It is a matter of pride to see a person of Indian-origin Abhijit Banerjee bagging the most prestigious Nobel Prize in Economic Sciences.
My FB friend Mr. Dhananjay Masoorkar informative blog piqued my interest in this topic and prompted me to delve into further.
Mr. Banjerjee received this prize along with Esther Duflo and Michael Kremer for their experimental approach to alleviating poverty. Mr. Banerjee has been highly critical of India’s economic policies which he terms as merely political and not practical. He suggested that the rich should be taxed more for the country’s growth. The have-nots in the country to be given a lift. We see despite investing huge amounts in poverty alleviation, right from Mrs. Gandhi’s “Garibi Hatao” to the policies of the present government, India continues to remain underdeveloped. The failure to alleviate poverty shows a wide gap in the formulation of policies and implementation.
Mr. Banerjee, a professor in Economics at MIT, 1961born, in Mumbai, studied in Calcutta, JNU, and has a Ph.D. from Harvard. In 2003 he along with his wife established Abdul Lateef Jameel Poverty Action Lab, a global research center that focuses on reducing poverty.
I was astonished to note that 4 years ago only, he warned of a great crisis in the Indian Economy. Specifically, it seems, he talked about India’s “broken” banking and financial sector. And the frightening scale of bankruptcy in its corporate sector, particularly in infrastructure and power, I believe. It was also mentioned that during his student protest days, in JNU, Abhijit had to spend about 10 days in Tihar jail, fortunately, he did so in a climate unlike today’s, in which student agitators are dubbed as “anti-nationals” or being dubbed as "tukde-tukede" gang members. His Nobel prize validates dissent and the questioning of authority as markers of intellectual curiosity.
Both husband and wife, Esther and Abhijit, were of opinion that Demonetisation will have catastrophic consequences for the Indian Economy. Back in 2016, a month after the government ‘s great folly. It seems, Esther told an interviewer that she feared we would never know the full damage of Demonetisation because India lacked an effective mechanism to measure GDP creation in the Economy. It is also reported that Abhijit has continued to emphasise that our current slowdown has been exacerbated by Demonetisation as well as the sloppily implemented GST. According to him, India is now in crisis: investment has collapsed, Exports are not growing, public borrowing is at nearly 10% of GDP. He, therefore, advocated increasing in demand. Let us see if the government listens, and the same had been pointed out by P Prabhakar, the other day, and is getting trolled, in Telugu for pointing out the serious economic situation in the country.
My FB friend Mr. Dhananjay Masoorkar informative blog piqued my interest in this topic and prompted me to delve into further.
Mr. Banjerjee received this prize along with Esther Duflo and Michael Kremer for their experimental approach to alleviating poverty. Mr. Banerjee has been highly critical of India’s economic policies which he terms as merely political and not practical. He suggested that the rich should be taxed more for the country’s growth. The have-nots in the country to be given a lift. We see despite investing huge amounts in poverty alleviation, right from Mrs. Gandhi’s “Garibi Hatao” to the policies of the present government, India continues to remain underdeveloped. The failure to alleviate poverty shows a wide gap in the formulation of policies and implementation.
Mr. Banerjee, a professor in Economics at MIT, 1961born, in Mumbai, studied in Calcutta, JNU, and has a Ph.D. from Harvard. In 2003 he along with his wife established Abdul Lateef Jameel Poverty Action Lab, a global research center that focuses on reducing poverty.
I was astonished to note that 4 years ago only, he warned of a great crisis in the Indian Economy. Specifically, it seems, he talked about India’s “broken” banking and financial sector. And the frightening scale of bankruptcy in its corporate sector, particularly in infrastructure and power, I believe. It was also mentioned that during his student protest days, in JNU, Abhijit had to spend about 10 days in Tihar jail, fortunately, he did so in a climate unlike today’s, in which student agitators are dubbed as “anti-nationals” or being dubbed as "tukde-tukede" gang members. His Nobel prize validates dissent and the questioning of authority as markers of intellectual curiosity.
Both husband and wife, Esther and Abhijit, were of opinion that Demonetisation will have catastrophic consequences for the Indian Economy. Back in 2016, a month after the government ‘s great folly. It seems, Esther told an interviewer that she feared we would never know the full damage of Demonetisation because India lacked an effective mechanism to measure GDP creation in the Economy. It is also reported that Abhijit has continued to emphasise that our current slowdown has been exacerbated by Demonetisation as well as the sloppily implemented GST. According to him, India is now in crisis: investment has collapsed, Exports are not growing, public borrowing is at nearly 10% of GDP. He, therefore, advocated increasing in demand. Let us see if the government listens, and the same had been pointed out by P Prabhakar, the other day, and is getting trolled, in Telugu for pointing out the serious economic situation in the country.
