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following years were economy. Mehra’s work It takes a good reporter of its decade-spanning
anything but. Mehra, a encompasses the entire to cut through what was narrative, the book raises
veteran financial jour- gamut of politico-econom- happening at the time — these and other questions,
nalist, uses all the skills ic developments of the most of which was behind and answers several.
of her craft to not only decade she has chosen to the scenes and hidden from While the current
investigate what happened write about. It covers the the public — and to weave economic crisis is very
during the post-financial years of double-digit infla- an engaging and non- different from the ones
crisis period by inter- tion, infighting between partisan tale out of it. This, India has had to face over
viewing many of the lead the prime minister and Mehra has accomplished. the past decade and more,
characters involved, she finance minister, political She has also managed there are still numerous
also presents the findings games being played with to pepper the book with lessons the leadership can
in a manner devoid of hy- appointments to RBI, a several observations and learn from how things
perbole, partisanship and tectonic change in govern- questions that a reason- unfolded in the last ten
unnecessary opinions. The ments following General ably inquisitive mind years. In fact, officialdom
Lost Decade is a journal- Election 2014, a complete would be interested in. in North Block and Lok
istic work, through and breakdown in relations Who was the mysterious Kalyan Marg would do
through, allowing the book between the finance minis- person sending packages well to go through this
to be a comprehensive try and the central bank of documents to media or- book, as would anybody
document of record, albeit (RBI), the fallout of the ganisations as the 2G spec- else interested to see how
somewhat dry in places. disastrous demonetisation trum scandal unfolded? India, poised to become
That said, a dry and exercise, the chickens of Was former RBI Governor a world power in 2008,
mostly dispassionate view profligate bank lending Urjit Patel a bystander seems to have transformed
is essential for anybody coming home to roost, and when demonetisation hap- into an also-ran.
writing about the subse- a leadership with no real pened or was he a par- T.C.A. SHARAD RAGHAVAN
quent years of the Indian expertise to guide it. ticipant? Over the course (The Book Review, June)

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