Indian-American economist Abhijit Banerjee, along with wife Esther Duflo, received the Nobel Prize in economics in Sweden along with a colleague Michael Kremer. The trio was awarded honour for their research on the root cause of poverty.
At the ceremony, Abhijit Banerjee was seen in a black bandhgala and off-white dhoti while Duflo was seen in a handloom saree. Their friend and fellow Nobel Laureate Michael Kremer sported a black suit. The three economists were awarded medals at the ceremony and will also share the prize money of nine million Swedish krona (Rs 6.7 crore) among themselves. Banerjee, who was born in Mumbai, is the second Indian-origin economist after Amartya Sen to win the Nobel Prize in economics. Banerjee is also an alumnus of Kolkata's Presidency College alumni like Amartya Sen. Abhijit Banerjee and wife Esther Duflo are professors of economics at the Massachusetts Institute of Technology (MIT) while Kremer is a professor of economics at Harvard University.