Warrier's Collage on Wednesday November 30, 2022

Welcome To Warrier's COLLAGE On Wednesday November 30, 2022 Midweek Edition Pazhassi Raja https://youtu.be/iw3HZ6luG_M Good Morning 🌅 Expect some changes in the content & format of Collage from December 2022. All efforts will be made to share Sunday Collage regularly. Nice Day M G Warrier A The Book on my table : M G Warrier Forks In The Road* : C Rangarajan Forks In The Road : My Days at RBI and Beyond *I received my copy of the book last week. The book was released formally in Chennai on Saturday November 26, 2022. Those present on the occasion included former RBI Deputy Governor Usha Thorat. Former Governor Subbarao made a video appearance. https://amzn.eu/d/4a9WcKh 'One doesn't plan one's life fully. Some of it is planned, but some of it is purely accidental. Much of my life is a matter of circumstance,' says C Rangarajan. In this book, the veteran economist and policymaker provides a captivating account of his professional journey, starting with his purely accidental entry into the RBI in 1982. Rangarajan, regarded as one of the tallest figures in the history of India's economic reforms, provides crucial insights into the role he played as part of the team which initiated far-reaching reforms in India's economy in the early 1990s. The path-breaking reforms that he implemented during his tenure as governor of RBI included deregulation of interest rates, strengthening of the banking system by a gradual tightening of prudential norms, creation and nurturing of financial markets, giving them depth and vibrancy, shifting to market-determined exchange rates, making the rupee convertible on the current account and the cessation of automatic monetization of budget deficit. Rangarajan describes the key events between 1982 and 2014, particularly in the areas of money and finance, explaining not only what happened but also the motivations and processes behind them. As a public figure and an architect of economic change in India, he also ruminates about his interactions with both political and economic actors. Forks in the Road is not only a memoir of a man who shaped India's economy and positively impacted the lives of many, but also a fascinating account of India's growth story. It is a description of what we did and what we did not, and where we succeeded and where we failed. Media Response : M G Warrier November 27, 2022 Forks in the road This refers to the report "India must strive for high growth to cut abject poverty : Chidambaram "(November 27). First, congratulations to Dr C Rangarajan for venturing to start writing his memoirs, though late, as it would be strenuous for a person who has crossed 90. As he expects in the introduction to the book, let us also hope that the next volume of the history of the Reserve Bank will do more justice the role RBI played under Rangarajan's stewardship and subsequent years. He expected more in the volume covering the period upto 1997. Now, we expect one more volume of memoirs from him covering the lighter side of his eventful life during the last few decades. Dr Rangarajan has played a crucial role in ensuring that the transition during the economic liberalisation was smooth. Former Finance Minister who released the book, rightly, concentrated on exposing the persisting poverty levels. M G Warrier Mumbai https://www.thehindubusinessline.com/opinion/letters-to-editor/article66197009.ece B Collage Life I accept, thank you (UKETAMO, ARIGATO) https://youtu.be/OGExmgD-9XY Collage Poetry : Robert Frost The Road Not Taken : Summary https://www.toppr.com/guides/english/english-literature/the-road-not-taken-poem-summary-and-analysis/ C Collage Appreciation : Sitendra Kumar Dear Shri Warrier, Thanks for the much awaited Collage. It contains many useful topics, the most important being the address by RBI GUV. He has given a new term to us ' VUCA ' which in a way explains the challenges being faced by the research departments. DEPR being our brain trust, a think tank, has to evolve newer and newer strategies to understand the complexities of the economic issues. GUV has rightly emphasised the importance of the data and has described it as new oil. He has expressed his satisfaction regarding the quality of staff in DEPR, one in four staff members are holding doctorates as against the global average of one in five. He cautioned that many outdated models run on past data may not provide the useful requisite information and emphasised the need to collect first hand information from the stakeholders. He also outlined the benefits available to the research staff as it is increasingly becoming important for any major function. Shri Warrier's article written seven years back regarding ' Rating India in India ' is still relevant. He has rightly lamented that it's the foreigners who assess our economic indicators and rate us. The philosophical gift to us in the form of ' Speaking Tree' explaining the rationale behind the futility of fighting with life and emphasising that one should flow with it is on par with gold and would go a long way in making our lives stress free. Thanks for the nectar called Collage. Regards, Sitendra Kumar D Blogs & Books by M G Warrier 1) Blogs : www.warriersblog.com https://timesofindia.indiatimes.com/readersblog/warriersviews/opinions-and-perceptions-43036/ 2) Articles by M G Warrier https://www.moneylife.in/article/gold-monetisation-and-sovereign-gold-bonds-schemes-have-advantages/43348.html 3) Books by M G Warrier https://notionpress.com/author/m_g_warrier E Collage Profile : C Rangarajan https://www.mse.ac.in/dr-c-rangarajan/ F Leisure Ever since Robert was a child, he had a fear of someone under his cot at night... So he went to see Dr John, a Psychiatrist friend and told him "I've got problems. Every time I go to bed, I think there's somebody under the cot. I'm scared. I think I'm going crazy." "Not to worry, Robert, just put yourself in my hands for one year," said Dr John. "Come, talk to me three times a week and we should be able to get rid of those fears." "How much do you charge, Doc?" "$200 per visit" replied Dr John. "Let me think about it and if needed, I will come back to you," Robert said. Six months later he happened to meet Dr John on the street. "Why didn't you come to see me about those fears you were having?" Dr John asked. "Well, $200 a visit, three times a week for a year is an awful lot of money! A new Indian friend of mine, who just got his citizenship, cured me for the price of one plate biryani and a bottle of beer. I was so happy to have saved all that money, that I went and bought myself a new SUV". "Is that so? With a bit of an attitude Dr John asked, And how, may I ask, did the friend cure you?" "He told me to sell the cot and sleep on a mattress on the floor." ****************************** SOORYA DAILY BULLETIN കളിയും കാര്യവും 28 TH NOVEMBER 2022 ............................................... Bonus : Optional* Ram Jethmalani's address https://youtu.be/-yiFuHGQpw0 (9 years ago) *Open later in the day G Malayalam Collage 1) Theyyam https://fb.watch/h5icEpIZbG/ 2) Poem : Grameenakanyaka https://youtu.be/A2sKTgtDEYg