Authors, Chair, and Discussants

India Policy Forum July 13–16, 2020

NCAER | National Council of Applied Economic Research NCAER Centre, 11 Indraprastha Estate, 110002 Tel: +91-11-23452698, www.ncaer.org NCAER | Quality . Relevance . Impact

Authors, Chair, and Discussants 2

Shankar Acharya is an Honorary Professor at the Indian Council for Research on International Economic Relations (ICRIER). He has served as a Member on the 12th , the Prime Minister’s Economic Advisory Council, and on the Securities and Exchange Board of India. During his previous assignment as Chief Economic Adviser to the , he was closely associated with the Government’s programme of economic reforms as well as with the macroeconomic management of the economy. Apart from being the principal author of the World Development Report, 2017, and several country reports, he has published numerous books and scholarly papers mainly on topics related to macroeconomic policy, growth, international economics, and public finance. Some of his recent books on the Indian economy are Towards Economic Crisis (2012-14) (2015), India and the Global Crisis (2012), and India’s Economy: Performance and Challenges (2010). He has a Bachelor’s degree in Economics from Oxford University and a PhD in Economics from Harvard University.

Junaid Ahmad is the India Country Director for the World Bank. He was earlier the Chief of Staff to the President of the World Bank Group,and before that, the Senior Director for the Bank’s Water Global Practice, where he championed the Practice’s focus on water and the economy and resilience in water management. He has served as the Bank’s Deputy Resident Representative and Principal Economist in Johannesburg, and then as Regional Team Leader of the Water and Sanitation Program in New Delhi. He was a team member of the 2004 World Development Report: Making Services Work for Poor People. He has served in the Bank’s South Asia and Africa regions and was the Bank’s Director for Sustainable Development for the Middle East and North Africa Region. He holds a PhD in Applied Economics from Stanford University, an MPA from Harvard Kennedy, and a BA in Economics from Brow University.

Abhijit Banerjee is the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. He is a recipient of the 2019 Nobel Prize in Economics along with Esther Duflo and Michael Kremer, for their experimental approach to alleviating global poverty. In 2003, he co-founded the Abdul Latif Jameel Poverty Action Lab (J- PAL) along with Esther Duflo and Sendhil Mullainathan and remains one of the directors of J-PAL. Abhijit is a past President of the Bureau for Research in the Economic Analysis of Development, an NBER Research Associate, a CEPR Research Fellow, an International Research Fellow of the Kiel Institute, and a Fellow of the American Academy of Arts and Sciences and of the Econometric Society. His areas of research are development economics and economic theory. Banerjee was educated at the University of Calcutta, University, and Harvard University, where he received his PhD.

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Rajesh Bhushan serves as the Secretary, Officer on Special Duty (OSD) to the Ministry of Health and Family Welfare, Government of India. He is an 1987 cadre officer, and has previously served as Secretary to the Ministry of Rural Development and Cabinet Secretary, among other government positions. Across more than three decades of public service, both in the State Government and the Union Government, Rajesh Bhushan has served as an administrator and policymaker with a wide range of assignments in the fields of information technology, education, transport, rural development, and health.

He currently serves as the head of the committee constituted to reform the drug regulatory system in India, by reforming the Central Drug Standard Control Organisation (CDSCO). . Barry Bosworth is a senior fellow in the Economic Studies Program at the Brookings Institution in Washington, D.C. A former presidential advisor, Bosworth is an expert on fiscal and monetary policy, economic growth, capital formation, and Social Security. He was the Director of the President’s Council on Wage and Price Stability in 1977-79 and has been a visiting lecturer at the University of California, Berkeley and Assistant Professor at Harvard University. His research has involved work on the determinants of economic growth in developing countries, saving, capital formation, and productivity growth. His recent projects include studies of U.S. saving behavior and economic growth in and India. Some recent publications include: The Decline in Saving: a Threat to America’s Prosperity? (2012) and The Economy of Puerto Rico: Restoring Growth, with Susan Collins and Miguel A. Soto-Class (2006). Bosworth is a founding co-editor of the India Policy Forum volume. He received his PhD from the University of Michigan.

Rishabh Choudhary is working as Consultant at the World Bank. His research interests include monetary policy, central banking, and fiscal sustainability at the national and sub-national levels. He received his Master’s degree in Quantitative Economics from Indian Statistical Institute, Delhi, and Bachelor’s degree in Economics from Hansraj College, Delhi University.

Esther Duflo is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics in the Department of Economics at the Massachusetts Institute of Technology and a co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL). She is a recipient of the 2019 Nobel Prize in Economics along with Abhijit Banerjee and Michael Kremer, for her experimental approach to alleviating global poverty. In her research, she seeks to understand the economic lives of the poor, with the aim to help design and evaluate social policies. She has worked on health, education, financial inclusion, environment and governance.

Authors, Chair, and Discussants 4

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts, and Research Fellow of the Centre for Economic Policy Research, London. In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997). He has authored several books, with the most recent being, The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (Oxford University Press, 2018). He was awarded a doctor honoris causa from the American University in Paris, and the Schumpeter Prize from the International Schumpeter Society in 2010. He was also named one of Foreign Policy Magazine's 100 Leading Global Thinkers in 2011. He received his PhD in Economics and Master’s degrees in Economics and History from Yale University.

Poonam Gupta is a Lead Economist for India at the World Bank. Prior to joining the Bank, she was the Reserve Chair Professor at NIPFP, Professor at ICRIER and at the Delhi School of Economics, and Economist at the International Monetary Fund. Her research has been published in leading scholarly journals and publications, including the Journal of Finance, Journal of International Economics, IMF staff papers, World Bank reports, World Bank Global Economic Prospects, Africa’s Pulse, and East Asia and Pacific Update. He work has been featured in The Economist, Financial Times, and Wall Street Journal. She holds a PhD in International Economics from the University of Maryland, and a Masters in Economics from the Delhi School of Economics.

Randeep Guleria is the Director of the All India Institute of Medical Sciences (AIIMS). He has served as the Professor and Head of the Department of Pulmonary Medicine and Sleep Disorders and Professor of Medicine, both at AIIMS. He is a member of the National Task Force for the Government of India for COVID-19, and a member of Empowered Group 2 created by the Prime Minister’s Office for multi-sectorial management of the coronavirus pandemic. He is also a member of the Joint Monitoring Group of Government of India created for pandemic and outbreak management in India since 2005. He is also the Chairperson of Clinical Research Group of Indian Council of Medical Research (ICMR) for COVID-19. He is the recipient of the Padma Shri award in the field of medicine, among other notable accolades. He has published over 450 publications, 100 original research articles, review reports, case studies published in reputed, peer reviewed national and international journals. He holds a D.M. in pulmonary medicine and a M.D. in internal medicine from the Postgraduate Institute of Medical Education and Research (PGMEIR), Chandigarh. He completed his M.B.B.S. from Medical College (IGMC), Shimla.

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Renana Jhabvala is a board member for Self-Employed Women’s Association (SEWA) Bharat, having been associated for over 40 years with the a trade union of 1.9 million members of women in the informal economy. She is also known for her writings of issues of women in the informal economy. She was awarded a Padma Shri Award in the year 1990. She has been active at the international level and represented SEWA at the International Labour Organisation (ILO) and other international forums. At the South Asia level she was instrumental in forming Home Net South Asia bringing together organisations in South Asian countries and is presently the Chair of Home Net South Asia. She is one of the founders and present Chair of WIEGO (Women in Informal Employment and Organizing) based at Harvard University, USA. She became a Member of Secretary General’s High Level Panel on Women’s Economic Empowerment in 2016. She has been active in many Government policy committees and task forces for social security, and has served as the Chancellor for Gandhigram Rural University (2012-2017). She has written many articles and books on SEWA and on informal economy. Some of her recent publications include Basic Income : A Transformative Policy for India, co-edited by Sarath Davala, Soumya Kapoor Mehta and Guy Standing (2014), The Idea of Work, co- authored with Ela Bhatt (2012), Social Income and Insecurity: A Study in , co- authored with Guy Standing, Jeemol Unni, and Uma Rani (2010) and Empowering Women in an Insecure World: Joining SEWA makes a difference, co-authored with Sapna Desai and Jignasa Dave (2010). She holds a Bachelors in Mathematics from Hindu College, University of Delhi, Masters in Mathematics from Harvard University and Masters in Economics from Yale University.

Vijay Joshi is Reader Emeritus at Oxford University and Emeritus Fellow of Merton College, Oxford. He was a Director of the J.P. Morgan Indian Investment Trust from 1995 to 2012. His areas of interest include macroeconomics, international economics and development economics, having published widely in these fields in scholarly journals and elsewhere. Some of his notable publications include India’s Long Road: The Search for Prosperity (2016), India’s Economic Reforms 1991-2001 (1996) and India–Macroeconomics and Political Economy 1964-1991 (1994), the latter two jointly with I.M.D. Little. During his varied career, Joshi has served as Economic Adviser, Ministry of Finance and Special Adviser to the Governor, .

Amitabh Kant is CEO of the NITI Aayog. Most recently as the Secretary to the Department of Industrial Policy and Promotion in the Government of India, he was responsible for the formulation and implementation of industrial policy and strategies for industrial development, monitoring industrial growth and the performance of specific industrial sectors, formulation of India’s FDI Policy and its facilitation, policies related to intellectual property rights in patents, trademarks, and industrial designs. He is the key architect of the “Make in India” campaign. He has also been the Chairman of the Delhi-Mumbai Industrial Corridor Development Corporation and the National Productivity Council and the CEO of the Delhi-Mumbai Industrial Corridor Development Corporation. Amitabh is the author of Branding India–An Incredible Story (2008) and has been the key driver of the “Incredible India” and “God’s Own Country” campaigns that positioned and branded India and State of Kerala as leading tourism destinations. Amitabh received his BA from St Stephens College at Delhi University and his MA from Jawaharlal Nehru University. Authors, Chair, and Discussants 6

Kenneth Kletzer is a Professor of Economics at the University of California, Santa Cruz. He has been a visiting Professor at the University of California, Berkeley, and Stanford University. His primary areas of research are international economics and macroeconomics. His research in international finance has addressed a variety of issues in economic interdependence, international financial integration, financial crises and sovereign debt. He has also published widely on international trade, economic growth and fiscal policy. His research on the Indian economy has addressed the problems of international financial liberalization and monetary policy. Kletzer co-edited the 2016 volume of Monetary Policy in India: A Modern Macroeconomic Perspective with Chetan Ghate. Kletzer received his Ph.D. in Economics from University of California, Berkeley.

K. P. Krishnan is a 1983 cadre IAS officer having previously served as the Secretary, Ministry of Skill Development and Entrepreneurship, Special Secretary, Department of Land Resources, Additional Secretary, Department of Economic Affairs, Secretary, Prime Minister’s Economic Advisory Council, and Joint Secretary, Department of Economic Affairs. He has previously served as Advisor to the Executive Director at the World Bank and held notable positions with the Government of . He has authored a number of reports on the Indian financial sector and published many academic papers. In 2012, Krishnan held the BoK Visiting Professorship in Regulation at the University of Pennsylvania Law School. He holds a Bachelors in Economics from St. Stephens College, and Law at the Campus Law Centre University of Delhi and joined the IAS in 1983. In 2002, he obtained his PhD in Economics from Indian IIM, .

Ashok Lahiri is currently the Chairman of Bandhan Bank and member of the 15th Finance Commission, Government of India. He has also served as the Executive Director representing India and six other countries at the Asian Development Bank (ADB), Manila; and the Chief Economic Adviser for the Department of Economic Affairs, Ministry of Finance, Government of India. Prior to that, he was the Director, National Institute of Public Finance and Policy (NIPFP); and Chairman, Public Expenditure Reforms Commission, Government of Punjab. He has held advisory and consulting roles with international organizations including the ADB, the World Bank and the IMF. He has been a Visiting Scholar at the IMF and a Visiting Fellow at Cornell University, University of Oxford, and the University of Birmingham. He has been a part of several committees set up by government and the Reserve Bank of India for advising on issues such as fiscal responsibility legislation and deregulation of the petroleum sector. His publications cover economics and Indian electoral issues. Lahiri received his PhD and MA from the Delhi School of Economics, and BA from Presidency College.

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Neelkanth Mishra is the Managing Director and India Equity Strategist for Credit Suisse and is rated among the best analysts in India by the Institutional Investor and Asia Money polls. He has been an advisor to the Revenue Neutral Rate Committee on GST and the Fiscal Responsibility and Budget Management Review Committee, and writes frequently in prominent newspapers on economic issues. Neelkanth has earlier worked on metals & mining, Indian pharmaceuticals, Taiwan IC design, semiconductor foundries and Asian tech strategy research, based out of Mumbai, Singapore and Taipei. Prior to joining Credit Suisse, he was a Senior Technical Architect with Infosys and has also worked with Hindustan Lever. He graduated in Computer Science from the Indian Institute of Technology, Kanpur.

Prachi Mishra is Managing Director in the Global Macro Research Group at Goldman Sachs and the India Chief Economist. She also serves as a member of the External Advisory Council of the Fifteenth Finance Commission of India, the Committee on Fiscal Roadmap for India, and on the Governing Council of the Center for Advanced Financial Research and Learning (CAFRAL, associated with the Reserve Bank of India). Prior to joining Goldman Sachs, Prachi worked in several departments at the IMF, including in the office of the former First Deputy Managing Director. She also worked at the Reserve Bank of India as Specialist Adviser and head of the Strategic Research Unit, and as Senior Economist at the Ministry of Finance, Government of India, and at the Economic Advisory Council to the . She served as an advisor to the Fiscal Responsibility and Budget Management Review Committee in 2017. Prachi’s research interests are in the areas of international economics, macroeconomics, banking and finance, and political economy. Her current research focuses on international spillovers from exchange rate movements, India’s macroeconomy and the financial sector, and political economy of decision making in the . She is a recipient of the 2019 Maholonobis Memorial Medal, Government of United Kingdom International Leaders Program award, Export-Import Bank of India International Economics Development Research Annual Award, and IMF awards for Innovative Research in Political Economy, International Trade and Exchange Rates, and for Exceptional Contribution to Low Income Country Work. She received her PhD in Economics from Columbia University and a Masters from the Delhi School of Economics.

Rakesh Mohan is a Senior Fellow at the Jackson Institute for Global Affairs at Yale University and Distinguished Fellow at Brookings India. He is also a Senior Adviser to the McKinsey Global Institute and a Non-resident Senior Research Fellow at the Stanford Centre for International Development. He has been the Director-General of NCAER, Chief Executive of ICRIER, and Vice-Chairman, Infrastructure Development Finance Company. His past positions include Professor in the Practice of International Economics and Finance within the School of Management and Senior Fellow within the Jackson Institute of Global Affairs at Yale University, and Executive Director on the Board of the IMF representing Bangladesh, Bhutan, India, and Sri Lanka. He was Chairman of the National Transport Development Policy Committee of the Government of India, in the rank of a Minister of State (2010-2014). He has also served as the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, and Deputy Governor of the Reserve Bank of India between 2002 and 2009. Mohan has authored two books on monetary policy: ‘Monetary Policy in a Globalized Economy: A Practitioner's View’ (2009), and “Growth with Financial Stability: Central Authors, Chair, and Discussants 8

Banking in an Emerging Market” (2011), and “India Transformed: 25 Years of Economic Reforms” is forthcoming in August 2017. He holds a BSc in Electrical Engineering from Imperial College of Science and Technology, University of London, a BA from Yale University, and a PhD in Economics from Princeton University.

Karthik Muralidharan is Tata Chancellor's Chair Professor of Economics at the University of California, San Diego, and a Non- resident Senior Fellow at NCAER. He is also a Research Associate at NBER, Fellow and Board Member at Bureau for Research and Economic Analysis of Development, and a Board Member and co-Chair of the Education Program at J-PAL. His research spans development, public, and labour economics with a focus on education and social policy, measuring the quality of public service delivery, programme evaluation, and improving the effectiveness of public spending. His research features large-scaled randomised evaluations of policies in partnership with governments, and is actively involved in policy advising and capacity building in India. He is the co-editor of the India Policy Forum journal published by NCAER. He has an AB in Economics from Harvard, an MPhil from the University of Cambridge, and a PhD in Economics from Harvard.

Ananth Narayan is an Associate Professor at the SP Jain Institute of Management and Research (SPJIMR). He is an international banking and financial markets expert. He holds over 24 years of experience in banking and financial markets with Standard Chartered, Deutsche Bank and Citibank. He has served as the Vice Chairman on the board of Fixed Income Money Market and Dealers Association (FIMMDA), Foreign Exchange Dealers Association of India (FEDAI) and has been a part of various Reserve Bank of India committees. He holds a B.Tech. from IIT Bombay, and a post graduate diploma in Management from IIM Lucknow.

Baijayant ‘Jay’ Panda is the National Vice President and Spokesperson of (BJP). He has been a four time Member of from . Prior to politics, Jay worked in the corporate sector and was actively involved in industry organisations like the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the International Chromium Development Association. Jay helped form the Young Parliamentarians Forum and was its Convener. He is also the Chairman of the India-USA Forum of Parliamentarians. He was awarded the “Bharat Asmita National Award” for best parliamentary practices by the in 2008. He has been associated with the Citizens’ Alliance against Malnutrition since its inception in 2007. He has served as a member of the Parliamentary Standing Committee on Public Undertakings, Consultative Committee for the Ministry of Finance, and the Parliamentary Standing Committee on Home Affairs. Jay holds a dual degree in engineering and management from Michigan Tech.

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Anirban Sanyal is a second year PhD student of Economics at the University of California, Santa Cruz. Prior to joining UCSC, he was working as Assistant Advisor in the Department of Statistics and Information Management, Reserve Bank of India, where he actively participated in monetary policy strategy formulation. He was honoured with the Golden Jubilee Scholarship at RBI for pursuing his PhD. Anirban’s research interests include international trade and finance, monetary policy and forecasting. He has authored various papers on nowcasting and big data aspects during his work in RBI. He received his Masters in Statistics from the Indian Statistical Institute, .

Pronab Sen is the Programme Director for the IGC India Programme. He has served as the Principal Adviser on Power and Energy, at the Government of India’s Planning Commission, the first Chief Statistician of India acting as the functional and technical Head of the national statistical system in India, as well as Secretary, Ministry of Statistics & Programme Implementation, Government of India (2007-2010). As a representative of the Planning Commission, he was principal author and coordinator of the Mid-term Appraisal of the Eighth Five Year Plan, the Ninth Five Year Plan, the Mid-term Appraisal of the Ninth Five Year Plan, the Tenth Five Year Plan, and the Mid-term Appraisal of the Tenth Five Year Plan. Pronab received his PhD in Economics from the Johns Hopkins University specialising in open-economy macroeconomic systems, international economics and public finance.

Rajeswari Sengupta is an Assistant Professor of Economics at the Indira Gandhi Institute of Development Research, Mumbai, India. She has held research positions at the Institute of Financial Management Research (IFMR) in , the IMF and the World Bank, Washington DC, the San Francisco Federal Reserve Bank and the Reserve Bank of India. Her main areas of interest include open economy macroeconomics, monetary economics and banking, economic measurement, firm financing, and financial markets. She was a member of the research secretariat for the Bankruptcy Law Reforms Committee that drafted the Insolvency and Bankruptcy Code, 2016. She has published papers in peer-reviewed journals including Economic Policy, The Journal of International Money and Finance, The World Economy, Emerging Markets Review, Pacific Economic Review, and Open Economies Review. She has also written chapters in edited volumes published by the Asian Development Bank, and the G20 among others. She completed her M.A. and Ph.D. in Economics from the University of California, Santa Cruz (UCSC). She holds two previous degrees in Economics from India, a Bachelors degree from Presidency College, Calcutta and a Masters from Delhi School of Economics.

Ajay Shah is Professor at the National Institute of Public Finance and policy. He has earlier served as President, Centre for Monitoring Indian Economy; Assistant and Associate Professor at Indira Gandhi Institute of Development Research, Mumbai; and Consultant, Department of Economic Affairs, the Ministry of Finance, Government of India. He engages in academic and policy-oriented research on India, at the intersection of economics, law, and public administration, with a specific focus on macroeconomics, finance, health, and technology policy. He has recently published his second book, co-authored with Vijay Kelkar, titled, In Service of the Republic: The Art and Science of Economic Policy (Penguin Allen Lane, 2019). Authors, Chair, and Discussants 10

He received his PhD in Economics from the University of Southern California, Los Angeles, and BTech in Aeronautical Engineering from the Indian Institute of Technology, Bombay.

Shekhar Shah is the Director-General of NCAER. Prior to joining NCAER, Shekhar was the World Bank’s Regional Economic Adviser for South Asia and, earlier Sector Manager in the Bank’s research complex and a principal author of the 2004 World Development Report, Making Services Work for Poor People. During a career at the Bank spanning more than two decades, Shah served as the Bank’s Deputy Research Administrator, Sector Manager for Governance and Public Sector Management for Europe and Central Asia, South Asia Governance Adviser and Public Sector Coordinator, and Lead Economist for Bangladesh. Before joining the Bank in 1989, he was the Ford Foundation’s Program Officer for Economics for South Asia. He worked earlier in the financial services sector in Washington DC consulting for the Federal Reserve Board, FDIC, the OCC, and bank holding companies in the US. He received his BA in Economics from St Stephens College and his MA and PhD in Economics from Columbia.

Nirvikar Singh is a Distinguished Professor of Economics at the University of California, Santa Cruz, where he also directs the Center for Analytical Finance. He is currently serving on the Punjab State Advisory Council on governance reforms and the Punjab Group of Experts on post- COVID-19 economic strategy. Earlier, he has been a member of the Advisory Group to the Finance Minister of India on G-20 matters, and has served as Consultant to the Chief Economic Adviser, Ministry of Finance, Government of India. His current research topics include entrepreneurship, information technology and development, electronic commerce, business strategy, political economy, federalism, economic growth and the Indian economy. He has authored over 100 research papers and co-authored or edited several books, including The Other One Percent: Indians in America (with Sanjoy Chakravorty and Devesh Kapur). He has also served as an advisor for several start-ups and knowledge services firms in Silicon Valley and in India. He received his PhD in Economics from the University of California, Berkeley, and his BSc and MSc in Economics from the London School of Economics and Political Science, University of London.

N.K. Singh is the current Chair of the 15th Finance Commission, Government of India. He is a renowned politician, economist and former top bureaucrat, having served as a member of the from the state of . He has been on the the Parliamentary Standing Committee on External Affairs and the Committee on Local Area Development Scheme, the Public Accounts Committee, the Consultative Committee on Finance, the Committee on Rules, the Housing Committee and the Parliamentary Forum on Global Warming and Climate Change. He was also on the Standing Committee on Human Resource Development and the Committee on Public Undertakings. He is presently Member of the Bharatiya Janata Party. He completed his graduation from St Stephens College, Delhi and thereafter received his Masters in Economics degree from the Delhi School of Economics. 11 India Policy Forum 2020

Rohini Somanathan is a Professor of Economics at the Delhi School of Economics. She has held faculty positions at Emory University, the University of Michigan, and the Indian Statistical Institute before joining the Delhi School of Economics in 2005. Her research focuses on how social institutions interact with public policies to determine patterns of economic and social inequality. She has also worked more broadly on development policy in India, including studies on the effects of economic liberalization on productivity and wage inequality, access to microfinance, the impact of school nutrition programs on child outcomes and the assessment of alternative policies to counter environmental problems such as floods, solid waste and air pollution. She received her PhD from Boston University.

T.V. Somanathan is the current Expenditure Secretary with the MinistryJoint Secretary in the Prime Minister's Office. Prior to this, he was working as Director at the World Bank, Washington D.C., on deputation from the Indian Administrative Service (IAS). He is a member of the Institute of Chartered Accountants of England & Wales, the Chartered Institute of Management Accountants, London, the Institute of Chartered Secretaries, London, the Association of Chartered Certified Accountants, London, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India. He has published over 80 articles and papers on economics, finance, governance and public policy in academic journals and in , , , Indian Express, Fortune India, Yojana, Kurukshetra etc. He is the author of a book on Derivatives (1998), and of chapters in Land Reforms in India (ed. M. Thangaraj, 2003) and Public Institutions in India (eds. Devesh Kapur & Pratap Mehta, 2005). He holds a Ph.D. in Economics from Calcutta University, an Executive Development Program diploma from Harvard Business School, Master of Arts and Bachelor of Commerce degrees from Panjab University.

Duvvuri Subbarao was the Governor of the Reserve Bank of India for five years (2008-13). Prior to that, Subbarao has seved as the Finance Secretary to the Government of India, and as Secretary to the Prime Minister’s Economic Advisory Council 2005-07. He was also a Lead Economist in the World Bank 1999-2004. As a career civil servant for over 35 years, he worked in various positions in the state government of and in the central government in New Delhi mostly in the area of public finance management. He has most recently been a Distinguished International Fellow at the University of Pennsylvania, and has served as a Distinguished Visiting Fellow at the National University of Singapore. He has written and spoken extensively on issues in macroeconomic management, public finance and financial sector reforms. During his tenure at the Reserve Bank, he was also recognized as a leading exponent of central banking issues from an emerging market perspective. He holds a Masters in Physics from the Indian Institute of Technology, Kanpur, MS in Economics from Ohio State University, and studied Public Finance from MIT as a Humphrey Fellow. He earned his PhD in Economics from Andhra University in India.