The Governor who picked your pocket

10.83%, 12.11% and 10.92%. These figures are not the returns of some blockbuster mutual fund. They are the average inflation rate in the years 2009, 2010 and 2013 - when Duvvuri Subbarao was RBI Governor. These were the years that burned a hole through your pocket, broke the self-confidence of many a mutual fund investor and devastated pensioners. Subbarao himself writes about a call he got from a senior citizen in Nagaland giving him a detailed account of his pension and explaining to Subbarao, how it was becoming increasingly difficult to make ends meet. "Do something about the prices sir, especially the price of cooking oil," the man pleaded. Governor Subbarao did very little. Whodunnit? Many would argue that the Government (that is, the UPA) and not the RBI was responsible for the inflation in those years. This is true as and is a point Subbarao himself makes over and over again in his book. However, as RBI governor,

This article was originally published on August 16, 2016.