Monday was a very special day for the country as an Indian born, brought up and educated person won the Economics Nobel, world’s highest honour in the subject. Professor Abhijit Banerjee has made every Indian proud by jointly winning the prize for a pioneering and path-breaking experimental approach seeking solutions to global poverty. In an eerie coincidence, the moment of elation has come at a time when the Indian economy is stuttering and gasping for breath. Naturally, along with the deluge of congratulations, the Nobel Laureate had to face questions seeking his views on the current state of economy of his motherland. Interestingly, he hasn’t resorted to beating around the bush and succinctly expressed his opinion which can be summed up in a line- “Indian economy is doing very badly.” This statement carries a special weight not only because it has come from a Nobel winner but also because of the fact that it has come from a person who is absolutely free from any compulsion of ‘appeasing’ any quarter. It’s an unbiased comment which has come from a top ranking academician who has pointed out that something is terribly wrong with the country’s economy. In the current hush-hush atmosphere when there is a noticeable tendency of reluctance to accept even that there is an economic slowdown, this will no doubt act as a new fuel to the unending discussions and brain-racking process currently going on to search a viable set of solutions.
That the economy is in dire straits is now true as daylight and it will be a big bore rather to highlight the specific details of illness. Although many theories are doing rounds regarding causes, a general feeling that the current woes have its origin in demonetisation which will complete three years on November 8 next, even if uncomfortable, is gradually getting ubiquitous. Debates centering around the demonetisation-effect have been raging high and will no doubt continue. But, in this context, it will be worth recalling that the Nobel Laureate who is highly regarded for his on-the-ground experiment-based approach in exploring strategies for solutions to poverty had been critical of demonetisation and expressed his apprehension regarding the possible aftermath long before being conferred with the award. The way things are going shows that he had been quite correct in his predictions. When asked about solutions, he also said that as the economy is on a shaky ground and slowing very fast, it’s time for the government to make policies which will actually work and not the policies which they imagine will work.
Over the next few weeks, it is expected that there will be further advices from India’s second Nobel Laureate in Economics. But the question is, will these noble ‘pointers’ be taken seriously at all or fall on deaf ears. 

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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