Eminent economist and founder of NEDFi Dr. Jayanta Madhab passes away at 91

He was instrumental in popularizing the concept of micro-financing

STAFF REPORTER

GUWAHATI: Eminent economist and founder CMD (Chairman-cum-Managing Director) of North Eastern Development Finance Corporation Ltd (NEDFi), Dr Jayanta Madhab breathed his last at a private hospital here on Sunday midnight. He was 91. He leaves behind his wife. His only son predeceased him.

Dr Madhab had been ailing for some time. Doctors, however, said the economist died at the hospital following multiple-organs failure. Born in Sivasagar district on October 25 in 1929, Dr Madhab did his schooling at the Jorhat Government High School. After passing the Matric (now HSLC) examinations from Jorhat with flying colours, he got himself admitted into Cotton College to complete his intermediate (now HS) course. He graduated with Economic honours from JB College, Jorhat and completed his MA from Gauhati University.

Dr Madhab worked as a sub-editor in a local vernacular weekly newspaper before moving to England to the get his doctorate in financial management from the prestigious London School of Economics.

After retiring as the Director (Administration) of Asian Development Bank (ADB) in Manila, Dr Madhab played a pivotal role in conceiving and setting up the NEDFi in the nineties. In fact, he was handpicked by the then Union Finance Minister and former Prime Minister Dr Manmohan Singh to lead the NEDFi. During his stint as the CMD of NEDFi, Dr Madhab promoted the concept of micro-financing and helped many young entrepreneurs of Assam and other NE States with loans to start their ventures. He also set up the 'Global Trust Bank' to promote micro-finance.

Dr Madhab was also the Economic Advisor to the Assam Government between 2003 and 2009. He also worked as the Financial Adviser to the Calcutta Metropolitan Development Corporation.

Chief Minister Sarbananda Sonowal deeply mourned the death of Dr Jayanta Madhab. In a statement here on Monday, Sonowal said that with the death of Dr. Madhab, the State lost an economist who by dint of his sheer expertise in economics helped the State in taking a slew measures on economic and financial affairs. His death is an irreparable loss to the economic and financial spectrum of the State, Sonowal said.

Leader of the Opposition Debabrata Saikia said that Dr Madhab, as an economist, made Assam proud nationally and internationally. "His death is an irreparable loss for Assam," said Saikia.

Industries & Commerce Minister Chandra Mohan Patowary in his statement said "Jayanta Madhab was an eminent economist and scholar who attributed a lot to the economic and financial development of Assam. Through his in-depth knowledge and analyses on economic affairs, he brought about a marked change in the financial scenario of the State. His contributions as Director of ADB and also as Chairman of NEDFi will be always remembered."

State BJP president Ranjeet Kumar Dass said that Assam has lost a brilliant economist.

The last rites of Dr Jayanta Madhab were performed at the Nabagraha crematorium here on Monday with the full State honours.

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