Indian economy 'doing very badly', says Nobel awardee Abhijit Banerjee

Indian-American Abhijit Banerjee, who jointly won the 2019 Nobel Economics Prize with his wife Esther Duflo and Harvard's Michael Kremer, said on Monday that the Indian economy is doing very badly even as the government is increasingly recognising that there is a problem.

"The economy is doing very badly in my view," he told a press conference at the Massachusetts Institute of Technology after wining the prize.When asked about his opinion on the state of the economy in India and its future, he said, "That's a statement not about what will work in the future but about what's going on now. That I'm entitled to have an opinion about."

Banerjee, Duflo and Harvard professor Kremer jointly won the 2019 Nobel Economics Prize "for their experimental approach to alleviating global poverty". Banerjee and French-American Duflo both work at the Massachusetts Institute of Technology (MIT) while Kremer is at Harvard University.

In 2003, Banerjee founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Duflo and Sendhil Mullainathan, and he remains one of its directors. He also served on the UN Secretary-General's High-level Panel of Eminent Persons on the Post-2015 Development Agenda.