Follow Arjuna, not Abhimanyu: D Subbarao to Raghuram Rajan

The outgoing governor of theReserve Bank of India, D Subbarao, has advised his successor to emulate Arjuna and get the economy out of the Chakravyuh, or maze. Subbarao has often compared his situation to that of Abhimanyu, the son of Arjuna who was caught in the Chakravyuh during the war with the Kauravas and perished as a result.

The outgoing governor, who handed over charge to Rajan on Wednesday, said he would have liked to hand over a stable economy "but I hope you will tell your successor that I am handing over a miracle economy". Subbarao, who took charge at RBI in 2008 just a few days before the collapse of Lehman Brothers set off the global financial crisis, said he made transition from finance ministry to RBI within 24 hours and to say that he was bewildered was an under-statement. He was haunted by fear of failure during those firefighting days rather than visions of success.

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