English
New Delhi: Indian-origin economist Abhijit Banerjee won the 2019 Nobel Economics Prize along with wife Esther Duflo, and another scientist Michael Kremer for their experimental approach to alleviating global poverty. The 58-year-old economist, who completed his Masters from JNU, has time and again talked about Indian economy.
Economy on shaky ground
The data currently available do not hold any assurance for the country’s economic revival anytime soon, the economist said as quoted by PTI. “The condition of the Indian economy is on shaky ground. After witnessing the present (growth) data, just can’t be sure about it (revival of the economy in the near future). “In the last five-six years, at least we could witness some growth, but now that assurance is also gone,” he added.
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
Demonetisation not effective
According to reports, the Nobel laureate was critical of the decision of demonetisation. In a paper, he wrote that the note-ban led to a massive liquidity crunch. the brunt was borne by the informal sector where 85 per cent or more of the Indian labour force is employed.
Congratulations #AbhijitBanerjee on being awarded the 2019 Nobel Prize for your contribution for easing poverty. #JNU Also wishing Esther Duflo and Michael Kremer. #NobelPrize2019
— Nirmala Sitharaman (@nsitharaman) October 14, 2019
On microfinance
Banerjee backed India’s microfinance experiment saying that short-term access to credit allows a significantly higher proportion of talented entrepreneurs to scale up their businesses.
On investment
At Brown University last week, Banerjee reportedly talked about Centre’s big-ticket economic decisions. “I talk to my business friends. And they say that it is impossible to invest, you don’t know who is going to call you up and say that’s not the right thing to do,” he said, as reported by NDTV. “They say ‘ok wait, we will check with the PMO’. PMO is busy, so nothing happens,” he reportedly said.
Congratulations to #AbhijitBanerjee on winning the Nobel Prize in Economics.
Abhijit helped conceptualise NYAY that had the power to destroy poverty and boost the Indian economy.
Instead we now have Modinomics, that’s destroying the economy and boosting poverty. https://t.co/joBYusVFKT
— Rahul Gandhi (@RahulGandhi) October 14, 2019
Nyuntam Aay Yojana
Before announcing its Nyuntam Aay Yojana or the minimum income scheme, the Congress had consulted Abhijit Banerjee. According to reports, Banerjee had suggested a minimum income guarantee of Rs 2,500 per month, keeping in mind the fiscal discipline. The Congress went ambitious and announced a scheme of Rs 6,000 per month.
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