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India advantages from globalization: Abhijit Vinayak Banerjee

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India advantages from globalization: Abhijit Vinayak Banerjee

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Unfortunately, India’s exports have never really reached their potential because they are simply not competitive enough.

Nobel laureate in economics, Abhijit Vinayak Banerjee, said on Sunday that India has benefited from globalization but the country needs to develop a mechanism to deal with the risks it poses. Banerjee spoke virtually at an event organized by Bandhan-Konnagar, a Bengal-based NGO, that the risks of globalization could be tackled if resources were added with globalization. India benefits from globalization.

Exports have grown faster than most countries from the early 1990s to today, ”said Banerjee. However, the Nobel Prize winner added that a globalized world means many risks. We can deal with these risks if resources come with them, said Banerjee.

He said, “These risks do not necessarily focus on the poorest of the poor. Banerjee, a graduate of Kolkatas Presidency College, said, “There is a need to develop mitigation measures. But less attention was paid to the mitigation mechanisms and mostly left to NGOs until the time programs like NREGA and other programs were developed. ”

Many economists have pointed out in the past that one of the effects of globalization was unemployment growth as manufacturing and supply chains shifted and became more automated. Regarding India’s steps to contain the pandemic, the economist said the lockdown comes too early and is too rigid, and consequently has massive implications for many people.

He added that policy responses need to be properly calibrated. Referring to the randomized controlled trials (RCTs) conducted to generate sustainable data points in Bandhan’s Targeting the Hardcore Poor (THP) program conducted in a village in Murshidabad, West Bengal, Banerjee said it was after his Graduation at 18 months It was found that people had higher incomes, consumed more, and complained about health ailments less often.

Banerjee said that to fight poverty there needs to be a sustainability of the program period and a need for creative solutions. A study by a group of economists led by Banerjee and his wife Esther Dufflo reported on the results of a randomized evaluation of a program that aims to help extremely poor people achieve a steady stream of income through direct transfer of productive wealth and education. “There is global interest in the THP, including at the World Bank. This was a possible global tool to fight poverty, ”he added.

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