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 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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