Hyderabad: RBI former governor Dr Duvvuri Subbarao said on Friday that good leadership begins not with power but with perspective and the courage to do what is right even when it is difficult. It is this idea, he said, that defines public service and enduring leadership.
Delivering the sixth lecture of the University of Hyderabad’s (UoH) Golden Jubilee and School of Management Studies (SMS) Silver Jubilee Distinguished Lecture Series, dr Subbarao said leadership is not a quest for control but a discipline of conscience, the ability to act with integrity when faced with uncertainty.
“Leaders must remain steady when the ground shifts beneath them,” he noted, urging students to pursue purpose over position.
Drawing on over four decades in governance and finance, Dr Subbarao reflected on how humility, courage of conviction, and moral clarity guide decision-making in public life.
Sharing insights from his career, Dr Subbarao outlined seven important lessons: early setbacks are only detours, passion gives work its meaning, leaders must stay close to the ground, the obvious must not be ignored, priorities must guide time, learning is a lifelong process, and character defines the quality of leadership.
He distinguished personality from character, describing the former as the outward energy that attracts attention and the latter as the inner strength that sustains credibility. Confidence, enthusiasm, and humour, he said, are admirable, but honesty, humility, loyalty, and moral courage are indispensable.
The session concluded with a Q&A where students raised questions on inflation, current account convertibility, interest rates, and the internationalisation of the rupee. Dr Subbarao linked each issue to leadership and accountability, explaining how economic decisions must serve both national stability and ethical responsibility.
UoH Vice Chancellor Prof. B.J. Rao said the lecture distilled “the essence of a lifetime in public service into lessons that resonate far beyond economics.”
