The Centre has appointed the ISB Hyderabad professor Krishnamurthy Subramanian as Chief Economic Adviser (CEA) for a period of three years.
The post had been lying vacant since Dr. Arvind Subramanaian left the Finance Ministry after a four-year stint in July. 'The Appointments Committee of the Cabinet (ACC) has approved the appointment of Dr Krishnamurthy Subramanian, Associate Professor and ED (CAF), ISB, Hyderabad, to the post of Chief Economic Adviser,' said a government notification.
An IIT-IIM alumnus, Dr. Subramanian holds Ph D (Financial Economics) from Booth School of Business, University of Chicago, the US. The government had invited applications for the post CEA in July.
The CEA's key responsibilities include providing policy inputs on industrial development and foreign trade, conducting analysis of trends in industrial production and releasing statistical information on key economic indicators.
It could not be ascertained immediately when he would assume office.According to the Indian School of Business (ISB) website, Dr. Subramanian is one of the leading experts in banking, corporate governance and economic policy.
He had served on the expert committees on Corporate Governance for the Securities and Exchange Board of India (Sebi) and on Governance of Banks for the Reserve Bank of India.
Besides, he was a member of Sebi’s standing committees on Alternative Investment Policy, Primary Markets, Secondary Markets and Research.He is also on the boards of Bandhan Bank, the National Institute of Bank Management, and the RBI Academy.
Before beginning his academic career, the website said Dr. Subramanian worked as a consultant with JPMorgan Chase in New York.He also served on the finance faculty at Goizueta Business School at Emory University in the US.
He obtained his MBA and PhD in Financial Economics at the University of Chicago Booth School of Business under the advice of Professor Luigi Zingales and Professor Raghuram Rajan (former CEA and RBI governor).
The Economic Survey of India is also compiled and released by the CEA. Dr. Arvind Subramanian assumed the role in October 2014 and stayed beyond the usual three-year term at the request of Union Finance Minister,Mr. Arun Jaitley.
Dr. Rajan, who too was a CEA, became the RBI Governor.