98.239.227.65 at 20:20, 16 November 2022

2022-11-16T20:20:46Z

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{{Use Indian English|date=July 2022}}
{{Use dmy dates|date=July 2022}}
{{Infobox officeholder
| name = Duvvuri Subbarao
| image = Duvuri.jpg
| image_size = 225px
| caption =
| birth_name =
| birth_date = {{Birth date and age|1949|8|11|df=yes}}<ref>{{cite web|url=http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP020700|title=Biodata of Duvvuri Subbarao|url-status=dead|archive-url=https://web.archive.org/web/20090210163818/http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP020700|archive-date=10 February 2009|df=dmy-all}}</ref>
| birth_place = [[Kovvur, West Godavari district|Kovvuru]], [[Andhra Pradesh]], India
| death_date =
| death_place =
| resting_place =
| resting_place_coordinates =
| residence =
| nationality =
| known_for = Governor of [[Reserve Bank of India]]
| alma_mater = [[IIT Kharagpur]] {{small|(B.Sc)}}<br />[[IIT Kanpur]] {{small|(M.Sc)}}<br />[[Ohio State University]] {{small|(MS)}}<br />[[Massachusetts Institute of Technology]] {{small|(Humphrey Fellow)}}<br />[[Andhra University]] {{small|(Ph.D)}}
| profession = [[Civil service|Civil servant]], [[Economist]]
| home_town = [[Korukonda, Vizianagaram district|Korukonda]], [[Andhra Pradesh]]
| predecessor = [[Y. V. Reddy]]
| successor = [[Raghuram Rajan]]
| office1 = [[Finance Secretary of India]]
| term1 = 4 July 2007 - 5 September 2008
| successor1 = Arun Ramanathan
| predecessor1 =
| party =
| relations =
| signature =
| website =
| footnotes =
| term_start = 5 September 2008
| term_end = 4 September 2013
| order = 22nd [[Governor of Reserve Bank of India]]
}}
'''Duvvuri Subbarao''' (born 11 August 1949)<ref name="mopgoi">{{cite web|url=http://www.persmin.nic.in/CivilList/AsOnToday/AgeListCL.asp?Slab=8&Cadre=AP&AsOnDate=01/01/2008|title=Civil List|work=Ministry of Personnel, Public Grievances and Pensions|publisher=Government of India|access-date=2008-09-05|url-status=dead|archive-url=https://web.archive.org/web/20110718134338/http://www.persmin.nic.in/CivilList/AsOnToday/AgeListCL.asp?Slab=8&Cadre=AP&AsOnDate=01%2F01%2F2008|archive-date=18 July 2011|df=dmy-all}}</ref> is an Indian economist, Central Banker, and retired [[IAS officer]]. He was the 22nd Governor of [[Reserve Bank of India]], served under [[Prime Minister of India|Prime Minister]] Dr. [[Manmohan Singh]]. After stepping down from RBI, he was a Distinguished Visiting Fellow first at the National University of Singapore and later at the University of Pennsylvania.<ref>https://www.marketwired.com/press-release/former-india-central-bank-governor-dr-duvvuri-subbarao-appointed-distinguished-visiting-1903853 {{Dead link|date=August 2022}}</ref>

Subbarao is a 1972 batch [[Indian Administrative Service]] (IAS) officer of the Andhra Pradesh cadre. He was appointed the 22nd Governor of [[Reserve Bank of India]] (RBI) and served from 5 September 2008, with an extension in 2011 till 4 September 2013.<ref name="Indian Express">{{cite web|url=http://www.indianexpress.com/news/rbi-governor-subbarao-gets-2year-extension/829298|title=RBI Governor Subbarao gets 2-year extension|work =indianexpress.com|access-date=2012-01-10|date=9 August 2022}}</ref>

== Early life ==
Subbarao hails from [[Eluru]] in West Godavari district of [[Andhra Pradesh]]. He did his schooling in [[Sainik School, Korukonda|Sainik School]], [[Korukonda, Vizianagaram district|Korukonda]], [[Andhra Pradesh]] (1962–65). Later he did [[Bachelor of Science|BSc]] Hons in Physics at the [[Indian Institute of Technology Kharagpur|Institute of Technology Kharagpur]] (1966–69) graduating at the top of his class, and MSc at the [[Indian Institute of Technology Kanpur]] .<ref name="masterphysics">{{cite web|url=http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19052|title=Dr. D. Subbarao takes over as RBI Governor}}</ref> Subbarao topped the [[Civil Services Examination]] in 1972 and was assigned to the [[Andhra Pradesh]] cadre of the IAS.<ref name="business_std" />

During 1977-78, Subbarao took study leave to do a Masters in Economics at the [[Ohio State University]], [[United States]]. During 1982-83, he was a [[Humphrey Fellowship#Fellowship|Humphrey Fellow]] at MIT where he studied Public Finance.<ref name=humphrey>{{cite web|url=http://www.jhu.edu/design/humphrey/stories/15-Duvvuri_Subbarao.html|title=Humphrey Fellowship Program: Duvvuri Subbarao – India}}</ref> In 1988, he earned a Ph.D. in Economics from [[Andhra University]].<ref name="businessworld">{{cite web|url=http://www.businessworld.in/index.php/Interviews/There-cant-be-painless-adjustments.html|title=There Can't Be Painless Adjustments|last=Mehra|first=Puja|date=2008-06-20|work=Businessworld|publisher=ABP Pvt. Ltd.|access-date=2008-09-05|url-status=dead|archive-url=https://web.archive.org/web/20080825131803/http://www.businessworld.in/index.php/Interviews/There-cant-be-painless-adjustments.html|archive-date=25 August 2008|df=dmy-all}}</ref> for his doctoral thesis "Fiscal reforms at the sub-national level"

== Career ==
Subbarao's early career consisted of field postings in [[Andhra Pradesh]]. As Collector of Khammam District of Andhra Pradesh (1979), he earned a formidable reputation for diligently and systematically implementing the land transfer regulation which involved in the main restoring land that tribal households had lost due to indebtedness back to them as laid down in the protective legislation. As Managing Director of Andhra Pradesh State Finance Corporation (1986–88), he was noted for encouraging first generation entrepreneurs to invest in industry and service sectors.

Subbarao was on deputation to Government of India as a joint secretary in the Department of Economic Affairs, Ministry of Finance,<ref>{{cite news|url=http://in.reuters.com/article/india-rbi-subbarao-idINDEE8A60E820121107|title=PROFILE - RBI governor Duvvuri Subbarao|publisher=Businessweek|access-date=8 February 2013|date=7 November 2022}}</ref> where he was involved in formulating and implementing the 1991 reforms. Subsequently, he was the Finance Secretary to the Government of Andhra Pradesh (1993–98), where he is credited with having led a range of pathbreaking fiscal reforms. He was the principal force behind the decision of the state government to publish a white paper (1996) on state finances which went a long way to get popular support for politically difficult economic reforms.

He worked as a lead economist in the [[World Bank]] (1999-2004) where his work involved encouraging public expenditure reforms in developing countries. He also task managed the World Bank's flagship study on decentralization in East Asia.

On return to India from the World Bank, he was appointed to the [[PMEAC|Prime Ministers’ Economic Advisory Council]] (2005–07) before he was elevated as the Finance Secretary in 2007. On 5 September 2008, he was appointed Governor of Reserve Bank of India (RBI)<ref name="business_std">{{cite news|url=http://www.business-standard.com/india/storypage.php?autono=46085&tp=on|title= Dr Duvvuri Subbarao takes charge as RBI governor|date=2008-09-01|work=[[Business Standard]]|access-date=2008-09-05}}</ref> becoming the first serving civil servant and the first born after Independence to be appointed as central bank Governor while Arun Ramanathan was appointed as Finance Secretary on 21 September 2008 in his vacancy.<ref name="Arun Ramanathan appointed Finance Secretary">{{cite news|title=Arun Ramanathan appointed Finance Secretary|date=23 September 2008|access-date=10 January 2013|work =The Economic Times|url=http://articles.economictimes.indiatimes.com/2008-09-23/news/27727297_1_tamil-nadu-cadre-vinod-rai-finance-secretary}}</ref> Subbarao's term was extended for two more years in 2011.<ref name="Indian Express" />

== Achievements ==
As Finance Secretary to Government of India, Subbarao questioned the rationale of giving away valuable spectrum to telecom operators in 2007 at prices fixed in 2001. He argued that there must be fresh bidding to discover the current price. Subbarao gave evidence in the CBI case relating to alleged corruption by ministers and civil servants in the allocation of 2G spectrum and the judge noted in the judgement that he was a stellar witness.

Subbarao's term as Governor of RBI was by all accounts an unusually turbulent period for the world and for India. The global financial crisis erupted within a week of his assuming office. Then just as the impact of the crisis on India started ebbing, the action shifted to combating an unusually stubborn bout of inflation (2009–11) which segued into a battle against a sharp depreciation of rupee because of what came to be known as taper tantrums. Subbarao is generally credited as having safely stewarded Indian economy through the financial crisis although he has been criticized for not aggressively stemming the fall of the rupee during the taper tantrums.

Subbarao's tenure as Governor of RBI will be most remembered for the way he boldly stood up for the autonomy of the central bank. His term will also be noted for his initiatives to demysttify central bank,<ref>{{cite web|url=http://m.indianexpress.com/news/once-a-green-horn-d-subbarao-aims-to-demystify-rbi-in-2013/1055300/|archive-url=https://archive.today/20130818170527/http://m.indianexpress.com/news/once-a-green-horn-d-subbarao-aims-to-demystify-rbi-in-2013/1055300/|url-status=dead|archive-date=18 August 2013|title=Subbarao aims to demystify RBI}}</ref> for opening up communication channels with stakeholders and for outreach to the larger public. He was instrumental in ensuring 100% meaningful financial inclusion in [[Ernakulam]] district of [[Kerala]].<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2012-11-23/kochi/35318228_1_financial-inclusion-financial-literacy-bank-accounts|archive-url=https://archive.today/20130616031819/http://articles.timesofindia.indiatimes.com/2012-11-23/kochi/35318228_1_financial-inclusion-financial-literacy-bank-accounts|url-status=dead|archive-date=2013-06-16|work=[[The Times of India]]|title=Subbarao declares Ernakulam as India's First Financially Included District }}</ref> Subbarao is credited with the theory of the New Trilemma of central bankers, which he called the "Holy Trinity" of ''price stability'', ''financial stability'' and ''sovereign debt sustainability'' as against [[Mundell–Fleming model|Mundell's]] well known "[[impossible trinity]]" of a ''fixed exchange rate'', ''free capital flows'' and ''independent monetary policy''.<ref>{{cite web|url=http://www.rbi.org.in/scripts/BS_SpeechesView.aspx?id=662|title=Subbarao on Holy Trinity : speech on February 1, 2022}}</ref><ref>{{cite web|url=http://www.bis.org/review/r120201d.pdf|title=Duvvuri Subbarao : Policy Challenges from the New Trilemma}}</ref> Subbarao's erudite exposition of the ''holy trinity'' firmly established the Indian perspective<ref>{{cite web|url=http://www.linkedin.com/groups/Duvvuri-Subbarao-Price-stability-financial-1820760.S.92702644|title=Views on Subbarao's Trilemma}}</ref> in the scholastic debate on the global central banking trilemma.<ref>{{cite web|url=http://mostlyeconomics.wordpress.com/2012/02/03/from-impossible-trinity-to-holy-trinity/|title=From Impossible Trinity to Holy Trinity|date=3 February 2022}}</ref>

== Controversies ==
Subbarao is known to have a mind of his own and is known to have frequently overridden the advice of his fellow members in the Technical Advisory Group on Monetary Policy (TAG).<ref>{{cite web|url=http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=28727|title=Minutes of TAC Meeting on April 25, 2022}}</ref> To his credit, he explained why he had to go against the views of the TAG in his book.<ref>{{cite web|url=http://www.thehindubusinessline.com/industry-and-economy/banking/only-2-of-6-members-on-rbis-technical-committee-wanted-rate-cut/article3418943.ece|title=RBI Governor goes against Majority Decision|url-status=dead|archive-url=https://web.archive.org/web/20140203094721/http://www.thehindubusinessline.com/industry-and-economy/banking/only-2-of-6-members-on-rbis-technical-committee-wanted-rate-cut/article3418943.ece|archive-date=3 February 2014|df=dmy-all}}</ref>

== Personal life ==
He is married to Urmila Subbarao.<ref>{{cite web|url=http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP024300|title=Biodata of Urmila Subbarao|url-status=dead|archive-url=https://web.archive.org/web/20090210163827/http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP024300|archive-date=10 February 2009|df=dmy-all}}</ref><ref name="gentleman">{{cite news|url=http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Banking/Subbarao_An_officer__a_gentleman/articleshow/3438217.cms|title=Subbarao: An officer & a gentleman|date=2008-09-03|work=[[The Economic Times]]|publisher=[[Times Group]]|access-date=2008-09-05}}</ref> They have two sons, Mallik and Raghav, who are both IIT graduates like their father.

==Selected works==
Subbarao's book, "''Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years"'', was published in July 2016.<ref>{{cite book |isbn=978-0670088928|title=Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years |last1=Subbarao |first1=Duvvuri |year=2016 }}</ref><ref>{{Cite news|url=http://www.business-standard.com/article/current-affairs/i-paid-the-price-for-asserting-rbi-s-autonomy-subbarao-116071500008_1.html|title = I paid the price for asserting RBI's autonomy: Subbarao|newspaper = Business Standard India|date = 15 July 2016|last1 = Roy|first1 = Anup}}</ref><ref>{{Cite news|url=http://www.ft.com/cms/s/0/a497adbc-53eb-11e6-9664-e0bdc13c3bef.html|title = 'Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years', by Duvvuri Sub…|newspaper = Financial Times|date = 29 July 2016|last1 = Mundy|first1 = Simon}}</ref><ref>{{Cite web|url=http://www.livemint.com/Politics/8WUnYsNQMHPHBxaD5i6v9J/Governments-must-show-respect-for-RBI-autonomy-D-Subbarao.html|title = Governments must show respect for RBI autonomy: D. Subbarao|date = 26 July 2022}}</ref> The book has been hailed for the honesty, humility and candour with which Subbarao narrated the challenges and dilemmas he confronted as Governor of RBI during an unusually turbulent period.

Subbarao now writes frequently in national and international media on issues of current macroeconomic interest. His columns are noted for his forthright views and lucid explanation of complex issues.

== References ==
{{Reflist|2}}
{{Governors of Reserve Bank of India}}
{{Authority control}}

{{DEFAULTSORT:Subbarao, Duvvuri}}
[[Category:1948 births]]
[[Category:Indian Administrative Service officers]]
[[Category:Living people]]
[[Category:Governors of the Reserve Bank of India]]
[[Category:Sainik School alumni]]
[[Category:IIT Kanpur alumni]]
[[Category:IIT Kharagpur alumni]]
[[Category:Andhra University alumni]]
[[Category:Ohio State University Graduate School alumni]]
[[Category:People from Eluru]]
[[Category:Businesspeople from Andhra Pradesh]]
[[Category:Scientists from Andhra Pradesh]]
[[Category:20th-century Indian economists]]
[[Category:21st-century Indian economists]]
[[Category:Reserve Bank of India]]

Duvvuri Subbarao - Revision history

98.239.227.65 at 20:20, 16 November 2022