The Royal Swedish Academy of Sciences Monday awarded Abhijit Banerjee, Esther Duflo and Michael Kremer the prestigious Nobel Prize in Economic Sciences \u201cfor their experimental approach to alleviating global poverty.\u201d\r\n\r\n\u201cThe research conducted by the 2019 Economic Sciences Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research,\u201d said the statement released by the Academy.\r\n\r\nThe trio\u2019s experimental research methods have benefited more than five million Indian children, who are part of remedial tutoring programmes in schools, the Academy said.\r\n\r\nCongratulating Banerjee on winning the Nobel,\u00a0the Congress party said the renowned economist was a key consultant for the NYAY programme presented by the party as a poll promise ahead of the Lok Sabha elections. West Bengal chief minister\u00a0Mamata Banerjee\u00a0said about him: \u201cAnother Bengali has done the nation proud. We are overjoyed.\u201d\r\n\r\nBanerjee and Duflo work at Massachusetts Institute of Technology while Kremer is at Harvard University.\r\n\r\nAfter today\u2019s announcement, Duflo has become the second woman to win the prize after Elinor Ostrom of the US in 2009. The Nobel win carries a 9 million-kronor ($918,000) cash award, a gold medal, and a diploma.\r\n\r\n\u201cShowing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve,\u201d Duflo said announcing her prize.\r\n\r\nLast year, the prize went to William Nordhaus and Paul Romer of the US for constructing \u201cgreen growth\u201d models that show how innovation and climate policies can be integrated with economic growth.\r\n\r\nUnlike other prizes, the Nobel prize for Economics, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, wasn\u2019t created by the prize founder. It was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later. So far, 81 Nobel laureates in economic sciences have been awarded.\r\n\r\nThe Economics Prize wraps up the 2019 Nobel season. Last week, six Nobel prizes were given \u2014 medicine, physics and chemistry plus two literature awards, and the coveted Peace Prize.\r\n\r\nAustrian author Peter Handke is the winner of Nobel in literature this year and the postponed award for 2018 went to Polish author Olga Tokarczuk. Two Nobel Prizes in literature were announced as the 2018 award was delayed by one year following sex-abuse allegations that had rocked the Swedish Academy.\r\n\r\nEthiopian Prime Minister Abiy Ahmed won the Peace Prize in recognition of his efforts to end his country\u2019s two-decade border conflict with Eritrea.\u00a0 All but the winner of the Peace Prize receive their awards on Dec. 10 \u2014 the anniversary of Nobel\u2019s death in 1896 \u2014 in Stockholm. The winner of the Peace Prize receives the award in Oslo, Norway.