Initially, no economy has revived under a statesman (5)
I believe the answer is:
nehru
'a statesman' is the definition.
(Nehru is an example)
'initially no economy has revived under' is the wordplay.
'initially' says to take the initial letters.
The initial letters of 'no economy has revived under' is 'NEHRU'.
(Other definitions for nehru that I've seen before include "First Indian prime minister, 1947-64" , "Popular Indian" , "was India's leader" , "First prime minister of India" , "Asian statesman" .)