Duvvuri Subbarao

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In this Telugu name, the surname is Duvvuri.

Duvvuri Subbarao
22nd Governor of Reserve Bank of India
In office
5 September 2008 – 4 September 2013
Preceded byY. V. Reddy
Succeeded byRaghuram Rajan
Finance Secretary of India
In office
4 July 2007 – 5 September 2008
Succeeded byArun Ramanathan
Secretary, Economic Advisory Council
In office
2005 - 2007
MinisterManmohan Singh
Lead Economist , World Bank
In office
1999 - 2004
Finance Secretary of Andhra Pradesh
In office
1993 - 1998
MinisterN Chandrababu Naidu
District Collector of Prakasam
In office
1982 - 1983
District Collector of Khammam
In office
1979 - 1979
Sub Collector of Parvathipuram District
In office
1979 - 1979
Personal details
Born (1949-08-11) 11 August 1949 (age 76)[1]
Kovvuru, Andhra Pradesh, India
Alma materIIT Kharagpur (BSc)
IIT Kanpur (MSc)
Ohio State University (MS)
Massachusetts Institute of Technology (Humphrey Fellow)
Andhra University (PhD)
ProfessionCivil servant, Economist
Known forGovernor of Reserve Bank of India

Duvvuri Subbarao (born 11 August 1949)[2] is an Indian economist, central banker, and retired IAS officer. He served as the 22nd Governor of the Reserve Bank of India (RBI) from September 2008 to September 2013 with an extension granted in 2011 under Prime Minister Manmohan Singh. After stepping down from the RBI, he became a Distinguished Visiting Fellow, first at the National University of Singapore and later at the University of Pennsylvania.[3]

Early life

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Subbarao was born in Eluru, in the West Godavari district of Andhra Pradesh.[4] He attended Sainik School, Korukonda, Andhra Pradesh, from 1962 to 1965.[5] He completed his BSc (Honours) program in Physics at the Indian Institute of Technology Kharagpur in 1969, and earned an MSc in physics from the Indian Institute of Technology, Kanpur.[6] Subbarao passed the Civil Services Examination in 1972 and was assigned to the Andhra Pradesh cadre of the Indian Administrative Service (IAS), 1972 batch.

From 1977 to 1978, Subbarao took study leave to obtain a master's degree in economics from Ohio State University. He was a Humphrey Fellow at MIT between 1982 and 1983 where he studied public finance.[7] In 1988, he received a PhD in economics from Andhra University.[8] His doctoral thesis was titled "Fiscal Reforms at the Sub-National Level."

Career

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Subbarao's early career included field postings in Andhra Pradesh. As the Collector of the Khammam 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 the Government of India as a joint secretary in the Ministry of Finance,[9] where he helped formulate and implement the 1991 reforms. From 1993 to 1998, he served as the Finance Secretary to the Government 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 a Lead Economist at the World Bank, where he promoted public expenditure reforms in developing countries. He also led the Bank's study on decentralization in East Asia.

Upon returning to India from the World Bank, he was appointed to the Prime 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]

Achievements

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As Finance Secretary to the Government 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 the CBI 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 as RBI Governor coincided with the global 2008 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 the Ernakulam district of Kerala.[14] Subbarao is known for his theory of the New Trilemma of central bankers, referring to the "Holy Trinity" of price stability, financial stability, and sovereign debt sustainability as opposed to the well-known "impossible trinity" of the Mundell's of a fixed exchange rate, free capital flows, and independent monetary policy.[15][16] Subbarao's exposition of the holy trinity has established the Indian perspective[17] in the debate on the global central banking trilemma.[18]

Personal life

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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).

Works

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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]

References

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  1. ^ "Biodata of Duvvuri Subbarao". Archived from the original on 10 February 2009.
  2. ^ "Civil List". Ministry of Personnel, Public Grievances and Pensions. Government of India. Archived from the original on 18 July 2011. Retrieved 5 September 2008.
  3. ^ Unknown[permanent dead link]
  4. ^ "Where Duvvuri Subbaro grew up". The Hindu. 25 May 2014. ISSN 0971-751X. Retrieved 19 July 2025.
  5. ^ "Ex-RBI Governor Dr Duvvuri Subbarao recounts his student life: Sainik School, Rau's IAS, IIT – A tale of success". The Financial Express. 5 July 2024. Retrieved 19 July 2025.
  6. ^ "Dr. D. Subbarao takes over as RBI Governor". Archived from the original on 22 June 2011. Retrieved 8 September 2008.
  7. ^ "Humphrey Fellowship Program: Duvvuri Subbarao – India".
  8. ^ Mehra, Puja (20 June 2008). "There Can't Be Painless Adjustments". Businessworld. ABP Pvt. Ltd. Archived from the original on 25 August 2008. Retrieved 5 September 2008.
  9. ^ "PROFILE – RBI governor Duvvuri Subbarao". Bloomberg Businessweek. 7 November 2012. Archived from the original on 6 March 2016. Retrieved 8 February 2013.
  10. ^ "Dr Duvvuri Subbarao takes charge as RBI governor". Business Standard. India. 1 September 2008. Retrieved 5 September 2008.
  11. ^ "Arun Ramanathan appointed Finance Secretary". The Economic Times. 23 September 2008. Archived from the original on 31 August 2015. Retrieved 10 January 2013.
  12. ^ "RBI Governor Subbarao gets 2-year extension". The Indian Express. 9 August 2011. Retrieved 10 January 2012.
  13. ^ "Subbarao aims to demystify RBI". Archived from the original on 18 August 2013.
  14. ^ "Subbarao declares Ernakulam as India's First Financially Included District". The Times of India. Archived from the original on 16 June 2013.
  15. ^ "Subbarao on Holy Trinity : speech on February 1, 2012".
  16. ^ "Duvvuri Subbarao : Policy Challenges from the New Trilemma" (PDF).
  17. ^ "Views on Subbarao's Trilemma".
  18. ^ "From Impossible Trinity to Holy Trinity". 3 February 2012.
  19. ^ "Biodata of Urmila Subbarao". Archived from the original on 10 February 2009.
  20. ^ "Subbarao: An officer & a gentleman". The Economic Times. Times Group. 3 September 2008. Retrieved 5 September 2008.
  21. ^ Subbarao, Duvvuri (2016). Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years. Penguin, Viking. ISBN 978-0670088928.
  22. ^ Roy, Anup (15 July 2016). "I paid the price for asserting RBI's autonomy: Subbarao". Business Standard. India.
  23. ^ Mundy, Simon (29 July 2016). "'Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years', by Duvvuri Sub…". Financial Times.
  24. ^ Dugal, Ira (26 July 2016). "Governments must show respect for RBI autonomy: D. Subbarao". mint.
  25. ^ "'Pranab Mukherjee, Chidambaram used to pressurise RBI to present rosier picture of growth,' claims ex-Governor Subbarao". www.msn.com.