Duvvuri Subbarao, is an Indian economist, Central Banker, and retired IAS officer. He was the 22nd Governor of Reserve Bank of India, served under Prime Minister Dr.Manmohan Singh. He lives in Singapore and is a distinguished visiting faculty at National University of Singapore.
Dr Duvvuri Subbarao is an Indian Economist and Central Banker. He was the Governor of Reserve Bank of India 2008-13 and is currently a distinguished visiting faculty at the National University of Singapore.

Born in Eluru in West Godavari, Andhra Pradesh, on 11th August 1949, he did his schooling in Korukonda Sainik School. In 1969, he graduated in B.Sc. Honors (Physics) from Indian Institute of Technology, Kharagpur. During his graduation, he received the Director, Gold Medal. Later, he went for a Master’s degree in Physics from Indian Institute of Technology,Kanpur. In 1978,he received another Master’s degree in Economics from the Ohio State University, United States. After a few years, Dr. Subbarao joined the Humphrey Fellowship program at Massachusetts Institute of Technology to study Quantitative Economic Modelling and became a Humphrey Fellow at MIT in 1982. He later received a Ph.D. in Economics from Andhra University.
In 1972, Dr. Subbarao topped the Civil Services Examination . He was appointed as the joint secretary of the Department of Economics Affairs in the Ministry of Finance in Government of India in1988. Subsequently he became the Finance Secretary to the Government of Andhra Pradesh between and on completion of his term, he became lead economist at the World Bank from until 2004.He was then appointed to the Prime Ministers’ Economic Advisory Council from 2005 to 2007 before he was elevated as the Finance Secretary in 2007. Subbarao was involved in the initiation of fiscal reforms at state level and managed a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia. He is credited with the financial turnaround of Andhra Pradesh in the late nineties when the state had slipped into an unprecedented fiscal crisis.

As Governor of the Reserve Bank of India, Subbarao is generally credited as having safely steered the Indian economy through the financial crisis. He also undertook initiatives to demystify the Central Bank, including lucid presentation of macro economic concepts in RBI publications and grassroots level interaction with the masses through various financial inclusion, financial literacy and village outreach programmes.

In February 2012, Subbarao presented his world famous theory on the New Trilemma of Central Bankers, which he named as the “Holy Trinity” of price stability, financial stability and sovereign debt sustainability. This countered Mundell’s well known “Impossible Trinity” of fixed exchange rates, free capital flows and independent monetary policy.

Subbarao published his book, Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years, was published in July 2016.