New Delhi: The Appointments Committee of the Cabinet (ACC) on Friday approved the appointment of Dr. Krishnamurthy Subramanian as the new Chief Economic Advisor (CEA) for a term of three years.
"The Appointments Committee of the Cabinet (ACC) has approved the proposal for the appointment of Dr. Krishnamurthy Subramanian, Associate Prof. & ED (CAF), ISB, Hyderabad to the post of Chief Economic Adviser (CEA) in Level 17 of the Pay Matrix as per the r CPC (Rs.2,25,000/- fixed), on contract basis, for a period of 03 years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," a statement read.
This comes nearly six months after former CEA Arvind Subramanian stepped down from the post at the end of his term owing to "pressing family commitments", Finance Minister Arun Jaitley had confirmed in a Facebook post. While Arvind's term was originally slated to be over in October 2017, he was given a year's extension by the Ministry of Finance.
Krishnamurthy currently serves as an associate professor of finance and as the executive director of the Centre for Analytical Finance at the Indian School of Business.
A holder of a PhD from the Chicago Booth School of Business, Krishnamurthy has previously served in committees such as the on Corporate Governance in the Securities and Exchange Board of India (SEBI) and Governance of Banks for the Reserve Bank of India (RBI).