The Government of India has abruptly terminated the services of Krishnamurthy Subramanian from his role as Executive Director (India) at the International Monetary Fund (IMF), with immediate effect. A notification from the Appointments Committee of the Cabinet, issued by the Ministry of Personnel, Public Grievances and Pensions, confirmed the decision on Monday.

“The Appointments Committee of the Cabinet has approved termination of services of Dr. Krishnamurthy Subramanian as Executive Director (India) at the International Monetary Fund with immediate effect,” read the official communication.

Subramanian had assumed the IMF role on 1 November 2022 and was expected to serve a full term representing India, Bangladesh, Sri Lanka and Bhutan at the global financial institution. His sudden removal has raised eyebrows in economic and diplomatic circles, particularly given his high-profile academic and advisory background.

While the government has not issued a formal explanation for the decision, media reports suggest that Subramanian’s removal may be linked to alleged misuse of his official position for the promotion of his recent book India @100.

A respected figure in India’s economic policy field, Subramanian served as the country’s youngest Chief Economic Advisor from 2018 to 2021. During his tenure, he played a key role in drafting the Economic Survey and advocating reforms in the banking and corporate governance sectors.

An alumnus of IIT Kanpur and IIM Calcutta, Subramanian later earned a PhD in financial economics from the University of Chicago Booth School of Business. His professional journey includes stints at JPMorgan Chase, ICICI Bank, and Tata Consultancy Services. He has also served on expert committees of both the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), in addition to being a board member at Bandhan Bank.