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Subramanian, Krishnamurthy
Chief Economic Advisor, Government of India.
Professor (On Leave), Finance
Email Krishnamurthy_Subramanian@isb.edu
Website https://www.isb.edu/en/research-thought-leadership/faculty/pages/krishnamurthysubramanian.html
Overview
Dr. K V Subramanian, currently Chief Economic Advisor to Government of India, is a leading expert on economic policy, banking, and corporate governance. A PhD from Chicago Booth and a top-ranking IIT- IIM alumnus, he authored the path-breaking Economic Survey that commends "Ethical Wealth Creation” for a prosperous India. By integrating India's rich economic and spiritual heritage with modern economic ideas, he advocates ethical wealth creation through a marriage of the invisible hand of the market with the hand of trust.
The 2019 Economic Survey – again authored by Dr Subramanian - laid out the Strategic Blueprint for India to become a $5 trillion economy by generating a “virtuous cycle” where private investment, growth, and consumption feed into each other. In the 2021 Economic Survey, he advocated counter-cyclical fiscal policy using public capital expenditure to trigger the “virtuous cycle” following the Covid crisis. Drawing on the ideas advocated in his three Economic Surveys, India’s economic policy toward a self-reliant India is now characterised by: (i) sharp focus on economic growth to complement efficient welfare by generating the resources to fund the welfare programs; (ii) growth via private sector occupying the commanding heights of the economy; and (iii) “virtuous cycle” of growth via public investment and structural reforms to enhance both aggregate supply and aggregate demand. The slew of reforms implemented by the Government draw on the ideas advocated by Dr. Subramanian.
Subramanian has brought several ideas to implement welfare programs effectively. His push for the behavioural economics of ‘Nudge’ is acknowledged for its potential to bring behavioural change in India. His idea of Thalinomics – what a common person pays for a vegetarian or non-vegetarian thali – has been acclaimed as the Indian Big Mac Index. Combined with the idea of The Bare Necessities index to measure the reach of water, sanitation, a healthy environment to the common citizen, these ideas enable robust measurement of the reach of welfare programs across India’s large population.
Dr Subramanian is on leave from the Indian School of Business, where he is a Professor of Finance. Dr Subramanian has been conferred the Distinguished Alumnus award by his alma mater IIT-Kanpur. Apart from being the youngest Chief Economic Adviser, Subramanian is among the youngest to receive this honour from his alma mater. His research in banking, law and finance, innovation and economic growth, and corporate governance has been published in the world's leading journals.
Experience
Academic
- 2019 - Present: Professor (On Leave), Indian School of Business
- 2018 - 2019: Associate Professor (On Leave), Indian School of Business
- 2017 - 2018: Associate Professor & Executive Director, Centre For Analytical Finance, Indian School of Business
- 2015 - 2017: Associate Professor, Indian School of Business
- 2010 - 2015: Assistant Professor, Indian School of Business
- 2009 - 2010: Visiting Scholar, Indian School of Business
- 2005 - 2010: Assistant Professor, Emory University, Goizueta Business School
Professional
- 2017 - Present: Director, RBI Academy
- 2015 - 2018: Director, National Institute of Bank Management (NIBM)
- 2015 - 2018: Independent Director, Bandhan Bank
- 2004 - 2005: Consultant, J P Morgan Chase Inc., Interest Rate Derivatives Desk, New York
- 2000 - 2001: Executive Assistant to Chairman, Fixed Income Money Markets & Derivatives Association (FIMMDA), Mumbai
- 1999 - 2000: Manager, Derivatives Research, ICICI Bank Ltd., Mumbai (India)
- 1999 - 1999: Associate, ICICI Ventures Ltd., Mumbai (India)
Government
- 2017 - 2018: Chair, Risk Management Group on Inter-operability among Exchanges, SEBI
- 2017 - 2018: Member, Standing Committee on Secondary Markets headed by Prof. J R Verma, SEBI
- 2017 - 2018: Member, Uday Kotak Committee on Corporate Governance, SEBI
- 2016 - 2018: Member - Alternative Investments Policy Advisory Committee (AIPAC) headed by Narayanmurthy, Securities and Exchange Board of India
- 2017 - 2018: Member, Standing Committee on Primary Markets headed by Mohandas Pai, SEBI
- 2015 - 2015: Contributor to Chapter 5, Vol. 1 of The economic survey of India, Ministry of Finance
- 2014 - 2014: Member & Director of Research, P J Nayak Committee on Governance of Bank Boards, The Reserve Bank of India
In the Media
July , 2019: An imprint of ISB on the Economic Survey, Hindu Business Line.
January 27, 2018: The Cloning Of India’s Public Sector Banks, Bloomberg Quint.
September 4, 2018: Building regulatory capacity in Sebi, The Mint.
November 19, 2018: Development Seminar | Non-performing assets & the slow path to bank reform, Youtube.
January , 2018: Pre-budget Analysis, Union Budget 2018, Bloomberg Quint.
February 4, 2018: Modern economies require central bankers with the ability to interpret emerging patterns, The Economic Times.
September 19, 2018: PSU Bank Mergers- Reform Or Lack Of Choice? ISB's Krishnamurthy Subramanian's Take, Youtube.
September 6, 2018: Use data science for risk prediction, The Mint.
November 19, 2018: What are some of the problems that public sector banks face with respect to governance?, Youtube.
February 12, 2018: Why Central Bankers cannot follow the markets, The Mint.
February 19, 2018: How to tackle bank fraud: PNB scam should pave the way to reforming the audit profession in India, The Times of India.
July 12, 2018: Don’t witch hunt bankers: Prevention of Corruption Act must be speedily amended, else decision making will be frozen, The Times of India.
September 5, 2018: Bridge the human resources gap at Sebi, The Mint.
September 7, 2018: Crowd-sourcing for better regulation, The Mint.
October 5, 2018: The real bank crisis, The Indian Express.
June 19, 2017: #TheFinapolisKnowledgeSeries | GST: A Mantra for Growth, Youtube.
February 6, 2017: Focusing on domestic growth, The Mint.
September 6, 2017: Lessons in Corporate Governance at Infosys, The Mint.
January 26, 2017: On a date with data-mining, The Economic Times.
January 26, 2017: Time is ripe to reform governance of public sector banks, The Economic Times.
October 6, 2017: Our focus was on boards, auditors and the regulator, The Mint.
February 17, 2017: India Inc is better off avoiding the flawed US practice of unrealistically high CEO compensation. Here’s why, The Economic Times.
September 19, 2017: The Stress in Indian Public Sector Banks, ISB Insight.
November 11, 2016: Will Black Be Back? Why demonetisation will be revolutionary in India’s fight against corruption, The Times of India.
February 23, 2016: Tax agri income for the benefit of small farmers, The Mint.
February 21, 2016: Budget in Campus, Doordarshan.
September 23, 2016: For better transmission of monetary policy, The Economic Times.
October 13, 2016: Designing your bonus – Why Oliver Hart and Bengt Holmstrom won the Nobel for their work in contract theory, The Economic Times.
February 25, 2016: Retrieving black money: Stairway to tax havens, The Economic times.
February 26, 2016: Economic Survey: India Really Insulated?, BTVI.
June 8, 2016: Regulating credit rating agencies, The Mint.
June 18, 2016: Economic growth & incumbency: How to keep your government, The Economic times.
September 22, 2016: All Aboard: Let's move!, The Economic Times.
July 7, 2016: In debt to dynasty, The Times of India.
September 12, 2016: For A Banking Renaissance, The Times of India.
June 23, 2016: Attacking our heroes, The Times of India.
February 25, 2016: Retrieving black money: Stairway to tax havens, Economic times.
February 8, 2016: A startup warning, Indian Express.
February 27, 2016: Economic Survey: FM gearing for fiscal slippage?, Youtube.
October 6, 2016: For a banking renaissance: How to set up bad bank to manage stressed assets, The Times of India.
October 31, 2016: If Ratan Tata doesn’t give his successor a free hand, his insecurity may become his worst enemy, The Economic Times.
February 23, 2016: Tax agri income for the benefit of small farmers, Mint.
March 21, 2016: Improving governance in banks, The Mint.
May 18, 2016: Evergreening by private sector banks, The Mint.
November 25, 2016: With demonetisation starts a tectonic shift from vote-buying politics to clientelism, The Economic Times.
February 8, 2016: A Start-up Warning, Indian Express.
February 26, 2016: Economic Survey: FY17 Growth Projected At 7-7.5%, BTVI.
November 3, 2016: Jungle Raj In UP: What do crime data tell us about the record of successive state governments?, The Times of India.
September 12, 2016: Who will bell the cat, Times of India.
September 5, 2016: The teacher who was an RBI governor, The Mint.
Research & Publications
Published Papers
Bhowal, Subhendu.,Subramanian, Krishnamurthy.,Tantri, Prasanna. (forthcoming) "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation", Management Science Mukherjee S..,Subramanian, Krishnamurthy.,Prasanna Tantri. (forthcoming) "Borrower Distress And Debt Relief: Evidence From A Natural Experiment in India", Journal of Law and Economics , 61 (4), 607-635 Chopra, Yakshup.,Subramanian, Krishnamurthy.,Tantri, Prasanna. (forthcoming) "Bank Cleanups, Capitalization and Lending: Evidence from India", Review of Financial Studies Subramanian, Krishnamurthy.,William Megginson. (2018) "Employment Protection Laws and Privatization", The Journal of Law and Economics , 61 (1), 97-123 Sarkar A..,Subramanian, Krishnamurthy.,Tantri, Prasanna. (2018) "Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks", Journal of Financial and Quantitative Analysis , 54 (1), 183-214 Mukherjee, Saptarshi.,Subramanian, Krishnamurthy.,Tantri, Prasanna. (2018) "Borrower Distress and Debt Relief: Evidence From a Natural Experiment", Journal of Law and Economics , 61 (4), 607-635 Chakrabarti Rajesh.,Subramanian, Krishnamurthy.,Sesha Meka. (2017) "Localization of FDI flows: Evidence on Infrastructure as a critical determinant", Journal of Law, Finance and Accounting , 2 (1), 205-246 Subramanian, Krishnamurthy.,Frederick Tung. (2016) "Law and Project Finance", Journal of Financial Intermediation Viral Acharya.,Baghai Ramin.,Subramanian, Krishnamurthy. (2014) "Wrongful Discharge Laws and Innovation", The Review of Financial Studies , 27 (1) Subramanian, Krishnamurthy.,Sapra, Haresh.,Subramanian, Ajay. (2014) "Corporate Governance and Innovation : Theory and Evidence", Journal of Financial and Quantitative Analysis , 49 (4), 957 – 1003 Subramanian, Krishnamurthy.,Viral Acharya.,R Baghai-Wadji. (2013) "Labor Laws and Innovation", Journal of Law and Economics , 56 (4), 997-1037 Chava, Sudheer.,Oettl, Alexander.,Subramanian, Ajay.,Subramanian, Krishnamurthy. (2013) "Banking Deregulation and Innovation", Journal of Financial Economics , 109 (3), 759-774 Subramanian, Krishnamurthy. (2011) "Lessons from the financial crisis: failure of markets or failure of regulation?", Macroeconomics and Finance in Emerging Market Economies , 4 (2) Subramanian, Krishnamurthy.,Viral V Acharya. (2009) "Bankruptcy Codes and Innovation", Review of Financial Studies , 22 (12), 4949-4988 Subramanian, Krishnamurthy. (2001) "Term Structure Estimation in Illiquid Markets", The Journal of Fixed Income , 11 (1), 78-91
Books and Monographs
Subramanian, Krishnamurthy.,Acharya, Viral. (2016) "State intervention in banking: the relative health of Indian public sector and private sector banks", Springer Chakrabarti, Rajesh.,Subramanian, Krishnamurthy.,P. K. Yadav.,Y. Yadav. (2012) "Executive Compensation in India, Research Handbook on Executive Pay", Edward Elgar Publications Subramanian, Krishnamurthy.,Acharya, Viral. "Dismissal Laws and Innovation", Book Edited by Asian Development Bank Institute
Working Papers
Subramanian, Krishnamurthy.,Jefferson Abraham. "Employment protection laws and income inequality" Mangipudi, Chandrasekhar.,Subramanian, Krishnamurthy.,Vasu, Rajkamal. "Valuation of Private, Innovative Targets: Evidence from Cisco’s Acquisitions" Subramanian, Krishnamurthy.,Rajesh Chakrabarti. "Systemic Impact of Accounting Scandals on Corporate Governance in Emerging Markets: Evidence from India" Alok, Shashwat.,Subramanian, Krishnamurthy. "Property Rights of Employee-Investors and Innovation" Samanvaya Agarwal.,Subramanian, Krishnamurthy.,Prasanna Tantri.,Saipriya Kamath. "Board Conduct in Banks: Evidence from Indian Banks" Subramanian, Krishnamurthy. "Clicks Versus Bricks: A Theory of Differences between Intangible-asset-intensive and Tangible-asset-intensive Firms" Subramanian, Krishnamurthy.,Vaidyanathan. k..,Yadav Ajay. "Deregulation of Entry and Systemic Bank Failures" Subramanian, Krishnamurthy. "Banking Deregulation and Job Creation by Entrepreneurial Firms" Manchiraju, Hariom.,Prabhat, Saumya.,Subramanian, Krishnamurthy.,Sahoo, Satish. "“Do acquirers learn from bad acquisitions”" Subramanian, Krishnamurthy. "The Optimal Locus of Innovation" Subramanian, Krishnamurthy.,Basak, Deepal. "Alliance, Acquisition and Excludability" Subramanian, Krishnamurthy.,Abhishek Bharadwaj.,Tantri Prasanna. "Relationship Banking and Monetary Policy Transmission: Evidence from India" Subramanian, Krishnamurthy. "Independent Directors as Information Intermediaries in Emerging Markets" Tantri, Prasanna.,Agrawal, Deepak.,Subramanian, Krishnamurthy.,Thirumalai, Ramabhadran. "Do Derivatives matter? Evidence from a policy experiment" Dixit, Shiv.,Subramanian, Krishnamurthy. "Bank Coordination and Monetary Transmission: Evidence from India" Tantri, Prasanna.,Agarwal, Samanvaya.,Kamath, Saipriya.,Subramanian, Krishnamurthy. "Board Conduct in Banks" Subramanian, Krishnamurthy. "The Color of Money: A Startup's Choice among Venture Capitalists" Subramanian, Krishnamurthy.,Bhowal Subhendu.,Tantri Prasanna. "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation"