Indian economy is on a shaky ground: Nobel awardee Banerjee

Kolkata, October 14

Indian-American Abhijit Banerjee, who on Monday won the 2019 Nobel for Economics, said Indian economy is on a shaky ground.

The data currently available do not hold any assurance for the country’s economic revival anytime soon, he stated.

“Indian economy is on a shaky ground. After witnessing the present (growth) data, just can’t be sure about it (revival of economy in near future).

“In the last five-six years, at least we could witness some growth, but now that assurance is also gone,” Banerjee told a news channel from the US.

The 58-year-old, who bagged the coveted prize jointly with wife Esther Duflo and economist Michael Kremer for his “experimental approach to alleviating global poverty”, said he never thought he would get a Nobel so early in his career.

“I was quite taken aback after my name was announced.

Never thought, I would get it so early. I thought I would be getting it after at least 10 years...

“We have been working on the subject for the last twenty years. We tried offering solutions towards alleviation of poverty,” Banerjee said.

He also maintained that days spent in Kolkata have helped him understand “various aspects” during his two- decade-long research.

“I have been to several countries for my research work. My childhood experiences, teenage years in Bengal have also helped me understand several aspects during the initial years of my research,” he said.

An alumnus of Presidency College (now University), Jawaharlal Nehru University (JNU) and Harvard University, Banerjee had received his PhD in 1988.

He is currently the Ford Foundation International Professor of Economics at the MIT.

Asked about his reaction on hearing about the big win, the Nobel laureate said he went to sleep after the news arrived.

“After hearing about it, I slept for 40 minutes straight as I knew I will have too many calls to attend once I wake up. I haven’t been able to call my mother yet will speak to her soon,” he added. — PTI