Former CEA Krishnamurthy V Subramanian appointed as next India ED at IMF

An order stated that the Appointments Committee of the Cabinet has approved the appointment of Subramanian, who is currently professor (finance) at the Indian School of Business

Chief Economic Advisor Krishnamurthy Subramanian
Former Chief Economic Advisor Krishnamurthy Subramanian.
Arup Roychoudhury New Delhi
2 min read Last Updated : Aug 25 2022 | 9:55 PM IST
The centre has appointed former Chief Economic Advisor Krishnamurthy Subramanian as the next Executive Director representing India at the International Monetary Fund (IMF). Subramanian’s three-year tenure as India’s top representative at the multilateral institution begins on November 1, and he will replace the current incumbent – economist Surjit Bhalla.

An order stated that the Appointments Committee of the Cabinet has approved the appointment of Subramanian, who is currently professor (finance) at the Indian School of Business, to the post of Executive Director (India) at the IMF for a period of three years. It also said that Bhalla’s ‘curtailed’ tenure will end on October 31 this year.

When contacted, Bhalla clarified that his tenure had been cut short by only nine days. “My tenure was to end on November 9, and the IMF rules require that new EDs be appointed by October 31,” Bhalla told Business Standard.

The India ED also represents Bangladesh, Bhutan and Sri Lanka, along with another appointee from one of these countries.

As CEA before V Anantha Nageswaran, Subramanian drafted three Economic Surveys - 2018-19, 2019-20 and 2020-21. He ended his stint in the Finance Ministry in December 2021.

Subramanian had batted for a counter-cyclical fiscal policy in the 2020-21 survey and paved the way for record government spending and fiscal expansion as important tools in the fight against the economic slowdown due to COVID-19.

He had recommended a massive increase in healthcare spending in light of the Covid-19 pandemic and regulator for the sector, and criticised credit ratings agencies by saying their assessment of India did not match its fundamentals.

In his last survey, Subramanian had slammed ‘asleep at the wheels’ bank boards and auditors for the non-performing asset (NPA) crisis, suggested that the RBI should penalise auditors wherever ever-greening of toxic loans happen, and had recommended another round of bank recapitalization.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Krishnamurthy SubramanianInternational Monetary FundIndia Next FundIMF on IndiaIMF Report on Indian economyIndian School of Business

Next Story