1.99 lakh copies of ex-CEA Subramanian's book distributed to 'tap future opportunities', show Union Bank letters

The bank's decision and subsequent purchase of copies of 'India@100: Envisioning Tomorrow's Economic Powerhouse at around Rs 7.25 crore had led to the abrupt termination of Subramanian from the post of India-nominated Executive Director of the International Monetary Fund (IMF) earlier this month.

New Delhi: Distribution of 1.99 lakh copies of former Chief Economic Adviser Krishnamurthy Subramanian's book was seen by the top management of the Union Bank of India as “an effort to tap future business opportunities”, two letters to bank’s Zonal Heads in 2024 showed.

The bank’s decision and subsequent purchase of copies of ‘India@100: Envisioning Tomorrow's Economic Power House' at around Rs 7.25 crore had led to the abrupt termination of Subramanian from the post of India nominated Executive Director of International Monetary Fund (IMF).

According to the letters on June 28 and July 29 last year shared by the Congress which demanded a probe, the bank was “always striving for unique and efficient products/schemes for business growth” and played its role in India's mission of $5 trillion economy. The book had hit the stands in August last year.

It went on to describe Subramanian's book as one that ignores a reader's imagination and inspires a collective drive towards a future where India emerges as a dominant economic force.

“As an effort to tap future business opportunities, it is desired by top management to distribute copies of the book ‘India@100’ among customers/corporates pan India,” the letters said.

Describing the book as a "strategic blueprint for sustained growth" and "insightful analysis" that showcase India's potential, it said the face-based insights like this book can help those interested in the country's future contribute to the next stage of India's economic journey.

It also said the top management desires to procure and distribute the copies of this book among customers/ local schools/ colleges/ libraries, etc.

It also said the publisher has offered the student edition at a net price of Rs 350 per book. As per an officer, 50 per cent will be done in advance and balance 50 per cent on submission of bills and dispatch details.

The letter in June last year said each of the 18 zonal offices will procure 10,525 books (paperback edition) each and allocate it to regional offices. Amount for 5,263 copies each for zonal offices has been paid.

In the July letter, the bank spoke about the decision to buy another 10,422 hardcover books, which would mean 579 such copies for each zonal office.