Dr Subbarao And The Chakravyuha

Bureaucrat-turned-banker Dr Duvvuri Subbarao took charge as the Governor of the Reserve Bank of India (RBI) just when an economic chakravyuha (a multi-tiered battle formation) was taking shape. And all through his five years in office, he kept comparing his fate to that of Abhimanyu, the fallen hero of the GREAT epic Mahabharata. In the end, while demitting office, he had acknowledged that he will be known as “babysteps Subbarao” for a host of reasons. For one last time, let’s take a look at the challenges Dr Subbarao had faced before we move on to the stable monetary growth initiatives of his successor, Raghuram Rajan...........

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