Who was the first Indian to be awarded the Nobel Prize in Economics for his contributions to welfare and development economics?

Introduction / Context:
This question belongs to the general knowledge and Indian economy category and focuses on important awards and recognitions. The Nobel Prize in Economics is one of the most prestigious awards in the world. Knowing which Indian economist received this honour and in which field he worked is useful for competitive exams and for understanding India's contribution to global economic thought.

Given Data / Assumptions:

• The question asks about the first Indian Nobel laureate in economics.
• The name of the laureate must be selected from the options provided.
• We assume standard recognition of the Nobel Prize in Economics presented by the Royal Swedish Academy of Sciences.

Concept / Approach:
The Nobel Prize in Economics, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has been awarded to several economists worldwide. India has had one Nobel laureate in economics so far, known for pioneering work in welfare economics, social choice theory, and development economics. To answer, we match the names in the options with the known list of Indian Nobel laureates and identify the economist among them.

Step-by-Step Solution:
Step 1: Recall that Amartya Sen is a famous Indian economist who received the Nobel Prize in Economics in 1998. Step 2: Recognise that C V Raman was a Nobel laureate in Physics, not in Economics. Step 3: Note that Mihir Sen was known as a long distance swimmer and is not associated with the Nobel Prize. Step 4: Arun Shourie is known as a journalist and politician and is also not a Nobel laureate in Economics. Step 5: Therefore, the only option that fits the description is Amartya Sen.

Verification / Alternative check:
To verify, recall the subject areas that led to the Nobel Prize. Amartya Sen worked extensively on welfare economics, social choice theory, measurement of poverty and inequality, and the capability approach to human development. These contributions were widely recognised and led to the Nobel Prize in Economics in 1998. None of the other individuals listed contributed to economics at this Nobel Prize level, which confirms the answer.

Why Other Options Are Wrong:
Option B, C V Raman, won the Nobel Prize in Physics in 1930 for his work on light scattering, known as the Raman effect, not for economics. Option C, Mihir Sen, is famous as an Indian swimmer and has no connection to the Nobel Prize in Economics. Option D, Arun Shourie, is a journalist, writer, and former minister, but has never received a Nobel Prize. These options test whether the student can distinguish between different fields and personalities, reinforcing that the correct answer is Amartya Sen.

Common Pitfalls:
A common error is to confuse different Nobel laureates or to pick an Indian Nobel winner in any subject, not specifically economics. Another pitfall is to misremember the year or the field and guess incorrectly. To avoid such errors, students should connect names with their specific disciplines: C V Raman with Physics, Amartya Sen with Economics, and so on. Remembering a few key contributions also helps fix the name in memory.

Final Answer:
The first Indian to receive the Nobel Prize in Economics was Amartya Sen.