"When Economy Is In A Tailspin...": Abhijit Banerjee Advises Government

Agencies
October 15, 2019

New York, Oct 15: 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."

Referring to the numbers put out by the National Sample Survey, that come out every 1.5 years and give estimates about the average consumption in urban and rural areas in India, Mr Banerjee said, "the fact that we see in that is that between 2014-15 and 2017-18, that number has slightly gone down. And that's the first time such a thing has happened in many many many many many years so that's a very glaring warning sign."

"There is enormous fight going on in India about which data is right and the government has a particular view of (that) all data that is inconvenient to it is wrong. But nonetheless, I think that this is something that I think even the government is increasingly recognising that there is a problem. So the economy slowing very very fast. How fast we don't know, there is this dispute about data but I think fast," he said.

Mr Banerjee added that he does not know exactly what to do. "The government has a large deficit but right now it's sort of at least aiming to please everybody by pretending to hold to some budgetary targets and monetary targets," he said.

He said that in his view when the economy is going into a "tailspin", is the time when "you don't worry so much about monetary stability and you worry a little bit more about demand. I think demand is a huge problem right now in economy."

Finance Minister Nirmala Sitharaman last week in Mumbai evaded a direct reply to a question on whether the government accepts there is an economic slowdown, and said the government is giving relief to all sectors who need help.

She said since the Budget in July, she has been meeting representatives of various industrial sectors, and sector-wise intervention is being made regularly.

Banerjee, Duflo and Harvard professor Kremer jointly won the 2019 Nobel Economics Prize "for their experimental approach to alleviating global poverty".

Banerjee, 58, and French-American Duflo both work at the Massachusetts Institute of Technology (MIT) while Kremer is at Harvard University.

In 2003, Mr 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.

J-PAL, a global network of antipoverty researchers that conducts field experiments, has now become a major center of research, backing work across the world.

Walking into the press conference to a round of applause and standing ovation, Mr Banerjee in his opening remarks said that it is "wonderful" to get the Nobel Prize "because it''s a prize not, I think, for us, but also for the entire movement."

He said about 400 professors are associated in some way with J-PAL''s work and are doing randomised control trials on issues as diverse as US school in the Appalachia to governance problems in Indonesia, getting children immunised in India and getting children under bed nets in Sub Saharan Africa.

"So, this is a movement that, in some ways, we are kind of the beneficiaries of. I think it''s still going to be wonderful for the movement that this prize was given because I think it''s going to make it a little easier to penetrate the many doors that you know are half-open to us or not quite open to us and hopefully bring the message of policy-based on evidence and hard thinking to many other places as well," he said.

When asked how does he feel about being the sixth Nobel laureate from Kolkata, he said "I assume they''re all much more distinguished than me."

On what he hopes to do going forward, he said, "to be honest, we hope that we will get to do more of the same. I think we''re actually quite excited about what we are doing. This was not work that we did a long time ago, we''re excited about what we''re doing now and it''s fun. We''re learning new things. I''m really excited to look at the results from our latest intervention."

"So I think what I hope this will do is just open more opportunities to do more inventive things, but I don''t expect to do something entirely different. I think I''m content with what I''m doing and enjoying it very much," he said.

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News Network
March 11,2024

masjid.jpg

The Madhya Pradesh High Court on Monday directed the Archaeological Survey of India (ASI) to conduct a scientific survey of the Kamal Maula Mosque complex in Dhar, which according to worshippers is Bhojshala Temple.
 
Previously, the ASI carried out a controversial survey of the disputed Gyanvapi Mosque complex.
 
Bhojshala is an ASI-protected monument, revered by Hindus as a temple of Vagdevi (Saraswati), while the Muslim community regards it as Kamal Maula Mosque.
 
According to an ASI order issued on April 7, 2003, Hindus are permitted to worship inside the Bhojshala complex every Tuesday, while Muslims are allowed to offer Namaz at the site every Friday.

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News Network
March 16,2024

AIE.jpg

Budget carrier Air India Express has launched a new fare family, offering travelers the option to save on flight tickets by traveling light, with an increased baggage allowance of up to 40kg or no check-in luggage at all.

The new fare categories, applicable to flights to and from the UAE and other international destinations, are:

•    Xpress Lite
•    Xpress Value
•    Xpress Flex
•    Xpress Biz

Xpress Lite offers cabin baggage-only fares, making it the most economical option for passengers traveling with the airline.

Xpress Value fare includes 15 kg check-in bag fares, while Xpress Flex offers unlimited changes with no change fees. Xpress Biz features business class seats, complimentary meals, and priority services.

A subsidiary of Air India and a part of Tata Group, the airline introduced Xpress Lite on February 20 for UAE passengers who prefer traveling without check-in baggage.

Xpress Biz fares are accessible on all the new Air India Express Boeing 737-8 aircraft. Travelers can benefit from increased baggage allowances of 25kg for domestic flights and 40kg for international flights when booking Xpress Biz fares. This fare offers priority check-in, baggage, and boarding services.

Air India Express is already operating aircraft with Biz seats across 70-plus routes in India.

In a previous interview with a news channel Aloke Singh, managing director of Air India Express, stated that the carrier was looking to increase capacity to the Gulf region, including the UAE, as well as to provide better connectivity to Gulf travelers.
 

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News Network
March 7,2024

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Mohammed Asfan, a 30-year-old from Hyderabad, was killed months after he was duped into joining Russia's war against Ukraine, the Indian Embassy in Moscow said on Wednesday. 

Ministry of External Affairs has said around 20 Indian nationals are working as support staff to the Russian army. Asfan's family had said that he along with two other men reached Russia in November last year after they were promised jobs as helpers in Russian government offices.

Asfan last spoke with his family on December 31 last year, just weeks before they were informed of his death. 

"We have learnt about the tragic death of an Indian national Shri Mohammed Asfan. We are in touch with the family and Russian authorities. Mission will make efforts to send his mortal remains to India," the embassy said in a post on X.

How he was duped

•    Asfan worked in a cloth showroom in Hyderabad.
 
•    According to his family, Asfan was cheated by a Dubai-based agent who runs a YouTube channel called 'Baba Vlogs' and talked about helping people get work permits for the country in his videos.
 
•    The agent promised several men high-paying jobs as security guards in Russia and had taken ₹ 3 lakh each from them, the family said.
 
•    After reaching Moscow, Asfan and others were made to sign a Russian document. They realised later that they were recruited as "helpers" in the Russian army, Asfan's brother Imran said.
 
•    Imran said one of the agents who duped Asfan into going to Russia contacted him recently to tell him that Asfan's contract was cancelled. He also claimed that Asfan was injured but not dead, Imran said.
 
•    Asfan's family were first informed about his death by AIMIM chief Asaduddin Owaisi, who had written to External Affairs Minister S Jaishankar about men from different Indian states being cheated into taking part in the war on the pretext of high-paying jobs in Russia.

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