India's Decade of Reforms: A review

 India’s Decade of Reforms: A Review
Excerpts from a response received from Exrbites Group member Smt Vathsala Jayaraman based in Chennai
“Being a science student, I had 'Nil' knowledge of Economics until I joined RBI and started reading for CAIIB exams.
Really I had missed a lot in not taking Economics at the degree level.
“India’s Decade of Reforms: Reserve Bank of India at Central Stage” is really a great book sharing the author’s views with a compilation of allied and opposite views from veterans in the field. Many of us think of Economics as an art of making choices-how much to spend on food, clothing, gas and education and housing.
The six chapters are six jewels adorning the book.
The first one naturally is about RBI which had 'Sahasra Chandra Darshan ' in 2015..The words 'Monetary Policies’, which had been Greek and Latin to me and sounded like mere jargons, had been made more fascinating and attractive and simpler from the pen of Shri Warrier. His compliments to Ex-Governor Dr. Shri Rajan running throughout the book reveals the author's reverence and respect for the genius Economist. The reference to the concept of' ‘Universal Basic Income' through precious quotes of Mahatma Gandhi adds much more value to the chapter. 
The second part deals with the much more complicated demonetization and its after-effects, which had been analyzed in the press and visual media for a long time. Shri Warrier has made a threadbare analysis of the positives and the reason for the chaos that prevailed soon after Demonetization. He has not hesitated to make a note of the phrase ‘making a mammoth tragedy' by Dr. ManMohan Singh in his article in the Hindu on Dec 9, 2016.

The third part is about Institutional reforms, exploring 'Bank's mergers, consolidation and restructuring, sprinkling then and there, the key ideas of Dr. Rajan. Quite an interesting take on 'Bad Bank, not a Good Idea'.

The fourth chapter on 'Stressed Assets' starts with a brilliant quote from Bimal Jalan, former Governor, RBI. Role of RBI and PSBs have been discussed in detail. The chapter on 'Banking on Bankruptcy Law' has been elaborated while pointing out the fact that there has been hasty criticism by media and analysts in this regard. This offers more solace to depositors, especially senior citizens who rely mostly on FD interest. A specific reference to CRR/ SLR, offering the much-needed cushion to the depositors is helpful to alleviate the doubts haunting the minds of anxious depositors.

The 5th part deals with projects in progress, gold management, Agricultural Income Tax, Farm Loan waiver, National Pension system, Auditing and a note on tourism, an underexploited potential. A special mention is made of Kerala Tourism model.
The last chapter deals, in brief, with the duties and responsibilities of both the common people and the candidates contesting elections.
The book is very rich in content, not even a single sentence being superfluous. The way  Shri Warrier has dealt with Reforms speaks of the definition of Economics as a study of human behavior with a relationship between 'given ends and scarce means'. 
I am just a reader and Rasika. I have seen Shri Warrier air his views through multiple lenses- a journalist, a columnist,   an author and a critical observer. The book takes us through many corners of the globe, including the Federal Reserve of the richest nation.
The book gives an interesting read with no frills, lucid in style and intelligible to every reader. His concise chapters present a vivid narrative, that enlivens the readers. His concepts are authoritative but convincing to the core, very balanced and up-to-date.
I have great regard for this friend of ours, a passionate and honorable journalist with firm convictions. It is a well-documented book with profuse quotes from veteran Economists and bankers to substantiate his stand.

He deserves true encomia from the readers for penning this brilliantly crafted book.”


Comments

K S Mani Iyer said…
DEAR GIVINDAJI,

REVIEW OF SMT. VATHSALA JAYARAMAN INDEED IS AN HONEST AND LOGICAL OPINION ABOUT YOUR VALUED BOOK. CONGRATULATIONS ONCE AGAIN. I HAVE READ MANY OF YOUR POSTS ON THE SUBJECT. I AGREE WITH EVERY WORD SHE HAS WRITTEN.

ONCE, ALTHOUGH INITIALLY FROM MATHS, PHYSICS & CHEMISTRY BACKGROUND, SOON BECAME A KEEN LOVER OF ECONOMIC, FINANCE AND FINANCIAL SERVICES TILL 2011 THAT HELPED ME IN SETTING UP THE BUSINESS SIMULATION LAB FOR ONLINE TRADING AT DIFFERENT SEGMENTS OF THE FINANCIAL MARKETS. THEN TILL 2013 I WAS IN LOW SCALE STUDYING AND CONTRIBUTING IN E-COMMERCE & CYBER LAW.

NOW, I AM AWAY FROM 40 YEARS OF LEARNING TRYING TO FIND OUT WHAT I REALLY WANT FROM MY LIFE?

YOUR INTENSE LOVE AND STUDY IN THE FORM OF THIS BOOK WOULD CERTAINLY BE A GUIDE TO ALL YOUNG PROFESSIONALS IN BANKING AND FINANCIAL SECTORS.

MAY GOD BLESS YOU WITH ALL SUCCESS AND SATISFACTION.
February 11, 2018 at 10:32 AM
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