Mumbai: Admitting that he was not “uniformly charitable” to P Chidambaram in his new book, ex-RBI Governor D Subbarao has said the former finance minister has still been “very magnanimous and professional” in endorsing the memoir.
In the newly published book about his days as RBI governor, Subbarao was very critical of Chidambaram and Pranab Mukherjee, who served as finance ministers during his tenure at the central bank during 2008 to 2013.
“He (Chidambaram) has been very magnanimous about endorsing my book and he has been very professional about it… I was not uniformly charitable to him as well,” Subbarao told PTI in an interaction here last evening.
But, Subbarao, who was the governor during one of the most trying times in the aftermath of global financial crisis, was quick to add that he also spoke some positive things about Chidambaram under whose two terms in North Block, he had served as finance secretary and then as RBI chief.
“I talked about my differences with him in the book, but I also talked about some positive things about him. I am grateful to him for the endorsement he gave,” he said.
Subbarao launched his memoir earlier this month, entitled ‘Who Moved My Interest Rates – Leading the Reserve Bank of India through Five Turbulent Years’.
In the blurb of the 352-pager, published by Penguin Random House, which is a tell-all account of his five years as RBI governor, Chidambaram wrote: “A learned, meticulous and honest account of Dr Subbarao’s five years at the helm of RBI.
His intellectual integrity shines on every page of the book.”
On why there was no endorsement from Mukherjee, Subbarao said it was not sought from the present President.
When asked why he did not mention the second term for H R Khan in the book, he said in certain deputy governor appointment, the government did “defer to my recommendation but that Khan was reappointed soon after his term only.”
In the book, he recalls that his deputies, Subir Gokarn and Usha Thorat were “the price the RBI had to pay” for standing up against the government wishes.
When pointed out that the book sort of paints himself as a ‘victim of the circumstances’, Subbarao said it is not so but “every governor is the creature of the times he is in.”
Subbarao is more critical of Chidambaram, who second term marked the plumbing of higher growth than Pranab Mukherjee.
(Sourced from agencies, Feature image courtesy:oneindia.com)
