Tue, Jan 20, 2026 | Updated 06.31PM IST
NEWSVOICESDuvvuri Subbarao

ABOUT THE AUTHOR

Duvvuri Subbarao

The writer is a former governor of the Reserve Bank of India

Duvvuri Subbarao

DUVVURI SUBBARAO VOICES

Duvvuri Subbarao

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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...