For the longest time, the country has seemingly emerged in myriad groups when it comes to shedding light on the state of the Indian economy. There’s no commonness to this bit of narrative; whether or not there’s serious concern staring at the Indian Economy! What is the Nobel awardee Abhijit Banerjee’s take on the Indian economic slowdown?
Truth be told, when it comes to giving key insight on the matter of current economic growth, there can hardly be any parity of thought given the divergent sources of information that feed us and serve us from the standpoint of knowledge.
What’s known and accepted as common knowledge is that there’s definitely a slowdown in the global economy and that one can be sure of the same slowly settling down the Indian economy – something that’s accepted sans much debate.
But when the recent Nobel awardee Mr. Abhijit Banerjee happened to shed some light on this subject, what followed were curious minds and unblinking eyes following the train of thought of someone who’s no less than a Nobel Prize winner.
The Indian-American economist was awarded the priceless and highly-revered Nobel Prize in Economics for 2019 as recently as on Monday. So when Abhijit Banerjee opened up on the current state of the Indian economy, one felt that profound knowledge was coming from ‘the right source.’
So what exactly does the recent Nobel awardee think of the state of the Indian economics?
Here’s what one needs to know:
The data currently available do not hold any assurance for the country’s economic revival anytime soon, he stated.
“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, we could at least witness some growth, but now that assurance is also gone,” Mr. Banerjee told a news channel from the U.S.
The experienced and highly successful economist has been recognized for his tireless service to the field of economics and is one of the most successful economists of his times. In the past several years (altogether), Abhijit Banerjee has been working tirelessly toward the critical subject of poverty alleviation.
He also added the following in addition to his views on the state of the Indian economy:
“I have been doing this research for the last twenty years. We have tried offering solutions towards alleviation of poverty,” Mr. Banerjee, who is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT), said.
In addition to the above, it is worthwhile to know that the 58-year-old economist happened to win the Nobel Prize jointly with his wife Ms. Esther Duflo along with another economist Michael Kremer toward a particular subject: “experimental approach toward alleviating global poverty.”
Suggested Read: How Serious Is The Global Slowdown In India?
But that said, here is what may surprise most of us in connection with the Indo-American economist. Upon receiving the prestigious award, Abhijit Banerjee confessed that he was pleasantly surprised at receiving the coveted honor as he had not expected to be at the receiving end of the great honor quite early in his career.