The Indian government has prematurely ended the tenure of Krishnamurthy Subramanian as the country’s Executive Director at the International Monetary Fund (IMF), according to an order from the Appointments Committee of the Cabinet (ACC) dated April 30, 2025.
“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,” the order stated.
Subramanian’s term, which began on November 1, 2022, was originally slated to run for three years.
Position marked ‘vacant’ on IMF website
As of May 3, the IMF’s official website listed the Executive Director’s position representing India, Bangladesh, Sri Lanka, and Bhutan as “vacant.” Subramanian’s name was listed until May 2, confirming the abrupt nature of his recall.
No official reason disclosed
The government has not offered an explanation for Subramanian’s early exit. The timing, however, has raised eyebrows, as it comes just ahead of a crucial IMF Executive Board meeting scheduled for May 9.
India to oppose IMF funding to Pakistan
At the upcoming board meeting, India is expected to voice opposition to any new IMF financing facilities for Pakistan, citing concerns over terror financing. The move follows the April 22 terror attack in Pahalgam, Jammu & Kashmir, that killed 26 tourists.
The IMF Executive Board plays a central role in shaping the Fund’s policy, economic assessments, and financing decisions.
Last-minute cancellation of US conference appearance
Subramanian was due to speak at a conference titled ‘Investing Opportunities in India’ in Omaha, Nebraska, on May 2, organised by DoorDarshi Advisors. However, on May 1, the organisers posted on social media platform X that he had a last-minute “exigency” and would not be able to attend.
From CEA to IMF ED
Subramanian had served as India’s Chief Economic Adviser (CEA) from 2018 to 2021 before being appointed to the IMF post in August 2022. He succeeded economist Surjit Bhalla, who held the position from 2019 to 2022.
Stepped down as CEA in 2021, strong academic background
Subramanian stepped down as Chief Economic Adviser (CEA) in 2021 after completing a three-year term, stating that he intended to return to academia.
He was appointed as CEA by the government in December 2018, while serving as a professor at the Indian School of Business (ISB), Hyderabad. He succeeded Arvind Subramanian in the role.
An alumnus of IIT Kanpur and IIM Calcutta, Subramanian holds an MBA and a PhD in financial economics from the University of Chicago Booth School of Business, where his doctoral advisor was former RBI governor Raghuram Rajan.
About The Author
