MUMBAI: Outgoing Reserve Bank of India governor D Subbarao expressed hope that his successor Raghuram Rajan would be like Arjuna and find his way out of the Chakravyuha that the economy is in.
In 2010, Subbarao had compared the expansionary monetary policy to the Chakravyuha—a battle formation from which escape is next to impossible. He had also compared himself with Abhimnanyu the warrior who was trapped in the formation. "I wanted to hand over to my successor an economy that was stable. But now Raghuram has to be Arjuna who can get the country out of the Chakravyuha. I hope you will be able to tell your successor that I am handing over a miracle economy," said the outgoing governor while speaking at a farewell event organized by RBI.
Describing the challenges he faced while taking charge, Subbarao said that he made the transition from the finance ministry to the central bank in 24 hours. "To say that I was bewildered was an understatement. I must admit that in my early weeks I was driven more by a fear of failure than a desire for success. But that changed with the confidence of having a very strong institution behind me
The governor also came out with a "to-do" list for his post-RBI life some of which was tongue-in-cheek. "I want to study mathematics and linguistics. I have been fascinated with these two subjects—one is the language of science and the other is the science of languages. I want to learn salsa dancing. I want to travel in the country without a purpose just for the sake of travelling," said Subbarao. "I might start a tutorial class on taking baby steps or doing flip flops since I have so much experience with them," he added. "I will enjoy seeing 'Chennai Express' in the matinee show when you are all working. I am going to enjoy not having to say something profound every time I open my mouth. Most of all I will enjoy regaining my autonomy."
In 2010, Subbarao had compared the expansionary monetary policy to the Chakravyuha—a battle formation from which escape is next to impossible. He had also compared himself with Abhimnanyu the warrior who was trapped in the formation. "I wanted to hand over to my successor an economy that was stable. But now Raghuram has to be Arjuna who can get the country out of the Chakravyuha. I hope you will be able to tell your successor that I am handing over a miracle economy," said the outgoing governor while speaking at a farewell event organized by RBI.
Describing the challenges he faced while taking charge, Subbarao said that he made the transition from the finance ministry to the central bank in 24 hours. "To say that I was bewildered was an understatement. I must admit that in my early weeks I was driven more by a fear of failure than a desire for success. But that changed with the confidence of having a very strong institution behind me
The governor also came out with a "to-do" list for his post-RBI life some of which was tongue-in-cheek. "I want to study mathematics and linguistics. I have been fascinated with these two subjects—one is the language of science and the other is the science of languages. I want to learn salsa dancing. I want to travel in the country without a purpose just for the sake of travelling," said Subbarao. "I might start a tutorial class on taking baby steps or doing flip flops since I have so much experience with them," he added. "I will enjoy seeing 'Chennai Express' in the matinee show when you are all working. I am going to enjoy not having to say something profound every time I open my mouth. Most of all I will enjoy regaining my autonomy."
Bidding
the governor farewell, senior-most deputy governor KC Chakrabarty said
that Subbarao had left behind a legacy of establishing RBI as a
knowledge institution and instilling the need for the central bank to
provide accountability.
Speaking about his successor, Subbarao said that by choosing him to succeed a heavyweight such as Y V Reddy, the government had done a great favour on him. "It has done an every greater favour by appointing an intellectual like Raghuram Rajan to succeed me," said Rajan. Interestingly, both the outgoing and the new deputy governor have built a reputation in RBI for their obsession with physical fitness. While Subbarao has participated in the Mumbai Marathon and is known to jog every day. His successor Rajan, who was among the youngest in the room, is a marathon runner as well who also plays the squash and is an avid swimmer.
Speaking about his successor, Subbarao said that by choosing him to succeed a heavyweight such as Y V Reddy, the government had done a great favour on him. "It has done an every greater favour by appointing an intellectual like Raghuram Rajan to succeed me," said Rajan. Interestingly, both the outgoing and the new deputy governor have built a reputation in RBI for their obsession with physical fitness. While Subbarao has participated in the Mumbai Marathon and is known to jog every day. His successor Rajan, who was among the youngest in the room, is a marathon runner as well who also plays the squash and is an avid swimmer.