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Economics Nobel for India-born Abhijit Banerjee, two others

Economics Nobel for India-born Abhijit Banerjee, two others

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

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

"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.

Banerjee, an internationally renowned Economist and an alumnus of Presidency College, shared the Nobel with his wife Esther Duflo, and Michael Kremer won the Nobel Prize in Economics in 2019.

Banerjee is currently the Ford Foundation International Professor of Economics at the US-based Massachusetts Institute of Technology (MIT).

Banerjee, born in 1961 in Mumbai, bagged the award for his "experimental approach to alleviating global poverty".

The 58-year-old economist received his PhD in 1988 from Harvard University.

After graduating from Presidency College Banerjee had moved to the Economics department of Jawaharlal Nehru University and later went to Harvard.

He is the author of a large number of articles and four books, including 'Poor Economics', which won the Goldman Sachs Business Book of the Year Award in 2011.

The 'Poor Economics' has been translated into more than 17 languages.

Prime Minister Narendra Modi on Monday congratulated Indian-American Abhijit Banerjee on winning the Nobel Prize for Economics, saying he has made notable contributions in the field of poverty alleviation.

Congratulating Banerjee Chief Minister Mamata Banerjee tweeted "Hearty congratulations to Abhijit Banerjee, an 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."

Son of renowned Economist and former head of the Department of Economics of Presidency College Dipak Banerjee and Professor Nirmala Banerjee, Abhijit got his initial training in Economics from his parents. "I have read many of his articles, and he has been engaged in poverty alleviation programme for many years. During his visit to Kolkata, I often talked with him on this subject along with his spouse Esther. I am very happy that he has got the Nobel Prize," said Nirmala Banerjee, a proud mother.

Kolkata's South Point School on its facebook page wrote: "Many congratulations to Prof. Abhijit Vinayak Banerjee (South Pointer of 1978 HS batch) for being one of the recipients this year for this unparalleled honour ."

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