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| Whoever said that the life of outgoing Governors is easy! Governor Subbarao richly deserves public support. |
.............The Reserve Bank of India (RBI) Governor D. Subbarao has entered the last lap of his five-year marathon. All eyes would be on him, when he announces his last monetary policy on July 30. But every day between now and his retirement would be an ordeal by fire. While Subbarao has deservedly earned his place in the firmament of the RBI’s Pantheon, his actions in the next two months could only enhance his stature....................
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Unlike most other organisations, RBI has maintained a continuity of the institution’s policy perceptions, which did not change with the changes at the top. The central bank has developed an institutional work culture which it has also tried to pass on to institutions it built with GOI in the financial sector. Thought of mentioning this just to ward off the misconception in the minds of some that there will be laxity on the part of RBI, once Dr Subbarao moves out.
Dr Subbarao has earned the ire from Finance Ministry for openly telling what his predecessors used to whisper in the ears of earlier FMs. UPA II and FM particularly should thank him for helping GOI to bring back some semblance of fiscal discipline. In the alternative, they can punish him by giving a one year extension.
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