Indian-American economist Abhijit Vinayak Banerjee received the Nobel Prize in economics (The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) in Sweden along with his wife Esther Duflo and colleague Michael Kremer.
The trio was conferred with the honour for detailed research on the subject of "an experimental approach to alleviating global poverty".
At the ceremony, Abhijit Banerjee looked elegant in a black bandhgala paired with an off-white dhoti while his wife Duflo wore a blue saree. Their friend and fellow Nobel Laureate Michael Kremer sported a black suit.
The three economists were awarded medals at the ceremony and will also share the prize money of nine million Swedish krona (Rs 6.7 crore) among themselves.
Banerjee, who was born in Mumbai, is the second Indian-origin economist after Amartya Sen to win the Nobel Prize in economics. Banerjee is also an alumnus of Kolkata's Presidency College alumni like Amartya Sen.
Watch Video:
Also Read: India GDP growth falls to 4.5% in Q2 of 2019-20
Abhijit Banerjee and wife Esther Duflo are professors of economics at the Massachusetts Institute of Technology (MIT) while Kremer is a professor of economics at Harvard University.
According to the Nobel citation, the extensive research conducted by all three Nobel Laureates will help in improving the ability to combat global poverty. It also said the experiment-based approach could help in transforming development economics.
Other economists say that the trio's effort will help in "redefining" development economics and will lead to a lot of positive results towards poverty alleviation in the future.