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India will become the world s third-largest economy but it needs to make sure that the benefits are widely shared with the people, said the former RBI governor. ....
Former RBI Governor Duvvuri Subbarao has argued that enlightened leadership at both the Centre and State levels is necessary to resolve the north-south divide in determining the distribution of the tax pool among states. He cited the fact that richer states like Tamil Nadu and Maharashtra receive less than a rupee for every rupee they contribute to the Centre s taxes, while poorer states like Bihar and Jharkhand receive more than a rupee. ....
Freebies: Former Reserve Bank Governor D Subbarao has suggested that the Indian government, led by the Prime Minister, should release a White Paper to build a consensus among political parties regarding giveaways and freebies. He flagged the need for a comprehensive discussion on regulating such practices by political parties. Subbarao stressed the importance of increasing public awareness about the costs and benefits of these freebies, stating that it is the government s duty to educate the citizens on this matter. ....
Subbarao said the public should be made more aware of the cost and benefits of these freebies and that it is the responsibility of the government to educate the population on this. ....
Amid the global financial crisis in 2008, while the Reserve Bank was firefighting rupee and forex liquidity, Chidambaram constituted a panel on liquidity management without consulting the RBI. ....