RBI Governor D. Subbarao is an artful speaker who always spices up his high-finance speeches with real-life anecdotes from the wide and varied positions he has held. He recently told his audience, which consisted mainly of students of the International Institute of Foreign Trade, who were just about born when India liberalised its economy in 1991, how before 1991 PSUs would be used to solve every problem. He was in the government when N.T. Rama Rao was the chief minister in Andhra Pradesh. Rama Rao was concerned about growing alcoholism among the poor and discussed with Mr Subbarao. Mr Subbarao decided that banning liquor would not help and finally said that if they had to drink, the government could at least see that they get good bottled liquor. And that’s how Mr Subbarao had to set up the Andhra Pradesh Breweries Corporation. It’s a pity that the RBI did not put his brilliant speech on its website. Perhaps it is not too late!
Deccan Chronicle
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