Ph.D. Economics, Indiana University, USA; 1986, with a record Grade Point Average (GPA): 3.93 out of 4.00. Received Award for Outstanding Contribution to Economic Theory for the Ph.D. dissertation in 1986, and was also honored with the Best International Student Award by Indiana University, USA in 1983.

MA (Economics), University of Bombay, 1975. Awarded degree with First Class; specialization in Mathematical Economics and Econometrics.

B.Sc (Statistics & Economics), University of Bombay, 1973. Passed in First Class with Distinction. Specialization in Statistics & Economics.