In 1977, Mitra became the first Finance Minister of the Left Front government that ruled West Bengal for over three decades.
It may be noted that before he became the finance minister of the state, Mitra also held the position of Chief Economic Advisor to the Central government from 1970 to 1972 and later became the Chairman of the Agricultural Prices Commission.
"Saddened at the passing away of noted economist, former Finance Minister of Bengal and former Rajya Sabha MP, Dr Ashok Mitra. Condolences to his family & well wishers", Ms Banerjee tweeted.
Communist Party of India (Marxist) general secretary Sitaram Yechury, too, took to Twitter to express grief.
Apart from his academic work, of which The Share of wages in National Income and Terms of Trade and Class Relations were two outstanding examples, he was a columnist at various times for Now, Economic and Political Weekly, and The Telegraph. He also edited a Bengali magazine till his last days.
Kolkata: Noted economist and former Left Front Government minister Ashok Mitra breathed his last on Tuesday at a city hospital after he was admitted nearly a month back with complaints of diarrhea and respiratory problems, reported news agency PTI. He was 90 and his wife predeceased him ten years ago.
Known as an eminent Marxist economist, Mitra was born in Dhaka on 10 April 1928.
Mitra also worked for the World Bank and was chairman of the Parliament's Standing Committee on Industry and Commerce after his nomination to the Rajya Sabha in mid-1990s.
Though he was not active in politics after quitting the government, Mitra was an influential social and political commentator, writing newspaper columns on a variety of domestic and global political matters.
A graduate from the University of Dacca and post-graduate in economics from Benaras Hindu University, Mitra was also an alumnus of the newly established Delhi School of Economics in the early 1950s.