ABOUT THE AUTHOR
Duvvuri Subbarao
The writer is a former governor of the Reserve Bank of India

DUVVURI SUBBARAO VOICES

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Letter to finance minister
January 27, 2026, 6:30 AM IST
Among things that budget can fix, are rules for capital gains tax & withholding tax. FM must make these simple & predictable. Foreign investors, who have been taking their money out, value clarity. Dear finance...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Why Freebies Signal A Collapse Of Political Ambition
November 26, 2025, 7:11 AM IST
Handouts may win elections, but they don't build nations. We need a national code that prescribes how much can be spent on such largesse and compels parties to show where the money will come from...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
One nation, one election: Why the promise doesn't add up
October 16, 2025, 7:38 AM IST
Advantages of having a clubbed election with states and Centre together are minimal compared to the costs. Regional voices and the federal compact are sacrificed for suspect macroeconomic gains. The High-Level Committee on "One...

Duvvuri
Subbarao
The central thing about our Central bank
July 31, 2025, 6:45 AM IST
Last week, Trump did something that was unusual even by his standards – he paid a visit to US Federal Reserve, just four blocks from the White House, ostensibly to inspect what he called an...

Duvvuri
Subbarao
Modinomics: Good, Bad, Wobbly
June 30, 2025, 8:45 AM IST
Eleven years ago, Modi inherited an economy in dire straits. Growth was slowing, inflation was high, the rupee was volatile, fiscal and current account deficits were unsustainably high, and a bad loan problem was erupting...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
India needs UPSC 2.0
May 28, 2025, 7:32 AM IST
Civil service exam needs two reforms. One, reduce max age & number of attempts at entry level. Two, an annual competitive test allowing 40-somethings to enter IAS. The civil service results for 2024 are out...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Why inflation targeting still anchors India’s economy
April 12, 2025, 7:10 AM IST
Amid calls to prioritise growth at any cost, inflation targeting continues to provide a credible anchor for monetary policy. Diluting it risks undoing years of hard-won stability...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Fiscal prudence is not a luxury, it is a necessity
March 18, 2025, 6:55 AM IST
High growth cannot be sustained on borrowed money forever. Fiscal realism, not populism, is essential to protect macroeconomic stability and investor confidence...

Duvvuri
Subbarao
Central banks cannot solve political problems
February 22, 2025, 7:40 AM IST
Expecting central banks to compensate for political indecision is both unfair and dangerous. Monetary policy has limits that policymakers must acknowledge...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
India’s banking reforms are only half complete
January 9, 2025, 6:20 AM IST
While balance sheets have improved, governance and risk management in public sector banks remain unresolved challenges that threaten long-term stability...

Duvvuri
Subbarao
Growth without institutions is a fragile promise
December 3, 2024, 7:05 AM IST
Undermining regulatory independence for short-term gains weakens the foundations of sustainable growth. Institutions matter more than headlines...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Lessons from global monetary tightening
October 21, 2024, 6:50 AM IST
As advanced economies grapple with aggressive rate hikes, India must draw lessons on policy calibration, communication and credibility...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Why policy predictability matters more than incentives
September 14, 2024, 7:30 AM IST
Investors value clarity and consistency more than short-term incentives. Frequent policy changes undermine trust and raise the cost of capital...

Duvvuri
Subbarao
Populism today, pain tomorrow
August 8, 2024, 6:40 AM IST
Unfunded promises may win elections, but they weaken fiscal discipline and constrain future governments. The costs are real, even if delayed...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
India’s debt trajectory needs honest debate
July 19, 2024, 7:15 AM IST
Debt sustainability is not an abstract concern. Ignoring arithmetic today only increases adjustment costs tomorrow...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
What RBI independence really means
June 11, 2024, 6:25 AM IST
Central bank independence does not imply lack of accountability. It means freedom from short-term political pressures in pursuit of long-term stability...

Duvvuri
Subbarao
Financial stability is a continuous process
May 6, 2024, 7:05 AM IST
The absence of crisis should not breed complacency. Financial stability requires constant vigilance, strong regulation and credible supervision...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Why reforms slow down after the first mile
April 2, 2024, 6:50 AM IST
Structural reforms often lose momentum after early wins. The hardest changes are those that challenge entrenched interests...

Duvvuri
Subbarao
Managing expectations in an election year
March 9, 2024, 7:35 AM IST
Economic management becomes harder when expectations run ahead of capacity. Prudence matters most in politically charged times...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
India’s growth story needs stronger foundations
February 1, 2024, 6:30 AM IST
High growth numbers are encouraging, but sustaining them requires attention to productivity, jobs and institutional quality...

Duvvuri
Subbarao
The limits of monetary stimulus
January 10, 2024, 7:00 AM IST
Easy money cannot substitute for structural reform. Over-reliance on monetary stimulus risks financial imbalances...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Why credibility is a policymaker’s greatest asset
December 6, 2023, 6:45 AM IST
Credibility takes years to build and moments to lose. Clear communication and consistent action are its cornerstones...

Duvvuri
Subbarao
Public sector banks still need deeper reform
November 11, 2023, 7:20 AM IST
Capital infusion alone cannot fix public sector banks. Governance reform and professional autonomy remain essential...

Duvvuri
Subbarao
FROM TOI PRINT EDITION
Macroeconomic stability is not negotiable
October 4, 2023, 6:55 AM IST
Stable inflation, sustainable deficits and a credible policy framework are prerequisites for long-term growth...

Duvvuri
Subbarao
Why long-term thinking is in short supply
September 1, 2023, 7:10 AM IST
Short political cycles discourage long-term policymaking. India must find ways to institutionalise strategic thinking...