Commonalities Between Dr. Raghuram Rajan and Dr. Krishnamurthy Subramanian: A Comparative Analysis
Dr. Raghuram Rajan and Dr. Krishnamurthy Subramanian are distinguished economists, both holding significant positions in academia and governance. While substantial information on Dr. Subramanian's tenure as India's Chief Economic Adviser is still forthcoming, a comparison of their backgrounds and professional achievements can provide valuable insights into their contributions to the Indian economy and global thought leadership.
Similar Academic and Professional Beginnings
Both Dr. Rajan and Dr. Subramanian share a strong educational foundation, having graduated from top-tier institutions within India. Dr. Subramanian earned a degree in electrical engineering from IIT Kanpur, while Dr. Rajan received his electrical engineering degree from IIT Delhi. This shared academic ground laid a foundation for their later careers.
Both Dr. Rajan and Dr. Subramanian have a deep connection with Indian Institutes of Management (IIMs). Dr. Rajan was awarded the Directors Gold Medal for outstanding academic performance at IIM Ahmedabad in 1987, while Dr. Subramanian secured the Institute's coveted medal for the most balanced outlook to business problems at IIM Calcutta. Both alumni of IIT and IIM have made notable contributions to the respective institutions and the larger academic community.
Academic Pursuits and Credibility
Both academics have marked their presence in the esteemed University of Chicago Booth School of Business, further solidifying their credibility in the field of economics. Dr. Rajan served as an assistant professor at the University from 1991, and Dr. Subramanian holds a PhD in Financial Economics from the same institution. Dr. Rajan was a PhD guide for Dr. Subramanian, reinforcing the mentor-student bond between these two distinguished scholars.
The early academic success of both is mirrored in their respective positions. Dr. Rajan was appointed as the Chief Economic Adviser (CEA) to the Indian Ministry of Finance in 2012, and Dr. Subramanian became the CEA in 2018, making him the youngest economist at 47 to hold the position. This appointed CEA post underscores their significant contributions to economic policymaking.
Academic and Research Contributions
Both Dr. Rajan and Dr. Subramanian hold positions as Associate Professors of Finance at Kellogg School of Management, Northwestern University, highlighting their continued engagement in academic research and teaching. Their involvement in establishing the Indian School of Business (ISB) and the Centre for Analytical Finance (CAF) further emphasizes their commitment to fostering educational excellence in India.
Dr. Rajan's innovative initiatives in policy and economic theory have significantly influenced the financial landscape, while Dr. Subramanian's work has continued to expand on these areas, especially in governance and banking. Their scholarly articles and editorial board service in reputable journals further denote their ongoing contributions to the field.
Professional Roles and Contributions
Professionally, both academics have held significant roles in various companies and institutions. Dr. Rajan's tenure with Tata Administrative Services and Dr. Subramanian's with Tata Consultancy Services underscore their business acumen. Their involvement with the PJ Nayak Committee on Governance of Banks and their roles at ISB and CAF reflect their practical as well as theoretical expertise.
Dr. Rajan's service as the 23rd Governor of the Reserve Bank of India from 2013 to 2016 highlights his profound influence on national economic policy. His student, Dr. Subramanian, has also made significant contributions to financial governance and economic analysis, aligning with Dr. Rajan's legacy.
Conclusion
The commonalities between Dr. Raghuram Rajan and Dr. Krishnamurthy Subramanian beyond their shared academic backgrounds are numerous. From their educational foundations at the Indian Institutes of Technology (IIT) and Indian Institutes of Management (IIM), to their research and teaching at top American universities and their influential roles in Indian economic policy, both are quintessential examples of what success looks like in a blended academic and government career. Their association with the Indian School of Business further cements their legacy in shaping future economic leaders.