Dr Krishnamurthy Venkata Subramanian, a well-known Indian economist and former Chief Economic Adviser (CEA) to the Government of India, has been in the news recently after being called back from his position at the International Monetary Fund (IMF) before the end of his term. He was working as India’s Executive Director at the IMF but was recalled six months before completing his three-year tenure.

This article explores Krishnamurthy Subramanian’s early life, education, career, and the recent developments that led to his sudden exit from the IMF.

Krishnamurthy Subramanian’s Early Life

Krishnamurthy Subramanian was born in Bhilai, a city in Chhattisgarh, into a Tamil family. From a young age, he was known for his academic brilliance and deep interest in learning. He did his schooling at M.G.M. Senior Secondary School in Sector-6, Bhilai.

His humble beginnings in Bhilai shaped his journey towards becoming one of India’s most respected economists.

Education: A Strong Academic Background

Krishnamurthy Subramanian’s education journey is marked by excellence. He studied electrical engineering at the Indian Institute of Technology (IIT) Kanpur, one of the country’s top engineering institutes. After that, he pursued a Master of Business Administration (MBA) from IIM Calcutta, where he received a gold medal and was listed on the Institute’s Roll of Honour.

To further deepen his understanding of economics and finance, he earned a PhD in financial economics from the University of Chicago Booth School of Business. His doctoral studies were guided by two renowned economists – Raghuram Rajan (former RBI Governor) and Luigi Zingales. He also received a prestigious Ewing Marion Kauffman Foundation Dissertation Fellowship in 2005.

This rich educational background played a key role in shaping his economic vision and leadership style.

Career: From Academia to Policy Making Academic Career

Krishnamurthy Subramanian’s career began in academia. He worked at Goizueta Business School at Emory University in the United States from 2005 to 2010. Later, he joined the Indian School of Business (ISB) in Hyderabad, where he served in various roles, including Associate Professor, Professor, and Executive Director of the Centre for Analytical Finance.

His commitment to teaching and research earned him the title of "Professor of the Year" for the Class of 2019 at ISB.

Role as Chief Economic Adviser

In December 2018, he was appointed as the Chief Economic Adviser to the Government of India – becoming one of the youngest to hold the post. During his time as CEA (2018–2021), he wrote several influential Economic Surveys, focusing on ethical wealth creation and India’s path to becoming a global economic power.

He also introduced innovative concepts like "Thalinomics", which analysed food affordability in India. After his term ended in 2021, he returned to academics before taking up the role at the IMF.

Appointment to the MF and Sudden Exit

In August 2022, Krishnamurthy Subramanian was appointed as India’s Executive Director at the IMF, and he officially took charge on November 1, 2022, replacing Surjit Bhalla. He represented India, Bangladesh, Sri Lanka, and Bhutan on the IMF Executive Board.

However, on April 30, 2025, the Appointments Committee of the Cabinet (ACC) issued an order recalling him from the role, six months ahead of his scheduled term end. The decision was implemented with immediate effect.

Why Was Krishnamurthy Subramanian Removed Early?

Although the Indian government has not officially revealed the reason for his early recall, media reports suggest two key reasons:

Tensions with the IMF over data quality: Subramanian reportedly raised concerns about the reliability of some IMF datasets. This did not go down well with the IMF officials and may have contributed to his removal.

🇺🇸🇮🇳 Spotlight Session: Visioning India @100 with Dr. @SubramanianKri

At the Inaugural U.S.-India Economic Forum, hosted by USISPF in collaboration with @FollowCII on the sidelines of the 2025 @IMFNews and the @WorldBank
Spring Meetings, the spotlight turned to a bold and… pic.twitter.com/4B2G54OILu

— US-India Strategic Partnership Forum (@USISPForum) April 30, 2025

Allegations linked to his book promotion: Subramanian has recently published a book titled "India @ 100: Envisioning Tomorrow’s Economic Powerhouse." Some sources allege that he used his official position at the IMF to promote the book, which could be considered inappropriate.

About the Book: "India @ 100"

In his book India @ 100, published in 2024, Krishnamurthy Subramanian outlines a vision for India to become a $55 trillion economy by the year 2047. He argues that if the country continues on a path of strong economic reforms, it can grow at 8% annually.

The book presents a hopeful vision where India transforms into a global economic powerhouse. It has been described as inspiring and forward-looking by many readers and reviewers.

What’s Next for the IMF Role?

As of now, the IMF has listed the Executive Director position representing India, Bangladesh, Sri Lanka, and Bhutan as vacant. Reports suggest that Ajay Seth, the current Finance Secretary who is due to retire soon, is being considered as a possible replacement for Subramanian.

Krishnamurthy Subramanian’s education, early life, and career reflect his commitment to excellence and his bold approach to economics. Whether in the classroom, the government, or international institutions, he has made a significant mark. His early exit from the IMF might raise questions, but his contributions to India’s economic thought and policy-making are undeniable.

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