Washington: Indian economist Krishnamurthy V. Subramaniam has been honored with the University of Chicago Alumni Award for Professional Achievement. He is the first Indian economist to receive this honor in its 85-year history.
Subramaniam served as the Chief Economic Advisor to the Government of India from 2018 to 2021. He later represented India as Executive Director in the International Monetary Fund (IMF). The award joins him among a list of distinguished personalities who also include global thinkers such as Nobel laureate Paul Samuelson, Gary Becker, Claudia Goldin, Carl Sagan and Philip Kotler.
The university cited Subramaniam’s work on the Economic Survey of India during his tenure in the government. In the citation, these reports were described as landmark documents. It said that these provided the intellectual basis for India’s vision of self-reliance, which was based on competitive markets, policy autonomy and development.
The citation also mentioned his initial analysis on the economic shock caused by Covid-19. It said his identification of the crisis as a supply-side disruption and his public statements on a V-shaped recovery “played an important role in boosting confidence in India’s economic strength.”
During his tenure as Chief Economic Advisor, Subramanian prepared three economic surveys. The survey carried out a detailed analysis of economic reforms, public investment and long-term development strategies. These reports were published at a time when the global economy was going through deep uncertainty due to the pandemic.
The university said that most of the work recognized by the award was done from India. It also said the work was focused on the policy challenges facing large emerging economies.
Subramaniam later served as the Executive Director for India at the IMF. In this role, he worked on economic issues impacting South Asia and emerging markets. During this time, global debates also took place on supply chains, debt pressure in developing economies and the future of globalization.
Commenting on the recognition, Subramaniam said, “It is very humbling to be included in this academic line. What makes it meaningful is that it is recognition for work done from and for India. In its own humble way, it is a true privilege to follow in the inspiring footsteps of Indians who have done their best work in India, from C.V. Raman and Homi J. Bhabha to Vikram Sarabhai and M.S. Swaminathan.”
Subramaniam is currently working as a professor of finance at the Indian School of Business. He has a PhD from the University of Chicago Booth School of Business. He has also done B.Tech from IIT Kanpur and MBA from IIM Calcutta.
With this recognition, Subramaniam has received special alumnus honors from all three of his alma maters, IIT Kanpur, IIM Calcutta and the University of Chicago. In recent years, India has emerged as one of the fastest growing major economies. Policymakers have emphasized structural reforms, digital public infrastructure and supply-chain diversification to strengthen growth.
The University of Chicago has long been known for its influence on modern economic thought. The economists and scholars here have played an important role in giving new direction to the debates related to market system, monetary policy and economic development at the global level.
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