Newly appointed CEA Krishnamurthy Subramanian backed demonetisation; Had questioned “if poor were really suffering!”

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Krishnamurthy Subramanian - Chief Economic Advisor

Krishnamurthy Subramanian has been appointed by the Government of India as the Chief Economic Advisor for three years.

Subramanian currently serves as an Associate Professor of Finance (with tenure) and Executive Director for the Centre for Analytical Finance at the Indian School of Business, a top business school in India. He holds a PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus and is one of the world’s leading experts in banking, corporate governance and economic policy.

Before beginning his academic career, Subramanian worked as a consultant with JPMorgan Chase in New York. He also served in a management role in the elite derivatives research group at ICICI Ltd., which at the time was India’s top project financing institution.

 

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Former CEA Arvind Subramanian had announced his resignation from the government on 20th June this year, with plans to go back to the US for research and writing. Although his official contract was till May 2019, he cut short his extended tenure. 

Recently Arvind opened up about his views on Demonetisation announced by Prime Minister of India. He quoted:

“Demonetization was a massive, draconian, monetary shock: In one fell swoop, 86 per cent of the currency in circulation was withdrawn. The real GDP growth was affected by the demonetisation. Growth had been slowing even before, but after demonetisation, the slide accelerated.”

His critics mocked him for keeping mum all through his tenure and not speaking up emphatically about what he felt then.

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Former Chief Advisor was not consulted before Demonetisation Decision

Interestingly, the newly appointed chief economic advisor, Krishnamurthy Subramanian, had supported Demonetisation via his article in the Livemint on 23rd November, 2016. He had titled and captioned his article as :

Demonetisation: Are the poor really suffering?

Politicians advocating the difficulties faced by the poor are being disingenuous in pushing their claims for political gains

Roshan Kishore, Data and Political Economy Editor with Hindustan Times, tweeted that the newly appointed CEA is pro-demonetisation. Adding further, Kishore said that Krishnamurthy had attributed ‘the narrative of difficulties faced by the poor, as opportunities scored by politicians for their personal gains.’

Congress Spokesperson Priyanka Chaturvedi, commented, that we might be in for another round of 08th November, 8pm, Mitron tremor!

 

The post of CEA was lying vacant since Arvind Subramanian left the finance ministry on 20th June this year.

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Gita Gopinath : “Don’t Know Single Macro-Economist who Thinks Demo was Good Idea”

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