Economist Abhijeet Vinayak Banerjee received the Nobel Prize in economics in Sweden along with his wife Esther Duflo and colleague Michael Kremer. All three were honoured for their detailed research on the subject of “an experimental approach to alleviating global poverty”.
Three economists were awarded medals at the ceremony and will also share the prize money of nine million Swedish Krona (Rs. 6.7 crores).
At the ceremony, Abhijeet Banerjee looked elegant in black bandhgala paired with off-white Dhoti and his wife wore a graceful blue saree.
Banerjee was born in Mumbai and is an Alumni of Kolkata’s Presidency College. He is the second Indian-origin economist to win Nobel Prize after Amartya Sen.
Abhijeet Banerjee and his wife Esther Duflo are professors of economics at Massachusetts Institute of Technology (MIT), while their colleague Michael Kremer is a professor at Harvard University.
According to the Nobel citation, their research will help in improving the condition from global poverty. Also, according to other economist, their work will help in “redefining” development and will lead a lot of positive results towards poverty alleviation in the future.