Duvvuri Subbarao, Governor of the Reserve Bank of India
Reception: 6:00 - 6:30 pm
Program: 6:30 - 8:00 pm
Please join Asia Society for a discussion featuring the distinguished Dr. Duvvuri Subbarao, Governor of the Reserve Bank of India. Dr. Subbarao will be joined in conversation with Dr. Hamid Biglari, Vice Chairman of Citicorp and member of the Asia Society Board of Trustees.
India clocked an average growth rate of 9 per cent in the pre-crisis period of 2003-08. For a nation that once believed that the "Hindu Rate of Growth" was its destiny, this remarkable performance was cause for celebration. It was also a trigger for setting off an aspiration for double-digit growth. Today, there is a reversal of momentum. Growth has decelerated, inflation is still high and stubborn, the rupee has depreciated and investment has declined. This downturn has caused widespread anxiety that India has become derailed from its high growth trajectory. It has also triggered a number of questions. Is the India growth story faltering? Are the growth drivers that worked India's way during 2003-08 still intact? Has the world lost confidence in India's growth promise? When will India reach double-digit growth, and what indeed should we be doing to get there?
The short answer to all these questions is that the India growth story is still credible and long-term growth drivers are still intact. With appropriation policy and governance reforms, India can get back on track to rapid growth with low and stable inflation. Against the above backdrop, Governor Subbarao will focus on three macroeconomic policy dilemmas confronting the Indian economy in the short-term:
(i) Managing growth-inflation dynamics
(ii) Restoring external sector sustainability
(iii) Credible fiscal consolidation
Dr. Duvvuri Subbarao assumed office as the 22nd Governor of the Reserve Bank of India on September 5, 2008. Prior to this appointment, he served as Finance Secretary to the Government of India and as Secretary to the Prime Minister's Economic Advisory Council. He also worked in various positions in the state Government of Andhra Pradesh and in Government of India, and was a Lead Economist in the World Bank. Dr. Subbarao holds a B.Sc. (Hons) in Physics from the Indian Institute of Technology, Kharagpur and an M.Sc. in Physics from the Indian Institute of Technology, Kanpur. He also has an M.S. in Economics from the Ohio State University, a Ph.D. in Economics from Andhra University, and was a Humphrey Fellow studying public finance at MIT.
Dr. Hamid Biglari is Vice Chairman of Citicorp, the strategic operating arm of Citigroup. Dr. Biglari also serves as its Head of Emerging Markets, Head of Content, and Chairman of the Business Development Committee. Dr. Biglari holds Ph.D. and M.S. degrees in Astrophysical Sciences from Princeton University. Prior to that, he received a B.S. in Applied Physics and a B.A. in Mathematics from Cornell University, both with Distinction.
Citi Foundation has provided funds for the general endowment of the Citi Series on Asian Business Leaders. Citi does not select the speakers for the Citi Series, and any views expressed are those of the speaker and do not necessarily reflect the views of the Asia Society or Citi.