Former Chief Economic Advisor Krishnamurthy Subramanian was on August 25 appointed the Executive Director (ED) for India at the International Monetary Fund (IMF), the government said in official order.

Subramanian’s tenure will start from November 1 and will continue for a period of three years or until further orders, whichever is earlier. Currently, Surjit Bhalla is the Executive Director (India) at IMF. Bhalla’s tenure is being curtailed until October 31, 2022.

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Bhalla is an eminent economist and columnist, who has also served as a part-time member of the Economic Advisory Council to the Prime Minister (EAC-PM). He was appointed to the board of IMF in 2019. He succeeded former RBI deputy governor Subir Gokarn, who died in the US on July 30, 2019, after a brief illness.

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“The Appointments Committee of the Cabinet has approved the appointment of Dr. Krishnamurthy Subramanian, Professor (Finance), Indian School of Business and former Chief Economic Adviser to the post of Executive Director (India) at the International Monetary Fund (IMF), w.e.f 01.11.2022 for a period of three years or until further orders, whichever is earlier by curtailing the tenure of Dr. Surjit S. Bhalla as ED (India), IMF up to 31.10.2022,” the order said. 

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Subramanian, who is also a professor (Finance) at the Indian School of Business, stepped down as the CEA last year after a three-year term, which included policymaking during the tumultuous economic situation after the Covid-19 pandemic struck.

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Subramanian holds an MBA and Doctor of Philosophy (PhD) in financial economics from the University of Chicago Booth School of Business. His research in banking, law and finance, innovation and economic growth, and corporate governance has been published in the world’s leading journals. His PhD was completed under the guidance of former RBI governor Raghuram Rajan.

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Subramanian has been conferred the Distinguished Alumnus award by his alma maters IIT (Kanpur) and IIM (Calcutta). He studied electrical engineering at IIT (Kanpur).