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Andhra Pradesh
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Hyderabad
Duvvuri Subba Rao, topper of 1972 batch of civil services, is the second man from State to do so HYDERABAD: Succeeding a Telugu bureaucrat Yaga Venugopal Reddy at the top echelons of the country’s apex banking regulator, the Reserve Bank of India (RBI), another Telugu man Duvvuri Subba Rao, Union Finance Secretary, will be donning the mantle as the next Governor. Taking over the reins of the coveted responsibility may not be difficult for him. Yet, Dr. Rao, the all-India topper of 1972 batch of civil services, apparently has his task cut out much before stepping into the shoes of Dr. Reddy. Five challengesDelivering a lecture on ‘Elephants too dance: India growth story’ a few months ago, Dr. Rao said that leapfrogging from agriculture to service economy, bypassing the manufacturing sector did not help India. The five challenges staring at the country according to him were: stepping up agricultural growth; expanding employment opportunities; improving service delivery; bridging infrastructure deficit and managing globalisation. Globalisation as an economic force was here to stay, he said. India was a truly globalised economy, as the two-way trade was now pegged at 35 per cent of the gross domestic product (GDP) and if two-way movement of capital flow was added, it would be almost 100 per cent of GDP. “As a people we are understandably eager for our economy to sprint like a tiger rather than amble like an elephant…and when elephants start dancing, they can go on for a long time, provided the stage is clear.” YSR’s complimentsChief Minister Y. S. Rajasekhara Reddy on Monday complimented Mr. Subba Rao on his appointment as the Reserve Bank of India Governor. In a message issued here, Dr. Reddy said it was a matter of pride that Mr. Subba Rao was the second Telugu man to be elevated to the coveted post after Y. V. Reddy. The Chief Minister said Mr. Rao was taking over the responsibility as the RBI Governor at a crucial time. He expressed confidence that with his vast experience, he would manage the affairs of the country’s economy particularly monetary and banking policies and the RBI affairs deftly.
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