Seismic changes emerging to shape India's political economy: Subbarao

AS the new government of Prime Minister Narendra Modi tries to rev up India's economy, a pattern of seismic changes - or "mega-trends" - is emerging and shaping the country's political economy, according to the country's former central bank chief. And understanding these big but gradual changes is crucial to deciphering the future direction of the world's second most populous nation, Duvvuri Subbarao said in a recent lecture at NUS Business School.

Mr Subbarao, who was governor of the Reserve Bank of India for five years from 2008 to 2013, said these mega-trends are what make up the "big picture" of India's transformation.

"Look at an Impressionist painting. Up close, all we see are brushstrokes in a variety of shades and shapes. It is not until we take a step …