The University of Chicago has conferred its prestigious Alumni Award for Professional Achievement to Krishnamurthy V Subramanian, India's former chief economic adviser (CEA), the institution announced on Friday.
First Indian Economist to Receive the Honor
Subramanian is the first Indian economist to receive this award since its inception in 1941, placing him among an elite global cohort that includes Nobel laureates and intellectual giants such as Paul Samuelson, Gary Becker, Claudia Goldin, Carl Sagan, and Philip Kotler, the university stated.
Subramanian's Reaction
Speaking on the occasion, Subramanian said, "To be included in this academic lineage is profoundly humbling. What makes it especially meaningful is that this recognition is for work done from India and for India. To follow, in my modest way, the path of pioneers like C V Raman, Homi J. Bhabha, Vikram Sarabhai and M S Swaminathan is a privilege."
Recognition for Work in India
The University described Subramanian as the 'principal economic voice during the COVID-19 crisis,' highlighting his Economic Surveys as landmark documents that shaped India's policy response. These surveys were anchored in competitive markets, policy autonomy, and inclusive growth. The university noted that his early articulation of a V-shaped economic recovery during the pandemic was cited as a critical factor in anchoring confidence in India's resilience amid global uncertainty.
Notably, the award recognizes work carried out from India and for India, marking a significant departure from the largely Western institutional contexts of past recipients.
Subramanian's Tenure as CEA
As CEA from 2018 to 2021, Subramanian authored three Economic Surveys and helped shape macroeconomic strategy during one of the most volatile periods in modern economic history, the statement added.
Subsequent Developments
In May last year, the government unexpectedly terminated Subramanian's services as executive director at the International Monetary Fund (IMF) six months before his three-year tenure ended. The reasons for his exit have not been officially announced. Later in August, former Reserve Bank of India Governor Urjit Patel was appointed as the Executive Director of the IMF.
