Besides personal recognition, it is also recognition for the subject which affects people "those doing well as well as those doing badly," Sen said early this morning from a New York hotel.

With his characteristic humility, Sen said there were many economists who had worked on this subject and "it is a tragedy we can't all share the award."

On whether he thought this was a honour for India, he said, "I don't know that. There are many Indians who have received Nobel prize. There are many honours and this is one. What pleases me most is that the subject has received recognition."

Sen heard about the prestigious award when he received a call at 4.00 am (local time) in his hotel room. "I thought there was some emergency when the phone rang," he said. The distinguished economist flew inhere last night from the UK to deliver a lecture on the late Pakistani economist Mehbood ul Haq.