I have listened first time to Dr D Subbao Rao at unofficial forum in IIM Banglore through social media.
Dr Rao was bureaucrat. He was finance secretary before joining as R.B.I Governor. Why Dr Rao is important because of time to join R.B.I. Governor. He was joined in yr 2008 when financial crisis and turmoil happened. He joined on 5the September 2008 and Lehmen Brothers collapsed on 16th September 2008.
We know India had least affected or not affected from financial crisis. It is important that no one Indian financial institution was collapsed while Bank had collapsed in U.S.,U.K.,France, & Spain. We can devote to work of Dr Rao as a R.B.I. Governor. Rupees were stable, Inflation was not high, and Growth was balanced. It was difficult time to make balance between growth and inflation, Regulate interest rate (saving and credit) ,liquidity in the moment of financial crisis by R.B.I Governor Dr Rao.
P Chidamabaram Ex finance minister of India. He is finance minister who appointed R.B.I. Governor Dr Jalan, Dr Y.V. Reddy, Dr Rao & Dr Rajan. He said if two people are agree on everything one of them is stupid. It indicates disagreement between Govt & R.B.I. He said Policy making is never black & white. It is not choice between A & B. It is nuance exercise. It is a art & craft. Sometime It can be yes or no by compelling political situation. He said R.B.I cannot hold all financial institution in India. Its hold some fraction of financial institution. So, It means it cannot be completely responsible for any financial decision.
Why I am writing about such kind of thing because Dr Rajan will end the term of R.B.I. Governor on 4th September 2016. Who will be Next R.B.I. Governor? To whom to appoint R.B.I. Governor of India after Dr Rajan by Modi Government. Can R.B.I. preserve their autonomy?
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