New Delhi, 10th February 2022: Great Lakes Institute of Management, Chennai organized its 12th Great Lakes-Union Bank Finance Conference yesterday. The event was held virtually with Dr. Duvvuri Subbarao, 22nd Governor of Reserve Bank of India and Former Finance Secretary, Ministry of Finance, Government of India, delivering a talk on 'Policy making dilemmas during turbulent times'.
At the event, Dr Suresh Ramanathan, Dean, Great Lakes Institute of Management said, “Dr Subbarao was a master of crisis having shepherded the country and its economic policy through one of the worst crisis the world had ever known. What happened in 2008-2009, finds some form of repetition in the events of the last two years. A different form of a crisis, but a crisis none the less. Various sectors of the economy have been affected, policy as a whole has been impacted.”
Dr Subbarao shared his experiences with students and narrated how he began his career at RBI in the midst of an economic crisis. Some of the challenges he faced at that time include the Global financial Crisis (2008-2009), Eurozone sovereign crisis (2010-11), Stagflation scare (2012) and Taper tantrums (2013).
He said that the five major dilemmas he faced were the global financial crisis, managing monetary policy, managing communication, managing the exchange rate and managing regulation. One of the main challenges he said was, “The market was not offering me credibility. I as an inexperienced governor lead the Reserve Bank through this extraordinary crisis.”
Elaborating on the current scenario, he said, there was tension between growth and inflation. “The dilemma for the Reserve Bank today was how does it support growth at the same time maintain low and steady inflation. The mandate of the RBI is to maintain a balance and deliver on Price stability, that is, low and steady inflation and at the same time support growth. The instrument available is repo rate.” He also explained about the tension between giving what both savers and borrowers need. “The concern today is the low interest rates and enormous liquidity available in the system is it could potentially disrupt financial stability”, Dr Subbarao said.
He commented that the challenges of managing monetary policy was juggling between maintaining price stability, supporting growth/employment, preserving financial stability and all this in a globalizing world.
Dr Subbarao stressed on the importance of communication from Central bank. “Central bank communication is a very potent tool. But until recently, Central banks have been reticent about using communication as a policy tool. Markets pay very close attention to what central banks say. They analyse every word, turn of phrase and nuance.”
Later, he interacted with students of Great Lakes Institute of Management answering several of their questions.
The lecture was followed by a panel discussion by Mr. Saurabh Mukherjea, Founder and Chief Investment Officer of Marcellus Investments along with his team members Rakshit Ranjan and Salil Desai on their book 'Diamonds in the Dust - Consistent Compounding for Extraordinary Wealth Creation.'
The event was conducted on zoom and was streamed live on the management institute’s official YouTube channel. It witnessed an enthusiastic participation from students and faculty alike.
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About Great Lakes: Great Lakes Institute of Management, Chennai founded in 2004 by Padma Shri Awardee Dr. Bala V Balachandran is one of the premier B-schools in India. Great Lakes has, within a short span of 15 years emerged as a top-ranked business school. Great Lakes has 50+ full time faculty and 150+ visiting faculty including over 25+ international faculty from top global schools like Yale, Kellogg, Stanford, and Harvard. Further collaborations with world’s leading institutions like University of Houston, University of Bordeaux, Hongkong University of Science & Technology (HKUST), University of Missouri, Kansas, Illinois Institute of Technology, Chicago and Babson College etc., have helped Great Lakes in globally benchmarking its programs.
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