Duvvuri Subbarao
Encyclopedia
Duvvuri Subbarao is an Indian economist, central banker, and civil servant. He is the 22nd and current Governor of Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...

, serving under Prime Minister
Prime Minister of India
The Prime Minister of India , as addressed to in the Constitution of India — Prime Minister for the Union, is the chief of government, head of the Council of Ministers and the leader of the majority party in parliament...

 Manmohan Singh
Manmohan Singh
Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian...

.

Subbarao is a 1972 batch Indian Administrative Service
Indian Administrative Service
The Indian Administrative Service is the administrative civil service of the Government of India. It is one of the three All India Services....

 (IAS) officer of Andhra Pradesh cadre. On 5 September 2008, he was appointed the twenty-second Governor of Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...

 (RBI); his term was to end in September 2011. But breaking from tradition, the Prime Minister's Office put out a statement announcing that Subbarao, a former finance secretary would now retire on September 4, 2013.

Early life

Subbarao's hometown is Eluru
Eluru
Eluru is a city and a municipal corporation in the state of Andhra Pradesh, India. It is the headquarters of West Godavari district and has a population of 5,15,343 approximately. Eluru is situated on the national highway NH 5 connecting Vijayawada and Visakhapatnam and about east of state...

 in West Godavari district, a city near Vijayawada
Vijayawada
Vijayawada is the third largest city in Andhra Pradesh, India, located on the banks of the Krishna River and bounded by the Indrakiladri Hills on the West and the Budameru River on the North. The city is located in the Krishna District, about from the state capital Hyderabad.Vijayawada literally...

, Andhra Pradesh
Andhra Pradesh
Andhra Pradesh , is one of the 28 states of India, situated on the southeastern coast of India. It is India's fourth largest state by area and fifth largest by population. Its capital and largest city by population is Hyderabad.The total GDP of Andhra Pradesh is $100 billion and is ranked third...

. He did his schooling from the Sainik School
Sainik School, Korukonda
Sainik School, Korukonda, India, informally began on 10 September 1961. The school was formally founded by its first principal, Commander T De Almeida, on 18 January 1962, when the first batch of 205 students had joined.- Overview :...

 in Korukonda
Korukonda
Korukonda is a Village and Panchayat in the Vizianagaram district in Andhra Pradesh, South India.*The old palace of the brother of Sri. P.V.G. Raju, Rajah Saheb of Vizianagaram, is situated in this village. The palace land has been converted into the Sainik School, which was developed to provide...

, Andhra Pradesh
Andhra Pradesh
Andhra Pradesh , is one of the 28 states of India, situated on the southeastern coast of India. It is India's fourth largest state by area and fifth largest by population. Its capital and largest city by population is Hyderabad.The total GDP of Andhra Pradesh is $100 billion and is ranked third...

.

He graduated in Physics B.Sc Hons. from Indian Institute of Technology Kharagpur
Indian Institute of Technology Kharagpur
The Indian Institute of Technology Kharagpur is an autonomous engineering, technology and management oriented institute of higher education established by the government of India in 1951...

 (class of 1969) where he was the recipient of Director's Gold Medal.

He received a M.Sc degree also in Physics from Indian Institute of Technology Kanpur
Indian Institute of Technology Kanpur
The Indian Institute of Technology Kanpur is a Central deemed University located in Uttar Pradesh, about 15 km north-west of the city of Kanpur in the Kalyanpur suburb....

.

Subbarao topped the IAS examination in 1972 and was assigned the Andhra Pradesh
Andhra Pradesh
Andhra Pradesh , is one of the 28 states of India, situated on the southeastern coast of India. It is India's fourth largest state by area and fifth largest by population. Its capital and largest city by population is Hyderabad.The total GDP of Andhra Pradesh is $100 billion and is ranked third...

 cadre.

In 1978, he did a Masters degree in economics from Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...

, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. After a few years, he joined the Humphrey Fellowship program at Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...

 to study Quantitative Economic Modelling. He became a Humphrey Fellow at MIT in 1982.

He later received a Ph.D. in Economics from Andhra University
Andhra University
Andhra University or Andhra Viswa Kala Parishad , located in Visakhapatnam, north east coastal Andhra Pradesh, is one of the older premier universities in India with a broad focus...

. The subject of his doctoral thesis at Andhra University is not publicly available at present; nor is the year of award.

Career

Subbarao worked as the joint secretary in the Department of Economic Affairs, Ministry of Finance, Government of India between 1988 and 1993. Subsequently he became the Finance Secretary to the Government of Andhra Pradesh between 1993 and 1998. On completion of his term, he was deputed as lead economist in the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

from 1994 to 2004. On completion of his term, he was appointed to the Prime Ministers’ Economic Advisory Council from 2005 to 2007 before he was elevated as the Finance Secretary in 2007.

Subbarao is credited for fiscal reforms at state levels and also a study on decentralisation in countries of East Asia.
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