It's a proud moment for India as Indian-origin economist Abhijit Banerjee has bagged the coveted Nobel Prize in Economics for the year 2019. This is the second time that a person linked to India has won the Nobel Memorial Prize in Economic Sciences. The first one to get this prize was Amartya Sen. He received it in 1998. This was for his theory on welfare economics, whose purpose is to gauge economic policies impact on society.

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Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty, the Royal Swedish Academy of Sciences said on Monday.

"This year`s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty," the academy said in statement.

The 9 million Swedish crown ($915,300) economics prize is a later addition to the five awards created in the will of industrialist and dynamite inventor Alfred Nobel, established by the Swedish central bank and first awarded in 1969.