Note Ban Was Revolutionary says India’s New Chief Economic Adviser.

India's New Chief Economic Adviser Studied Under Raghuram Rajan, Thinks Note Ban Was Revolutionary
Note Ban Was Revolutionary says India’s New Chief Economic Adviser.

Questioning if the poor had really suffered from demonetization, he said the politicians claiming it was being disingenuous in pushing their claims for political gains.

The Centre on Friday appointed ISB Hyderabad professor Krishnamurthy Subramanian as Chief Economic Adviser for a period of three years. He will succeed Arvind Subramanian, who stepped down from his post in June this year.

"The Appointments Committee of the Cabinet (ACC) has approved the appointment of Dr. Krishnamurthy Subramanian, Associate Prof. and ED (CAF), ISB, Hyderabad, to the post of Chief Economic Adviser," said a government notification.

Subramanian is known for supporting demonetization, Prime Minister Narendra Modi's 2016 move to replace all high-value currency notes, which his predecessor Arvind Subramanian recently called "draconian".

In a column he wrote for the Live Mint, he had backed demonetization, saying the people facing difficulties from the note ban exercise belonged to the "top half of the country's income distribution, certainly not the poor."

Questioning if the poor had really suffered, he said the politicians claiming it was being disingenuous in pushing their claims for political gains.

In a separate column written for the Economic Times, he described the cash swap move, which is now widely believed to have been unsuccessful, as one that will go down as "revolutionary in the annals of the country's fight against corruption".

He also wrote a piece applauding former RBI Governor, Raghuram Rajan, who was his adviser for his Ph.D. programme at Chicago Booth School of Business in the United States. He said Rajan had played a "spectacular innings" but was phased out nevertheless.

He has worked with RBI's serving deputy governor Viral Acharya and has helped Arvind Subramanian for the 2015 Economic Survey.

He regularly appears as an expert commentator and is a featured columnist with The Economic Times and Mint and penned the Reaganomics column for The Financial Express.

Related Stories

No stories found.
logo
Since independence
www.sinceindependence.com