Indian economy is on shaky ground, says Banerjee

Indian-american Abhijit Banerjee, who won the 2019 Nobel for Economics on Monday, said the Indian economy was on shaky ground.

“The Indian economy is on 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 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. I thought I would be getting it after at least 10 years... We have been working on the subject for the last 20 years. We tried offering solutions towards alleviation of poverty,” said Banerjee.

He said days spent in Kolkata 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.

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 said.