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Duvvuri Subbarao | |
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| 22nd Governor of Reserve Bank of India | |
| In office 5 September 2008 – 4 September 2013 | |
| Preceded by | Y. V. Reddy |
| Succeeded by | Raghuram Rajan |
| Finance Secretary of India | |
| In office 4 July 2007 – 5 September 2008 | |
| Succeeded by | Arun Ramanathan |
| Secretary, Economic Advisory Council | |
| In office 2005 - 2007 | |
| Minister | Manmohan Singh |
| Lead Economist , World Bank | |
| In office 1999 - 2004 | |
| Finance Secretary of Andhra Pradesh | |
| In office 1993 - 1998 | |
| Minister | N Chandrababu Naidu |
| District Collector ofPrakasam | |
| In office 1982 - 1983 | |
| District Collector ofKhammam | |
| In office 1979 - 1979 | |
| Sub Collector ofParvathipuram District | |
| In office 1979 - 1979 | |
| Personal details | |
| Born | (1949-08-11)11 August 1949 (age 76)[1] Kovvuru,Andhra Pradesh, India |
| Alma mater | IIT Kharagpur(BSc) IIT Kanpur(MSc) Ohio State University(MS) Massachusetts Institute of Technology(Humphrey Fellow) Andhra University(PhD) |
| Profession | Civil servant,Economist |
| Known for | Governor ofReserve Bank of India |
Duvvuri Subbarao (born 11 August 1949)[2] is anIndianeconomist,central banker, and retiredIAS officer. He served as the22nd Governor of theReserve Bank of India (RBI) from September 2008 to September 2013 with an extension granted in 2011 underPrime MinisterManmohan Singh. After stepping down from the RBI, he became aDistinguished Visiting Fellow, first at theNational University of Singapore and later at theUniversity of Pennsylvania.[3]
Subbarao was born inEluru, in the WestGodavari district ofAndhra Pradesh.[4] He attendedSainik School,Korukonda,Andhra Pradesh, from 1962 to 1965.[5] He then completed aBSc (Honours) program in Physics at theIndian Institute of Technology Kharagpur in 1969. He also earned an MSc in physics at theIndian Institute of Technology, Kanpur.[6] Subbarao passed theCivil Services Examination in 1972 and was assigned to theAndhra Pradesh cadre of theIndian Administrative Service (IAS), 1972 batch.
From 1977 to 1978, Subbarao took study leave to earn a master's degree in economics atOhio State University. From 1982 to 1983, he was aHumphrey Fellow atMIT, where he studied public finance.[7] In 1988, he received a PhD in economics fromAndhra University.[8] His doctoral thesis was titled"Fiscal Reforms at the Sub-National Level."
Subbarao's early career included field postings inAndhra Pradesh. As the Collector of theKhammam District in 1979, he implemented the Land Transfer Regulation, which primarily involved restoring land to tribal households that had lost it due to indebtedness, as stipulated by protective legislation. As managing director of the Andhra Pradesh State Finance Corporation (1986–88), he supported small-scale industrial and service sector initiatives.
Subbarao was on deputation to theGovernment of India as a joint secretary in theMinistry of Finance,[9] where he helped formulate and implement the 1991 reforms. From 1993 to 1998, he served as the Finance Secretary to theGovernment of Andhra Pradesh. He contributed to the state government's decision to publish a white paper in 1996 on state finances, which garnered popular support for economically difficult reforms.
From 1999 to 2004, he worked as aLead Economist at theWorld Bank, where he promoted public expenditure reforms in developing countries. He also led theBank's study on decentralization in East Asia.
Upon returning to India from the World Bank, he was appointed to thePrime Minister's Economic Advisory Council (2005–07), before becoming the Finance Secretary in 2007. On 5 September 2008, he was appointed Governor of the Reserve Bank of India (RBI),[10] becoming the first serving civil servant and the first person born after Independence to hold the post. Arun Ramanathan was appointed as Finance Secretary on 21 September 2008, filling Subbarao's vacancy.[11] Subbarao's term as RBI Governor was extended for two years in 2011.[12]
As Finance Secretary to theGovernment of India, Subbarao questioned the allocation of valuable 2G spectrum licenses to telecom operators in 2007 at prices set in 2001. He argued for fresh bidding to determine the current market value.[citation needed] He later testified in theCBI case regarding alleged corruption by ministers and civil servants in the allocation of 2G spectrum, and the judge cited his testimony in the judgment.
His tenure asRBI Governor coincided with the global2008 financial crisis. He introduced liquidity and monetary measures to stabilize the economy and later faced challenges of inflation and currency depreciation linked to U.S. quantitative easing. While he has been credited with navigating India through the crisis[citation needed], some analysts criticized his handling of the rupee during the taper tantrum period.
During his term, Subbarao emphasized the autonomy of the central bank, increased public engagement on monetary policy, promoted financial inclusion initiatives,[13] open communication channels with stakeholders, and outreach to the public. He helped ensure financial inclusion in theErnakulam district ofKerala.[14] Subbarao is known for his theory of the New Trilemma of central bankers, referring to the "Holy Trinity" ofprice stability,financial stability, andsovereign debt sustainability as opposed to the well-known "impossible trinity" of theMundell's of afixed exchange rate,free capital flows, andindependent monetary policy.[15][16] Subbarao's exposition of theholy trinity has established the Indian perspective[17] in the debate on the global central banking trilemma.[18]
Subbarao is married to Urmila Subbarao.[19][20] They have two sons, Mallik and Raghav, both of whom are graduates of the Indian Institutes of Technology (IIT).
Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years, was published in July 2016.[21][22][23][24][excessive citations]
His autobiography,Just A Mercenary?: Notes from My Life and Career, was published in 2024.[25]
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