Chief Economic Adviser (CEA) KV Subramanian will leave the Ministry of Finance and return to academia after a three-year term.
The government appointed Subramanian, a professor at ISB Hyderabad, to the position of CEA in December 2018. He succeeded Arvinda Subramanian, who resigned nearly a year ago before extending his term.
Subramanian was due to renew his three-year term in December, but decided to return to academia.
The government will have to search for a new person in a key position at a time when the economy is recovering from the downturn caused by the pandemic.
Another important task that the new Central Environment Agency will face is to prepare the economic survey for submission to Parliament on the last working day of January.
In a statement, KV Subramanian thanked Prime Minister and Finance Minister Nirmal Sitharaman for her support and inspiring leadership.
“I have decided to return to academia after completing a three-year term as an economic advisor to the Indian government,” he said.
As one of her youngest, CEA said that because of her passion for research, presentation and dissemination of new ideas through economic research, it was totally fun.
“This process has taught me to carefully select a team of talented and motivated professionals as with Sourav Ganguly, to keep calm as I am constantly on the move like (MS) Dhoni, always putting the nation first in the way Rahul Dravid has shown.”
“The way my incredibly dedicated and capable team of Indian Economic Services has responded to the responsibility and freedom entrusted to them – and the indispensable condition of the creative team – has been absolutely remarkable,” he said.
Former CEA Arvind Subramanian was the second major economic policy advisor in the fashion government, having quit his job halfway to return to the United States. Previously, NITI Vice President Aayog Arvind Panajaria resigned in August 2017, nearly two years before his term expired.
Incidentally, both of them were elected after the BJP government came to power in May 2014 and gave personal reasons to resign before assuming the position.
KV Subramanian, 50, holds an MBA and Ph.D. in Financial Economics from the Booth School of Business University of Chicago, under the supervision of Professor Luigi Zingales and Professor Raghuram Rajan, former Governor of the Reserve Bank of India.
In previous academic positions, Subramanian worked in the Faculty of Finance at Emory University’s Joizweta School of Business in the United States.
Before beginning his academic career, Subramanian worked as a consultant for JPMorgan Chase in New York. He also held a management role in ICICI Ltd’s elite derivatives research group, which at the time was India’s largest project finance organization.
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