Indian economy on a shaky ground, says Nobel awardee Abhijit Banerjee
BusinessToday.In October 14, 2019
Indian-American economist Abhijit Banerjee, who won the Nobel Memorial Prize for Economic Sciences on Monday, reportedly said Indian economy is on a shaky ground.
The Mumbai-born Nobel Laureate said the data presently available do not hold any assurance for the country's economic revival anytime soon, reported news agency PTI.
"The condition of the Indian economy is on a shaky ground. After witnessing the present (growth) data, just can't be sure about it (revival of the 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 real GDP growth of India has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%.
Banerjee, 58, won this years' Nobel Prize in Economics along with wife Esther Duflo and Michael Kremer for their "experimental approach to alleviating global poverty." The economist said he never thought he would get a Nobel so early in his career.
"I have been doing this research for the last twenty years. We have tried offering solutions towards alleviation of poverty," Banerjee added.
Banerjee has also joined the eminent list of Indians and people of Indian-origin to bag one of the most illustrious awards in the world in various fields such as Physics, Chemistry, Peace, Economic Sciences and Medicine.
In 1998, Kolkata-born economist Amartya Sen had won the Nobel for Economic Sciences "for his contributions to welfare economics."
Edited by Chitranjan Kumar with PTI inputs