As D. Subbarao begins his last month as the 22nd Governor of the Reserve Bank of India (RBI), it is time to take stock of his tenure. A vital aspect of this was his relationship with Finance Minister P. Chidambaram. The intense media speculation about differences between the two amounts to more than analysing the equation between two individuals. It encapsulates an important challenge India faces in monetary policy making. Two markers will give a sense of what happened during the Subbarao governorship...........
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