India's former Chief Economic Advisor KV Subramanian has been awarded the DR BR Shenoy Award for Economics. Organised by Swarajya since 2015, the award is named after free market economist Dr BR Shenoy.
Subramanian served as the CEA for 3 years between 2018 and 2021. He was awarded at the seventh edition of Swarajya Awards during a special session at Pondy Lit Fest 2023.
The previous winners of the award include Dr Arvind Panagariya, Dr V. Anantha Nageswaran, Dr N K Singh, Harsh Gupta, Niranjan Rajadhyaksha, and TCA Srinivasa Raghavan.
A BTech graduate from IIT Kanpur, Subramanian has done his PhD in Finance from Chicago Booth.
The award organisers said in the citation that the 52 year old took over the charge of chief advisor at a difficult time for Indian economy. They said, "At such a turbulent time, Prof Subramanian came with an extraordinary economic survey that was refreshingly practical in its outlook—rather than a theoretically focused survey that most practitioners find hard to take to the real world—and also exposed fundamental flaws in arguments casting aspersion on India’s institutions."
Reacting to the award, Subramanian took to LinkedIn and wrote, "Privileged to receive the B R Shenoy Award."
Some of the notable works of the former CEA include his paper of Indian banking sector. He has worked on how bank clean-ups without adequate recapitalization exercises can be detrimental for the economy. The organisers noted that the Subramanian's works brought into mainstream the idea of ethical wealth creation as cited in scriptures.