D. Subbarao winds up five turbulent years as RBI Governor; a period that he admits saw ‘not a single week of respite’. He began his tenure in September 2008 just as the Lehman crisis began unfolding, causing a worldwide seizure of credit markets, followed by a recession. As he demits office, India is grappling with another crisis.
Looking at the state of the currency (new lows) and inflation (rising again), it may be tempting to judge him harshly. Economic growth has slowed down to its lowest level in a couple of years. That’s not a happy denouement to his tenure. Despite his best intentions, the policies he unveiled did not yield the desired results always.
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