Early History :

Econometrics is an integral part of economic science. Econometric Society was formed m 1932 as an international society for the advancement of economic theory in its relation to statistics and mathematics. The origins of Indian econometrics can be traced at least to December, 1951, if not earlier, when the International Econometric Society held two joint sessions in India, one with the International Statistical Institute in New Delhi and the other with the Indian Economic Conference in Palla. In January 1960 C.R. Rao chaired a special symposium on "Statistical Methods in Economics" at the Mathematics Division of Indian Science Congress. Pioneers of Indian econometrics such as P.C. Mahalanobis, C. R. Rao, K. Nagabhushanam, N.S.R. Sastry (the then Head of statistical research at the Reserve Bank of India), M. Mukerjee and N.Sreenivasa Iyengar attended this symposium and laid the foundation for the establishment of an organized programme devoted exclusively to econometrics. These Indian members of the Econometric Society organized the First Indian Econometric Conference at the Indian Statistical Institute, Calcutta, in January 1960. P.C.Mahalanobis, who was the first elected member of the Executive Council, and the first elected Fellow (1951) of the Econometric Society, delivered the inaugural address. While the Indian econometric conferences were being held regularly from 1960, the Indian Econometric Society (called TIES) was formally created in November 1970 at Madurai, the venue for the 10th Annual Econometric Conference, and it was registered as a Society under the Registration of Societies Act, 1960 on July 23, 1971.


Major Indian Contributors to Econometrics :

In addition to the above contributors V. M. Dandekar, Nilkanth Rath and P. V. Sukhatme made significant contribution to measuring under-nutrition and poverty. The following persons from India have contributed significantly to econometrics and have been honoured with Fellowship of the Econometric Society:

  • P. C. Mahalanobis (1951)
  • Amartya Sen (1968)
  • Sukhamoy Chakravarty (1969)
  • A. L. Nagai (1970)
  • T. N. Srinivasan (1970)
  • C.R. Rao (1972)
  • B.S. Minhas (1973)
  • Jagdish Bhagwati (1973)
  • Partha Dasgupta (1975)
  • Mukul Mazumdar (1976)
  • Avinash Dixit (1977)
  • Prasantha Pattanaik (1978)
  • G.S. Maddala (1981)
  • Pradeep Dubey (1990)
  • Kaushik Basu (1991)
  • Debraj Ray (1993)
  • Abhijit Banerjee (1995)
  • Bhaskar Dutta (1996)
  • Tapan Mitra (1997)
  • V. V. Chari (1998)
  • Vijaya Krishna (2002)
  • Kalyan Chatterjee (2003)
  • Arunava Sen (2003)

In addition, two Indian econometricians distinguished themselves as the authors of most popular introductory and reference textbooks on econometrics, Damodar Gujarati for the introductory text book and G.S. Maddala for the advanced research monographs and reference books, including handbooks on econometrics.

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