The last thing RBI Governor Duvvuri Subbarao, who came to deliver a lecture on "India's Macroeconomic Challenges — RBI perspective" in Ahmedabad, expected was some 50 pink slips in a matter of 10 minutes after his talk at the Ahmedabad Management Association (AMA) building. But the pink slips were in fact questions posed by the audience after his speech on Thursday. The significance of the pink slip remark came to a pass as the RBI chief started by recalling that within days of his appointment to the RBI top post in August 2008, a series of economic downturns took place, starting with the collapse of Lehmann Brothers in USA in September that year signalling the start of the global recession. Even as the motley audience consisting of bankers, businessmen and students tittered at this piece of information, he added that no sooner had the economic situation in India bounced back, he was again reinstated in the Governor's post for two more years in August 2011 after which the country is now battling another economic crisis. As the room drowned in raucous laughter to this pronouncement, D Subbarao delivered the final punch as he said, "Now I don't have to tell you when the economic situation here is going to improve, as you can already guess!"
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