Leading in Times of Uncertainty – Experiences from the Reserve Bank of India |

Leading in Times of Uncertainty - Experiences from the Reserve Bank of India

Evening Talk


Duvvuri Subbarao’s term as governor of the Reserve Bank of India from 2008 to 2013 was, by all accounts, an unusually turbulent period for the world and for India. The global financial crisis erupted within days of his assuming office. Then just as the impact of the crisis on India ebbed, the action shifted to combating a decade high, stubborn inflation during 2009-11, which segued into a battle against the sharp depreciation of the rupee starting mid 2012. Dr Subbarao’s lecture will focus on the challenges and dilemmas he confronted while leading the Reserve Bank through these extraordinary economic and political challenges. 

Subbarao’s five years at the Reserve Bank also marked an intellectually vigorous period for central banking around the world. Not only did the global financial crisis test the policy force of central banks but it also raised several questions about the tools of their trade, their forays into communication, the limits of their autonomy and the limitations of the manner in which they render accountability. Much of the debate surrounding these issues has been set in the advanced economy context. The lecture will reflect of these issues and debates from an Indian and emerging-market perspective. 

Public policy rarely, if ever, offers a binary choice. Decisions have necessarily to span a wide spectrum of gray territory, and require a combination of judgement, conviction and perseverance. An uncertain environment makes the challenge of leadership in public policy making even more compelling. 

Dr. Duvvuri Subbarao

Distinguished Visiting Fellow, National University of Singapore Business School and the Institute of South Asian Studies

Dr. Duvvuri Subbarao served as Governor of the Reserve Bank of India for five years (2008-13).

Prior to that, Dr. Subbarao was Finance Secretary to the Government of India 2007-08 and Secretary to the Prime Minister’s Economic Advisory Council 2005-07.

As a career civil servant for over 30 years, Subbarao has rich and extensive experience in public finance management at national and sub-national levels. On leave of absence from the civil service, he went to the World Bank as a Lead Economist during 1999-2004 where his job involved advising developing countries on macroeconomic management.

Dr. Subbarao went in as Governor of the Reserve Bank of India just a week before the global financial crisis erupted in mid-September 2008, and he led the effort to mitigate the impact of the crisis on the Indian economy and to institute economic and financial sector reforms reflecting the lessons of the crisis.

Dr. Subbarao has written and spoken extensively on issues in macroeconomic management, public finance and financial sector reforms. He is recognized in international forums as a leading exponent of global economy and central banking issues from an emerging market perspective.

Dr. Subbarao is currently a Distinguished Visiting Fellow at the National University of Singapore.

Chair Person:

Assoc. Prof. Ashish Lall, Associate Professor, Lee Kuan Yew School of Public Policy, NUS

Monday, 13 March 2017

5:15pm - 6:30pm


Seminar Room 3-1,
Manasseh Meyer,
Lee Kuan Yew School of Public Policy,
469E Bukit Timah Road,
Singapore 259774

Seats are limited and will be available on a first-come, first-served basis. Kindly register your interest in attending. Register now

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