`Right balance between theory and practice vital for economic reforms'

A right balance between theory and practice is vital in economic reforms, according Y V Reddy, former governor of Reserve Bank of India (RBI).

He was speaking at the release function of his autobiography 'Na Gnapakalu' (My Memories) organised here by Manthan, a forum for public discourse here on Friday.

Recalling various decisions he took in his capacity as a bureaucrat as well chief of RBI, Reddy said examination of legal aspects was also important in policy making.

``If something is not illegal, we should go ahead and do it for public good,’’ he said adding that regulations on fiscal responsibility and foreign exchange management were good examples for this approach.

Explaining why he preferred to bring out his autobiography in Telugu first, Reddy said: ``There is sentiment as it is my mother tongue. There is wisdom in Telugu and knowledge in English.”

The book has been published by Hyderabad-based Emesco Books. An English version of it will be out in about three months.

P Rama Rao, Chairman, Council of Indian Institute of Science, who introduced the book, said economists like Reddy had to deal with broad experiments in finance concerning people at national level while scientists deal with experiments in a laboratory.

Former union minister S Jaipal Reddy formally released the book.

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