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Just a Mercenary: Notes from My Life and Career

At the start of his career as sub-collector of Parvathipuram sub-division in north-coastal Andhra Pradesh way back in 1974, Subbarao learnt--the hard way--that tribal development requires more than enthusiasm; it requires, most of all, an understanding of poverty.
Nearly forty years later, in 2013, as the governor of the Reserve Bank of India in the midst of a fierce exchange rate crisis, Subbarao learnt--once again the hard way--the harsh challenges of emerging economies in an unequal world.
Bookended by these assignments is the remarkable journey of a small-town boy from a modest background to the top echelons of India's civil service and then on to the helm of the country's central bank. Subbarao recounts that journey--his hopes and despair, his successes and setbacks, his mistakes and misdeeds, and the lessons he learnt along the way--with rare candour and honesty. The subtext of that story though is his constant soul searching about whether he has given back to society more than he received.
Just a Mercenary? is a warm,

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Dr. Duvvuri Subbarao

(MSC2/PHY/1972)

Dr. Duvvuri Subbarao is an Indian Economist, Central Banker and Civil Servant. He is known to be a reformer at heart who has favoured inclusive economic policies. In 2009, he was conferred with the Distinguished Alumnus Award in recognition of his outstanding managerial contributions

Profile

Born in Eluru in West Godavari, Andhra Pradesh, on 11th August 1949, he did his schooling in Korukonda Sainik School. In 1969, he graduated in B.Sc. Honors (Physics) from Indian Institute of Technology, Kharagpur. During his graduation, he received the Director, Gold Medal. Later, he went for a Master's degree in Physics from Indian Institute of Technology,Kanpur. In 1978,he received another Master's degree in Economics from the Ohio State University, United States. After a few years, Dr. Subbarao joined the Humphrey Fellowship program at Massachusetts Institute of Technology to study Quantitative Economic Modelling and became a Humphrey Fellow at MIT in 1982. He later received a Ph.D. in Economics from Andhra University.

In 1972, Dr. Subb

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Dr Duvvuri Subbarao is an Indian Economist and Central Banker. He was the Governor of Reserve Bank of India 2008-13 and is currently a distinguished visiting faculty at the National University of Singapore.

As Governor of the Reserve Bank of India, Subbarao is generally credited as having safely stewarded Indian economy through the financial crisis. He also undertook initiatives to demystify the Central Bank, including lucid presentation of macro economic concepts in RBI publications and grassroots level interaction with the masses through various financial inclusion, financial literacy and village outreach programmes.

In February 2012, Subbarao presented his world famous theory on the New Trilemma of Central Bankers, which he named as the “Holy Trinity” of price stability, financial stability and sovereign debt sustainability. This countered Mundell’s well known “Impossible Trinity” of fixed exchange rates, free capital flows and independent monetary policy.

Subbarao worked as the joint secretary in the Department of Economic Affairs and Ministry