There are many reports on who might succeed Dr Subbarao. Some reports are inspired and some are by independent observers giving their views as to who in their opinion are most suitable for the post. In some of the reports, it is mentioned that Government might even be thinking of giving another short extension,say, for an year, to Dr Subba Rao. I remember to have read some reports, at the time of extension of his tenure for a period of 2 years, that Dr Subbarao had made known to his masters in the Government that he would not be interested in any further extension. If his continuance in the post is ruled out on this score, it would be a good idea, as I had mentioned earlier in this Newsletter, to appoint Dr. Raghuram Rajan to the post for some fresh thinking. Economists and bureaucrats groomed in the Indian scenario would find it difficult to escape from the groove to which they are fixed. Anyone who has read Rajan's book "Saving Capitalism from Capitalists" would find ample evidence of his brilliance and we need not, therefore, have any doubt that he would excel in his job. He had differed from Alan Greenspan and had anticipated the adverse fall out of Greenspan's policies on the American economy. As he is young, he should be given a full tenure of 5 years if not a tenure of 6 years as it is in the case of the Chairman, Federal Reserve Board.
I know that I am a small fry and that my views may not count and be heard in any quarter. Nevertheless, one derives some satisfaction in expressing one's views.
- A. Chandramouliswaran
