The job of a central banker is an easy one because all that he does is change interest rates, Governor Subbarao once said during a lighter moment. But the Indian financial market was witness to many things that he did in the past 12 months — be it saving the currency, or helping the government keep its borrowing costs affordable. Difficult times are not over yet, thanks to government profligacy. With vested interests pulling in different directions, finance minister Pranab Mukherjee’s upcoming budget may hardly help Subbarao’s cause. It may well be another year of ploughing a lonely furrow for the central bank governor with challenges continuing in the form of high crude oil prices, return of currency volatility and a volatile money market. Sangita Mehta and Gayatri Nayak present the picture staring at Subbarao.
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