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Last Updated : Oct 14, 2019 08:06 PM IST | Source: Moneycontrol.com

Nobel Prize 2019 | Cash support to farmers a good idea, but amount needs to be higher: Abhijit Banerjee

Talking about schemes that are already in place in India, the economist said NREGS seems to be a rather solid success in the sphere of rural development.

In an interview with CNBC -TV18, Nobel laureate Abhijit Banerjee said the key takeaway from the work of the three Nobel Prize winners is that effective policies should be put in place but preceded by pilot runs to ensure those policies actually work.

Adding that the award was a recognition for their work over the past 20 years, Banerjee pointed out that slowing growth in the Indian economy is indeed a serious concern.

Talking about schemes that are already in place in India, the Indian American economist said NREGS seems to be a rather solid success in the sphere of rural development. Rural road programmes seem to have worked well too, he added.

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Also read | Meet Abhijit Banerjee, the Bengali economist who brought home the Nobel Prize

He also expressed concern regarding the slump in the real estate sector which has a huge portion of unskilled jobs in the country. He added that slowing growth in construction brings the income growth of the chunk of the population employed in this sector to a halt.

Additionally, he pointed out that terms of trade have moved against agriculture quite significantly.

"While it is a sensible idea to move away from support prices and giving cash to the farmers, I think it has to be more cash," Banerjee replied to a question on the efficacy of cash support that the government had announced earlier this year.

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First Published on Oct 14, 2019 06:59 pm
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