SS Tarapore, the economist who passed away today played a key role in handling the 1991 economic crisis. He was one of the main persons handling and negotiating the programme with the IMF.

"I can think of nobody with the command on the theory and practise of monetary policy like Tarapore", said YV Reddy, Chairman of the 14th Finance Commission.

Recalling his association with Tarapore, Reddy said "I came into contact with him during the crisis as a joint secretary in the Ministry of Finance dealing with Balance of Payments. From then on, have always looked up to him for guidance".

As a secretary banking in 1995-96 and thereafter succeeding him as the deputy governor of RBI, it was indeed a privilege and good phase of interactions. He was a repository of memory of everything that happened in the RBI for over 30 years.

Reddy, a former Governor of the RBI said "I have always taken guidance from him as governor. It was not just professional, but personal and moral dilemmas as well because the top post is quite lonesome and challenging".

He described Tarapore as an embodiment of personal, professional and intellectual integrity which was absolutely admirable and unparalleled. For him the common man was the centre point. His writings and articles were simple and lucid and enjoyable. Interestingly, he wrote a syndicated column which was translated into several Indian languages on difficult economic aspects.

He served the country and institutions till his last with the same commitment and energy. In the passing away of Tarapore, I have lost one of my best friend, philosopher and guru. Its indeed a loss to the federal bank community globally, YV Reddy said.

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