Subbarao’s legacy: He repeated history as farce and tragedy

In exactly two weeks, Duvvuri Subbarao will become the 22nd ex-Governor of the Reserve Bank of India. He would have liked a better farewell from the rupee, which at the rate of its current decline, may well hit Rs 70 to the dollar by September 5. But circumstances have rarely been kind to the departing RBI Governor. Recall how the global economy went into meltdown following the spectacular collapse of Lehman Brothers on September 15, 2008, just ten days after Subbarao had occupied the hot seat in Mint Street.

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