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Nobel for stern critic of Indian govt's eco vision

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Four years ago, an Indian-origin economist from MIT had warned of a great crisis in the Indian economy. Specifically, he had talked about India’s “broken” banking and financial sector and the frightening scale of bankruptcy in its corporate sector, particularly in infrastructure and power.

Nobody had paid much attention then. Who, after all, was a not-so-well-known economist from America to preach about India? Our economic leaders knew better.

Today, however, almost everyone acknowledges that those observations were spot on.

The economist who had warned that India was riding a tiger and there was no use pretending there is no crisis, was none other than Dr Abhijit Vinayak Banerjee, Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT). He is among the three people this week who shared the Economics Nobel Prize for their work on finding solutions to fight poverty.

Dr Banerjee joins the small list of Indians who have won the Nobel Prize which includes among others legends such as poet Rabindranath Tagore (India’s first Nobel Prize winner), scientist C.V. Raman, geneticist Har Gobind Khorana and economist Amartya Sen, besides of course adopted Indian Mother Teresa of Calcutta.

Dr Banerjee along with his wife and fellow economist, Esther Duflo, both from MIT, and Michael Kremer from Harvard University together won the world’s most prestigious economics prize for their work. The jury of the Royal Swedish Academy of Sciences said this year’s “laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global........

© The Asian Age