Indian-American Abhijit Banerjee, who on Monday won the 2019 Nobel for Economics, said the Indian economy is on a shaky ground.
The data currently available do not hold any assurance for the country's economic revival anytime soon, he stated.
"Indian economy is on a shaky ground. After witnessing the present [growth] data, just can't be sure about it [revival of economy in near future]," Banerjee said to a US news channel. "In the last five-six years, at least we could witness some growth, but now that assurance is also gone," he added.
The 58-year-old, who bagged the coveted prize jointly with wife Esther Duflo and economist Michael Kremer for his "experimental approach to alleviating global poverty", said he never thought he would get a Nobel so early in his career.
"I was quite taken aback after my name was announced. Never thought, I would get it so early. I thought I would be getting it after at least 10 years."
Speaking on his research, he said, "We have been working on the subject for the last twenty years. We tried offering solutions towards alleviation of poverty."
He also maintained that days spent in Kolkata have helped him understand "various aspects" during his two- decade-long research.
"I have been to several countries for my research work. My childhood experiences, teenage years in Bengal have also helped me understand several aspects during the initial years of my research," he said.
An alumnus of Presidency College (now University), Jawaharlal Nehru University (JNU) and Harvard University, Banerjee had received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the MIT.
Asked about his reaction on hearing about the big win, the Nobel laureate said he went to sleep after the news arrived.
"After hearing about it, I slept for 40 minutes straight as I knew I will have too many calls to attend once I wake up. I haven't been able to call my mother yet—will speak to her soon," he added.
Reactions to Banerjee's Nobel win
Prime Minister Narendra Modi congratulated Banerjee for his victory on Twitter. "Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He has made notable contributions in the field of poverty alleviation."
He added a congratulatory note to the other two winners, Esther Duflo and Michael Kremer.
Nobel laureate Amartya Sen on Monday said he was "very very happy and delighted" over Banerjee's joint Nobel victory. Sen had won the same award in 1998 for his contribution to welfare economics.
Speaking to PTI from Boston, Sen said, "Im very very happy and delighted that Abhijit Banerjee along with others have been awarded with the Nobel for Economics." Sen added that he felt the prize has been given to the most competent persons.Banerjee's work was also referenced by Delhi Chief Minister Arvind Kejriwal, who tweeted on Monday that Banerjee's models were used in Delhi's public education reforms.
"Abhijit Banerjee's pathbreaking work has also benefitted lakhs of children studying in Delhi govt schools One of Delhi govt's most imp education reform 'Chunauti' has transformed govt school classroom teaching. It is based on the model developed by him," Kejriwal tweeted.
Professors and peers of Banerjee from JNU said they always knew that his immense contributions to the field would be recognised.
Retired professor Anjan Mukherjee, who taught Banerjee at the Centre For Economic Studies and Planning (CESP), said he has sent his former student a congratulatory email.
"I have sent him an email. He was a very good student, among the best that we have taught. We always expected that he would go far and he did.
"He has been at the forefront for many years. When his book came out in 2008, that is the time when we thought that he would get the Nobel. We were all hoping that he would get it," he told PTI.
Banerjee pursued his Masters in Economics from the university.
"There are not too many teachers in India who can say that they have produced a Nobel laureate. All of us at the CESP can proudly say so," Mukherjee added.
Professor Janaki Nair, who was in JNU at the same time as Banerjee, but at a different centre, said the Nobel Prize for him was expected.
"We had expected it all along and it has come at the right moment. You should not be 75 when you receive the Nobel. This is a wonderful tribute to what JNU has done for its students and vindicates what the varsity has stood for," she said.
Nair, who is with the Centre for Historical Studies at JNU, recalled her close friend Banerjee as an "exceptionally brilliant student" who had a "laconic air" around him.
"I think he must have been 20 when he was at JNU. He was quite well-read but never flaunted his knowledge. He would always say that he learns more outside the classrooms and that is part of learning at JNU," she said.
Praveen Jha, who is currently a professor at CESP, was a batch junior to Banerjee, and recalled him as a "top-notch student" who was also interested in other issues, apart from Economics, which is symbolic of JNU culture.
"He was interested in progressive politics, things like how do you do things in a manner that your academic work becomes more relevant. He was quite a film buff and he has also made documentaries in recent times as part of his work," Jha said.
Calling Banerjee a "multifaceted" personality, Jha said the Nobel laureate was never interested in electoral politics but was quite active and participated in debates and discussions.
"He was interested in films that were reflective of the milieu at that time. He was, in that sense, engrossed in the JNU ethos. The varsity should also get credit for shaping him," he added.
JNU vice-chancellor M. Jagadesh Kumar also expressed pride at Banerjee's achievement.
"Prof. Abhijit Vinayak Banerjee, a JNU alumnus (MA in Economics, 1983) wins Nobel Prize (together with two fellow economists) for contributing towards alleviating global poverty. JNU is proud of his achievement. Our alumni are torch bearers of JNU. We are proud of them," he tweeted.