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Third ISAS Lecture: "India in a Globalising World” by Dr Duvvuri Subbarao

Institute of South Asian Studies (ISAS), National University of Singapore

Wednesday, 28 February 2018 from 15:00 to 17:00 (Singapore Standard Time Singapore Time)

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Event Details

PROGRAMME (3.30pm - 5.00pm)

(Registration starts at 3.00pm)

Opening Remarks
Ambassador Gopinath Pillai
Chairman, Institute of South Asian Studies, NUS; and
Ambassador-at-Large, Ministry of Foreign Affairs, Singapore

Third ISAS Lecture
India in a Globalising World
Dr Duvvuri Subbarao
Distinguished Visiting Research Fellow, ISAS-NUS; and
Former Governor of the Reserve Bank of India

Question and Answer Session
Chairperson
Ambassador Gopinath Pillai
Chairman, Institute of South Asian Studies, NUS; and
Ambassador-at-Large, Ministry of Foreign Affairs, Singapore

Tea Reception and Networking

End of Lecture

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Abstract

Confronted with a severe external payments crisis in 1991 consequent on the first Gulf War, India embarked on wide-ranging reforms, not just restricted to stabilising the external sector, but also to liberalising and restructuring the economy. The motivation for this radical shift in economic management was India’s realisation that the economic philosophy that guided it since independence – self-sufficiency, protection and public sector dominance – had run its course and India needed to institute sweeping reforms in order to accelerate growth and reduce poverty.

 
Central to India’s reforms, coming as they did over a decade after China opened up, was the objective of integrating the country with the global economy. Globalisation comes with costs and benefits, as evidenced by the experience of all emerging economies; so has it been the case with India. India clocked spectacular growth in the years before the global financial crisis (2003-08) when the world was experiencing the so-called ‘Great Moderation’, illustrating the positive side of globalisation. On the flip side, the growth slowed down and financial instability that India suffered as part of the global financial crisis (2008-09) represented the negative side of the ledger.

 
The task for India, as indeed for all emerging markets, is to maximise the benefits and minimise the costs of globalisation. This is a complex challenge that emerging markets cannot address by themselves without the cooperation of advanced economies. However, advanced economies have been unsympathetic, leaving emerging economies to settle for solutions that are individually and collectively sub-optimal.

 

The lecture will address India’s struggles with managing globalisation as well as the challenges of securing international cooperation on global economic issues in a world divided by nation states.

 

About the Speaker

Dr Duvvuri Subbarao served as Governor of the Reserve Bank of India (RBI) for five years (2008-2013) finishing his term in September 2013. Prior to that, he was Finance Secretary to the Government of India and Secretary to the Prime Minister’s Economic Advisory Council. In his career spanning more than 40 years, Dr Subbarao has rich hands-on experience in public finance management, and in advising developing countries on public finance management and fiscal decentralisation when he was a Lead Economist in the World Bank. He has written and spoken extensively on issues in macroeconomic management, public finance and financial sector reforms. During his tenure at the RBI, he was also recognised as a leading exponent of central banking issues from an emerging market perspective.


Dr Subbarao obtained his BSc (Honours) and MSc in Physics from Indian Institute of Technology, Kharagpur, MS in Economics from Ohio State University, United States (US), and PhD in Economics from Andhra University, India. He was a Humphrey Fellow in Public Finance at the Massachusetts Institute of Technology, US.

Do you have questions about Third ISAS Lecture: "India in a Globalising World” by Dr Duvvuri Subbarao? Contact Institute of South Asian Studies (ISAS), National University of Singapore
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When & Where


Taurus Ballroom, Level 1
Marina Mandarin Hotel
6 Raffles Boulevard, Marina Square
Singapore 039594
Singapore

Wednesday, 28 February 2018 from 15:00 to 17:00 (Singapore Standard Time Singapore Time)


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Organiser

Institute of South Asian Studies (ISAS), National University of Singapore

The Institute of South Asian Studies (ISAS) is an autonomous research institute at National University of Singapore. The establishment of ISAS reflects the increasing economic and political importance of South Asia, and the strong historical links between South Asia and Southeast Asia. ISAS is dedicated to research on contemporary South Asia. The Institute seeks to promote understanding of the region, and to communicate the knowledge and insights about it to policymakers, the business community, academia and civil society, in Singapore and beyond.

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Third ISAS Lecture: "India in a Globalising World” by Dr Duvvuri Subbarao
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