Ex-RBI Guv Y V Reddy pens memoir

9 Feb 2017

Former Reserve Bank of India Governor is penning a memoir that among other things has interesting and at times revealing anecdotes of his tenure while working with the likes of Manmohan Singh, N T Rama Rao and Jaswant Singh.
"Advice and Dissent: My Life in Policy Making", published by HarperCollins India, will release in April.
As RBI chief from 2003 to 2008, Reddy oversaw a period of high growth, low inflation, build-up of forex reserves coupled with a steady rupee and a robust banking system that withstood the global financial crisis.
"Less discussed is Reddy's work on resetting priorities in banking sector reform. He was closely involved in handling contentious policy issues such as autonomy of the central bank, globalisation of finance, centre-state relations, the tensions between politicians and the bureaucracy, and economic advice to the political leadership," the publishers said.
Reddy's commitment to management of capital account found its endorsement after the global crisis. Subsequent to the crisis, global think tanks and international organisations sought his views and expertise. These included the United Nations, the International Monetary Fund, the Bank for International Settlement, the Institute for New Economic Thinking, and the Palais Royal Initiative on International Monetary System.
In his long life in public service, Reddy has worked closely with Manmohan Singh, N T Rama Rao, P Chidambaram, Jaswant Singh, C. Rangarajan, Bimal Jalan, and other stalwarts in politics and finance. An IAS officer of 1964 batch, he was awarded the Padma Vibhushan in 2010.
"His memoir is full of interesting - at times revealing and humorous - anecdotes of working with them and throws light on the lessons of a fascinating professional life," the publishers said.
Speaking about his memoir, Reddy said, "This book is not only about what I did in the Reserve Bank of India and at the top levels of government, but also about the thinking, values and behind-the-scenes negotiations. My life in public service spanned half a century as the country experienced wars, droughts, emergency, crisis, reform and rapid growth, after which it emerged as an island of stability after the financial crisis of 2008."
According to Krishan Chopra, Publisher, HarperCollins India, "Reddy's memoir is one of the best accounts to come from a policy maker, of the pulls and pressures at the top levels of government. Of special note is his stint in the RBI at a crucial period. 'Advice and Dissent' will be a topical and significant addition to the literature on India's contemporary political and economic history, besides also being newsy!" (PTI)