Krishnamurthy Subramanian, a professor at Indian School of Business Hyderabad, was on Friday appointed the new Chief Economic Advisor to the Government of India. The post had been vacant since Arvind Subramanian resigned in July three months before his extended tenure was to end.
“The Appointments Committee of the Cabinet (ACC) has approved for the appointment of Dr Krishnamurthy Subramanian, Associate Prof. and ED (CAF), ISB, Hyderabad, to the post of Chief Economic Adviser,” said a government notification.
His appointment would be for a period of three years, it said.
Previous CEA Arvind Subramanian’s extended tenure was to end only in October this year but he put in his papers in July, citing “pressing family commitments”. The government had invited applications for the post of CEA soon after.
It could not be known immediately as to when will Krishnamurthy Subramanian join his new role.
An IIT-IIM alumnus, Subramanian holds PhD (Financial Economics) from Booth School of Business, University of Chicago, the US.
According to the ISB website, Subramanian is one of the leading experts in banking, corporate governance and economic policy.
In a congratulatory message posted on the website, the ISB said: “This appointment of an ISB faculty member to a very important office in the Government of India is very prestigious and something that makes us all proud. We wish Professor Subramanian all the very best in his new assignment.”
According to the website, Professor Subramanian’s association with the institute started in 2009 when he taught as a visiting faculty. He joined the school’s faculty in the finance department as an Assistant Professor in 2010. Having been promoted as an associate professor in April 2015, Subramanian was in 2017 was appointed the executive director of the Centre for Analytical Finance.
Referring to him as “Subbu”, ISB said he was named as the recipient of the inaugural Alumni Endowment Research Fellowship in December 2014.
He is on the boards of Bandhan Bank, Reserve Bank of India Academy and National Institute of Bank Management, and has also served on the expert committees on Corporate Governance for the Securities and Exchange Board of India (Sebi) and on Governance of Banks for the RBI. Besides, he was a member of Sebi’s standing committees on Alternative Investment Policy, Primary Markets, Secondary Markets and Research.
The website said Subramanian worked as a consultant with JPMorgan Chase in New York before be began his academic career.
He obtained his MBA and PhD in Financial Economics at the University of Chicago Booth School of Business under the advice of Professor Luigi Zingales and Professor Raghuram Rajan, the former CEA and RBI Governor, says the ISB website.
The key responsibilities of a CEA include providing policy inputs on industrial development and foreign trade, conducting analysis of trends in industrial production and releasing statistical information on key economic indicators. It is the CEA who also compiles and releases the Economic Survey of India.
Arvind Subramanian had assumed the role in October 2014, and had been given a year’s extension after his term ended. Announcing his departure, Union Finance Minister Arun Jaitley had posted a parting message for the outgoing CEA in his blog.