A year-old video of Krishnamurthy Subramanian, India’s former Executive Director at the International Monetary Fund (IMF), has gone viral after the government terminated his tenure six months ahead of schedule.
In the video, shot during an event at the Kellogg School of Management in Illinois, Subramanian is seen in conversation with former Reserve Bank of India Governor Raghuram Rajan. He states, “I am not with the govt; I am not answerable to the Indian govt; Indian govt cannot remove me, etc.”
Rajan responds, “You’re appointed by the government, Subbu.”
Subramanian replies, “Well, I’m under no obligation to sing from the hymns they give me.”
Rajan then asks, “Can they remove you?”
Subramanian confidently says, “Well, I guess not before my tenure ends.”
But on 30 April, the government did just that.
Subramanian, appointed in August 2022 and due to serve until November 2025, was relieved six months early. He officially took charge at the IMF on 1 November 2022, representing a four-country constituency comprising India, Bangladesh, Bhutan and Sri Lanka.
The timing of the video’s viral spread has only heightened public interest, especially given the lack of official reasoning from the finance ministry.
The book, published by Rupa Publications, outlines a vision of India becoming a $55 trillion economy by 2047.
Sources also said Subramanian had challenged IMF datasets on India in recent months—reportedly straining relations with the agency. These clashes are not new; previous disagreements during his time as Chief Economic Adviser (CEA) from 2018 to 2021 also drew attention.
This has led some to view Subramanian’s dismissal through a geopolitical lens.
Finance Secretary Ajay Seth, who is set to retire at the end of June, is reportedly the frontrunner to replace Subramanian.
Despite several attempts, Subramanian was unavailable for comment. Government sources say he later resigned, citing personal reasons.
Subramanian had returned to academia after his CEA term, only to be appointed to the IMF within a year. His exit now brings to a close a tenure marked by outspoken commentary, data disputes and a viral moment that, in retrospect, proved telling.
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Rajan responds, “You’re appointed by the government, Subbu.”
Subramanian replies, “Well, I’m under no obligation to sing from the hymns they give me.”
Rajan then asks, “Can they remove you?”
Subramanian confidently says, “Well, I guess not before my tenure ends.”
But on 30 April, the government did just that.
Sudden exit confirmed by official order
The Ministry of Personnel, Public Grievances and Pensions issued a formal order stating, “The Appointments Committee of the Cabinet has approved the termination of services of Dr Krishnamurthy Subramanian as Executive Director (India) at the International Monetary Fund with immediate effect.”Subramanian, appointed in August 2022 and due to serve until November 2025, was relieved six months early. He officially took charge at the IMF on 1 November 2022, representing a four-country constituency comprising India, Bangladesh, Bhutan and Sri Lanka.
Online irony not lost on viewers
The resurfaced clip has sparked a flurry of reactions online. One user on X (formerly Twitter) commented, “This did not age well,” while another wrote, “Ah man - this one from the Kellogg IBC didn’t age well.” A third added, “File this one under ‘Didn’t age well!!’”The timing of the video’s viral spread has only heightened public interest, especially given the lack of official reasoning from the finance ministry.
Why was Subramanian removed from his post?
Though no public explanation has been given, government sources suggest the termination followed internal concerns. These include allegations that Subramanian misused his IMF post to promote his book India @100: Envisioning Tomorrow’s Economic Powerhouse, allegedly pressuring both public and private organisations to buy it.The book, published by Rupa Publications, outlines a vision of India becoming a $55 trillion economy by 2047.
Sources also said Subramanian had challenged IMF datasets on India in recent months—reportedly straining relations with the agency. These clashes are not new; previous disagreements during his time as Chief Economic Adviser (CEA) from 2018 to 2021 also drew attention.
Timing raises eyebrows ahead of Pakistan loan vote
The decision to terminate Subramanian's services comes just days before a crucial IMF board meeting on a proposed $1.3 billion climate resilience loan to Pakistan. India has been pressing multilateral agencies, including the World Bank and ADB, to halt or delay financial support to its neighbour.This has led some to view Subramanian’s dismissal through a geopolitical lens.
Role vacant, replacement expected soon
With Subramanian’s departure, the IMF post representing India, Bangladesh, Sri Lanka and Bhutan is temporarily vacant. The IMF website currently lists Harischandra Pahath Kumbure Gedara as alternate director.Finance Secretary Ajay Seth, who is set to retire at the end of June, is reportedly the frontrunner to replace Subramanian.
Despite several attempts, Subramanian was unavailable for comment. Government sources say he later resigned, citing personal reasons.
From "Thalinomics" to IMF fallout
Before joining the IMF, Subramanian served as India’s Chief Economic Adviser. He coined the term “thalinomics” in the 2019-20 Economic Survey, using the cost of a thali to reflect inflation trends and support the Modi government’s economic management. He also defended the government’s 2016 demonetisation move.Subramanian had returned to academia after his CEA term, only to be appointed to the IMF within a year. His exit now brings to a close a tenure marked by outspoken commentary, data disputes and a viral moment that, in retrospect, proved telling.
