Subbarao faced a trilemma. He could not check inflation, manage the rupee and spur growth together. So, he focused on inflation. He failed in this because of a high fiscal deficit and the fact that inflation here is food-led, which monetary policy cannot check. Going for fast growth or exchange rate control, advocated by critics, would have worsened inflation. The trilemma felled Subbarao. It would have felled his critics too. Read More

Jyothi Shankaran

    Jyothi’s last role was as Senior Editor with the business news channel Bloomberg TV India. He also worked as News Editor at business-standard.com, the online version of the business newspaper Business Standard. Jyothi is a chemical engineer from the Regional Engineering College, Srinagar.