The well-deserved appreciation of Dr Subbarao’s tenure as RBI Governor in this article echoes the sentiments of thousands of RBI-watchers. Coming from a person who has been breathing, drinking, talking and writing monetary policy, inside and outside RBI for about half a century now, this is a well-deserved honour, which will add strength to Dr Subbarao’s convictions, making him fit and confident for further valuable contributions which will guide India’s economic development when the country is crossing through a tough transition. The mention of the purchase of 200 tonnes of gold in 2009 to diversify the forex reserves as one of Governor Subbarao's outstanding achievements and the assertion that ‘history would etch his name in gold’ will remain as a Guru’s guidance to future RBI Governors.
- M.G.Warrier
If Dr Reddy, his predecessor from the same cadre has attracted global attention, Dr Subbarao, like none of his predecessors has been attracting the columns of the media domestically. Unfounded criticism of his policy pursuit that happens to be the basic vanguard function of the RBI against rising inflation is highly regrettable. The falling rupee is in fact, a market correction and it is very likely to stop at the current level of Rs.65 a dollar even amidst the real of Brazil similarly performing among the BRIC nations and even China showing decline in growth rates against not so rising interest rates or inflation. In fact, Dr Subbarao's regime faced both policy paralysis of the government and unstable global financial situation accentuated by the huge sovereign debt of Europe and Greece furthering the recessionary impact. His posture of upholding the independence and autonomy of the RBI as the regulator would be remembered in the economic history of India as only a savior.
- Yerram Raju
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