India born Abhijit Banerjee among three economists awarded 2019 Nobel Prize in Economics

The 2019 Nobel Prize for Economics has been awarded to three individuals, one of them an Indian - Abhijit Banerjee - for their "experimental approach to alleviating global poverty."

The prize was awarded by the Swedish Academy to Banerjee, Esther Duflo and Michael Kremer on Monday.

"The 2019 Sveriges Riksbank Prize in Economic Sciences in the memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty," the official tweet announcing the Nobel Prize said.

BREAKING NEWS:
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”#NobelPrize pic.twitter.com/SuJfPoRe2N

— The Nobel Prize (@NobelPrize) October 14, 2019

"The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research," the Royal Swedish Academy of Sciences said in a statement. 

Born in 1961 in Mumbai, Abhijit Banerjee completed his MA from Jawaharlal Nehru University (JNU) in 1983 and went on to do his PhD from Harvard University in the US. He is currently Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.