Nobel laureate Abhijit Banerjee has said that there is no certainty that India will gain from shifting of businesses from China in the wake of coronavirus pandemic.

Speaking to a Bengali news channel ABP Ananda on Monday evening, Banerjee said that everyone is blaming China for the COVID-19 outbreak as it has origin there.

"China is being blamed now for the coronavirus outbreak. Even people are saying that India stands to benefit as businesses will shift from China and come to India. But that may not be true," the economist said.

Banerjee, who is also a member of Global Advisory Board formed by the West Bengal government to prepare a roadmap for COVID-19 response in the state, said, "What happens if China depreciates its currency. In that case, Chinese products will be cheaper and people will continue to buy their products".

Talking about the proportion of gross domestic product (GDP) planned to be spent by the Centre for a relief package, Banerjee said countries like the US, UK and Japan are spending a high share of their respective GDPs.

"India plans to spend less than one per cent of its GDP at Rs 1.70 lakh crore. We should spend much increased proportion of GDP," he said.

The Centre had announced a more than Rs 1.70-lakh crore package to alleviate the hardship of the poor hit by economic disruption due to coronavirus outbreak.

The Economics Nobel Prize winner said main problem is that people of the country do not have high purchasing power.

"The poor people now do not have the money and they hardly have any purchasing power. There is no demand as well. The government should give money in the hands of the common people because they run the economy, not the rich," he said.

Money should be given in the hands of poor people in phases over a period of three to six months, the economist said, adding that if they do not spend that, there is no problem.

Banerjee felt that it is the responsibility of the Centre to look after the migrant workers.

"We have not thought of their problems that they will face. They have no shelter and money in their pockets," he said.

There is a need to issue emergency ration cards to all for a period of three or six months, he said.

"It is the responsibility of the Centre as the migrant workers pass through various states to reach their homes," Banerjee noted.

He said the central government has taken some steps to provide relief to the people, of which extending moratorium on loan repayment is one.

"There is need for taking other steps as well. But the problem is where is the demand," he said.

The MIT professor said there is no dearth of work in India.

"Workers in Delhi and Bangalore are being asked not to leave the states as there are works," he pointed out.

Talking about the nationwide lockdown imposed to contain coronavirus outbreak, he said it has been extended in phases and people were made aware of social distancing and asked to wear masks.

"But that stage is not reached about how to run the economy by maintaining social distancing," he said, adding that it is easier said than done.

Regarding testing of samples, he said India is a big country and the quantum of test should have been more from the beginning.

"We do not know the extent of the coronavirus outbreak as there was no population testing done," he said, adding that more testing should be conducted before lifting the lockdown.

He further said, "More the test, lesser will be the death rates. In West Bengal, the number of tests has increased now. So, the incremental death rate is gradually falling".

On increasing number of COVID-19 cases in the country, he said, "It is rising linearly, not exponentially".&nbsp;

Nobel laureate Abhijit Banerjee has said that there is no certainty that India will gain from shifting of businesses from China in the wake of coronavirus pandemic.

Nobel laureate Abhijit Banerjee has said that there is no certainty that India will gain from shifting of businesses from China in the wake of coronavirus pandemic. Speaking to a Bengali news channel ABP Ananda on Monday evening, Banerjee said that everyone is blaming China for the COVID-19 outbreak as it has origin there. "China is being blamed now for the coronavirus outbreak. Even people are saying that India stands to benefit as businesses will shift from China and come to India. But that may not be true," the economist said. Banerjee, who is also a member of Global Advisory Board formed by the West Bengal government to prepare a roadmap for COVID-19 response in the state, said, "What happens if China depreciates its currency. In that case, Chinese products will be cheaper and people will continue to buy their products". Talking about the proportion of gross domestic product (GDP) planned to be spent by the Centre for a relief package, Banerjee said countries like the US, UK and Japan are spending a high share of their respective GDPs. "India plans to spend less than one per cent of its GDP at Rs 1.70 lakh crore. We should spend much increased proportion of GDP," he said. The Centre had announced a more than Rs 1.70-lakh crore package to alleviate the hardship of the poor hit by economic disruption due to coronavirus outbreak. The Economics Nobel Prize winner said main problem is that people of the country do not have high purchasing power. "The poor people now do not have the money and they hardly have any purchasing power. There is no demand as well. The government should give money in the hands of the common people because they run the economy, not the rich," he said. Money should be given in the hands of poor people in phases over a period of three to six months, the economist said, adding that if they do not spend that, there is no problem. Banerjee felt that it is the responsibility of the Centre to look after the migrant workers. "We have not thought of their problems that they will face. They have no shelter and money in their pockets," he said. There is a need to issue emergency ration cards to all for a period of three or six months, he said. "It is the responsibility of the Centre as the migrant workers pass through various states to reach their homes," Banerjee noted. He said the central government has taken some steps to provide relief to the people, of which extending moratorium on loan repayment is one. "There is need for taking other steps as well. But the problem is where is the demand," he said. The MIT professor said there is no dearth of work in India. "Workers in Delhi and Bangalore are being asked not to leave the states as there are works," he pointed out. Talking about the nationwide lockdown imposed to contain coronavirus outbreak, he said it has been extended in phases and people were made aware of social distancing and asked to wear masks. "But that stage is not reached about how to run the economy by maintaining social distancing," he said, adding that it is easier said than done. Regarding testing of samples, he said India is a big country and the quantum of test should have been more from the beginning. "We do not know the extent of the coronavirus outbreak as there was no population testing done," he said, adding that more testing should be conducted before lifting the lockdown. He further said, "More the test, lesser will be the death rates. In West Bengal, the number of tests has increased now. So, the incremental death rate is gradually falling". On increasing number of COVID-19 cases in the country, he said, "It is rising linearly, not exponentially".

Not sure whether India will gain if businesses shift from China due to COVID-19: Abhijit Banerjee

India should look at Indonesian experiment in context of transfer of funds in the face of the coronavirus-enforced crisis, Nobel laureate Abhijit Banerjee said on Tuesday, asserting that putting cash in the hands of people would be the best way to boost the economy post lockdown.

Banerjee, while talking to Congress leader Rahul Gandhi through video-conferencing, also suggested giving money into the hands of the bottom 60 per cent population to help revive demand.

He was deliberating on the economic impact of the COVID-19 pandemic with Gandhi as part of a series of dialogues broadcast on Congress' social media handles.

Banerjee said that Indonesia has decided it would give cash transfer -- that too through community decision making process.&nbsp;

“The community decides as to who are needy and who get the funds,” he said, adding he worked with the Indonesian government and the approach will not work in a bad manner when compared with centralised targeting.&nbsp;

Banerjee said it was an experience India could learn from.&nbsp;

“In an emergency, it is a good policy,” he said.

Rahul Gandhi countered this, saying that one cannot discount caste bias in the said concept.&nbsp;

To this end, Banerjee said that even centrally targetted schemes are reported to have missed people, "so local authorities should be identified."

"Elite capture of funds cannot be avoided but we must be brave, take a chance and identify local authorities to distribute funds,” he said.

“India has enough stocks and we can continue for a while,” he said.

Rahul Gandhi also questioned him about the centralisation of power -- to which Banerjee replied&nbsp;that migrants should have been tested and should not have been left to the state governments.&nbsp;

"It should have been handled by the Centre."

Banerjee insisted that good NGOs should be roped in. He also suggested that the government should hand out temporary ration cards to people to deal with the problem of food distribution.

On the issue of strongmen politics, he said that US and Brazil are messing the COVID-19 situation.

"This is the time to relook at the strongmen theory and dissuade themselves. These two are pretending as they understand everything,” he said.

Banerjee further said that India should come out with a large enough stimulus package to revive demand. He said it was important for India to announce a large enough stimulus package to deal with the crisis on the lines of what the US, Japan and the Europe are doing

“We need a stimulus package. That’s what the US is doing; Japan is doing; Europe is doing. We really haven’t decided on a large enough stimulus package. We are still talking about 1% of GDP. United States has gone for 10% of GDP,” he said.

India should look at Indonesian experiment in context of transfer of funds in the face of the coronavirus-enforced crisis, Nobel laureate Abhijit Banerjee said on Tuesday, asserting that putting cash in the hands of people would be the best way to boost the economy post lockdown.

India should look at Indonesian experiment in context of transfer of funds in the face of the coronavirus-enforced crisis, Nobel laureate Abhijit Banerjee said on Tuesday, asserting that putting cash in the hands of people would be the best way to boost the economy post lockdown. Banerjee, while talking to Congress leader Rahul Gandhi through video-conferencing, also suggested giving money into the hands of the bottom 60 per cent population to help revive demand. He was deliberating on the economic impact of the COVID-19 pandemic with Gandhi as part of a series of dialogues broadcast on Congress' social media handles. Banerjee said that Indonesia has decided it would give cash transfer -- that too through community decision making process. “The community decides as to who are needy and who get the funds,” he said, adding he worked with the Indonesian government and the approach will not work in a bad manner when compared with centralised targeting. Banerjee said it was an experience India could learn from. “In an emergency, it is a good policy,” he said. Rahul Gandhi countered this, saying that one cannot discount caste bias in the said concept. To this end, Banerjee said that even centrally targetted schemes are reported to have missed people, "so local authorities should be identified." "Elite capture of funds cannot be avoided but we must be brave, take a chance and identify local authorities to distribute funds,” he said. “India has enough stocks and we can continue for a while,” he said. Rahul Gandhi also questioned him about the centralisation of power -- to which Banerjee replied that migrants should have been tested and should not have been left to the state governments. "It should have been handled by the Centre." Banerjee insisted that good NGOs should be roped in. He also suggested that the government should hand out temporary ration cards to people to deal with the problem of food distribution. On the issue of strongmen politics, he said that US and Brazil are messing the COVID-19 situation. "This is the time to relook at the strongmen theory and dissuade themselves. These two are pretending as they understand everything,” he said. Banerjee further said that India should come out with a large enough stimulus package to revive demand. He said it was important for India to announce a large enough stimulus package to deal with the crisis on the lines of what the US, Japan and the Europe are doing “We need a stimulus package. That’s what the US is doing; Japan is doing; Europe is doing. We really haven’t decided on a large enough stimulus package. We are still talking about 1% of GDP. United States has gone for 10% of GDP,” he said.

India can learn from Indonesia in terms of transfer of funds during coronavirus pandemic: Nobel laureate Abhijit Banerjee to Rahul Gandhi

India needs a better opposition which is the heart of any democracy and the ruling party should embrace that to keep it under check, noted economist and Nobel laureate Abhijit Banerjee said here on Sunday.

Speaking at a session at the Jaipur Literature Festival (JLF), the 58-year-old India-born American economist said there was no correlation between the authoritarianism and the economic success.

"You can easily argue that Singapore had a successful dictator and can easily come back and talk about Zimbabwe. We can talk about this ad nauseum… At some level authority is an illusion," he said.

"India needs a better opposition. The opposition is the heart of democracy and the ruling party should want a better opposition to keep it under check," Banerjee said.

The Indian-American innovative MIT economist, his wife Esther Duflo and Harvard professor Michael Kremer jointly won the 2019 Nobel Economics Prize "for their experimental approach to alleviating global poverty".

Elucidating on the ways to ameliorate poverty, he said there was no silver bullet, but many silver pallets.

"Poverty, like cancer, is many problems. There are many diseases. Some people are education poor, some are heath poor and some asset poor. You have to figure out what is missing. Trying to solve everything with one action is unviable to work and never does work," he said.

Banerjee also challenged the dogma that if the poor people are given the money they waste it, become lazy and fall back into poverty. He advocated that the people living in abysmal poverty should be encouraged by giving them assets and freebies.

"There is so much prejudice about the abilities of the poor. Give the very poor some asset. Not lend, but give them an asset. Maybe a cow, some goats or trinkets to sell, then you look at what happens to these people after 10 years. They will be 25 per cent richer, they will be healthier and happier. It encourages them to keep trying and they work harder than the people who didn't get the assets," he said.

"It is sustainable. We have calculated the rate of return on the investment. In India, it is 400 per cent. Net income that it generates is four times the amount you put in. The same experiment was done in Bangladesh for 10 years. It has been exactly the same there," he said, giving references from his work.

He said it was important that the poor are encouraged in the beginning, asserting that these people "actually have never done anything in their lives".

Banerjee also spoke about the crisis in the banking sector.

"We are in a deep cycle. It will take some time to fix things, particularly the banking sector. We don't have the money to do what China did which was to put the money in the banking sector, write off the loans. We cannot really afford that right now," he said.

He stressed that devolution of power and decentralisation were very important for economic success.

"Take China, it has on the ground democracy even though it is such authoritarianism set up. They introduced village elections 20 years ago. The elected leaders go to different places. The intra-province competition is intense. There is the devolution of power. China is much more decentralised than India despite its ruling Communist Party being such a centralised force," he said.

Responding to a question on whether he would accept the post of Reserve Bank of India (RBI) Governor if it was offered to him, Banerjee said, "Absolutely not. Because to be an RBI governor, you better be a macroeconomist."

Asked if he could have won the Nobel Prize based in India, he said, "I don't think so."

"I benefited enormously from a place (MIT) where I had the world's best potential PhD students. And that is important. All this work that I am taking credit for is mostly done by others.

"My students, collaborators, and friends and that are what makes it valuable. It is not that there is the dearth of talent here, but bringing together of people on a large scale changes it. It is hard to do it alone," he said.

Born in Mumbai, Banerjee was educated at the University of Calcutta and the Jawaharlal Nehru University (JNU). He received his PhD from Harvard University and is a professor at the Massachusetts Institute of Technology (MIT).

India needs a better opposition which is the heart of any democracy and the ruling party should embrace that to keep it under check, noted economist and Nobel laureate Abhijit Banerjee said here on Sunday.

India needs a better opposition which is the heart of any democracy and the ruling party should embrace that to keep it under check, noted economist and Nobel laureate Abhijit Banerjee said here on Sunday. Speaking at a session at the Jaipur Literature Festival (JLF), the 58-year-old India-born American economist said there was no correlation between the authoritarianism and the economic success. "You can easily argue that Singapore had a successful dictator and can easily come back and talk about Zimbabwe. We can talk about this ad nauseum… At some level authority is an illusion," he said. "India needs a better opposition. The opposition is the heart of democracy and the ruling party should want a better opposition to keep it under check," Banerjee said. The Indian-American innovative MIT economist, his wife Esther Duflo and Harvard professor Michael Kremer jointly won the 2019 Nobel Economics Prize "for their experimental approach to alleviating global poverty". Elucidating on the ways to ameliorate poverty, he said there was no silver bullet, but many silver pallets. "Poverty, like cancer, is many problems. There are many diseases. Some people are education poor, some are heath poor and some asset poor. You have to figure out what is missing. Trying to solve everything with one action is unviable to work and never does work," he said. Banerjee also challenged the dogma that if the poor people are given the money they waste it, become lazy and fall back into poverty. He advocated that the people living in abysmal poverty should be encouraged by giving them assets and freebies. "There is so much prejudice about the abilities of the poor. Give the very poor some asset. Not lend, but give them an asset. Maybe a cow, some goats or trinkets to sell, then you look at what happens to these people after 10 years. They will be 25 per cent richer, they will be healthier and happier. It encourages them to keep trying and they work harder than the people who didn't get the assets," he said. "It is sustainable. We have calculated the rate of return on the investment. In India, it is 400 per cent. Net income that it generates is four times the amount you put in. The same experiment was done in Bangladesh for 10 years. It has been exactly the same there," he said, giving references from his work. He said it was important that the poor are encouraged in the beginning, asserting that these people "actually have never done anything in their lives". Banerjee also spoke about the crisis in the banking sector. "We are in a deep cycle. It will take some time to fix things, particularly the banking sector. We don't have the money to do what China did which was to put the money in the banking sector, write off the loans. We cannot really afford that right now," he said. He stressed that devolution of power and decentralisation were very important for economic success. "Take China, it has on the ground democracy even though it is such authoritarianism set up. They introduced village elections 20 years ago. The elected leaders go to different places. The intra-province competition is intense. There is the devolution of power. China is much more decentralised than India despite its ruling Communist Party being such a centralised force," he said. Responding to a question on whether he would accept the post of Reserve Bank of India (RBI) Governor if it was offered to him, Banerjee said, "Absolutely not. Because to be an RBI governor, you better be a macroeconomist." Asked if he could have won the Nobel Prize based in India, he said, "I don't think so." "I benefited enormously from a place (MIT) where I had the world's best potential PhD students. And that is important. All this work that I am taking credit for is mostly done by others. "My students, collaborators, and friends and that are what makes it valuable. It is not that there is the dearth of talent here, but bringing together of people on a large scale changes it. It is hard to do it alone," he said. Born in Mumbai, Banerjee was educated at the University of Calcutta and the Jawaharlal Nehru University (JNU). He received his PhD from Harvard University and is a professor at the Massachusetts Institute of Technology (MIT).

'India needs a better opposition': Nobel Laureate Abhijit Banerjee

Nobel Prize winner Abhijit Banerjee, who met Prime Minister Narendra Modi, said on Tuesday that an important point for India is to create a bureaucracy which takes the views of the people into account.

Terming his meeting with Modi as a unique experience, Banerjee said that the prime minister spoke on governance and bureaucracy.

"It was a privilege to have this meeting with the Prime Minister. The Prime Minister was kind enough to give me quite a lot of time and to talk a lot about his way of thinking about India which was quite unique," he said.

"He (Modi) talked about the way he sees governance in particular...and how it, therefore, creates structures of elite control over the governance process," Banerjee added.

The renowned economist revealed how the Prime Minister is taking steps to reform the bureaucracy.

"He also very nicely explained how he is trying to reform bureaucracy to making it more responsive to understand ways in which people's views need to be taken into account and expose them more to the reality on the ground," Banerjee said.

"I think it was a very important point for India to have a bureaucracy that lives on the ground and get its stimulus from how life is on the ground. Without that, we get an unresponsive government," he signed off saying a thank you to Modi for the unique experience.

During the meeting earlier today, Modi said that Banerjee's passion towards human empowerment is clearly visible and the country is proud of his achievements.

"Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," the Prime Minister tweeted alongside a photo of the meeting.

Banerjee, an Indian-origin economist and an academic professor, was jointly awarded the Nobel Prize in Economic Sciences along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty."

The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

Nobel Prize winner Abhijit Banerjee, who met Prime Minister Narendra Modi, said on Tuesday that an important point for India is to create a bureaucracy which takes the views of the people into account.

Nobel Prize winner Abhijit Banerjee, who met Prime Minister Narendra Modi, said on Tuesday that an important point for India is to create a bureaucracy which takes the views of the people into account. Terming his meeting with Modi as a unique experience, Banerjee said that the prime minister spoke on governance and bureaucracy. "It was a privilege to have this meeting with the Prime Minister. The Prime Minister was kind enough to give me quite a lot of time and to talk a lot about his way of thinking about India which was quite unique," he said. "He (Modi) talked about the way he sees governance in particular...and how it, therefore, creates structures of elite control over the governance process," Banerjee added. The renowned economist revealed how the Prime Minister is taking steps to reform the bureaucracy. "He also very nicely explained how he is trying to reform bureaucracy to making it more responsive to understand ways in which people's views need to be taken into account and expose them more to the reality on the ground," Banerjee said. "I think it was a very important point for India to have a bureaucracy that lives on the ground and get its stimulus from how life is on the ground. Without that, we get an unresponsive government," he signed off saying a thank you to Modi for the unique experience. During the meeting earlier today, Modi said that Banerjee's passion towards human empowerment is clearly visible and the country is proud of his achievements. "Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," the Prime Minister tweeted alongside a photo of the meeting. Banerjee, an Indian-origin economist and an academic professor, was jointly awarded the Nobel Prize in Economic Sciences along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty." The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

PM explained how he is trying to reform bureaucracy: Abhijit Banerjee after meeting Modi

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh.

Now, he is going about saying that the Modi Government lacks vision on economic growth.

Addressing a select gathering at the Consulate General of India in New York City recently, the Finance Minister hit back by categorically stating that it was during Raghuram Rajan's time that huge loans were disbursed only on a phone call from crony leaders.

Taking a dig at Manmohan Singh, who was the Prime Minister when all this was happening, Sitharaman said that Manmohan Singh is supposed to have an articulated vision of the Indian economy. She also observed that Indian Public Sector banks did not have the worst phase than when there was this combination of Manmohan Singh as Prime Minister and Raghuram Rajan as Governor of Reserve Bank of India.

On what ails our banks today and what is the genesis of the bad loan crisis. the Finance Minister said Dr Rajan had himself told a Parliamentary Panel that a large number of bad loans could be linked to the period between 2006 and 2008. This is the time when Manmohan Singh was the Prime Minister - so where should the buck stop?

After winning the Nobel Prize in Economics, Abhijit Banerjee is reported to have said: "Indian economy is on shaky ground." "In the last five-six years, at least we could witness some growth, but now that assurance is also gone."

According to Banerjee, in the short term, Modi government policies are not highly simulating. Besides Ujjwala, the other flagship schemes of the Modi Government are not putting cash in the hands of anybody.

If the Finance Minister were to take his advice, Banerjee said that he would probably say, "Get some more money in the hands of the poor and they will spend it."

Its all about increasing consumption but we don’t increase consumption by increasing bank accounts. On the consumption front, both Banerjee and Raghuram Rajan perfectly gel and have the same take. But this is looking at the problem - the state of the national economy - through the keyhole.

Running a country with a vision is more important than building a short-term road map only to woo the voters. The pitfalls of short term policies notwithstanding, Congress leader Rahul Gandhi has chosen to stick to the same plank crafted by the likes of Banerjee and Rajan.

During campaigning for the Maharashtra and Haryana State Assembly election, Rahul Gandhi again took a jibe at Prime Minister Narendra Modi and his Government while taking credit for Mahatma Gandhi Rural Employment Guarantee Scheme that was introduced by the Manmohan Singh Government to ensure money directly reached the poor in the countryside.

Then Rahul had also upped his campaign for the 2019 Parliamentary election by announcing the NYAY scheme, which Abhijit Banerjee had helped conceptualise. After the people of India have rejected this scheme and shown the Congress party its place, Banerjee is again advocating the idea of direct money transfer in a big way. And Rahul is trying to play the game of one-upmanship with Modi on the agenda of neo-patrimonialism.

People appear fully capable of seeing through all this and as far as the outcome of the general election to the State Assemblies of Maharashtra and Haryana is concerned, for the main Opposition Congress, the writing is clear on the wall.

More about Abhijit and his observations about the present state of Indian economy would follow on the basis of analysis of past follies, including the way policies influenced by the Global Research Centre founded by Banerjee and company in the US were tested in a State like Madhya Pradesh - the central Indian State - 1999 onwards and how the people had rejected a popularly elected government moving on this path in the 2003 election, when Madhya Pradesh had the potential but was still devoid of the economic infrastructure and lacked a positive track record in terms of human resource development, which is so essential for economic growth.

1999 was the starting point in Madhya Pradesh when the then State government focused only on imparting training to teachers at the primary school level and totally neglected the issue of schools devoid of basic facilities. There was also a lopsided approach when it came to building the infrastructure and human resource development for the sake of economic growth. In the process, a whole generation has now multiplied in geometric progression, which is barely able to sustain itself and the quality of life for a big section of the population remains a far cry. It is unfortunate that political games are being played over&nbsp;the state of the economy and even acclaimed economists have become a party to political machinations.

 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp; 
&nbsp;

 
&nbsp;

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh.

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh. Now, he is going about saying that the Modi Government lacks vision on economic growth. Addressing a select gathering at the Consulate General of India in New York City recently, the Finance Minister hit back by categorically stating that it was during Raghuram Rajan's time that huge loans were disbursed only on a phone call from crony leaders. Taking a dig at Manmohan Singh, who was the Prime Minister when all this was happening, Sitharaman said that Manmohan Singh is supposed to have an articulated vision of the Indian economy. She also observed that Indian Public Sector banks did not have the worst phase than when there was this combination of Manmohan Singh as Prime Minister and Raghuram Rajan as Governor of Reserve Bank of India. On what ails our banks today and what is the genesis of the bad loan crisis. the Finance Minister said Dr Rajan had himself told a Parliamentary Panel that a large number of bad loans could be linked to the period between 2006 and 2008. This is the time when Manmohan Singh was the Prime Minister - so where should the buck stop? After winning the Nobel Prize in Economics, Abhijit Banerjee is reported to have said: "Indian economy is on shaky ground." "In the last five-six years, at least we could witness some growth, but now that assurance is also gone." According to Banerjee, in the short term, Modi government policies are not highly simulating. Besides Ujjwala, the other flagship schemes of the Modi Government are not putting cash in the hands of anybody. If the Finance Minister were to take his advice, Banerjee said that he would probably say, "Get some more money in the hands of the poor and they will spend it." Its all about increasing consumption but we don’t increase consumption by increasing bank accounts. On the consumption front, both Banerjee and Raghuram Rajan perfectly gel and have the same take. But this is looking at the problem - the state of the national economy - through the keyhole. Running a country with a vision is more important than building a short-term road map only to woo the voters. The pitfalls of short term policies notwithstanding, Congress leader Rahul Gandhi has chosen to stick to the same plank crafted by the likes of Banerjee and Rajan. During campaigning for the Maharashtra and Haryana State Assembly election, Rahul Gandhi again took a jibe at Prime Minister Narendra Modi and his Government while taking credit for Mahatma Gandhi Rural Employment Guarantee Scheme that was introduced by the Manmohan Singh Government to ensure money directly reached the poor in the countryside. Then Rahul had also upped his campaign for the 2019 Parliamentary election by announcing the NYAY scheme, which Abhijit Banerjee had helped conceptualise. After the people of India have rejected this scheme and shown the Congress party its place, Banerjee is again advocating the idea of direct money transfer in a big way. And Rahul is trying to play the game of one-upmanship with Modi on the agenda of neo-patrimonialism. People appear fully capable of seeing through all this and as far as the outcome of the general election to the State Assemblies of Maharashtra and Haryana is concerned, for the main Opposition Congress, the writing is clear on the wall. More about Abhijit and his observations about the present state of Indian economy would follow on the basis of analysis of past follies, including the way policies influenced by the Global Research Centre founded by Banerjee and company in the US were tested in a State like Madhya Pradesh - the central Indian State - 1999 onwards and how the people had rejected a popularly elected government moving on this path in the 2003 election, when Madhya Pradesh had the potential but was still devoid of the economic infrastructure and lacked a positive track record in terms of human resource development, which is so essential for economic growth. 1999 was the starting point in Madhya Pradesh when the then State government focused only on imparting training to teachers at the primary school level and totally neglected the issue of schools devoid of basic facilities. There was also a lopsided approach when it came to building the infrastructure and human resource development for the sake of economic growth. In the process, a whole generation has now multiplied in geometric progression, which is barely able to sustain itself and the quality of life for a big section of the population remains a far cry. It is unfortunate that political games are being played over the state of the economy and even acclaimed economists have become a party to political machinations. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Indian economy not immune to blemishes of politicisation

Prime Minister Narendra Modi met Nobel Prize 2019 winner Abhijit Banerjee here on Tuesday and said that the latter's passion towards human empowerment is visible and the country is proud of his achievements.

Terming his meeting as excellent, Modi said that he had a healthy and extensive interaction with Banerjee on various subjects.

"Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion for human empowerment is visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," the Prime Minister tweeted alongside a photo of the meeting.

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Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours. <a href="https://t.co/SQFTYgXyBX">pic.twitter.com/SQFTYgXyBX</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1186531423110348800?ref_src=twsrc%5Etfw">October 22, 2019</a></blockquote>
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Banerjee, an Indian-origin economist and an academic professor, was jointly awarded the Nobel Prize in Economic Sciences along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty."

The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

Prime Minister Narendra Modi met Nobel Prize 2019 winner Abhijit Banerjee here on Tuesday and said that the latter's passion towards human empowerment is visible and the country is proud of his achievements.

Prime Minister Narendra Modi met Nobel Prize 2019 winner Abhijit Banerjee here on Tuesday and said that the latter's passion towards human empowerment is visible and the country is proud of his achievements. Terming his meeting as excellent, Modi said that he had a healthy and extensive interaction with Banerjee on various subjects. "Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion for human empowerment is visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," the Prime Minister tweeted alongside a photo of the meeting. Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours. pic.twitter.com/SQFTYgXyBX — Narendra Modi (@narendramodi) October 22, 2019 × Banerjee, an Indian-origin economist and an academic professor, was jointly awarded the Nobel Prize in Economic Sciences along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty." The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

PM Modi meets Nobel laureate Abhijit Banerjee, says ‘India proud of his accomplishments’

BSP chief Mayawati on Sunday congratulated Indian-origin economist Abhijeet Banerjee for winning the Nobel Prize in Economic Sciences and stated that every Indian should be proud of this achievement and it should not be seen from a political perspective.

Taking to Twitter, Mayawati lauded Banerjee for his achievement.

"Congratulations to Abhijit Banerjee for the experimental approach to alleviate poverty and winning the Nobel Prize. But it is completely wrong to see this from a political perspective, every Indian should be proud of this achievement," Mayawati tweeted in Hindi.

Banerjee, an Indian-origin economist, and the academic professor was jointly awarded the Nobel Prize in Economic Sciences.

He won the coveted award along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty."

The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.&nbsp; 
&nbsp;

BSP chief Mayawati on Sunday congratulated Indian-origin economist Abhijeet Banerjee for winning the Nobel Prize in Economic Sciences and stated that every Indian should be proud of this achievement and it should not be seen from a political perspective.

BSP chief Mayawati on Sunday congratulated Indian-origin economist Abhijeet Banerjee for winning the Nobel Prize in Economic Sciences and stated that every Indian should be proud of this achievement and it should not be seen from a political perspective. Taking to Twitter, Mayawati lauded Banerjee for his achievement. "Congratulations to Abhijit Banerjee for the experimental approach to alleviate poverty and winning the Nobel Prize. But it is completely wrong to see this from a political perspective, every Indian should be proud of this achievement," Mayawati tweeted in Hindi. Banerjee, an Indian-origin economist, and the academic professor was jointly awarded the Nobel Prize in Economic Sciences. He won the coveted award along with his French-American wife Esther Duflo and American economist Michael Kremer "for their experimental approach to alleviating global poverty." The 58-year-old Kolkata-born economist is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

Abhijit Banerjee's achievement should not be seen from political perspective: Mayawati

By Arnab Bhattacharjee and Mark Schaffer

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 (commonly known as the Nobel Prize for Economics) has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty”. Through the award, the Nobel committee recognised both the significance of development economics in the world today and the innovative approaches developed by these three economists.

Global poverty continues to be a massive challenge. The award follows Angus Deaton, who received it in 2015 for his contributions to development economics – the field that studies the causes of global poverty and how best to combat it – particularly, his emphasis on people’s consumption choices and the measurement of well-being, especially the well-being of the poor.

Well-developed theory can highlight what causes poverty and, based on this, suggest policies to combat it. But it cannot tell us exactly how powerful specific policy measures will be in practice. This is precisely where the contributions of Banerjee, Duflo and Kremer lie. The Nobel citation gives several examples of their impact, including how their research has helped education, health and access to credit for many in the developing world, most famously in India and Kenya.

Consider, for example, child mortality and health – issues of immense significance in the developing world. Theory can tell us that women’s empowerment is important for child health and mortality outcomes, but cannot tell us which policy will be most effective in combating this. It could be a focus on educating mothers, or access to healthcare, or electoral representation, or marital age legislation.

Perhaps, more importantly, theory cannot tell us how large and significant the impact will be of these various policies. And this is where the significance of the Nobel Prize this year comes in.

A new, experimental approach

The fundamental contribution of Banerjee, Duflo and Kremer was to develop an experimental approach to development economics. They built a scientific framework and used hard data to identify causes of poverty, estimate the effects of different policies and then evaluate their cost-effectiveness. Specifically, they developed randomised control trials (RCTs) to do this. They used these to study different policies in action and to promote those that were most effective.

Starting in the mid-1990s, Kremer and co-authors started a series of RCTs on schooling in Kenya, designing field experiments to evaluate the impact of specific policies on improving outcomes. This approach was revolutionary. The experiments showed that neither more textbooks nor free school meals made any real difference to learning outcomes. Instead, it was the way that teaching was carried out that was the biggest factor.

Studies by Banerjee and Duflo, often together with Kremer and others, followed. They initially focused on education, and then expanded into other areas, including health, credit and agriculture.

Banerjee and Duflo were able to use these studies to explain why some businesses and people in less developed countries do not take advantage of the best available technologies. They highlighted the significance of market imperfections and government failures. By devising policies to specifically address the root of problems, they have helped make possible real contributions to alleviating poverty in these countries.

Banerjee, Duflo and Kremer also took significant steps towards applying specific findings to different contexts. This brought economic theories of incentives closer to direct application, fundamentally transforming the practice of development economics, by using practical, verifiable and quantitative knowledge to isolate causes of poverty and to devise adequate policy based on behavioural responses.

The impact of these developments upon real-world development outcomes are immensely significant. Their work, and substantial amounts of research that followed it, established evidence on fighting poverty in many developing countries. And they are continuously expanding their horizon of contributions, which now also includes climate and environmental policy, social networks and cognitive science.

Diversity issues

The 2019 Nobel Prize for Economics is also significant for reasons of inclusivity. The impact generated by Banerjee, Duflo and Kremer’s approach has come about very quickly - actually, in less than two decades. This explains why, at the age of 47, Duflo is the youngest-ever recipient of the economics Nobel. She is also only the second woman to be awarded the prize (after Elinor Ostrom in 2009). Banerjee, who is also her husband, is the third ever non-white recipient (after Arthur Lewis in 1979 and Amartya Sen in 1998).

In a recent issue of the journal Nature, Göran Hansson, head of the Royal Swedish Academy of Sciences that awards the Nobel, highlighted measures to address the imbalance in gender and ethnicity among winners. He said “We are making sure to elect women to the academy” from which the prize-awarding committees for the chemistry, physics and economics Nobels are drawn.

The pipeline to this achievement is important. The first woman to win the John Bates Clark Medal for top economists under 40, an important indicator of who will be awarded the economics Nobel in the future, Susan Athey, only did so in 2007. Esther Duflo was the second winner in 2010. Since then, women winners of the Clark medal have been more frequent. Of course, award decisions are made strictly on significance of contributions. But, based on this evidence, perhaps Athey, Amy Finkelstein (who won the medal in 2012) and Emi Nakamura (who won it in 2019) will not be far behind. 
 
(Arnab Bhattacharjee is Professor of Economics, Heriot-Watt University; Mark Schaffer is Professor of Economics, Heriot-Watt University)

(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/economics-nobel-2019-why-banerjee-duflo-and-kremer-won-125276">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp; 
&nbsp;

 
&nbsp;

By Arnab Bhattacharjee and Mark Schaffer The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 (commonly known as the Nobel Prize for Economics) has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty”.

By Arnab Bhattacharjee and Mark Schaffer The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 (commonly known as the Nobel Prize for Economics) has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty”. Through the award, the Nobel committee recognised both the significance of development economics in the world today and the innovative approaches developed by these three economists. Global poverty continues to be a massive challenge. The award follows Angus Deaton, who received it in 2015 for his contributions to development economics – the field that studies the causes of global poverty and how best to combat it – particularly, his emphasis on people’s consumption choices and the measurement of well-being, especially the well-being of the poor. Well-developed theory can highlight what causes poverty and, based on this, suggest policies to combat it. But it cannot tell us exactly how powerful specific policy measures will be in practice. This is precisely where the contributions of Banerjee, Duflo and Kremer lie. The Nobel citation gives several examples of their impact, including how their research has helped education, health and access to credit for many in the developing world, most famously in India and Kenya. Consider, for example, child mortality and health – issues of immense significance in the developing world. Theory can tell us that women’s empowerment is important for child health and mortality outcomes, but cannot tell us which policy will be most effective in combating this. It could be a focus on educating mothers, or access to healthcare, or electoral representation, or marital age legislation. Perhaps, more importantly, theory cannot tell us how large and significant the impact will be of these various policies. And this is where the significance of the Nobel Prize this year comes in. A new, experimental approach The fundamental contribution of Banerjee, Duflo and Kremer was to develop an experimental approach to development economics. They built a scientific framework and used hard data to identify causes of poverty, estimate the effects of different policies and then evaluate their cost-effectiveness. Specifically, they developed randomised control trials (RCTs) to do this. They used these to study different policies in action and to promote those that were most effective. Starting in the mid-1990s, Kremer and co-authors started a series of RCTs on schooling in Kenya, designing field experiments to evaluate the impact of specific policies on improving outcomes. This approach was revolutionary. The experiments showed that neither more textbooks nor free school meals made any real difference to learning outcomes. Instead, it was the way that teaching was carried out that was the biggest factor. Studies by Banerjee and Duflo, often together with Kremer and others, followed. They initially focused on education, and then expanded into other areas, including health, credit and agriculture. Banerjee and Duflo were able to use these studies to explain why some businesses and people in less developed countries do not take advantage of the best available technologies. They highlighted the significance of market imperfections and government failures. By devising policies to specifically address the root of problems, they have helped make possible real contributions to alleviating poverty in these countries. Banerjee, Duflo and Kremer also took significant steps towards applying specific findings to different contexts. This brought economic theories of incentives closer to direct application, fundamentally transforming the practice of development economics, by using practical, verifiable and quantitative knowledge to isolate causes of poverty and to devise adequate policy based on behavioural responses. The impact of these developments upon real-world development outcomes are immensely significant. Their work, and substantial amounts of research that followed it, established evidence on fighting poverty in many developing countries. And they are continuously expanding their horizon of contributions, which now also includes climate and environmental policy, social networks and cognitive science. Diversity issues The 2019 Nobel Prize for Economics is also significant for reasons of inclusivity. The impact generated by Banerjee, Duflo and Kremer’s approach has come about very quickly - actually, in less than two decades. This explains why, at the age of 47, Duflo is the youngest-ever recipient of the economics Nobel. She is also only the second woman to be awarded the prize (after Elinor Ostrom in 2009). Banerjee, who is also her husband, is the third ever non-white recipient (after Arthur Lewis in 1979 and Amartya Sen in 1998). In a recent issue of the journal Nature, Göran Hansson, head of the Royal Swedish Academy of Sciences that awards the Nobel, highlighted measures to address the imbalance in gender and ethnicity among winners. He said “We are making sure to elect women to the academy” from which the prize-awarding committees for the chemistry, physics and economics Nobels are drawn. The pipeline to this achievement is important. The first woman to win the John Bates Clark Medal for top economists under 40, an important indicator of who will be awarded the economics Nobel in the future, Susan Athey, only did so in 2007. Esther Duflo was the second winner in 2010. Since then, women winners of the Clark medal have been more frequent. Of course, award decisions are made strictly on significance of contributions. But, based on this evidence, perhaps Athey, Amy Finkelstein (who won the medal in 2012) and Emi Nakamura (who won it in 2019) will not be far behind. (Arnab Bhattacharjee is Professor of Economics, Heriot-Watt University; Mark Schaffer is Professor of Economics, Heriot-Watt University) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Economics Nobel Prize 2019: Why Abhijit Banerjee, Esther Duflo and Michael Kremer won

Politicians from various&nbsp;parties and affiliations in the country congratulated <a href="https://www.wionews.com/world/abhijit-banerjee-wife-esther-duflo-win-nobel-prize-in-economics-255829">Abhijit Banerjee, the Indian-origin economist who won the Nobel Prize in Economics</a>. He shared the award with his wife Esther Duflo. They're both professors at the Massachusetts Institute of Technology (MIT). The third co-awardee is Michal Kremer. All the awardees were honoured for their contributions and the experimental approach&nbsp;in the alleviation of poverty.

Prime Minister Narendra Modi tweeted ''Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He has made notable contributions in the field of poverty alleviation.''

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Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He has made notable contributions in the field of poverty alleviation.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1183740421568172034?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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Former Congress President Rahul Gandhi congratulated Banerjee and said ''Congratulations to Abhijit Banerjee on winning the Nobel Prize in Economics. Abhijit helped conceptualise NYAY that had the power to destroy poverty and boost the Indian economy.''

West Bengal Chief Minister Mamata Banerjee tweeted, “Another Bengali has done the nation proud. We are overjoyed.”

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Hearty congratulations to Abhijit Banerjee, alumnus of South Point School &amp; Presidency College Kolkata, for winning the Nobel Prize in Economics. Another Bengali has done the nation proud. We are overjoyed. 
 
জয় হিন্দ । জয় বাংলা ।
— Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/1183689705193213952?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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&nbsp;The Chief Minister of Delhi, Arvind Kejriwal also extended his wishes and said ''Big day for every Indian. Heartiest congratulations to eminent economist Abhijit Banerjee for being among the winners of this year’s Nobel prize for Economics. Work on poverty alleviation gets highest endorsement.''

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Big day for every Indian. 
 
Heartiest congratulations to eminent economist Abhijit Banerjee for being among the winners of this year’s Nobel prize for Economics. Work on poverty alleviation gets highest endorsement.
— Arvind Kejriwal (@ArvindKejriwal) <a href="https://twitter.com/ArvindKejriwal/status/1183690508436066305?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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The General Secretary of the Communist Party of India (Marxist) Sitaram Yechury&nbsp;said ''Prof Abhijit Banerjee, the calumny spread about both Presidency &amp; JNU is rebuffed yet again. You’ve done your alma mater proud, adding further distinction. This is the second Economics Nobel from Presidency!''

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Prof Abhijit Banerjee, the calumny spread about both Presidency &amp; JNU is rebuffed yet again. You’ve done your alma mater proud, adding further distinction. This is the second Economics Nobel from Presidency! <a href="https://t.co/0sbGCAufzV">https://t.co/0sbGCAufzV</a>
— Sitaram Yechury (@SitaramYechury) <a href="https://twitter.com/SitaramYechury/status/1183697452005609477?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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President of India Ram Nath Kovind congratulated Banerjee and tweeted&nbsp;''Congratulations to Abhijit Banerjee, Esther Duflo and Michael Kremer on winning “the Nobel prize” in economic Science “for their experimental approach to alleviating global poverty”. Their research has helped economists better understand how to fight poverty in India &amp; the world.''

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Congratulations to Abhijit Banerjee, Esther Duflo and Michael Kremer on winning “the Nobel prize” in economic Science “for their experimental approach to alleviating global poverty”. Their research has helped economists better understand how to fight poverty in India &amp; the world
— President of India (@rashtrapatibhvn) <a href="https://twitter.com/rashtrapatibhvn/status/1183743579132293120?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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&nbsp;

Politicians from various parties and affiliations in the country congratulated Abhijit Banerjee, the Indian-origin economist who won the Nobel Prize in Economics.

Politicians from various parties and affiliations in the country congratulated Abhijit Banerjee, the Indian-origin economist who won the Nobel Prize in Economics. He shared the award with his wife Esther Duflo. They're both professors at the Massachusetts Institute of Technology (MIT). The third co-awardee is Michal Kremer. All the awardees were honoured for their contributions and the experimental approach in the alleviation of poverty. Prime Minister Narendra Modi tweeted ''Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He has made notable contributions in the field of poverty alleviation.'' Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He has made notable contributions in the field of poverty alleviation. — Narendra Modi (@narendramodi) October 14, 2019 × Former Congress President Rahul Gandhi congratulated Banerjee and said ''Congratulations to Abhijit Banerjee on winning the Nobel Prize in Economics. Abhijit helped conceptualise NYAY that had the power to destroy poverty and boost the Indian economy.'' West Bengal Chief Minister Mamata Banerjee tweeted, “Another Bengali has done the nation proud. We are overjoyed.” Hearty congratulations to Abhijit Banerjee, alumnus of South Point School & Presidency College Kolkata, for winning the Nobel Prize in Economics. Another Bengali has done the nation proud. We are overjoyed. জয় হিন্দ । জয় বাংলা । — Mamata Banerjee (@MamataOfficial) October 14, 2019 × The Chief Minister of Delhi, Arvind Kejriwal also extended his wishes and said ''Big day for every Indian. Heartiest congratulations to eminent economist Abhijit Banerjee for being among the winners of this year’s Nobel prize for Economics. Work on poverty alleviation gets highest endorsement.'' Big day for every Indian. Heartiest congratulations to eminent economist Abhijit Banerjee for being among the winners of this year’s Nobel prize for Economics. Work on poverty alleviation gets highest endorsement. — Arvind Kejriwal (@ArvindKejriwal) October 14, 2019 × The General Secretary of the Communist Party of India (Marxist) Sitaram Yechury said ''Prof Abhijit Banerjee, the calumny spread about both Presidency & JNU is rebuffed yet again. You’ve done your alma mater proud, adding further distinction. This is the second Economics Nobel from Presidency!'' Prof Abhijit Banerjee, the calumny spread about both Presidency & JNU is rebuffed yet again. You’ve done your alma mater proud, adding further distinction. This is the second Economics Nobel from Presidency! https://t.co/0sbGCAufzV — Sitaram Yechury (@SitaramYechury) October 14, 2019 × President of India Ram Nath Kovind congratulated Banerjee and tweeted ''Congratulations to Abhijit Banerjee, Esther Duflo and Michael Kremer on winning “the Nobel prize” in economic Science “for their experimental approach to alleviating global poverty”. Their research has helped economists better understand how to fight poverty in India & the world.'' Congratulations to Abhijit Banerjee, Esther Duflo and Michael Kremer on winning “the Nobel prize” in economic Science “for their experimental approach to alleviating global poverty”. Their research has helped economists better understand how to fight poverty in India & the world — President of India (@rashtrapatibhvn) October 14, 2019 ×

Prime Minister Modi congratulates Abhijit Banerjee on winning Nobel Prize in Economics

Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Prize for Economic Sciences for their work on the experimental approach to alleviating global poverty.

Abhijit Banerjee, born on February 21, 1961, is an Indian-American economist. He is currently the Ford Foundation International Professor of Economics at MIT.

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BREAKING NEWS: 
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”<a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/SuJfPoRe2N">pic.twitter.com/SuJfPoRe2N</a>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183681045591445504?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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2019 Economic Sciences Laureate Esther Duflo, born in 1972, is the second woman and the youngest person to be awarded the Prize in Economic Sciences.

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Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. 
 
Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.<a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/M8kqyxvfxq">pic.twitter.com/M8kqyxvfxq</a>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183682850501136385?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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Michael Kremer is the Gates Professor of Developing Societies in the Department of Economics at Harvard University. He is a Fellow of the American Academy of Arts and Sciences, a recipient of a MacArthur Fellowship and a Presidential Faculty Fellowship, and was named a Young Global Leader by the World Economic Forum. 
 
(With inputs from agencies)

Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Prize for Economic Sciences for their work on the experimental approach to alleviating global poverty.

Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Prize for Economic Sciences for their work on the experimental approach to alleviating global poverty. Abhijit Banerjee, born on February 21, 1961, is an Indian-American economist. He is currently the Ford Foundation International Professor of Economics at MIT. BREAKING NEWS: The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”#NobelPrize pic.twitter.com/SuJfPoRe2N — The Nobel Prize (@NobelPrize) October 14, 2019 × 2019 Economic Sciences Laureate Esther Duflo, born in 1972, is the second woman and the youngest person to be awarded the Prize in Economic Sciences. Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.#NobelPrize pic.twitter.com/M8kqyxvfxq — The Nobel Prize (@NobelPrize) October 14, 2019 × Michael Kremer is the Gates Professor of Developing Societies in the Department of Economics at Harvard University. He is a Fellow of the American Academy of Arts and Sciences, a recipient of a MacArthur Fellowship and a Presidential Faculty Fellowship, and was named a Young Global Leader by the World Economic Forum. (With inputs from agencies)

Indian-origin professor Abhijit Banerjee among three winners of Nobel Prize in Economics

Indian-origin <a href="https://www.wionews.com/world/indian-origin-abhijit-banerjee-among-three-to-receive-economics-nobel-for-work-on-poverty-255810">economist Abhijit Banerjee, 58</a>, was on Monday awarded the Nobel Prize in Economics.

Esther Duflo and Michael Kremer were also named as&nbsp;co-winners of the prestigious award.

The trio was&nbsp;selected for their contribution in "experimental approach to alleviating global poverty."

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Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. 
 
Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.<a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/M8kqyxvfxq">pic.twitter.com/M8kqyxvfxq</a>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183682850501136385?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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Abhijit Banerjee, an Indian-American&nbsp;born in Kolkata, is currently the Ford Foundation international professor of Economics at the Massachusetts Institute of Technology(MIT).

Banerjee completed his bachelor's degree in economics at Presidency College, Kolkata and later gained a Masters degree in Economics from Jawaharlal Nehru University(JNU) in Delhi.

He has also been a professor at Harvard where he completed his Ph.D.&nbsp;

Banerjee shared the award with his wife Esther Duflo. Born in Paris, Esther, 46, is also a professor at MIT. In 1999, Abhijit was the joint supervisor of Esther's Ph.D&nbsp;in Economics.&nbsp;They were married in 2015 and have a son.&nbsp;

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"Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve." 
 
- Esther Duflo at today's press conference announcing her prize. <a href="https://t.co/vTVBus80Hv">pic.twitter.com/vTVBus80Hv</a>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183687164791590912?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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Esther is the second woman and the youngest person to be awarded the Prize in Economic Sciences.&nbsp;

During the press conference after the award was announced, &nbsp;Esther Duflo said: "Showing that it is possible for a woman to succeed and be recognised for success."&nbsp;

"I hope it is going to inspire many, many other women to continue working and many other men to give them the respect they deserve," Duflo added.

Indian-origin economist Abhijit Banerjee, 58, was on Monday awarded the Nobel Prize in Economics. Esther Duflo and Michael Kremer were also named as co-winners of the prestigious award.

Indian-origin economist Abhijit Banerjee, 58, was on Monday awarded the Nobel Prize in Economics. Esther Duflo and Michael Kremer were also named as co-winners of the prestigious award. The trio was selected for their contribution in "experimental approach to alleviating global poverty." Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.#NobelPrize pic.twitter.com/M8kqyxvfxq — The Nobel Prize (@NobelPrize) October 14, 2019 × Abhijit Banerjee, an Indian-American born in Kolkata, is currently the Ford Foundation international professor of Economics at the Massachusetts Institute of Technology(MIT). Banerjee completed his bachelor's degree in economics at Presidency College, Kolkata and later gained a Masters degree in Economics from Jawaharlal Nehru University(JNU) in Delhi. He has also been a professor at Harvard where he completed his Ph.D. Banerjee shared the award with his wife Esther Duflo. Born in Paris, Esther, 46, is also a professor at MIT. In 1999, Abhijit was the joint supervisor of Esther's Ph.D in Economics. They were married in 2015 and have a son. "Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve." - Esther Duflo at today's press conference announcing her prize. pic.twitter.com/vTVBus80Hv — The Nobel Prize (@NobelPrize) October 14, 2019 × Esther is the second woman and the youngest person to be awarded the Prize in Economic Sciences. During the press conference after the award was announced, Esther Duflo said: "Showing that it is possible for a woman to succeed and be recognised for success." "I hope it is going to inspire many, many other women to continue working and many other men to give them the respect they deserve," Duflo added.

Indian-American professor Abhijit Banerjee, wife Esther Duflo win Nobel Prize in Economics

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