Duvvuri subbarao biography definition

Indian economist

In this Telugu name, the surname is Duvvuri.

Duvvuri Subbarao (born 11 August 1949) is an Indian economist, Central Banker, and retired IAS officer. He was the 22nd Governor of Reserve Bank of India, served under Prime Minister Dr. Manmohan Singh. After stepping down from RBI, he was a Distinguished Visiting Fellow first at the National University of Singapore and later at the University of Pennsylvania.

Subbarao is a 1972 batch Indian Administrative Service (IAS) officer of the Andhra Pradesh cadre. He was appointed the 22nd Governor of Reserve Bank of India (RBI) and served from 5 September 2008, with an extension in 2011 till 4 September 2013.

Early life

Subbarao hails from Eluru in West Godavari district of Andhra Pradesh. He did his schooling in Sainik School, Korukonda, Andhra Pradesh (1962–65). Later he did BSc Hons in Physics at the Indian Institute of Technology Kharagpur (1966–69) graduating at the top of his class, and MSc at the Indian Institute of Technology Kanpur . Subbarao topped the Civil Services Examination in 1972 and was assigned to the Andhra Pradesh cadre of the IAS.

During 1977–78, Subbarao took study leave to do a master's degree in economics at the Ohio State University, United States. During 1982–83, he was a Humphrey Fellow at MIT where he studied public finance. In 1988, he earned a PhD in economics from Andhra University. for his doctoral thesis "Fiscal reforms at the sub-national level"

Career

Subbarao's early career consisted of field postings in Andhra Pradesh. As collector of Khammam District of Andhra Pradesh (1979), he earned a formidable reputation for diligently and systematically implementing the land transfer regulation which involved in the main restoring land that tribal households had lost due to indebtedness back to them as laid down in the protective legislation. As managing

At the start of his career as sub-collector of Parvathipuram sub-division in north-coastal Andhra Pradesh way back in 1974, Subbarao learnt – the hard way – that tribal development requires more than enthusiasm; it requires most of all an understanding of poverty.

Nearly forty years later, in 2013, as the governor of the Reserve Bank of India in the midst of a fierce exchange rate crisis, Subbarao learnt – once again the hard way – the harsh challenges of emerging economies in an unequal world.

Bookended by these assignments is the journey of a small-town boy from a modest background to the top echelons of India’s civil service and then on to the helm of the country’s central bank. Subbarao recounts that journey – his hopes and despair, his successes and setbacks, his mistakes and misdeeds, and the lessons he learnt along the way – with candour and honesty. The subtext of that story though is his constant soul searching about whether he has given back to society more than he received.

Just a Mercenary? is an earnest account of an extraordinary career that tries to inform and inspire young professionals trying to find their way up their career ladders – and find meaning in their journeys.

In this episode of BIC Talks, Former Governor, Reserve Bank of India – Duvvuri Subbarao is in conversation with Professor, Centre for Public Policy, IIM, Bangalore – M S Sriram. This is an excerpt from a conversation that took place in the BIC premises in June 2024.

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Speakers

"Just A Mercenary?: Notes from My Life and Career" is touted to be the remarkable journey of a small-town boy from a modest background to the top echelons of India’s civil services and then on to the helm of the country’s central bank.

Subbarao served as governor of RBI for five years . Prior to that, he was finance secretary and secretary to the prime minister's Economic Advisory Council .

"All through my career, I've tried to do my best. But the question that constantly runs in my mind is what motivated me. Was it just a sense of duty an obligation to do your best because you are getting paid for it? or Was I driven by a higher calling the need to give back to society for all that I have received?

"In short, Was I just a mercenary? or Was I more? The answer will perhaps elude me forever," the author said in a statement.

At the start of his career as sub-collector of Parvathipuram sub-division in north-coastal Andhra Pradesh way back in 1974, Subbarao learnt that tribal development requires more than enthusiasm; it requires most of all an understanding of poverty.

Nearly 40 years later, in 2013, as the governor of the Reserve Bank of India in the midst of a fierce exchange rate crisis, Subbarao learnt the harsh challenges of emerging economies in an unequal world.

In a career spanning thirty-five years, he held various positions at the state level in the Andhra Pradesh government and at the centre. He was also a lead economist in the World Bank for over five years .

Through his memoir, the 74-year-old recounts his journey – his hopes and despair, his successes and setbacks, his mistakes and misdeeds, and the lessons he learnt along the way – with rare candour and honesty.

"'Just a Mercena