"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
June 17,2020

New Delhi, Jun 17: With an increase of 10,974 new cases and 2,003 deaths in the last 24 hours, India's COVID-19 count reached 3,54,065 on Wednesday while the toll due to the virus stands at 11,903.

This includes 1,55,227 active cases and 1,86,935 cured, discharged and migrated patients, according to the Union Health Ministry.

While the spike in the number of cases has stayed below the 11-thousand mark, the death toll has increased manifold today as compared to the 380 death reported on Tuesday.

Maharashtra with 1,13,445 cases continues to be the worst-affected state in the country with 50,057 active cases while 57,851 patients have been cured and discharged in the state so far. The toll due to COVID-19 has crossed the five thousand mark and reached 5,537 in the state.

It is followed by Tamil Nadu with 48,019 and the national capital with 44,688 confirmed cases.

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News Network
January 23,2020

Jan 23: Pakistan's Prime Minister Imran Khan called on Wednesday for the United Nations to help mediate between nuclear armed India and Pakistan over the disputed territory of Kashmir.

"This is a potential flashpoint," Khan said during a media briefing at the annual meeting of the World Economic Forum in Davos, Switzerland, adding that it was time for the "international institutions ... specifically set up to stop this" to "come into action".

The Indian government in August revoked the constitutional autonomy of Indian-administered Kashmir, splitting the Muslim-majority region into two federal territories in a bid to integrate it fully with the rest of the country.

Kashmir is claimed in full by both India and Pakistan. The two countries have gone to war twice over it, and both rule parts of it. India's portion has been plagued by separatist violence since the late 1980s.

Khan said his biggest fear was how New Delhi would respond to ongoing protests in India over a citizenship law that many feel targets Muslims.

"We're not close to a conflict right now ... What if the protests get worse in India, and to distract attention from that, what if ..."

The prime minister said he had discussed the prospect of war between his country and India in a Tuesday meeting with US President Donald Trump. Trump later said he had offered to help mediate between the two countries.

Khan said Pakistan and the United States were closer in their approach to the Taliban armed rebellion in Afghanistan than they had been for many years. He said he had never seen a military solution to that conflict.

"Finally the position of the US is there should be negotiations and a peace plan."

In a separate on-stage conversation later on Wednesday, Khan said he had told Trump in their meeting that a war with Iran would be "a disaster for the world". Trump had not responded, Khan said.

Khan made some of his most straightforward comments when asked why Pakistan has been muted in defence of Uighurs in China.

China has been widely condemned for setting up complexes in remote Xinjiang province that Beijing describes as "vocational training centres" to stamp out ""extremism and give people new skills.

The United Nations says at least one million ethnic Uighurs and other Muslims have been detained.

When pressed on China's policies, Khan said Pakistan's relations with Beijing were too important for him to speak out publicly.

"China has helped us when we were at rock bottom. We are really grateful to the Chinese government, so we have decided that any issues we have had with China we will handle privately."

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Agencies
February 5,2020

New Delhi, Feb 5: Delhi High Court on Wednesday stated that that death warrant of all convicts in the Nirbhaya gangrape and murder case should be executed together.

The Delhi prison rules do not state whether when the mercy petition of one convict is pending, the execution of the other convicts can take place and from the trial court to Supreme Court all convicts have been held by a common order and a common judgment, Justice Suresh Kumar Kait observed while passing the order.

High Court dismissed the Central government and Tihar Jail authorities plea challenging the Patiala House court's order, which stayed the execution of the four convicts in the case. It also observed that the convicts indulged in a heinous offence of a bone-chilling rape and murder of a girl and that criminal appeals by all convicts were dismissed by the courts.

Moreover, the court observed that the review petitions were filed after long wait and convicts are taking shelter of Article 21 which is available to them till their last breath.

A single-judge bench of Justice Suresh Kumar Kait had on Sunday kept the order reserved in the matter after special hearing of two days.

Earlier, Solicitor General Tushar Mehta, appearing on behalf of the Centre, alleged that the convicts were deliberately delaying the execution, adding that any delay in death sentence will have a dehumanising effect on the convicts.

A Delhi court last week stayed till further orders the execution of the four convicts -- Akshay Thakur, Mukesh Singh, Pawan Gupta, and Vinay Sharma -- which was earlier scheduled to take place on February 1.

The case pertains to the gang-rape and brutal murder of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people, including a juvenile, in Delhi. The woman had died at a Singapore hospital a few days later.

One of the five adults accused, Ram Singh, had allegedly committed suicide in the Tihar Jail during the trial of the case.

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