KV Subramanian steps down as India's chief economic adviser, says he will return to academia

Chief Economic Adviser K.V. Subramanian on Friday said that he would step down following the completion of his three-year tenure.

"I have decided to return back to academia following the completion of my 3-year fulfilling tenure as the Chief Economic Adviser, Government of India. To get an opportunity to serve one’s nation is an absolute privilege," he said.

Subramanian's three-year term would have come up for renewal in December but he decided to return to academia.



In a statement, K V Subramanian thanked the Prime Minister Narendra Modi for his inspiring leadership.

"In close to three decades of my professional life, I am yet to encounter a more inspiring leader than the Hon'ble Prime Minister, Shri Narendra Modiji. His intuitive understanding of economic policy combines with an unmistakeable determination to use the same to elevate the lives of common citizens," he said.

"The momentous change in India's economic thinking post the pandemic -- inter alia embracing ethical wealth creation by empowering the private sector and economic recovery driven by government capital expenditure -- bears testimony to his leadership," Subramanian, who authored three Economic Surveys, further said.

Talking about his tenure, Subramanian said that working during a period of tremendous uncertainty has been "the lucky icing on the cake".

"Being provided the opportunity to contribute during a period of tremendous uncertainty and epochal change has been the lucky icing on the cake. So, while being conscious of the enormous privilege bestowed on me, | will happily return back to serving the country as a researcher after fulfiling my three-year commitment," he said in a statement that he posted on microblogging site Twitter.

Calling Nirmala Sitharaman 'a scholar at heart', the CEA said her "feedback" on matters has been "as committed as her support".

"In the periodic meetings at North Block, Madam’s sense of humour and easy manner play a critical role in enabling a healthy debate that is so essential amidst epochal change," he said.

Meanwhile, PM Modi in a tweet wished him the very best for his future endeavours, saying, "Its been a delight to work with @SubramanianKri. His academic brilliance, unique perspectives on key economic as well as policy matters and reformist zeal are noteworthy."


Subramanian took over the charge on December 7, 2018, nearly five months after his predecessor Arvind Subramanian left the role citing pressing family commitments.

He will best be known for his work on framing the country's economic policies during the time of the pandemic. He has always been an optimist, citing that Indian economy would bounce back and register a V shaped recovery post the pandemic disruptions.

Subramanian is a prominent name in the Indian banking sector. He has served on the expert committee on governance of banks for the Reserve Bank of India. He has previously served as a member of the Board of Directors at Bandhan Bank and the National Institute of Bank Management.

Subramanian also serves as Associate Professor of finance at the Indian School of Business (ISB) Hyderabad. He holds a PhD from University of Chicago.

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.

With inputs from Agencies