I Do What I Do

I Do What I Do is a non-fiction book written by Dr. Raghuram Govind Rajan, former Governor of the Reserve Bank of India (RBI), published in 2017. The book presents a collection of speeches, commentaries, and reflections delivered by Dr. Rajan during his tenure as India’s central bank chief from 2013 to 2016. It provides readers with deep insights into the functioning of India’s economy, monetary policy, and financial system, as well as Rajan’s own perspectives on leadership, reform, and governance.

Background and Context

The book derives its title from a remark made by Dr. Rajan in response to media speculation and criticism of his policies during his term at the RBI. When questioned about his decisions on interest rates and inflation control, he famously replied, “I do what I do,” signifying his steadfast commitment to evidence-based policymaking and institutional integrity, independent of political or populist pressure.
The publication came shortly after his departure from the RBI in September 2016, and it offered the public a coherent narrative of his approach to monetary policy, financial reform, and global economic challenges faced by India during a turbulent period.

Structure and Content

I Do What I Do is organised thematically, combining Dr. Rajan’s key speeches with explanatory commentary to make complex economic ideas accessible to general readers. The book is divided into several sections that chronologically and thematically trace his tenure and intellectual contributions to Indian economic discourse.
Some of the major sections include:

• Inflation and Monetary Policy: Discusses the challenges of controlling inflation in a developing economy and the rationale behind adopting the inflation-targeting framework in India.
• Financial Inclusion and Banking Reforms: Focuses on strengthening India’s banking system, reducing non-performing assets (NPAs), and expanding credit access to underserved sectors.
• Economic Growth and Structural Reform: Examines India’s growth trajectory, structural bottlenecks, and the balance between short-term stimulus and long-term sustainability.
• Globalisation and External Shocks: Analyses India’s position in the global economy, particularly in relation to global capital flows, exchange rate management, and the aftermath of the global financial crisis.
• Institutions and Governance: Reflects on the importance of independent institutions like the RBI in maintaining economic stability and credibility.

The book also includes Dr. Rajan’s well-known 2014 Independence Day Lecture, titled “Faith, Demonetisation, and Reform,” and his speech on “Make in India, Largely for India,” both of which attracted significant attention for their candid tone and analytical depth.

Central Themes

The core themes of I Do What I Do revolve around monetary policy, institutional independence, and ethical governance. Rajan emphasises that effective economic policymaking requires patience, data-driven decisions, and insulation from political influence.
Key ideas elaborated in the book include:

• Inflation Targeting: The adoption of an inflation target of 4% (±2%) to anchor expectations and bring monetary stability.
• Financial Sector Discipline: Strengthening public-sector banks by addressing NPAs and improving lending standards.
• Reform without Disruption: Advocating gradual, evidence-based reforms instead of sudden policy shocks.
• Global Economic Integration: The need for India to engage with global markets while safeguarding domestic financial resilience.
• Institutional Integrity: The belief that strong, independent institutions form the backbone of long-term economic success.

Style and Presentation

Dr. Rajan’s writing style in I Do What I Do is lucid, engaging, and deeply analytical. While rooted in economics, the book avoids excessive technical jargon, making it accessible to students, professionals, and general readers alike. His tone reflects both academic rigour and moral conviction, often highlighting the intersection between economics, ethics, and public service.
The inclusion of speeches alongside explanatory notes provides context to key policy decisions, enabling readers to appreciate the reasoning behind RBI’s actions during his governorship. Rajan also addresses criticisms levelled against him, explaining his stance on controversial issues such as interest rate policy, foreign capital control, and demonetisation.

Relevance and Impact

Upon its release, I Do What I Do generated widespread public interest, not only among economists but also among the general public and policymakers. The book was viewed as both a memoir of Dr. Rajan’s tenure and a manual on economic governance in emerging markets.
Its publication came at a politically significant time, when debates around central bank autonomy and policy-making independence were prominent in India. Rajan’s reflections offered a defence of institutional independence and a caution against short-term populism.
The book also served as an educational resource for understanding:

• The inner workings of the Reserve Bank of India.
• The relationship between fiscal and monetary policy.
• How central banks navigate between growth, inflation, and exchange-rate pressures.

Reception and Criticism

Critics and reviewers widely praised the book for its clarity, honesty, and intellectual depth. It was commended for providing an insider’s perspective on the complex process of economic decision-making and for addressing contemporary issues in a non-partisan manner.
However, some observers noted that the book largely reflects Rajan’s personal perspective, occasionally omitting opposing viewpoints from within the political establishment. Despite this, I Do What I Do remains a significant contribution to the public understanding of central banking and macroeconomic management in India.