A bulk purchase of over 1.9 lakh copies of a book by former Chief Economic Adviser Krishnamurthy Subramanian by Union Bank of India has stirred debate over the use of public funds, amid rising scrutiny of authorial self-promotion and government-linked endorsements.
Banking on Books or Blunders?
In a move now drawing scrutiny, Union Bank of India a state-owned financial institution purchased 199,872 copies of India@100: Envisioning Tomorrow’s Economic Powerhouse by former Chief Economic Adviser Krishnamurthy V Subramanian at a total cost of ₹7.25 crore. The bank ordered 189,450 paperback copies at ₹100 each and 10,422 hardcover editions priced at ₹597 apiece, ostensibly to commemorate its centenary and promote “economic awareness.”
What was positioned as a patriotic and intellectual outreach initiative is now under the scanner for excessive and potentially avoidable expenditure. Critics argue that the sheer volume of copies—destined for schools, colleges, public libraries, and customers—does not justify the cost, especially when the bank has ongoing fiscal obligations and operational priorities.
Adding to the controversy is the fact that Union Bank has already disbursed 50% of the payment upfront, even before the full delivery of books or a post-distribution impact assessment.
Author, Adviser, and Allegations
The spotlight on the book coincides with Krishnamurthy Subramanian’s abrupt exit from his role as India’s nominee for Executive Director at the International Monetary Fund (IMF). His tenure ended last week, reportedly terminated prematurely by the government, amid murmurs of “impropriety related to promotional activities.”
Subramanian, known for his economic writings and policy influence during his term as CEA, has been accused by unnamed sources of using his government clout to secure favorable bulk orders for his book. Although there is no official charge of wrongdoing, the overlap between his advisory positions and institutional endorsements has raised ethical concerns.
The situation has sparked broader debates around conflict of interest, with public intellectuals and opposition figures questioning whether such arrangements compromise institutional neutrality and financial propriety in public sector undertakings.
Centenary Celebrations or Commercial Excess?
Union Bank has justified the purchase under its “centenary-linked initiatives”, arguing that promoting financial literacy and national economic vision aligns with its corporate social responsibility (CSR) goals. Internal documents cited in reports show that the book was to be distributed across the bank’s zonal and regional offices, with a narrative of nation-building and economic enlightenment.
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Yet, critics maintain that the scale and cost of the procurement are disproportionate, especially when compared with conventional CSR investments that focus on grassroots community projects or digital literacy programs.
Analysts suggest that such decisions warrant greater transparency and third-party auditing, especially when taxpayer-backed institutions are involved. “Books are powerful tools but they should not be vessels of vanity or vehicles for silent endorsements,” one former PSU director noted.