'Ensure Benefits of Growth are Shared'

Former RBI governor and ex-IAS officer Duvvuri Subbarao has come out with a new book titled Just A Mercenary?: Notes From My Life and Career. In a freewheeling chat with Outlook Business, Subbarao speaks about his career, concerns and what India must do to achieve sustainable economic growth

- Ayaan Kartik

Your book covers critical moments in your career—from the 2G spectrum controversy to pressure from Pranab Mukherjee’s finance ministry for rosier growth estimates. What prompted you to put this out?

Many people, especially students, urged me to write about my IAS [Indian Administrative Service] career.

Firstly, I wanted to see if I could write an interesting enough story. I joined the IAS in 1972, a different era and context. Whether today’s youngsters would relate to my story was uncertain; some stories might seem vain, but beyond that would they find value?

Secondly, civil service memoirs are a crowded genre with many people writing books of varying quality. A standout memoir usually aligns with the economic and political situation of the time. I was not sure I could meet those standards.

Lastly, I had not kept any notes, which meant that as I jogged my memory to write there was a risk of selective memory—highlighting achievements and downplaying failures. For all these reasons, I had misgivings. However, during the Covid-19 lockdown, I started jotting down some notes. This evolved into a book. I hope people find it interesting, instructive and of some value.

What made you choose the title Just A Mercenary?

I considered a few alternatives but settled on this one because it best reflected my dilemma at this stage of my life and career. We all complain about our country, its inequalities and lack of meritocracy. I complain too. But when I look back objectively, I see that I have gained a lot from this country. I attended Sainik School with a government scholarship, received an IIT [Indian Institute of Technology]education with another scholarship and served in the IAS  due to a merit-based entry. I became governor of RBI [Reserve Bank of India] towards the end of my career. So, I have had many opportunities to contribute.