Dr Raghuram G. Rajan

Publisher:  Collins Business

Price:          Rs399/-

Pages:         355

 In the introduction Dr Rajan explains the use of the metaphor of fault lines thus:

“In geology, fault lines are breaks in the Earth’s surface where tectonic plates come in contact or collide. Enormous stresses build up around these fault lines. I describe the fault lines that have emerged in the global economy and explain how these fault lines affect the financial sector.”
Quoted this, to flag the clarity maintained throughout the book, in explaining the multi-dimensional economic riddles bothering governments, planners, economists and other stakeholders at this crucial stage of economic development and suggesting possible solutions.
About the content of the book, I am not making any comment, but would go with Indian Express which said: “Brilliant. No other word for it…Buy it. Read it. Read it again.”
Dr Rajan concluded his postscript with the following observation: “We have uncovered deficiencies, and we know that the system has little capacity to sustain a repeat. We will bicker, no doubt, and we will try easy options. But eventually, as we realize that there is no alternative to addressing our real problems, democratic debate, coupled with human ingenuity, will come up with widely acceptable solutions to our problems. We may not see those solutions now, but so long as we are aware of the problems we have to solve, and work on them, I have no doubt that solutions will emerge.”
The optimism about India expressed in the chapter “Afterword: What Lies Ahead for India” explains why Dr Rajan is in India today. Destiny has now positioned Dr Rajan in a slot from which ne will be able to contribute towards realising his vision. Let us wish, Reserve Bank led by Dr Rajan will guide Indian financial sector to play the proactive role in the country’s growth story, making this decade special for all Indians.



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