Indian American along with 2 others win 2019 Nobel Economics Prize

Indian American Abhijith Banerjee, his wife Esther Duflo and Michael Kremer jointly won the 2019 Nobel Economics prize on Monday for their experimental approach to alleviating global poverty. The prize includes 9 Million-Kronor cash, with a Gold Medal and a diploma. The three members will equally share the money.

In the statement, the Nobel committee said, "The research conducted by this year's Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research."

Benerjee aged 58, is an alumnus of south point school and presidency of the college, Calcutta, where he completed his degree in economics in 1981. He is currently working for the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.

The presidency university said that it was a proud moment for the institute that one is the alumni and the other is the mentor group members are the joint winner of 2019 Nobel Prize.

The academy said, "As a direct result of one of their studies, more than five million Indian children have benefitted from effective programs of remedial tutoring in schools".

To this, they also added, "Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries."

Duflo said at the press conference soon after the announcement "Showing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve."

Kremer aged 54, is a developed economist who is currently working as the Gates Professor of Developing Societies at Harvard University.