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An inspiring teacher, passionate researcher, Carnatic musician and a singer. This is how the Indian School of Business (ISB) community describes the 47-year-old Krishnamurthy Subramanian who has been appointed as the new Chief Economic Advisor to the Ministry of Finance.
Subramanian, who is an Associate Professor of Finance and Executive Director, Centre for Analytical Finance, and an alumnus of the University of Chicago, is also widely known beyond the academic universe of ISB as an expert in finance and banking.
His rise in academics and applied research has been steady since he joined the business school as an Assistant Professor of finance. After his promotion as an associate professor in 2015, he was made Executive Director of the Centre for Analytical Finance.
In previous academic roles, Subramanian served as the finance faculty at Goizueta Business School at Emory University in the US.
Subramanian is not new to policy-making either. He serves on the boards of Bandhan Bank, Reserve Bank of India Academy and the National Institute of Bank Management.
Some of the key panels that recommended a wide range of banking and market reforms in the recent past have had him as one of their members.
He lent his expertise to the PJ Nayak Committee on Governance of Bank Boards and Uday Kotak Committee on Corporate Governance. Being dubbed the youngest expert to have been appointed as the CEA, Subramanian’s academic credentials are similar to those of former RBI Governor Raghuram Rajan. Subramanian did his Ph.D from the Booth School of Business, University of Chicago, in finance, under the advice of professor Luigi Zingales and Raghuram Rajan, who was a professor then.
Though Rajan has been vocal in expressing reservations about many policies of the government, there is a view that Subramanian may not be as outspoken as his teacher.
“This appointment of an ISB faculty member to a very important office in the Government of India is very prestigious and we all should be proud of it,’’ says an elated Rajendra Srivastava, Dean, ISB.
It remains to be seen how Subramanian will leave his mark on policy-making over the next three years at a time when banks and financial institutions are facing many challenges, like increase in bad loans, and undergoing consolidation.
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