Dr.Y Venugopal Reddy,Former RBI Governor joins UoH as an Emeritus Professor in the Department of Economics

 

Hyderabad|India|: Dr Y Venugopal Reddy, Former RBI Governor has joined the University of Hyderabad as an Emeritus Professor in the Department of Economics.

Dr Y V Reddy was born on 17 August 1941 in Kadapa, Andhra Pradesh. Dr Reddy is an Indian Administrative Service (IAS) officer of the 1964 batch. He holds a Ph.D. from Osmania University, Hyderabad. Dr Reddy served for five years as the Governor of Reserve Bank of India and retired on September 5, 2008. After a formal meeting with Vice Chancellor, Prof Seyed Hasnain, Dr. Reddy had an interaction with the faculty in the Department of Economics. Dr. Reddy apart from his rich academic association will deliver regular lectures on major economic topics / issues. He has also agreed to mentor research scholars and faculty. His association is likely to strengthen the macro academic goals of the department and the School of Social Sciences .

Prior to being the Governor, he was Executive Director for India , Sri Lanka , Bangladesh and Bhutan at the International Monetary Fund since August 2002. Prior to this, he was Deputy Governor, Reserve Bank of India . Formerly, he was Secretary, Ministry of Finance, and Additional Secretary, Ministry of Commerce in the Government of India. He served the Government of Andhra Pradesh, India in several capacities including Principle Secretary and Secretary – Finance and Planning, Collector and District Magistrate etc. He was also advisor in World Bank.

Dr Reddy has been a member of Commission of Experts of The President of The UN General Assembly on Reforms of The International Monetary and Financial System. He has also been a Guest of Committee on Global Thought, Columbia University , New York .

An Honorary Fellow of the London School of Economics and Political Science, London (LSE), Dr Reddy has an outstanding international record in academic and financial affairs. His career in the past 43 years embraces service in India at state level in Andhra Pradesh and in national administration, finance, planning, monetary policy and public enterprise reforms. Since 2003, he has been Governor of the Reserve Bank of India and prior to this he was India ’s Executive Director on the Board of the International Monetary Fund. He has been internationally honoured and noted as one of the key players in the restructuring and reform of the Indian economy in recent years, now so better placed on the world stage in terms of high growth and low inflation. His contributions were recognized by Award of Doctor of Letters (Honoris Causa) by Sri Venkateswara University , India ; and Doctor of Civil Law honoris causa, by University of Mauritius .

With the Global Economy in the midst of a severe recession, Indian banks appear to have been reasonable insulated. While US Federal Reserve Chairman, Alan Greenspan believed in the fundamental integrity of the market agents, the sound management and foresight of one man Dr Y V Reddy, the then Governor of RBI tightly regulated the banks and the external capital transactions. Rightly so despite the global financial crisis, the economic pundits predict a sustained growth of 8-9% for the Indian economy in the coming decade. Dr Reddy deserves a big bouquet of pink roses for having created flexibility in the monetary policy that did not lead to a buildup of a bubble in the Indian economy unlike that in the United States . In the words of Joseph Stiglitz, Nobel Laureate in Economics, “If We ( United States ) had Dr Reddy; We wouldn’t be in such a mess.”

Dr Reddy is a well-traveled adviser and counselor in the banking and finance sector world wide, working with the IMF on fiscal policies in China , Bahrain , Ethiopia and Tanzania . He also contributes significantly to the work of the Bank for International Settlements, the Bank for Central Banks, and in his regional role in ASEAN11 and SAARC22. Dr Reddy in addition to his distinguished banking career, at home and abroad, has maintained a strong commitment to academic activity, through published work, teaching and research. He has been visiting Professor in International Relations at the London School of Economics, Visiting Professor in the Department of Business Management, at Osmania University and a visiting Faculty member at the Administrative Staff College of India. He has been closely associated with several academic institutions in teaching and research capacities. He has authored several articles and published number of books.

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