Demonetisation-backer Krishnamurthy Subramanian appointed as new CEA

Arvind Subramanian recently attacked the note ban exercise as "draconian" whereas Krishnamurthy Subramanian has been a strong supporter of the November 8, 2016, demonetization move.

Demonetisation-backer Krishnamurthy Subramanian appointed as new CEA
(Photo: ISB Hyderabad)

NEW DELHI: With less than two months to go for the Union Budget 2019, the Narendra Modi government on Friday appointed Hyderabad-based Indian School of Business (ISB) Associate Professor Krishnamurthy Subramanian as the Chief Economic Adviser (CEA) in the Finance Ministry for a period of three years.

Subramanian fills the crucial post lying vacant for about six months since Arvind Subramanian left in June.

“The Appointments Committee of the Cabinet (ACC) has approved for the appointment of Dr. Krishnamurthy Subramanian, Executive Director (Centre For Analytical Finance), ISB, Hyderabad, to the post of Chief Economic Adviser,” said a government notification.

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A Ph.D. (Financial Economics) from the Booth School of Business, University of Chicago, and an alumnus of IIM Calcutta and IIT Kanpur, Subramanian is an expert in banking, corporate governance, and economic policy. Coincidentally, his MBA and Ph.D. were under the guidance of Professor Raghuram Rajan and Professor Luigi Zingales.

Arvind Subramanian recently attacked the note ban exercise as “draconian” whereas Krishnamurthy Subramanian has been a strong supporter of the November 8, 2016, demonetization move.

His services on the expert committees on corporate governance for Securities and Exchange Board of India and on governance of banks for the Reserve Bank of India have established him as one of the chief architects of corporate governance and banking reforms in India, the ISB website says.

With agency inputs