Aug 6, 2024
By: Prerna Tyagi
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India has produced many influential economists who have made significant contributions to economic theory, policies, and practices both domestically and globally. Here are some of the notable Indian economists you should know about:
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Amartya Sen, a Nobel laureate in Economics (1998), is renowned for his work on welfare economics, social choice theory, and economic and social justice. His seminal book, "Development as Freedom," has had a profound impact on development economics and policy-making.
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Raghuram Rajan, the former Governor of the Reserve Bank of India (RBI), is a prominent economist known for his work on banking, corporate finance, and economic development. An IIM A alumni, his tenure at the RBI is credited with stabilising the Indian economy during a turbulent period.
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Kaushik Basu served as the Chief Economist of the World Bank(2012-16) and the Chief Economic Adviser to the Government of India (2009-12). Known for his research in development economics, he completed his PhD at the University of London under the tutelage of Amartya Sen.
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Arvind Subramanian, the former Chief Economic Adviser to the Government of India, is recognised for his contributions to international economics and trade policy. Subramanian was responsible for bringing out the annual Economic Survey of India, traditionally released prior to the presentation of the union budget.
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Abhijit Banerjee, co-founder of the Abdul Latif Jameel Poverty Action Lab (J-PAL), took home the Nobel Prize in 2019. His innovative use of randomised controlled trials has set a new standard in development economics, making tangible differences in the lives of the world’s poor.
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Breaking barriers and making history, Gita Gopinath, a DU alumna, served as the first female Chief Economist of the IMF. Now the first Deputy Managing Director, Gopinath has been a critical voice in global economic policy, especially during the COVID-19 pandemic.
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The architect of India's 1991 economic reforms, his tenure as the PM saw the introduction of critical initiatives like the Right to Education Act and Sarva Shiksha Abhiyan, which revolutionised India's educational landscape.
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Considered to be one of the greatest Indian economists ever, Jagdish Bhagwati is known for his work in international trade and advocacy for free trade. A professor at Columbia University, he has authored influential books and advised organisations like the UN and WTO.
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Jayati Ghosh is a leading development economist known for her critical analysis of globalisation, labour markets, and economic policies. She has been an influential voice in policy debates concerning poverty, inequality, and social justice.
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Abhijit Sen’s work on the Planning Commission under Manmohan Singh led to the recommendation of a universal Public Distribution System (PDS). His contributions earned him the Padma Bhushan in 2010, highlighting his impactful role in shaping economic policies for the common good.
Credit: TOI