Modi chief economic adviser Subramanian returns to academics

Central government's chief economic advisor Krishnamurthi V. Subramanian who completes his three-year tenure will return to academics. K.V. Subramanian and his team was responsible for preparing the annual economic survey, which is tabled in the parliament before the Union Budget, writes Krishnanand Tripathi

New Delhi: The central government's chief economic advisor Krishnamurthi V. Subramanian Friday announced his decision to go back to academia after completion of his three-year tenure and devote time to research.

Subramanian said it was an absolute privilege to get an opportunity to serve one’s nation. “Each day that I have walked into North Block, I have reminded myself of this privilege while endeavouring my best to do justice to the responsibility that comes with the privilege. Being provided the opportunity to contribute during a period of tremendous uncertainty and epochal change has been the lucky icing on the cake,” Subramanian wrote.

Subramanian, 50, studied in India's top engineering and management colleges as he completed his B. Tech from IIT Kanpur and MBA from IIM Calcutta before completing his Ph. D from the University of Chicago, had replaced Arvind Subramanian, who stepped down from the post in 2018 after 4-year tenure as the chief economic advisor.

KV Subramanian and his team was responsible for preparing the annual economic survey, which is tabled in the parliament before the Union Budget.

While announcing his plan to work as a researcher once again, Subramanian said during his tenure he received tremendous encouragement and support from within the government, particularly from Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and senior bureaucrats.

Subramanian in awe of Prime Minister Modi

Recalling his interaction with Prime Minister Narendra Modi, Subramanian said the prime minister not only has an intuitive understanding of economic policy but also combines it with a strong determination to use them to improve the lives of common citizens.

“In my close interactions, I had the privilege to witness this combination in action – be it in taking the tough decisions that do not fall prey to suboptimal populism but tangibly improve citizens’ lives, or in the courage of conviction to think out of the box and enact path-breaking reforms amidst a once-in-a-century crisis when the rest of the world was merely content on tiding through the pandemic,” he wrote in a post.

He said the momentous change in India’s economic thinking post the pandemic, particularly embracing ethical wealth creation by empowering the private sector, among other things, and economic recovery driven by government capital expenditure bears testimony to PM Modi's leadership.

Subramanian wrote that Prime Minister Modi was not only a keen listener but he also allowed colleagues and others to speak their mind. “I have walked out inspired after a meeting with him – only a genuine leader can elicit such sentiment,” he said.

Nirmala Sitharaman has good sense of humour

In his parting note, Subramanian also recalled Nirmala Sitharaman's sense of humour and the freedom given by her in preparing the economic surveys without any restrictions. “Nirmala Sitharamanji, who is a scholar at heart, has been instrumental in the Economic Surveys carrying their free spirit. Her feedback has been as committed as her support,” he wrote, adding that the finance minister took time out for reading draft chapters in cross-country flights and suggested changes that better incorporated India's institutional features.

“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.

Subramanian also recalled Prime Minister Modi's humble background to drive the point that in New India meritocracy was in and entitlement was out as he also rose from a humble background to become the central government's top economic officer at a relatively young age.

“That such a savant comes away genuinely admiring the leader symbolises an India where meritocracy is in and entitlement is out. To be at the helm during such a time of spectacular change is an incredible honour that I will cherish forever,” noted the economist.