With an aim to honour renowned India-born economist Amartya Sen, the London School of Economics and Political Science, has announced a Chair in Inequality Studies in his name. The Nobel laureate served as a professor in the economics department at the institute from 1971-82. The person holding the position would also serve in the capacity as the Director of the International Inequalities Institute at LSE, the institute said on its website. The department facilitates interdisciplinary work on topics around inequality. Also read: All is well with Modi's Mudra loans; NPAs within RBI limits, says finance ministry official The institute aims to acknowledge one of the world\u2019s greatest thinkers on social equity by naming the chair after Amartya Sen, LSE Director Minouche Shafik said. LSE looks to appoint \u00a0a person with outstanding credentials to hold the position as the department delivers benefits to the people all across the world. It was in the year 1998, Amartya Sen won the Nobel Prize in the field of Economics. He also won National Humanities Medal in the year 2012. Amartya Sen\u2019s main areas of work include welfare economics, social choice theory, development economics, political philosophy and economic theory. Mike Savage is currently leading the International Inequalities Institute (III). He will return to hold the Martin White Chair in Sociology at LSE.Amartya Sen had recently released Hindi translation of his book 'An Uncertain Glory: The Contradictions of Modern India.' Meanwhile, in the last few years, the globally renowned economist had raised his concerns on various issues including tolerance. Earlier this year, he had rejected the dissed Ayushman Bharat \u00a0saying that the healthcare scheme neglects primary healthcare. Both the NDA and BJP governments had neglected the healthcare facilities in the country, he had said. The government of the day needs to pursue better reforms in the healthcare sector to build capable citizens for near future, he added.