‘Revolution Against Fighting Black Money’: This Is What India’s New CEA Thought About Demonetisation

India’s new Chief Economic Adviser Krishnamurthy Subramanian appointed by the Modi government on Friday (7 December) had vociferously supported the demonetisation scheme after its implementation in November 2016.

In a blog post he wrote for the Times of India on 11 November 2016, he described demonetisation as a “refreshing change” from politicians compromising on issues of national importance.

Describing it as a bold move, he called it a reflection of the popular angst against corruption and unaccounted wealth. After asserting the need for the initiative and how the action post demonetisation needed to be implemented, he commented that, “the action may be revolutionary in the annals of the country’s fight against corruption”.

After the move resulted in a political showdown, in an article for the Mint, he argued against the “poor are suffering” narrative with the help of National Sample Survey Organisation's (NSSO) survey. He also concluded that this allegation was being peddled by disingenuous politicians who profess to be fighting for the poor.

Subramanian, is currently an associate professor and executive director (Centre for Analytical Finance) of Indian School of Business, Hyderabad.

A PhD from Chicago-Booth and an IIT-IIM alumnus, he is regarded as one of the world’s leading experts in banking, corporate governance and economic policy.

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