Dr. Duvurri Subbarao, Governor of the Reserve Bank of India, will appear at Asia Society in New York on Wednesday, August 29 at 6:30 p.m
.....The Reserve Bank of India, led by its Governor Duvurri Subbarao — who will appear at Asia Society in New York on Wednesday evening — has held firm arguing that high interest rates are needed given India's stubbornly high inflation rate. As the Deputy Governor of the bank said in an interview this month, "inflation risks" are trumping risks to growth. This is bankeres for saying that rates cannot be cut as long as prices remain high. Subbarao, a long time civil servant at the Indian finance ministry, was believed to have been chosen as central banker in 2008 because he was seen as being unlikely to buck his political masters. If so, he has proven the government wrong repeatedly and made it clear the task of fighting inflation will not be diluted by short-term political calculations.......
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