Skip to content
Search

Latest Stories

Time of 'extreme pain' in India as economy is struggling: Abhijit Banerjee

Time of 'extreme pain' in India as economy is struggling: Abhijit Banerjee

PEOPLE in India are in "extreme pain" and the economy is still below the 2019 levels, with "small aspirations" of people becoming even smaller now, Nobel laureate economist Abhijit Banerjee has said.

He was virtually addressing students of Ahmedabad University in India’s Gujarat state on Saturday (4) night during the varsity's 11th annual convocation which was held online.


Speaking from the US, he shared his observations from a recent visit to West Bengal.

"You (students) are in a place where you can give back. Society really needs it. We are in a time of extreme pain in India," he said.

"I just spent some time in rural West Bengal and stories you hear about, you know, all the aspirations that have been a little bit dashed are very real...small aspirations which became smaller now," Banerjee said.

"I think we are in a moment of great pain. The economy is still well below what it was in 2019. We don't know how much below, but it is substantially below. And I am not blaming anybody, I am just saying," said the economist, who won the Nobel Prize along with Esther Duflo and Michael Kremer in 2019.

He also urged the students not to succumb to pressure from family or society in choosing their career paths, but have the courage to do what they really want to do in life.

Banerjee informed the audience that he had spent 10 days in Tihar jail during his student days at the Jawaharlal Nehru University (JNU), Delhi.

"When I was about to leave the JNU and go to Harvard, I was in a student demonstration and then I was taken to Tihar jail, and kept there for 10 days. When I came out, a lot of elders told me that I ruined my career, and Harvard or the US will never let me in. They thought I should be regretful," he said.

To make his point about choosing careers, Banerjee pointed out that two of India's great filmmakers - Satyajit Ray and Shyam Benegal - were economics graduates but chose to walk a different path.

"Yet, they did fine in life. So, instead of specific training, what is really important is that you are a lively, thoughtful and open human being. That's the most important part," he said.

During the convocation, 833 students, including four doctoral students, of the private varsity were conferred degrees.

(PTI)

More For You

Liz Kendall

Work and pensions secretary Liz Kendall will outline welfare reforms in a green paper next week, followed by chancellor Rachel Reeves’ Spring Statement on 26 March.

Ministers may drop plan to freeze disability benefits: Report

MINISTERS are considering dropping plans to freeze Personal Independence Payments (PIP) for a year, according to a report.

Initial proposals suggested PIP would not rise in line with inflation, but strong opposition from Labour MPs has prompted a review.

Keep ReadingShow less
BBC settles age and sex discrimination case
BBC headquarters in Central London.
Getty Images

BBC settles age and sex discrimination case

THE BBC on Friday (14) said it had settled a case with four female journalists who claimed they lost their jobs because of their sex and age.

Martine Croxall, Annita McVeigh, Karin Giannone and Kasia Madera, who have all presented on the BBC's television channels, claimed they lost their jobs following a "rigged" recruitment exercise.

Keep ReadingShow less
Indian student in US self-deports after visa revocation

In this screenshot from a video posted by @Sec_Noem via X on March 14, 2025, Ranjani Srinivasan, an Indian citizen who participated in pro-Palestinian protests at United State’s Columbia University, leaves the country after her visa was revoked by the Department of State. (@Sec_Noem via PTI Photo)

Indian student in US self-deports after visa revocation

AN INDIAN student at Columbia University, whose visa was revoked for allegedly supporting Hamas, has self-deported, says the Department of Homeland Security (DHS).

Ranjani Srinivasan, an Indian citizen, came to the US on an F-1 student visa as a doctoral student in Urban Planning at Columbia University, and her visa was revoked on March 5.

Keep ReadingShow less
'Companies with diverse leadership are better positioned for growth'

From LtoR- Lord Karan Bilimoria, Sir Trevor Phillips, Seema Malhotra MP, David Tyler and Nathan Coe

'Companies with diverse leadership are better positioned for growth'

COMPANIES with diverse leadership are better positioned for sustainable growth, improved decision-making, and will connect better with multicultural markets, equalities minister Seema Malhotra has said.

She added that the government will soon launch a public consultation on their approach to mandatory ethnicity and disability pay gap reporting.

Keep ReadingShow less
Subrahmanyam Jaishankar with  Wang Yi (right)

Subrahmanyam Jaishankar with Wang Yi (right)

S Jaishankar: ‘Delhi’s global interests shape its regional ties'

INDIA today sees itself as a global power or, at least, a country with global interests, which is why Subrahmanyam Jaishankar has spoken of its equation with Russia, China and notably the Middle East.

India’s external affairs minister was in conversation last Wednesday (5) in London with Bronwen Maddox, director of the Royal Institute of International Affairs at Chatham House.

Keep ReadingShow less