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India - Macroeconomic Challenges, Some Reserve Bank Perspectives

5th IG Patel Lecture

Wednesday 13th March 2013, 2.30pm to 4pm, Sheikh Zayed Theatre, New Academic Building, LSE

Speaker: Duvvuri Subbarao

Chair: Meghnad Desai

This lecture is in honour of Dr Indraprastha Gordhanbhai (IG) Patel who was the ninth director of LSE from 1984 to 1990.

Over the five years through 2003-08 leading up to the global financial crisis, India clocked an average annual growth of 8.7 per cent on the back of wide ranging structural and policy reforms and growing integration with the global economy. By the year 2008, India was the fourth largest economy in the world in purchasing power parity terms. For a nation that once believed that the ‘Hindu rate of growth’ was its destiny, this remarkable growth performance became a trigger for setting off aspirations for double-digit growth.

Those aspirations have moderated significantly with growth moderating below trend in the post-crisis period owing to the impact of the global downturn as also a host of domestic policy and operational bottlenecks. The post-crisis period has also been characterised by a large fiscal deficit, historically high current account deficit and inflation persisting above the comfort level. Macroeconomic management during this period has had to contend with balancing between stimulating growth and reining in inflation, dealing with the short-term pressures in external sector without compromising long-term sustainability and returning to a path of fiscal responsibility.

Dr Subbarao, Governor of the Reserve Bank of India, will reflect on these challenges from the Reserve Bank perspective and illustrate the dilemmas encountered in making policy choices.


Professor Lord Meghnad Desai

Professor Meghnad Desai is Professor Emeritus of Economics at the LSE. From 1990-1995 Lord Desai was Director of LSE's Development Studies Institute and has been at the LSE for over 30 years. In 1991, Meghnad Desai was created Lord Desai of St Clement Danes.



Governor Duvvuri Subbarao

Dr Duvvuri Subbarao is Governor of the Reserve Bank of India. Prior to this appointment, Dr Subbarao served as finance secretary to the Government of India, as secretary to the Prime Minister’s Economic Advisory Council and was a lead economist in the World Bank.


Additional Information

This event is free and open to all however a ticket is required, only one ticket per person can be requested.

Members of the public, LSE staff, students and alumni can request one ticket via the online ticket request form|.