Dr Y V Reddy

Former Governor, Reserve Bank of India

Talk: Centre-State Relations

Where you stand depends on where you sit. Centre and the States often have contrasting perspectives on their relations. Often the States have conflicting interests among themselves, in dealing with the Centre. World Bank deals with the Centre and the States through the Centre. Reserve Bank is accountable to the Centre but is banker, debt manager, and fiscal adviser to the States also. Symmetrical treatment of the Centre and equitable dispensation to all the States is mandatory for the Finance Commission. Centre-State relations depend on interplay of ideology, institutions, interests and individuals

Dr Y.V. Reddy will draw on his experiences with these perspectives, to illustrate the colours, tastes and flavours of Union-State relations.

About Dr Y V Reddy

Dr Yaga Venugopal Reddy is an IAS officer who served as Governor of the Reserve Bank of India between 2003 and 2008 and is Chairman of Finance Commission.

In 2010, he was awarded India's second highest civilian honour, the Padma Vibhushan.

Dr Reddy has been credited saving the entire Indian banking system from the sub-prime and liquidity crisis of 2008. Dr Reddy played a crucial role in framing macro-economic policies that helped quarantine the country from the domino effect of the financial crisis encountered by the South-East Asian countries during the later part of the 1990s.

Joseph E. Stiglitz, Professor of Economics at Columbia University and Nobel Laureate, had said 'If America had a central bank chief like Y.V. Reddy, the US economy would not have been in such a mess.' He is widely consulted on many financial issues by institutions both in India as well as the world over.

Dr Reddy holds a PhD from Osmania University, Hyderabad and was awarded Doctor of Letters (Honoris Causa) by Sri Venkateswara University, India; and Doctor of Civil Law (Honoris Causa) by the University of Mauritius.

Dr Reddy is an Honorary Fellow of the London School of Economics.

Before RBI, Dr Reddy was with International Monetary Fund as Executive Director.

Dr Reddy was Chairman of the Bank for International Settlements, Asian Consultative Council (ACC) for two years. He was the Chairperson of SAARCFINANCE, a Group of Governors of the central banks of SAARC member countries. He has held the positions of Secretary (Banking) in Ministry of Finance and Principal Secretary in Government of Andhra Pradesh and has worked with the governments of China, Bahrain, Ethiopia and Tanzania.

He has been a Visiting Fellow, London School of Economics, a full-time UGC Visiting Professor in Department of Business Management, Osmania University; full-time Visiting Faculty, Administrative Staff College of India and continues to be the Honorary Senior Fellow at Centre for Economic and Social Studies at Hyderabad.

Dr Reddy was also Distinguished Professor of the Indian Institute of Technology Madras. He was Member of the Commission of Experts of the President of the UN General Assembly on Reforms of International Monetary and Financial System. In addition to the Chair, Professor Joseph Stiglitz (USA), members of this UN Commission were drawn from Japan, Western Europe, Africa, Latin America, South and East Asia. He was President of the Indian Econometric Society during 2011. He was on the Advisory Board of Institute for New Economic Thinking (INET). The INET advisory board includes Nobel laureates as well as other prominent economists. Reddy was on International Advisory Board of the Columbia Program on Indian Economic Policies, Columbia University, New York. He was a Member of an informal international group of prominent persons on International Monetary Reforms. He was also on Advisory Group of eminent persons to advise the Finance Minister of India on G-20 issues. Dr Reddy was elected as Conference President of the Indian Economic Association (IEA) for the year 2014.

Dr Reddy authored a book titled "India And The Global Financial Crisis : Managing Money and Finance". His book titled "Global Crisis, Recession and Uneven Recovery" was a sequel. It provided a thinker and experienced policymaker's understanding of the genesis, anatomy and impact of the financial crisis, and of the lessons it offered.