Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / It's bad: What Nobel-winner Abhijit Banerjee said about Indian economy
  • India

    It's bad: What Nobel-winner Abhijit Banerjee said about Indian economy

    Shalini Ojha
    Written by
    Shalini Ojha
    Twitter
    Last updated on Oct 15, 2019, 12:23 pm
    It's bad: What Nobel-winner Abhijit Banerjee said about Indian economy
  • On Monday, Indian-born Abhijit Banerjee was rewarded the Nobel Prize, along with his wife Esther Duflo and Michael Kremer for their experimental approach to alleviate poverty.

    Naturally, Indians rejoiced and said awesome things about Banerjee. On the contrary, he didn't have good words for the Indian economy. He said the economy is doing "very badly".

    Here's more on what he said.

  • In this article
    Why were they given the Nobel? The economy is doing badly in my view: Banerjee Last week, Banerjee said PMO's interference should reduce No one has the decision making power except PMO Institutions have become zombies, are frozen, Banerjee had commented Not mincing words, Banerjee said we are in a crisis Banerjee was also critical of demonetization
  • Prize

    Why were they given the Nobel?

    Why were they given the Nobel?
  • The Swedish Academy appreciated the work the trio did over the years. "In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research," the Academy said.

    Interestingly, Duflo is only the second woman to get the honor, and the youngest person to be awarded the Nobel for Economics.

    They have certainly created history.

  • What he said

    The economy is doing badly in my view: Banerjee

    The economy is doing badly in my view: Banerjee
  • Addressing press at MIT after he won the award, Banerjee said, "The economy is doing very badly in my view."

    In yet another interview with CNBC-TV18, he said, "I think there is always a little bit of a willingness in India to announce a policy because they sound good or they have a political purpose."

    He said the policies should be evaluated carefully.

  • Looking back

    Last week, Banerjee said PMO's interference should reduce

    Last week, Banerjee said PMO's interference should reduce
  • This is not the first time Banerjee has expressed his apprehensions about the Indian economy.

    Speaking at Brown University last week, he credited moves like demonetization and implementation of Goods and Services Tax (GST) for the "slow demand".

    He also called for less interference from the Prime Minister's Office (PMO), and suggested institutions should be strengthened.

  • Quote

    No one has the decision making power except PMO

  • Further, he said all decisions are taken by the PMO. "They say 'ok wait, we will check with the PMO'. PMO is busy, so nothing happens," said the economist. He also pointed out that the average consumption has gone down in the last four years.

  • Observations

    Institutions have become zombies, are frozen, Banerjee had commented

    Institutions have become zombies, are frozen, Banerjee had commented
  • Reportedly, Banerjee also said this government started "recentralizing" decisions as it thought "too much power" was given to institutions. He exclaimed that although people were put at the top, they didn't have real authority.

    So, now institutions have gone from being hyperactive, in the UPA era, to "zombies", he noted.

    "Zombies are the worst because now you are completely frozen in a sense," he said.

  • Quote

    Not mincing words, Banerjee said we are in a crisis

  • "Investment has totally collapsed by factor of 75%. Exports are not growing. I think this is a crisis. We don't call it a crisis if we want, we can say it could be a crisis, but I think we are in a crisis," he stated.

  • Details

    Banerjee was also critical of demonetization

  • As it turns out, Banerjee isn't a fan of demonetization either. He didn't quite understand the "logic" of swapping old Rs. 500 and Rs. 1,000 notes with new Rs. 500 and Rs. 2,000 notes.

    He said the informal sector faced the brunt of this decision, taken in November 2016, as most of its transactions happened in cash.

    Many believe DeMo laid roots for the current crisis.

  • India
  • Narendra Modi
  • UPA
  • Nobel Prize
  • Prime Minister
  •  
Latest News
  • Coronavirus: India's tally reaches 11.15 million with 17K+ new cases
    Coronavirus: India's tally reaches 11.15 million with 17K+ new cases
    India
  • NewsBytes Briefing: Twitter brings Clubhouse to the masses, and more
    NewsBytes Briefing: Twitter brings Clubhouse to the masses, and more
    Science
  • What causes sleep apnea? Its symptoms and long term effects
    What causes sleep apnea? Its symptoms and long term effects
    Lifestyle
  • Realme 8's key specifications revealed in an official teaser
    Realme 8's key specifications revealed in an official teaser
    Science
  • Samsung Galaxy A50s receives new camera features via OTA update
    Samsung Galaxy A50s receives new camera features via OTA update
    Science
Related Timelines
  • What Nobel laureate Joseph Stiglitz said about India's COVID-19 fight
    What Nobel laureate Joseph Stiglitz said about India's COVID-19 fight
    India
Trending Topics
ISRO Vaccine
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Rahul Gandhi Yoga Honda
Batman Football News BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Royal Challengers Bangalore Toyota
Fashion Tips Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers Neha Kakkar
Big Bang Theory X-Men TATA Royal Enfield
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021