Chicago (US)

The University of Chicago has honoured Professor Krishnamurthy V. Subramanian with the Alumni Award for Professional Achievement, making him the first Indian economist to receive the distinction in the award's 85-year history, according to an official press release.

Subramanian, who served as the 17th Chief Economic Adviser to the Government of India from 2018 to 2021 and as an Executive Director at the International Monetary Fund, is the first Indian economist to receive the honour since it was established in 1941.

Reacting to the achievement, Professor Subramanian stated, "To be included in this academic lineage is profoundly humbling. What makes it meaningful is that this is recognition for work done from India and for India. To follow, in my modest way, the inspiring footsteps of Indians who did their finest work based in India, from C. V. Raman and Homi J. Bhabha to Vikram Sarabhai and M. S. Swaminathan, is a genuine privilege."

The award places him among a distinguished group of past recipients that includes at least 14 Nobel laureates and global thought leaders such as Paul Samuelson, Gary Becker, Claudia Goldin, Carl Sagan, and Philip Kotler, the release added.

According to the University's official citation, Professor Subramanian's Economic Surveys of India were described as a "landmark" document that provided "the intellectual foundation for India's approach to self-reliance, anchored in competitive markets, policy autonomy, and inclusive growth".

The citation also credits his early diagnosis of the COVID-19 crisis as a supply-side disruption and notes that his public articulation of a V-shaped economic recovery "helped anchor confidence in India's economic resilience", the release stated.

Significantly, the work recognised by this award was undertaken predominantly from India and for India, unlike many prior honourees whose work was primarily based in Western academic institutions.

During his tenure as Chief Economic Adviser, Subramanian authored three Economic Surveys and contributed to macroeconomic strategy during one of the most volatile periods in modern global economic history. His subsequent role at the IMF further extended India's policy perspective into multilateral economic discourse, the release added.

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With this honour, Subramanian has now received distinguished alumnus awards from all three of his alma maters: the Indian Institute of Technology Kanpur, the Indian Institute of Management Calcutta, and the University of Chicago.

He currently serves as a Professor of Finance at the Indian School of Business and is the author of "India@100".