Apart from an engaging academic experience, one of the greatest advantage of doing the EPGP program is to be able to meet eminent people who have served in top echelons of large organizations all over the world. We were very fortunate to engage and listen to two former Reserve Bank of India (RBI) governors Dr. D. Subbarao and Dr. Y. V. Reddy in the IIMB campus within a span of just two months.
Dr. Y. V. Reddy was invited for the talk series on public policy linkages and he kept the entire audience glued to his speech with humorous anecdotes and simplicity in conveying macroeconomic policy linkages. He started the talk series with his views on certain macro policy linkages which are not very obvious but are practically pertinent to understand. The entire talk as well as the Q&A session was interspersed with real anecdotes and copious dash of humor. The key takeaway apart from various monetary policy as well as public policy inputs is the need for negotiation, leadership and communication skills for a person to occupy the top echelons of a Central bank.
Dr. D. Subbarao, shared his experiences as Governor of the RBI and how his stint was laced with multiple crisis. There were chills down the spine of budding central bankers in the room when he explained the need to respond to real time currency movements and he very candidly stated that many decisions taken by the central bank governor do not have the benefit of hindsight. The impossible trinity for sure made its way into the discussion and Dr. Subbarao also mentioned about the need for strong leadership skills as the market is looking at signals from you at all points of time.