Union Bank's ₹7.25 cr book purchase faces heat amid Subramanian's IMF exit

Public sector lender Union Bank purchased 189,450 paperback and 10,422 hardcover copies of Krishnamurthy V Subramanian's book 'India@100: Envisioning Tomorrow's Economic Powerhouse' for ₹7.25 crore

Public sector lender Union Bank of India spent an estimated ₹7.25 crore to purchase nearly 200,000 copies of a book authored by former Chief Economic Adviser (CEA) Krishnamurthy V Subramanian, according to a report by The Economic Times. The report comes amid Subramanian's recent exit from his post as India’s executive director at the International Monetary Fund (IMF), six months ahead of schedule.

 

According to internal correspondence cited by The Economic Times, the bank’s central office ordered 189,450 paperback and 10,422 hardcover copies of 'India@100: Envisioning Tomorrow’s Economic Powerhouse', to be distributed among customers, corporates, schools, colleges, and libraries across India. Priced at ₹350 and ₹597 respectively, the total procurement cost amounted to over ₹7 crore. 

 

A 50 per cent advance was paid to Rupa Publications before the book’s publication in August 2024, with the rest to be covered through the bank’s miscellaneous revenue budget.

 

For context, English-language books in India rarely sell beyond 10,000 copies, making Union Bank’s purchase of close to 200,000 copies highly unusual, the report pointed out. The order was executed through the bank’s 18 zonal offices, each assigned over 10,000 copies for further distribution.

 

The book, published on August 1, 2024, outlines India's roadmap to transform into a $55 trillion economy by its centenary in 2047. Drawing from the author's own experience as India’s CEA, Subramanian presents a strategic framework based on four pillars: fostering consistent macroeconomic growth, promoting inclusive development, advocating ethical wealth creation, and leveraging investment-led growth.

 

The book boasts of bringing together economic theory with practical policy insights, aiming to guide India on a path of sustainable and equitable prosperity over the next two decades.

 

Subramanian's abrupt exit from IMF

Subramanian, who served as CEA from 2018 to 2021, was appointed to the IMF role in late 2022, representing India, Bangladesh, Sri Lanka, and Bhutan. However, the Government of India abruptly recalled him via an order dated April 30, 2025, just two and a half years into his three-year term.

 

Initial speculation linked his exit to tensions over his criticism of the IMF datasets published in the book. The latest report suggests there may have been wrongdoing in how the book was promoted. The government may have viewed the Union Bank procurement as excessive, if not inappropriate, particularly given Subramanian’s high-profile position. 

Appointment decisions made by countries: IMF

The IMF distanced itself from Subramanian's exit, clarifying that the decision to terminate Subramanian’s tenure was made solely by the Indian government, distancing itself from the controversy. 

 

As of early May, his seat on the IMF Executive Board remains vacant.

 

Subramanian has not publicly commented on the developments.