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Business Standard
12-05-2025
- Politics
- Business Standard
PMO: Himanshu Roy's book traces evolution of prime-ministerial governance
The book has an excellent section on how the offices of the Prime Minister and the Cabinet secretariat have evolved in the United Kingdom, Canada and Australia Listen to This Article PMO – Prime Minister's Office Through the Years Author: Himanshu Roy Publisher: Rupa Publications Pages: xliv plus 148 Price: Rs 495 The manner in which India's prime ministers over the years have strengthened and expanded their own secretariat is not an unknown story. This trend has been noted and analysed by several commentators and senior civil servants who wrote their memoirs after retirement. But the book under review takes a long-term and comprehensive view of the evolution of a prime ministerial government in New Delhi. It narrates the story of how almost all prime ministers worked towards sacrificing a Cabinet-led governance model. In the
Economic Times
07-05-2025
- Business
- Economic Times
Book deal drama may end CEO's Union Bank chapter
The MD & CEO of state-run Union Bank of India, A Manimekhalai, will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told ET. ADVERTISEMENT What shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian, India's former executive director at the International Monetary Fund (IMF), without the board's authorisation. CEO Did Not Seek Extension ET reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college libraries. In a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. "The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank," the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet "terminated" his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his books. ADVERTISEMENT Manimekhalai will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March 2026. Board Objections However, the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India. ADVERTISEMENT A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was suspended. Subsequently, in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above said. (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
07-05-2025
- Business
- Time of India
Book Deal Drama may End CEO's Union Bank Chapter
The MD & CEO of state-run Union Bank of India A Manimekhalai , will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian , India's former executive director at the International Monetary Fund ( IMF ), without the board's reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. 'The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank,' the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet 'terminated' his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India.A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above bought nearly 200K copies of India@100: Envisioning Tomorrow's Economic Powerhouse. Has made entire payment of Rs 7.25 cr to Rupa bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank
The Print
05-05-2025
- Business
- The Print
Krishnamurthy Subramanian had 6 months still left in his tenure at IMF. Why did Modi govt recall him
The government is yet to announce its replacement. Subramaniam was the Indian government's nominee on the IMF board and his tenure was to end in November. He was appointed to the position for 3 years in August 2022 and represented India, Bangladesh, Sri Lanka and Bhutan on the executive board. He took charge on 1 November that year. But in a sudden move, the government curtailed his tenure 6 months before on 30 April, with immediate effect. New Delhi: The Modi government's decision to terminate Dr Krishnamurthy Subramanian's tenure as executive director at the International Monetary Fund (IMF) on 30 April—just days before a key meeting of the multilateral agency to decide on climate resilience loan to Pakistan—might appear abrupt. However, those in the know in the government say it did not come as a surprise to them. While there was no official statement from the finance ministry as to the reason behind his termination, government sources said the decision to remove him followed the alleged complaints of how Subramanian misused his official position for personal gain and promote his latest book 'India @100: Envisioning Tomorrow's Economic Powerhouse'. The book, published by Rupa Publications, delves into how India can become a $55 trillion economy by 2047. Government sources said Subramanian not only leveraged his post to get 'undue benefits' for himself but also 'pressurised and intimidated' public and private organisations to purchase his latest book in a bid to increase its sales. Sources said Subramanian had in recent past questioned IMF datasets related to India, which had raised concern at the multilateral agency. Subramanian was not available for comment despite repeated attempts to contact him on his mobile phone. Government sources said, following the curtailment of his service, Subramanian resigned from his post citing personal reasons. The IMF website now lists Harischandra Pahath Kumbure Gedara as alternate director. Prior to Subramanian, noted economist Surjit Bhalla had served as IMF executive director. Government sources said that it is extremely rare for the government to curtail the tenure of an IMF executive director like this. Subramanian had also served as India's chief economic advisor from 2018 to 2021. He is credited for coining the term 'thalinomics' in the 2019-20 Economic Survey to show what a common person pays for a vegetarian or non-vegetarian thali, in a bid to defend the Modi-led BJP government's inflation management. The economist had previously defended the Modi government's move in 2016 to demonetise high value currency. (Edited by Zinnia Ray Chaudhuri) Also read: IMF growth outlook is cautiously optimistic. It seems to leave out impact of larger disruptions in US
