The Congress Party has raised serious concerns regarding the sudden and unexplained dismissal of Krishnamurthy V Subramanian from his position as India’s Executive Director at the International Monetary Fund (IMF), just six months before his tenure was set to end. This unprecedented move has left the public questioning the government’s motives, as no official reason has been provided for Subramanian’s abrupt removal. Supriya Shrinate, Chairperson of AICC’s Social Media and Digital Platforms, pointed out that Subramanian, who was once the Chief Economic Advisor, consistently supported the government’s economic decisions rather than offering unbiased advice. His much-publicized prediction of a “V-shaped recovery” during the COVID-19 crisis, when the economy had contracted by over 24%, never materialized.
Shrinate further criticized the Modi government over a financial scandal involving Subramanian. Documents from Union Bank of India revealed that the bank had ordered 2 lakh copies of his book India@100 at a cost of ₹7.25 crore, with ₹3.5 crore paid in advance. The books were intended to be distributed to schools, colleges, libraries, and through the bank’s regional offices, using public funds for what Congress believes is political propaganda rather than any genuine educational or public welfare purpose. The burden of this expense, Congress claims, was passed onto the taxpayers, raising questions about the government’s misuse of public money to promote Subramanian, who was known for defending the government’s economic blunders.
Shrinate raised several critical questions regarding this transaction. First, she asked whether Union Bank received approval from its Board of Directors or the Department of Financial Services (DFS) for such a large expenditure. She also questioned how the bank’s obligation to prudently manage public funds aligned with this bulk purchase. Shrinate also highlighted potential conflicts of interest, given Subramanian’s previous role as Chief Economic Advisor and his close ties with key government figures. Additionally, Congress has alleged that the CEO of Union Bank, Manimekhalai, may have facilitated these royalty payments in exchange for securing her tenure extension, possibly with the approval of PM Modi. The Congress demanded clarity from the Finance Ministry on whether this expenditure adhered to the fiduciary responsibilities of a public sector bank.
Shrinate condemned the Modi government’s pattern of wasteful spending, especially when public sector banks have been known to levy high penalties on ordinary customers. In the 2023–24 financial year, public sector banks, including Union Bank, collectively collected ₹2,331 crore in penalties for minimum balance violations, yet simultaneously spent public money on promoting a government loyalist’s book. She referenced a tweet by Rahul Gandhi from December 2024, where he had criticized the government for turning public sector banks into “pet moneylenders” for the rich, and emphasized that this situation proved his point. Shrinate argued that this was part of a broader pattern by the Modi government, which has spent crores of public funds to create a network of loyalists to promote the Prime Minister’s image.
In a separate matter, Shrinate expressed Congress’s support for India’s request to the IMF to review Pakistan’s loan application, following calls by Congress leader Jairam Ramesh. She reiterated Congress’s firm stance against granting financial assistance to Pakistan, a nation that harbors terrorists and engages in anti-India activities. Shrinate affirmed that Congress stands with the government in seeking justice for the victims of the recent Pahalgam attack and called for accountability for those responsible.
