Krishnamurthy Subramanian

Indian economist

In this Indian name, the name Krishnamurthy is a patronymic, and the person should be referred to by the given name, Subramanian.

Krishnamurthy Subramanian

17th Chief Economic Advisor to the Government of India
In office
7 December 2018 (2018-12-07) – 6 December 2021 (2021-12-06) [1]
Prime Minister| Narendra Modi
Minister| Nirmala Sitharaman
Preceded by| Arvind Subramanian
Succeeded by| V. Anantha Nageswaran
Personal details
Born|  (1971-05-05) 5 May 1971 (age 54)
Bhilai, Chhattisgarh, India
Alma mater|

* Indian Institute of Technology Kanpur
(Bachelor of Technology)
* Indian Institute of Management Calcutta
(Master of Business Administration)
* University of Chicago Booth School of Business
(Doctor of Philosophy)

Profession| Economist
Academic background
Doctoral advisor|

* Luigi Zingales
* Raghuram Rajan

Academic work
Discipline| Financial economics
Institutions|

* Indian School of Business
* Goizueta Business School, Emory University

Krishnamurthy Venkata Subramanian (born 5 May 1971) is an Indian economist who served as the 17th Chief Economic Advisor to the Government of India. Subramanian is a leading expert on economic policy, banking and corporate governance, who was the youngest Chief Economic Advisor to the Government of India, serving from 2018 to 2021.[2] He has been appointed to the post of India's Executive Director at the IMF, with effect from November 1, 2022 and served their 4 May 2025 .He has been unexpectedly recalled from his post as India’s Executive Director (ED) at the International Monetary Fund (IMF), six months before his three-year term was set to conclude. The recall, approved by the Appointments Committee of the Cabinet (ACC), was announced in an order dated April 30, 2025, and took immediate effect.

## Education

[edit]

Subramanian was born in Bhilai, Chhattisgarh in a Tamil family. He completed his schooling from M.G.M. Senior Secondary School, Sector-6, Bhilai. He is an alumnus of the Indian Institute of Technology Kanpur where he studied electrical engineering and holds a Master of Business Administration from IIM Calcutta, where he was awarded gold medal and placed in the Institute's Roll of Honor .[3] He received a Doctor of Philosophy (PhD) in financial economics from University of Chicago Booth School of Business. His PhD was completed under the supervision of Luigi Zingales and Raghuram Rajan. He was awarded an Ewing Marion Kauffman Foundation Dissertation Fellowship in 2005 for his doctoral research thesis.[4]

## Career

[edit]

Subramanian has worked in expert committees for Securities and Exchange Board of India and the Reserve Bank of India, being a part of major economic and corporate reforms in India. He was Member & Director of Research, P J Nayak Committee on Governance of Bank Boards formed by RBI, and was also a member of Uday Kotak Committee on Corporate Governance in SEBI. He has worked with JPMorgan Chase, ICICI Bank and Tata Consultancy Services.

He was a member of board of directors in Bandhan Bank. He was also a member of board of directors in the National Institute of Bank Management and the Reserve Bank of India Academy.[5]

### Academic career

[edit]

Subramanian taught at the Goizueta Business School at Emory University in the United States from 2005 to 2010.[6][7] He is a member of American Finance Association.

In 2009, he visited the Indian School of Business as a visiting scholar. He subsequently joined the ISB as an assistant professor. At ISB, he served as an associate professor and later professor. He also served as the executive director of the Centre for Analytical Finance at ISB. He was awarded "Professor of the Year" by ISB for courses that he taught for the Class of 2019.[8][9]

### Chief economic advisor

[edit]

As the Chief Economic Advisor (CEA), Subramanian authored Economic Surveys on Ethical Wealth Creation for a prosperous India (2019–20), the Strategic Blueprint for India to become a US$5 trillion economy (2018–19), and the post-COVID-19 economy using public capital expenditures in infrastructure and healthcare to further counter-cyclical fiscal policy (2020–21). His ideas of the use of Behavioural Economics and Thalinomics captured the public imagination.[10]

Subramanian was inducted into the Fifteenth Finance Commission's advisory council in May 2019.[11][12]

In articles published in The Times of India and Livemint titled, "Will Black Be Back? Why demonetisation will be revolutionary in India’s fight against corruption", and "Demonetisation: Are the poor really suffering?", respectively, Subramanian supported the Government of India's banknote demonetisation policy in 2016.[13][14][6]

In August 2022, Subramanian was appointed the executive director for India at the International Monetary Fund, for a period of three years. He took over from Surjit Bhalla on 1 November 2022. He was removed by the Indian Government on 4 May 2025, six months before his term ended amidst disagreements over IMF datasets and allegations of impropriety related to his book promotion.[15][16][17][18]

Subramanian has been conferred the Distinguished Alumnus award by his alma maters IIT Kanpur and IIM Calcutta.[19]

## References

[edit]

1. ^ Choudhary, Shrimi (8 October 2021). "CEA Subramanian to leave finance ministry, will return to academia". Business Standard India.
2. ^ "Prof K Subramanian". www.iitk.ac.in. Retrieved 14 June 2022.
3. ^ "Annual Convocation 2021 | IIM Calcutta". www.iimcal.ac.in. Retrieved 14 June 2022.
4. ^ "Kauffman Dissertation Fellows". www.kauffman.org. Archived from the original on 9 December 2018. Retrieved 7 December 2018.
5. ^ "ISB professor Krishnamurthy Subramanian appointed as new Chief Economic Adviser". The Indian Express. 7 December 2018. Archived from the original on 7 December 2018. Retrieved 7 December 2018.
6. ^ a b "Krishnamurthy Subramanian Appointed As The Next Chief Economic Adviser". BloombergQuint. 7 December 2018. Archived from the original on 9 December 2018. Retrieved 7 December 2018.
7. ^ "Govt appoints Krishnamurthy Subramanian as Chief Economic Adviser for 3 years". Moneycontrol. 7 December 2018. Archived from the original on 7 December 2018. Retrieved 7 December 2018.
8. ^ "Subramanian Krishnamurthy". www.isb.edu. Retrieved 5 February 2023.
9. ^ "ISB awards "Professor of the Year" to Krishnamurthy Subramanian". thehindubusinessline.com. 6 April 2019.
10. ^ "Chief Economic Advisor to Govt. of India - Dr. K V Subramanian". www.greatlakes.edu.in. Retrieved 14 June 2022.
11. ^ "Chief Economic Advisor Krishnamurthy Subramanian appointed as member of Advisory Council of 15th Finance Commission". Business Standard. Business Standard Ltd. Asian News International. 3 May 2019. OCLC 496280002. Archived from the original on 1 September 2020. Retrieved 10 May 2019.
12. ^ "CEA K Subramanian joins Finance panel's advisory council". The Quint. New Delhi. Indo-Asian News Service. 3 May 2019. Archived from the original on 1 September 2020. Retrieved 10 May 2019.
13. ^ "Will Black Be Back? Why demonetisation will be revolutionary in India's fight against corruption". Times of India Blog. 11 November 2016. Archived from the original on 10 December 2018. Retrieved 7 December 2018.
14. ^ Subramanian, Krishnamurthy (23 November 2016). "Demonetisation: Are the poor really suffering?". Livemint. Archived from the original on 9 December 2018. Retrieved 7 December 2018.
15. ^ Srivats, K. R. (25 August 2022). "Former CEA KV Subramanian appointed as Executive Director at IMF". www.thehindubusinessline.com. Retrieved 5 February 2023.
16. ^ "Govt appoints former CEA K Subramanian as Executive Director for India at IMF". livemint.com. 25 August 2022. Retrieved 5 February 2023.
17. ^ "Former CEA KV Subramanian appointed as executive director for India at IMF". Business Today. 25 August 2022. Retrieved 5 February 2023.
18. ^ "India abruptly removes IMF board nominee Krishnamurthy Subramanian". timesofindia.indiatimes.com. 4 May 2025. Retrieved 7 May 2025.
19. ^ Twitter https://twitter.com/iitkanpur/status/1185183350354432002. Retrieved 17 June 2022. `{{cite web}}`: Missing or empty `|title=` (help)

## External links

[edit]

* Media related to Krishnamurthy Subramanian at Wikimedia Commons
* Krishnamurthy Subramanian Curriculum Vitae

Government offices

Preceded by

Arvind Subramanian

|  Chief Economic Adviser of India
2018–2021  | Succeeded by

V. Anantha Nageswaran

* v
* t
* e

Ministry of Finance

Departments|

| Economic Affairs|

* Economic Division: Economic Survey

* Budget Division: Union budget

Expenditure|

* Pay Commission
* 7th Central Pay Commission (CPC) and Defence Forces
* Sixth Central Pay Commission

Revenue|

* Income Tax Department
* Central Board of Indirect Taxes and Customs

Financial Services|

* Pradhan Mantri Jan Dhan Yojana

DIPAM|

* Disinvestment in India
* Disinvestment of Public Sector Units in India

DPE|

* Efficient monitoring of the capital expenditure
* Asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs)

Secretaries|

| Economic Affairs|

* Rajiv Mehrishi
* Shaktikanta Das
* Subhash Chandra Garg
* Atanu Chakraborty (incumbent)

|

Revenue|

* Shaktikanta Das
* Ajay Bhushan Pandey
* Hasmukh Adhia (incumbent)

Finance|

* Ratan P. Watal
* Ashok Lavasa
* Hasmukh Adhia
* Ajay Narayan Jha
* Rajiv Kumar (incumbent)

Finance ministers|

* R. K. Shanmukham Chetty
* John Matthai
* C. D. Deshmukh
* T. T. Krishnamachari
* Jawaharlal Nehru
* Morarji Desai
* Sachindra Chaudhuri
* Indira Gandhi
* Yashwantrao Chavan
* Chidambaram Subramaniam
* Hirubhai M. Patel
* Charan Singh
* Hemwati Nandan Bahuguna
* Ramaswamy Venkataraman
* Pranab Mukherjee
* V. P. Singh
* Rajiv Gandhi
* N. D. Tiwari
* Shankarrao Chavan
* Madhu Dandavate
* Yashwant Sinha
* Manmohan Singh
* Jaswant Singh
* P. Chidambaram
* Inder Kumar Gujral
* Arun Jaitley
* Piyush Goyal
* Nirmala Sitharaman (incumbent)

Ministers of state
for finance|

* Nirmala Sitharaman
* Jayant Sinha
* Arjun Ram Meghwal
* Pon Radhakrishnan
* Anurag Thakur
* Bhagwat Karad (incumbent)
* Pankaj Chaudhary (incumbent)

Chief Economic
Advisor|

* J. J. Anjaria
* I. G. Patel
* I. G. Patel
* V. K. Ramaswamy
* Ashok Mitra
* Manmohan Singh
* R. M. Honavar
* Bimal Jalan
* Nitin Desai
* Deepak Nayyar
* Shankar Acharya
* Rakesh Mohan
* Ashok K. Lahiri
* Arvind Virmani
* Kaushik Basu
* Raghuram Rajan
* Arvind Subramanian
* Krishnamurthy Subramanian
* V. Anantha Nageswaran (incumbent)

Finance commissions|

* 1st
* 2nd
* 3rd
* 4th
* 5th
* 6th
* 7th
* 8th
* 9th
* 10th
* 11th
* 12th
* 13th
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* 15th

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