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India has produced many renowned economists who have shaped both national and global economic thought. Amartya Sen, a Nobel laureate, is celebrated for his work on welfare economics and development, introducing concepts like the capability approach. Manmohan Singh, the architect of India’s 1991 economic reforms, played a pivotal role in liberalising the economy and later served as Prime Minister. Raghuram Rajan, a former RBI Governor, is known for stabilizing India’s financial system and predicting the 2008 global financial crisis. These economists have left an enduring legacy in economics and policymaking. Let’s learn about these famous economists of India in depth.
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List of Famous Economists of India
India boasts a rich legacy of influential economists whose groundbreaking ideas and impactful roles have shaped not only the nation’s economic policies but also global economic thought see their names and Notable Contributions/Roles below –
| Name of the Indian Economist | Notable Contributions/Roles |
| Amartya Sen | Nobel Prize in Economic Sciences (1998), known for welfare economics and poverty studies. |
| Raghuram Rajan | Former Governor of the Reserve Bank of India noted for his work on financial markets and global economics. |
| Jagdish Bhagwati | Expert on international trade, globalization, and development economics. |
| Abhijit Banerjee | Nobel Prize in Economic Sciences (2019), co-author of “Poor Economics,” focusing on poverty alleviation. |
| Manmohan Singh | Former Prime Minister of India, known for economic reforms in the 1990s and liberalization of the Indian economy. |
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Know all about the Famous Economists of India
The journey of India’s economic evolution has been profoundly influenced by visionary economists who have pioneered innovative theories, driven policy changes, and garnered international acclaim for their contributions. Read below to learn about each famous economist of India –
1. Amartya Sen
Amartya Sen, an economist and philosopher, studied at the University of Delhi and later completed his postgraduate work at Cambridge University. His career, which spanned from teaching at prestigious institutions like Harvard and Cambridge to winning the Nobel Prize in Economic Sciences in 1998, is marked by his pioneering work on welfare economics, poverty, and human development.
| About Amartya Sen | |
| Name | Amartya Sen |
| Awards | Nobel Memorial Prize in Economic Sciences (1998) Bharat Ratna (1999) National Humanities Medal (2011) Johan Skytte Prize (2017) |
| Notable works | Development as Freedom (1999) The Idea of Justice (2009) |
| Notable ideas | Capability approach, human development theory, entitlement approach to famine |
| Books | Development as Freedom, The Idea of Justice, The Argumentative Indian Book etc. |
2. Raghuram Rajan
Raghuram Rajan, a distinguished economist, completed his undergraduate studies at the Indian Institute of Technology (IIT) Delhi and earned his Ph.D. from the Massachusetts Institute of Technology (MIT). He served as the 23rd Governor of the Reserve Bank of India (2013–2016), was a former Chief Economist at the International Monetary Fund (IMF), and has been a professor at the University of Chicago, making significant contributions to finance, economic policy, and global economic stability.
| About Raghuram Rajan | |
| Name | Raghuram Rajan |
| Education | Indian Institute of Technology, Delhi (BTech) Indian Institute of Management, Ahmedabad (PGDM) Massachusetts Institute of Technology (PhD) |
| Books | Breaking the Mould, I Do What I Do, The Third Pillar etc |
| Awards | Fischer Black Prize 7th Annual Global Leadership Awards Financial Times and McKinsey Business Book of the Year Award |
3. Jagdish Bhagwati
Jagdish Bhagwati, a famous economist, studied at the University of Cambridge and later earned his Ph.D. from the Massachusetts Institute of Technology (MIT). A leading figure in the field of international trade, Bhagwati has taught at Columbia University and authored several influential works, advocating for free trade and globalisation while serving as an advisor to various international organisations.
| About Jagdish Bhagwati | |
| Name | Jagdish Bhagwati |
| Education | Sydenham College, Bombay (BA) St John’s College, Cambridge (BA) Massachusetts Institute of Technology (PhD) |
| Books | In Defense of Globalisation, Free Trade Today, India’s Tryst With Destiny etc. |
| Awards | Padma Vibhushan |
4. Abhijit Banerjee
Abhijit Banerjee, a Nobel Prize-winning economist, studied at the University of Delhi before earning his Ph.D. from Harvard University. Known for his work on poverty alleviation, he co-authored Poor Economics and has taught at MIT, focusing on the intersection of development economics and behavioural science.
| About Abhijit Banerjee | |
| Name | Abhijit Banerjee |
| Education | Harvard University (PhD 1988) Jawaharlal Nehru University (MA 1983) University of Calcutta (BSc 1981) |
| Awards | Sloan Research Fellowship (1994) Guggenheim Fellowship (2000) Infosys Prize (2009) Nobel Memorial Prize in Economic Sciences (2019) Golden Plate from Academy of Achievement (2022) Sloan Research Fellowship (1994) Guggenheim Fellowship (2000) Infosys Prize (2009) Nobel Memorial Prize in Economic Sciences (2019) Golden Plate from Academy of Achievement (2022) |
5. Manmohan Singh
Manmohan Singh, an economist educated at Cambridge University and the University of Oxford, served as the Prime Minister of India from 2004 to 2014. Known for his pivotal role in India’s economic liberalization during the 1990s, he also held positions as the Finance Minister and is credited with transforming India’s economy into a global player.
| About Manmohan Singh | |
| Name | Manmohan Singh |
| Education | Panjab University (BA, MA) St John’s College, Cambridge (BA) Nuffield College, Oxford (DPhil) |
| Awards | Padma Vibushan Adam Smith Prize |
| Profession | Economist, academician, bureaucrat, politician |
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FAQs
Amartya Sen is often regarded as India’s most influential economist, recognized for his groundbreaking work in welfare economics and being a Nobel laureate.
Four great economists include Amartya Sen for welfare economics, Raghuram Rajan for financial systems, Abhijit Banerjee for development economics, and Manmohan Singh for economic reforms in India.
Amartya Sen, for his contributions to human development and poverty alleviation, and Raghuram Rajan, for his impactful roles in global finance and as Governor of the Reserve Bank of India.
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This was all about the Famous Economists of India and their achievements. If you want to know more about other Famous Personalities then visit our General Knowledge page!