Dr. Y. V. Reddy, former RBI Governor and Distinguished Fellow at CESS, was honoured with the prestigious “Icon of the Indian Economy” award by CNBC-TV18, India’s leading business and financial news channel. The ceremony celebrated Dr. Reddy’s enduring contributions to the nation’s economic resilience and growth.
Prof. E. Revathi, Director of CESS, congratulated Dr. Reddy on this well-deserved recognition. Dr. G. R. Reddy, Founder Member of CESS, along with faculty and research scholars, also joined in celebrating this remarkable achievement.
Throughout his career, Dr. Reddy has made lasting impacts on India’s economic landscape. In 1991, he played a key role in securing funds during a financial crisis by leveraging India’s gold reserves. He later facilitated the transition to a market-determined exchange rate. Appointed Deputy Governor in 1996, he led efforts to deepen the government securities market. As RBI Governor from 2003 to 2008, Dr. Reddy introduced protective regulations that safeguarded Indian banks during the 2008 global financial crisis. His resistance to high-risk financial derivatives earned him praise from Nobel Laureate Joseph Stiglitz. Dr. Reddy also reformed cooperative banks and established the National Payments Council, which eventually led to the development of UPI.
In recognition of his exceptional public service, Dr. Reddy was awarded the Padma Vibhushan in 2010. Following his tenure at RBI, he served as Chairman of the 14th Finance Commission, where he advocated for equitable fiscal distribution among states.
Dr. Y. V. Reddy’s legacy continues to inspire, as CNBC-TV18 aptly recognized him as an “Icon of the Indian Economy“