Economy on a shaky ground: Nobel winner

New Delhi: Indian-American Abhijit Banerjee, who was on Monday awarded 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. "The condition of 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 economist, who bagged the coveted prize jointly with his wife Esther Duflo and another 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.

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

Congress president Sonia Gandhi congratulated Abhijit, besides Esther Duflo and Michael Kramer, for receiving the Nobel Prize in Economic Sciences, while party leader Rahul Gandhi said Banerjee helped the Congress conceptualise its "Nyay" scheme.

"Apart from making the nation of his origin proud by this spectacular achievement, Prof Banerjee's and his fellow recipient's work in 'experimental approach to alleviating global poverty' had helped millions across the globe, including India, come out of poverty.

Their methodology, approach and experiments were exemplary and of extreme contemporary relevance. His recognition as a Nobel laureate has delighted every Indian," Sonia Gandhi said in a statement.

Congratulating Banerjee, Congress leader Rahul Gandhi said he had helped the party conceptualise its "Nyay" scheme to help remonetise the economy. "Congratulations to Abhijit 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," he said on Twitter.

Abhijit was the inspiration behind the Delhi government's education reform scheme "Chunauti" to put a check on dropout rate of the students, Delhi Chief Minister Arvind Kejriwal said.

"Abhijit Banerjee's pathbreaking work has also benefitted lakhs of children studying in Delhi govt schools. One of Delhi govt's most imp education reform 'Chunauti' has transformed govt school classroom teaching.

It is based on the model developed by him. Nobel laureate Amartya Sen said he was "very very happy and delighted" over Abhijit Vinayak Banerjee jointly winning the Nobel in Economics. Sen had won the same award in 1998 for his contribution to welfare economics.

Abhijit' s mother Nirmala Banerjee declared, in mock anger, "I haven't spoken to my son (since the award was announced) but I did speak to him last night.

He did not mention this then. I will tell him off... he should have told me about it". A proud mother and an economist herself, Mrs Banerjee went on to describe her son's work as relating to the study of poverty and the shaping of public policy aimed at its eradication.

As Kolkata celebrates city boy Abhijit Banerjee's Nobel glory, his classmate and school teacher remember the MIT professor to be introvert and unassuming in school, who showed sparks of brilliance from a tender age.

Sharmila Dey, Banerjee's batchmate at South Point School, said she feels extremely proud to have shared the same class room in South Point during 1971-78.

"We were always impressed by the manner in which he used to solve problems in the mathematics class. Beyond academics, he took great interest in sports, especially football," she told PTI

The Presidency University, Jawaharlal Nehru University and South Point School in the city, the alma mater of Nobel laureate for economics Abhijit Banerjee on Monday expressed their pride and happiness over his being named as a joint winner of the prestigious award.

"The entire family of Presidency feels immensely proud of Banerjee. He said Presidency feels happy that two of its alumni members - Amartya Sen and now Banerjee have been chosen for Nobel in Economics, for their works.

"Banerjee had been a member of our mentor group and has always offered us valuable suggestions about the economics department ... Whenever he visits Kolkata he makes it a point to visit his alma mater with which he is still associated," Presidency University registrar Debajyoti Konar said.

Professor Anjan Mukherjee, who taught Banerjee at the Centre For Economic Studies and Planning, JNU, said he has sent his former student a congratulatory email. Banerjee had pursued his masters in economics from JNU.

"He (Banerjee) was a very good student, among the best that we have taught. We always expected that he would go far and he did."