Latest news with #Thalinomics
Time of India
06-05-2025
- Business
- Time of India
'Govt can't remove me': Krishnamurthy Subramanian's old remark goes viral after sudden IMF exit
Live Events Sudden exit confirmed by official order Online irony not lost on viewers Why was Subramanian removed from his post? Timing raises eyebrows ahead of Pakistan loan vote Role vacant, replacement expected soon From "Thalinomics" to IMF fallout A year-old video of Krishnamurthy Subramanian , India's former Executive Director at the International Monetary Fund (IMF), has gone viral after the government terminated his tenure six months ahead of the video, shot during an event at the Kellogg School of Management in Illinois, Subramanian is seen in conversation with former Reserve Bank of India Governor Raghuram Rajan . He states, 'I am not with the govt; I am not answerable to the Indian govt; Indian govt cannot remove me, etc.'Rajan responds, 'You're appointed by the government, Subbu.'Subramanian replies, 'Well, I'm under no obligation to sing from the hymns they give me.'Rajan then asks, 'Can they remove you?'Subramanian confidently says, 'Well, I guess not before my tenure ends.'But on 30 April, the government did just Ministry of Personnel, Public Grievances and Pensions issued a formal order stating, 'The Appointments Committee of the Cabinet has approved the termination of services of Dr Krishnamurthy Subramanian as Executive Director (India) at the International Monetary Fund with immediate effect.'Subramanian, appointed in August 2022 and due to serve until November 2025, was relieved six months early. He officially took charge at the IMF on 1 November 2022, representing a four-country constituency comprising India, Bangladesh, Bhutan and Sri resurfaced clip has sparked a flurry of reactions online. One user on X (formerly Twitter) commented, 'This did not age well,' while another wrote, 'Ah man - this one from the Kellogg IBC didn't age well.' A third added, 'File this one under 'Didn't age well!!''The timing of the video's viral spread has only heightened public interest, especially given the lack of official reasoning from the finance no public explanation has been given, government sources suggest the termination followed internal concerns. These include allegations that Subramanian misused his IMF post to promote his book India @100: Envisioning Tomorrow's Economic Powerhouse, allegedly pressuring both public and private organisations to buy book, published by Rupa Publications, outlines a vision of India becoming a $55 trillion economy by also said Subramanian had challenged IMF datasets on India in recent months—reportedly straining relations with the agency. These clashes are not new; previous disagreements during his time as Chief Economic Adviser (CEA) from 2018 to 2021 also drew decision to terminate Subramanian's services comes just days before a crucial IMF board meeting on a proposed $1.3 billion climate resilience loan to Pakistan. India has been pressing multilateral agencies, including the World Bank and ADB, to halt or delay financial support to its has led some to view Subramanian's dismissal through a geopolitical Subramanian's departure, the IMF post representing India, Bangladesh, Sri Lanka and Bhutan is temporarily vacant. The IMF website currently lists Harischandra Pahath Kumbure Gedara as alternate Secretary Ajay Seth, who is set to retire at the end of June, is reportedly the frontrunner to replace several attempts, Subramanian was unavailable for comment. Government sources say he later resigned, citing personal joining the IMF, Subramanian served as India's Chief Economic Adviser. He coined the term 'thalinomics' in the 2019-20 Economic Survey, using the cost of a thali to reflect inflation trends and support the Modi government's economic management. He also defended the government's 2016 demonetisation had returned to academia after his CEA term, only to be appointed to the IMF within a year. His exit now brings to a close a tenure marked by outspoken commentary, data disputes and a viral moment that, in retrospect, proved telling.
The Print
30-04-2025
- Business
- The Print
Thali has gotten more expensive since 2020—2.3% of Indians can't afford 2 veg meals a day
With the release of the Household Consumption Expenditure Survey (HCES) 2023–24, we now have updated data based on actual household-level expenditure. This allows us to assess food affordability more accurately, not just by price, but by what households are actually able to spend. Using the same methodology and thali composition as outlined in the Economic Survey 2019–20, three key findings emerge. In the original Thalinomics, the thali components included 300g of cereals (rice and wheat), 150g of vegetables, and 60g of pulses (or meat, egg, or fish for non-vegetarian thalis), based on the 2011 dietary guidelines for Indians by the National Institute of Nutrition. Prices also included cooking oil, fuel (LPG or firewood), and commonly used spices. This provided a consistent, price-based estimate of the cost of a basic, nutritious meal. The Economic Survey 2019–20 introduced Thalinomics to track food affordability through the cost of a basic plate of food, or thali. It showed that the average price of a vegetarian thali declined between 2015–16 and 2019–20, suggesting improved access to meals across the country. Also read: Cost of a veg Indian thali has jumped 42% since 2015. That too without curd, tea, and fruits Thali prices have risen The original Thalinomics from the Economic Survey 2019-20 estimated a national decline in the price of a vegetarian thali from about Rs 27 in 2015–16 to Rs 24 in 2019–20. In contrast, non-vegetarian thali prices rose steadily over the same period—from around Rs 35 to nearly Rs 38 by 2019–20. Using unit value data from HCES 2023–24, we estimate thali prices for each state. Compared to the national average reported in 2019–20, current prices are significantly higher. Current rural vegetarian thali prices range from: Rs 25–Rs 28 in Chhattisgarh, Madhya Pradesh, Rajasthan Rs 32–Rs 34 in Bihar, Jharkhand, Uttar Pradesh Rs 45–Rs 51 in Puducherry, Lakshadweep, and Andaman & Nicobar Islands Current rural non-vegetarian thalis cost: Rs 33–Rs 36 in UP, Odisha, Bihar Rs 50–Rs 53 in Mizoram, Puducherry, and Andaman & Nicobar Islands These increases reverse the earlier trend and reflect post-pandemic inflation in food items beyond just cereals. Compared to the Economic Survey's 2019–20 average of Rs 24 for a veg thali, this represents a significant increase. Who can afford two meals a day? To measure affordability, we compare the monthly cost of two thalis per person per day (for 30 days) to the monthly per capita food expenditure reported in HCES. A household is considered food-unaffordable if its per capita expenditure is less than this benchmark. Key findings: 4.7 per cent of households cannot afford two non-veg meals per day. cannot afford two non-veg meals per day. 2.3 per cent cannot afford two vegetarian meals. cannot afford two vegetarian meals. In Jharkhand , these numbers rise to 18 per cent (non-veg) and 11 per cent (veg) . In rural Jharkhand, the non-veg thali unaffordability reaches 20.4 per cent. , these numbers rise to and . In rural Jharkhand, the non-veg thali unaffordability reaches High unaffordability is also observed in Odisha, Meghalaya, and Manipur. This indicates that a basic plate of food is still out of reach for many low-income households, particularly in eastern and northeastern states. This map shows that thali unaffordability is concentrated in eastern, central, and northeastern India—states with lower per capita gross state domestic product and more nutritional vulnerability. Many underspend on nutrition Affordability does not imply nutritional adequacy. Many households that can afford two meals a day still spend less than what is required to consume a nutritionally balanced thali, as defined in the Economic Survey's dietary assumptions. By comparing actual food expenditure to the cost of a 'healthy' thali consumed twice a day, we find: 46 per cent of Indian households spend less than what is needed for a basic, nutritious diet. spend less than what is needed for a basic, nutritious diet. In states like Jharkhand, Odisha, Uttar Pradesh, and Madhya Pradesh , this figure exceeds 60 per cent. , this figure exceeds Even in states like Karnataka and Maharashtra, over 40 per cent of households fall below this nutritional spending threshold. This highlights the prevalence of nutrient-poor diets, even in households that consume enough calories. Address affordability The original Thalinomics highlighted falling food prices. But the updated analysis using HCES 2023–24 suggests that food access remains limited for a significant share of Indian households. Prices have increased, affordability gaps persist, and nutritional under-consumption is widespread. Food security policy must now go beyond cereals. There is an urgent need to address affordability and access to pulses, vegetables, cooking oils, and fuel, which are central to a balanced diet. A thali is more than a price tag — it reflects whether citizens can eat adequately, regularly, and with dignity. The author is Assistant Professor of Economics and Sustainability, IMT Ghaziabad. Views are personal. (Edited by Theres Sudeep)
