Nobel prize winning economist Abhijit Vinayak Banerjee on Sunday said India had been a beneficiary of globalisation but the country needed to develop a mechanism to deal with the associated risks.

Speaking virtually at an event organised by Bandhan- Konnagar, a Bengal-based NGO, Banerjee said that the risks associated with globalisation could be managed if resources came in with globalisation. “India has been a beneficiary of globalization. Exports have grown faster than most countries from the early 1990s till today,” Banerjee said.

The Nobel laureate, however, added a globalised world means a lot of risks. “ One can deal with these risks if resources are coming with them,” said Banerjee. He said these risks are not necessarily concentrated among the poorest of the poor.

Banerjee, an alumnus of Calcutta’s Presidency College, said “There is a need to build (measures for) mitigation. But less attention was paid towards mitigating mechanisms and was left mostly to NGOs till the time programmes like NREGA and other schemes were developed.”

Meanwhile, Chandra Shekhar Ghosh, founder of Bandhan, on Sunday said plans are ongoing to set up a 200-bed hospital catering to the general requirements but focusing on diabetes. He was speaking on the occasion of celebration of 20 years of the organisation which started as an NGO on April 11, 2001.