The government on Friday appointed Krishnamurthy Subramanian the new chief economic adviser for a term of three years, reported PTI.
Subramanian is an associate professor at the Indian School of Business in Hyderabad. He is an alumnus of the Indian Institute of Technology and Indian Institute of Management and has a PhD from the University of Chicago Booth School of Business.
He is a leading expert in banking, corporate governance and economic policy, according to Money Control.
In June, Union Finance Minister Arun Jaitley had announced that then Chief Economic Adviser Arvind Subramanian had expressed the desire to return to the United States “on account of pressing family commitments”.
Subramanian is known for supporting demonetisation, Prime Minister Narendra Modi’s 2016 move to replace all high-value currency notes, which his predecessor Arvind Subramanian recently called “draconian.” In the past, Krishnamurthy Subramanian has authored articles calling demonetisation “revolutionary” and also asking whether the poor had actually suffered because of the move, which is now generally believed to have been unsuccessful. He also wrote a piece applauding another former chief economic adviser and critic of demonetisation, Raghuram Rajan, saying that he had played a “spectacular innings” but was phased out nevertheless.