Dr. Krishnamurthy V. Subramanian, an Indian economist and former Chief Economic Adviser (CEA) to the Government of India, has been unexpectedly recalled from his post as India’s Executive Director (ED) at the International Monetary Fund (IMF), six months before his three-year term was set to conclude. The recall, approved by the Appointments Committee of the Cabinet (ACC), was announced in an order dated April 30, 2025, and took immediate effect.
Subramanian had assumed the IMF role in November 2022, representing India, Bangladesh, Sri Lanka, and Bhutan. His sudden exit, which comes just days before a key IMF Board meeting where India is expected to oppose funding to Pakistan over terror-related concerns, has raised eyebrows in policy circles.
A distinguished academic, Subramanian holds degrees from IIT Kanpur, IIM Calcutta, and a PhD in financial economics from the University of Chicago Booth School of Business, where he studied under noted economist and former RBI governor Raghuram Rajan. He began his academic career in the U.S. before joining the Indian School of Business, where he gained recognition for his teaching and research.
Subramanian served as India’s CEA from 2018 to 2021, during which he authored influential Economic Surveys and introduced concepts like “Thalinomics.” He returned to academia before being appointed to the IMF post.
Sources told Indian Express that his recall may be linked to concerns flagged over “alleged impropriety” in the promotion of his recent book India @ 100, and violations of certain internal IMF protocols. Additionally, tensions had been brewing since February 2025, when Subramanian and his senior advisors sharply criticized the IMF’s weighted approach to ratings, calling it “skewed” and lacking “transparency, objectivity, and even-handedness.”
The government is now expected to appoint a new nominee to the high-profile IMF position.