Department of Humanities and Social Sciences

Indian Institute of Technology Madras

Subash S

Professor

 Areas of Research Interest

  • Foreign Direct Investment
  • Trade and Technology
  • Applied Industrial Economics

  Office Location

  • HSB 348A
  • E-mail: subash[at]iitm[.]ac[.]in
  • Phone : +91 (44) 2257 4507
  • Microeconomics II
  • Macroeconomics
  • Economics of Industrial Organizations
  • Assistant Professor, Dept. of Humanities, Indian Institute of Technology Madras, Chennai, July 2011 – .
  • Taught a module on Macroeconomics II at Madras School of Economics, March 2011.
  • Consultant, Indian-ASEAN Connectivity: India Country Study, Research and Information System for Developing Countries (RIS), March – June 2011.
  • Assistant Professor (Sr.), VIT University, July to November 2010.
  • Visiting Assistant Professor, IIT Madras, July 2009-July 2010.
  • Assistant Professor, Madras School of Economics, August 2008 – July 2010.
  • UNCTAD India Post Doctoral Fellow, CDS Trivandrum April-July 2008.

 Book

 Refereed Journals

  • Radeef Chundakkadan, Subash S. (2025) Gender Equality and Innovation, Industrial and Corporate Change, https://doi.org/10.1093/icc/dtaf033
  • Radeef Chundakkadan, Subash S. & Kausik Chaudhuri (2025) Automation, firm performance, and employment: Evidence from developing countries. Journal of  Evolutionary Economics. https://doi.org/10.1007/s00191-025-00913-w
  • Ketan Reddy, Subash S., Shandre Mugan Thangavelu (2025) Does Economic Policy Uncertainty Impact Global Value Chain Participation of Indian Firms? The Role of Financial Constraints, Economic Modelling, https://doi.org/10.1016/j.econmod.2025.107243.
  • Jayati Chatterjee, Subash S. (2025) Women-Led Firms, Digital Technology Adoption, and Access to Finance in India, in Shigehiro Shinozaki, Peter J. Morgan, Yasuyuki Sawada (Eds.) Strengthening the Ecosystem of Vibrant MSMEs for Resilient Growth in Asia and the Pacific, Asian Development Bank Institute, Japan.
  • Radeef Chundakkadan, Subash S., Ketan Reddy (2025). The Role of Export Incentives and Bank Credit on the Export Survival of Firms in India During COVID-19. Emerging Markets Finance and Trade, 1–18. https://doi.org/10.1080/1540496X.2025.2474718
  • Sasidaran Gopalan, Ketan Reddy, Subash S. (2024) Can participation in global value chains improve female labor force participation? A firm-level empirical investigation. Review of World Economics. https://doi.org/10.1007/s10290-024-00572-2
  • Sarthak Basu, Subash S. (2024) Productivity, investment slowdown, and misallocation: evidence from Indian manufacturing. Journal of Productivity Analysis. https://doi.org/10.1007/s11123-024-00730-6
  • Ketan Reddy and Subash S. (2024) Trade Facilitation and Global Value Chain Participation: Cross-country Analysis, Foreign Trade Review, https://doi.org/10.1177/001573252412397
  • Ketan Reddy,  Subash S., Radeef Chundakkadan (2024) Firm automation and global value-chain participation: cross-country analysis , Applied Economics.
    http://dx.doi.org/10.1080/00036846.2024.2303619
  • Radeef Chundakkadan, R., Subash S. (2023). The role of government support on E-commerce and firm innovation during pandemic crisis. Economic Analysis and Policy, 78,(6): 904-913.
    https://doi.org/10.1016/j.eap.2023.04.021
  • Ketan Reddy K. & Subash S. (2023) Global value chains, productivity and markup: Evidence from India, International Review of Economics and Finance.
    doi: https://doi.org/10.1016/j.iref.2023.10.005.
  • Ketan Reddy, Subash S. (2023) Innovative efforts and export market survival: Evidence from an emerging economy, Technological Forecasting and Social Change, Volume 186, Part A,
    https://doi.org/10.1016/j.techfore.2022.122109.
  • Ketan Reddy, Subash S, Nadia Doytch (2022) Outward foreign direct investment and domestic innovation efforts: Evidence from India, Journal of Economics and Business.
    https://doi.org/10.1016/j.jeconbus.2022.106084
  • Radeef Chundakkadan, Subash Sasidharan, Rajesh Raj S N (2022) Small Firms amidst COVID-19: Financial Constraints and Role of Government Support, Economic Notes,  DOI: 10.1111/ecno.12206​
  • Ketan Reddy, Subash Sasidharan, Shandre Thangavelu (2022) Does Servicification of Manufacturing Increase the GVC Activities of Firms? Case of India, The World Economy.
    https://doi.org/10.1111/twec.13318
  • Renjith Ramachandran & Subash Sasidharan (2022): Country of origin and industry FDI agglomeration of MNEs: evidence from India, Transnational Corporations Review.
    DOI: 10.1080/19186444.2022.2082226
  • Sasidaran Gopalan, Ketan Reddy, Subash Sasidharan (2022) Does Digitalization Spur Global Value Chain Participation? Firm-Level Evidence from Emerging Markets,  Information Economics and Policy.
    https://doi.org/10.1016/j.infoecopol.2022.100972
  • Ketan Reddy, Subash S. (2022). Servicification and global value chain survival: Firm-level evidence from India. Australian Economic Papers, 1–19.
    https://doi.org/10.1111/1467-8454.12255
  • Radeef Chundakkadan, Subash S. (2021). Gender gap and access to finance: A cross-country analysis, Review of Development Economics.
    https://doi.org/10.1111/rode.12830
  • Ketan Reddy and Subash S.  (2021) A Portrait of Global Value Chain Linkages of Indian Manufacturing, Journal of Asian Economic Integration.
    DOI: 10.1177/26316846211039419
  • Ketan Reddy, Subash S. (2021) Financial Constraints and Global Value Chain Participation: Evidence from India, Journal of International Trade and Economic Development.
    DOI: 10.1080/09638199.2021.1900343
  • Arfat Sofi, Subash S., M. Y Bhat (2021) Economic growth and club convergence: Is there a neighbour’s effect? International Journal of Finance & Economics.
    https://doi.org/10.1002/ijfe.2545
  • Padmaja Mundakkad, Subash S (2021) Financing Constraints and Exports: Evidence from India, Journal of Economics and Finance, 45, 118-145.
    https://doi.org/10.1007/s12197-020-09532-6​
  • Ketan Reddy and Subash S (2020) Will the COVID-19 change the landscape of financing innovation in India, Economic and Political Weekly, 55(47): 22-24.
  • Subash S. (2020) FDI and Spillovers in India: Any Policy Lessons from Existing Studies?, Indian Economic Journal, Sage. (Accepted)
  • Ketan Reddy, Radeef Chundakkadan, Subash S. (2020) Firm Innovation and Global Value Chain Participation, Small Business Economics.
    https://doi.org/10.1007/s11187-020-00391-3
  • Ketan Reddy and Subash S. (2020) Driving Small and Medium-Sized Enterprise Participation in Global Value Chains: Evidence from India. ADBI Working Paper 1118. Tokyo: Asian Development Bank Institute.
    https://www.adb.org/publications/driving-sme-participation-global-value-chains-evidence-india
  • Renjith Ramachandran, Ketan Reddy, Subash S. (2020) Agglomeration and Productivity: Evidence from Indian Manufacturing, Studies in Microeconomics, Vol. 8 (1), Sage.
  • Renjith R, Subash S., Nadia Doytch (2019). Foreign Direct Investment and Industrial Agglomeration: Evidence from India, Economic Systems (Accepted).
  • Radeef Chundakkadan, Subash S. (2019). Central bank’s liquidity provisions and rms’ nancial constraints, Economic Modelling (Forthcoming), Elsevier.
    https://doi.org/10.1016/j.econmod.2019.10.025
  • Sasidaran Gopalan, Subash S​ (2019) Financial liberalization and access to credit in emerging and developing economies: A firm-level empirical investigation, Journal of Economics and Business.
    https://doi.org/10.1016/j.jeconbus.2019.105861.
  • Radeef Chundakkadan & Subash Sasidharan (2019) Financial Constraints, Government Support, and Firm Innovation: Empirical Evidence from Developing Economies, Innovation and Development, (Accepted).
  • Alex Eapen, JihyeYeo, Subash Sasidharan (2019) Finance constraints and technology spillovers from foreign to domestic firms. Economic Modelling, Vol. 76, pp. 50-62.
  • Kausik Chaudhuri, Subash Sasidharan, Rajesh Raj S. N. (2018). Gender, small firm ownership, and credit access: some insights from India. Small Business Economics, 1-17.
    https://doi.org/10.1007/s11187-018-0124-3.
  • R.K. Amit.,  Subash S (2019) Measuring affordability of access to clean water: A coping cost approach, Resources, Conservation and Recycling Vol.141, February, pp. 410-417.
    https://doi.org/10.1016/j.resconrec.2018.11.003​
  • Rajesh Raj S. N.,  Subash S. (2018) Does the Caste of the Firm Owner Play a Role in Access to Finance for Small Enterprises? Evidence from India, Developing Economies, Vol. 56(4), pp. 267-296.
    https://doi.org/10.1111/deve.12183
  • Radeef Chundakkadan, Subash Sasidharan (2018) Liquidity pull-back and predictability of government security yield volatility, Economic Modelling (Accepted).
  • Arfat Ahmad Sofi,  Subash Sasidharan (2018) Do Indian States Mimic, Compete or Interact in Local Public Spending? A Spatial Econometric Analysis, Asian Economic Journal, Vol. 32(2). pp. 187-213.
    https://doi.org/10.1111/asej.12148
  • Subash S., M. Padmaja (2018) Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India, Asian Development Review, vol. 35(1): 108–132.
  • Surenderrao Komera, Jijo Lukose, P.J., Subash S. (2017). Does business group affiliation encourage R&D activities? Evidence from India, Asia Pacific Journal of Management
    https://doi.org/10.1007/s10490-017-9530-3
  • M. Padmaja & Subash S (Accepted ) Sunk Costs, Firm Heterogeneity, Export Market Entry and Exit: Evidence from India, Journal of Quantitative Economics.
  • Surender Rao Komera, Jijo Lukose, Subash Sasidharan (2016) Business Group Affiliation and Innovation in Medium and High-Technology Industries in India, in K. Narayanan and N. S. Siddharthan (eds): Technology: Corporate and Social Dimensions, Springer.
  • Rajesh Raj S. N. & Subash S (2015) Impact of International Trade on Manufacturing Employment in India, South Asia Economic Journal, Vol.16(3)
  • Subash S, P.J. Jijo Lukose, Surenderrao Komera (2015) Financing constraints and investments in R&D: Evidence from Indian manufacturing firms, Quarterly Review of Economics and Finance, Vol. 55 (1), pp. 28-39.
  • Subash Sasidharan & Rajesh Raj S N (2014) The growth barriers of informal sector enterprises: evidence from India, Developing Economies, Vol.52, No.4, 351-375.
  • Harishankar Jagadeesh and Subash S (2014), Do Stronger IPR Regime Influence the R&D Efforts: Evidence From The Indian Pharmaceutical Industry, Global Business Review, June, Vol.15.
  • Subash S., Vinish Kathuria (2011) Foreign Direct Investment and R&D: Substitutes or Complements – A Case of Indian Manufacturing after 1991 Reforms, World Development, Vol.39, No.7, pp. 1226–1239.
  • Subash S., K. J. Joseph (2011) Multinational Enterprises and Export Performance: Empirical Evidence from Indian Manufacturing Industries, Economics, Management and Financial Markets, Vol. 6, No. 1, pp.239-256.
  • Anabel Marin., Subash S (2010), The Heterogeneity of MNC’ Subsidiaries and Technology Spillovers: Explaining Positive and Negative Effects in Emerging Economies, Research Policy, Vol. 39, No.10, pp. 1227–1241.
  • Chiara Franco., Subash S (2010) MNEs, Technological Efforts and Channels of Export Spillovers: An Analysis of Indian Manufacturing Industries, Economic Systems, Vol. 32. No. 3, pp. 270-288.
  • Subash S., A. Ramanathan (2007), FDI and Spillovers: Evidence from Indian Manufacturing Industries, International Journal of Trade and Global Markets, Vol.1, No.1, pp.5-22.
  • Bino Paul, Subash S., A. Ramanathan. (2005), Concentration in Knowledge Output: a Case of Economics Journals, European Journal of Comparative Economics, Vol. 2, No. 2, pp. 261-279.
  • Subash S., Bino Paul, A. Ramanathan (2004), Technical Efficiency in Rice Production: An Application of Stochastic Frontier Analysis, Indian Journal of Regional Science, Vol. 36, No. 1, pp 118-126.

 Book Chapters

  • Radeef Chundakkadan, Subash S. (2020) Innovation and exports: evidence from Indian enterprises, in  Ajitava Raychauduri, Prabir De, Suranjan Gupta (Eds) World Trade and India: Multilateralism, Progress and Policy Response, New Delhi:Sage.
  • Subash S., Rajesh Raj S. N (2020) MSMEs and COVID-19, in AIC-EEPC, eds. 2020. COVID-19: Challenges for the Indian Economy – Trade and Foreign Policy Effects. ASEAN-India Centre (AIC) – Engineering Export Promotion Council of India (EEPC), New Delhi.
  • Arfat Ahmad Sofi, Subash S. (2020). FDI, Labour Market and Welfare: How Inequality Navigate Welfare Loss? in K. Narayan and N S Siddharthan (Eds.) FDI, Technology and Innovation, New Delhi: Springer.
  • Surender Rao Komera, Jijo Lukose, Subash S. (2016) Business Group Affiliation and Innovation in Medium and High-Technology Industries in India, in K. Narayanan and N. S. Siddharthan (eds): Technology: Corporate and Social Dimensions, Springer.
  • Arfat Ahmad Sofi & Subash S, (2018) FDI, Labor Market, and Welfare: How Inequality Navigate Welfare Loss?, Presented at the Sixteenth International Convention of the East Asian Economic Association, National Taiwan University, Taipei, October 27-28.
  • Subash S (2015) Does Business Group Affiliation encourage R&D activities: Evidence from India, 8th Conference on Micro Evidence on Innovation and Development (MEIDE) organized by OECD, World Bank and UNU-MERIT Maastricht, 10-12 February 2015, New Delhi, India (co-authored with P.J. Jijo Lukose, Surenderrao Komera).
  • Rajesh Raj S. N. & Subash S (2014) Impact of International Trade on Manufacturing Employment in India, Two Day National Seminar on Applications of Panel Data, CESS Hyderabad, 26-27 March.
  • Subash S, P.J. Jijo Lukose, Surenderrao Komera (2013) Financing Constraints and Investments in R&D: Evidence from Indian Manufacturing Firms, VIII Annual Conference of Forum for Global Knowledge Sharing, October 25 – 27, IIT Bombay.
  • Subash S & Rajesh Raj S. N(2013) Barriers to Growth Among Informal Sector Enterprises in India, presented at the First Enterprise Performance in Asia Conference, Cebu City, Philippines, November.
  • Adamos Adamou & Subash S (2012) R&D, FDI and Firm Growth: Evidence from Indian Manufacturing Industries, 48th Annual Indian Econometric Society Conference, Pondicherry University, January.
  • Chiara Franco and Subash S. (2011) MNEs, Export Spillover and Firm Heterogeneity: a Case of Indian Manufacturing Industries, Workshop on Impact of Economic Reforms on Productivity Growth in India, IIT Bombay, March 17-18.
  • Subash S (2010) FDI and Spillover Effects: An Overview, Training Programme on Indian Corporate Sector for Young Economists, held at Institute for Studies in Industrial Development, New Delhi, September.
  • Chiara Franco and Subash S (2009) MNEs and Export Spillovers: An Analysis of Indian Manufacturing Industries, Fourth Annual Conference of the Forum for Global Knowledge Sharing, Tata Institute of Social Sciences, Mumbai, October.
  • Anabel Marin, Subash S & Ionara Costa (2006) MNC Subsidiaries and Technology Diffusión in Late Industrialising Countries: A Comparison of Argentina and India, presented at the Third Annual Conference on Growth and Development at the Indian Statistical Institute Delhi, December 13-15 & Fourth Annual GLOBELICS Conference held at the Center for Development Studies, Thiruvananathapuram, October 4-7.
  • Subash S (2006), FDI and Technology Spillovers: Evidence from Indian Industries, presented at the First Annual Max Planck India Workshop on Entrepreneurship, Innovation and Economic Growth held at the Indian Institute of Science Bangalore March 29-31.
  • Bino Paul, G. D, Subash S., A. Ramanathan (2004), Concentration in Knowledge Output: a Case of Economics Journals, presented at the 40th Annual Conference of the Indian Econometric Society held at Institute of Social and Economic Change, Bangalore, India.
  • Anabel Marin., Subash S (2008), “The Heterogeneity of MNC’ Subsidiaries and Technology Spillovers: Explaining Positive and Negative Effects in Emerging Economies”, UNU- MERIT Working Paper No. 2008-066, Maastricht, The Netherlands.
  • Subash S., Vinish Kathuria (2008), “Foreign Direct Investment and R&D: Substitutes or Complements – A Case of Indian Manufacturing”, SLPTMD Working Paper, University of Oxford.
  • Adamos Adamou., Subash S (2008), “The impact of R&D and FDI on firm growth in emerging-developing countries: evidence from Indian Manufacturing Industries”, Working Paper No. 38, Madras School of Economics, Chennai.
  • Subash S (2006), “FDI and Technology Spillovers: Evidence from Indian Manufacturing Industries”, UNU-MERIT Working Paper No. 2006-010, Maastricht, The Netherlands.
  • Barriers to Growth Among Informal Sector Enterprises in India, funded by AIM Scientific Research Foundation Manila, Philippines, February -November 2013.
  • UNCTAD India Post Doctoral Fellowship, 2008.
  • PhD Internship, United Nations University-MERIT, Maastricht, The Netherlands, October-December, 2005.
  • Gold Medallist M.S. (Development Economics), Pondicherry Central University.
  • National Eligibility Test for Lectureship in Economics (UGC-NET) conducted by University Grants Commission, India.