The RBI Governor has done well to pick up 200 tonnes of gold in 2009. It would be prudent for the RBI to step up the gold proportion to 33 per cent of total reserves, from 9 per cent
.......Dr Subbarao has already earned his place in the firmament of the RBI by his percipient picking up of 200 tonnes of gold in 2009. If he leads India into the Golden Age, he would rightfully become Zeus in the RBI’s Pantheon of Governors. With the 2012 London Olympics, Dr Subbarao, a reputed marathon runner, should “go for gold”!.......
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Here is one advice coming from an economist who has seen and handled RBI’s forex policy as Deputy Governor, which Dr Subbarao must consider in the interest of the country. All the pain he has undergone and his disturbed sleep all through, suffering continuously from the bug-bites from North Block, whether it be the committee that was invented to control regulators, or issues like monetary policy, public debt management, interference in banking supervision or even in day to day HR management including implementation of an existing pension scheme, will not go in vain, if he is able to succeed here. No wonder, Tarapore compared this (move to augment gold reserves) to an Olympic marathon. Success will give Dr Subbarao a golden page in the country’s economic history.
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