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Krishnamurthy V. Subramanian, a seasoned economist and former Chief Economic Adviser (CEA) to the Government of India, has been abruptly recalled from his role as India’s Executive Director (ED) at the International Monetary Fund (IMF), six months before the completion of his three-year term. The move, approved by the Appointments Committee of the Cabinet (ACC), was announced via an official order dated April 30, 2025, and took effect immediately.A distinguished career in EconomicsSubramanian had been appointed to the IMF post in August 2022 and took charge on November 1 that year, representing India, Bangladesh, Sri Lanka, and Bhutan on the Fund’s Executive Board. Prior to this, he served as India’s CEA from 2018 to 2021, a role he left to return to academia. Profile: Dr. Krishnamurthy SubramanianDr. Krishnamurthy Venkata Subramanian is an Indian economist renowned for his contributions to economic policy, banking, and corporate governance. Born on May 5, 1971, in Bhilai, Chhattisgarh, he has held significant roles in academia and public service, including serving as the Chief Economic Advisor (CEA) to the Government of India and as India’s Executive Director at the International Monetary Fund (IMF).Education and academic backgroundSubramanian’s academic journey began at the Indian Institute of Technology (IIT) Kanpur, where he earned a degree in electrical engineering. He then pursued a Master of Business Administration (MBA) from the Indian Institute of Management (IIM) Calcutta, graduating with honors. Furthering his studies, he obtained a PhD in financial economics from the University of Chicago Booth School of Business, under the mentorship of former RBI overnor Raghuram Rajan and Luigi Zingales. His doctoral research earned him the Ewing Marion Kauffman Foundation Dissertation Fellowship in 2005.Professional careerAcademic roles:Subramanian commenced his academic career at Emory University’s Goizueta Business School in the United States, serving from 2005 to 2010. Subsequently, he joined the Indian School of Business (ISB) in Hyderabad, where he held various positions, including Associate Professor, Professor, and Executive Director of the Centre for Analytical Finance. His teaching excellence was recognized when he was awarded the “Professor of the Year” title for the Class of 2019.In December 2018, Subramanian was appointed as the Chief Economic Advisor to the Government of India, becoming the youngest individual to hold this position. During his tenure, he authored several Economic Surveys, notably focusing on ethical wealth creation and strategies for transforming India into a trillion-dollar economy. His innovative concepts, such as “Thalinomics,” gained public attention for their unique approach to economic analysis.Why was he removed early?The government has not officially disclosed any reason for Subramanian’s premature exit. However, sources cited by The Indian Express suggest two possible factors behind the decision:Tensions with IMF over data issues: Subramanian is said to have raised concerns about the quality and credibility of IMF datasets. These objections reportedly did not sit well with officials at the Washington-based multilateral agency.Alleged Book-related impropriety: Another concern allegedly involved the promotion and publicity surrounding Subramanian’s recent book India @ 100, which some viewed as a potential impropriety in his role as IMF ED.The situation gained further attention when Subramanian abruptly canceled a scheduled appearance at a US investment conference on May 2, citing an “exigency.” His name remained on the IMF website until that date, before the position was marked “vacant” as of May 3.Timing raises questionsThe recall comes just days ahead of a crucial IMF Board meeting on May 9, where India is expected to oppose new financing to Pakistan. India’s objection is based on terror-financing concerns in the aftermath of a deadly April 22 terror attack in Pahalgam, Jammu & Kashmir, that killed 26 tourists. Given the IMF Board’s role in approving funding and policy measures, the timing of Subramanian’s exit—so close to a strategically important vote—has drawn attention.Unusual departureIt’s uncommon for Indian nominees at the IMF to be recalled mid-term. Subramanian’s predecessor, economist Surjit Bhalla, served a full term and was re-elected for a second cycle. Most Indian EDs in the past have either completed or extended their terms at the Fund.The government is now expected to nominate a new representative for the vacant ED position.
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