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Nobel Laureate applauds India’s digital economy
At an event in Noida, the 2001 Nobel laureate commented on India’s progressing digital economy.
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The Nobel laureate commented on India’s commendable economic growth / Jasper Ridge Partners
American economist A Michael Spence, a Nobel laureate in Economic Sciences 2001, commended India for achieving excellence in the fields of digital economy and finance architecture globally.
Addressing an event at Bennett University in Greater Noida recently, Spence acknowledged India’s status as a major economy with the highest growth potential.
He discussed the openness, competitiveness, and inclusivity of India’s digital landscape, delivering services across vast territories and emphasized the transformation in the global economy, describing it as a “regime change.”
“The major economy with the highest potential growth rate right now is India. India has successfully developed by far the best digital economy and finance architecture in the world. It is open, competitive, and delivers services of an inclusive kind to a vast array of territory,” Spence noted.
Further on India’s capabilities, he said, “We now have incredibly powerful scientific and technological tools that, if used correctly, can be used to essentially deliver wellbeing and opportunity to a wide range of people.”
In his speech, Spence traced the evolution of the global economy post-World War II, and highlighted the breakdown of the 70-year-old global system, attributing it to pandemics, geopolitical tensions, and climate shocks. Stressing the need for diversified supply chains, the economist further highlighted that the East was gaining prominence and global governance was becoming more intricate.
However, amidst the challenges, Spence expressed optimism about countering them and enhancing human welfare through scientific and technological progress. He cited examples such as competitive pricing of solar energy and a drastic reduction in the cost of DNA sequencing.
During his India visit, Spence, who is also a professor of Economics at NYU’s Stern Business School, visited several institutions. He held a talk at IIM Bangalore and met several dignitaries, including Rajeev Chandrasekhar, Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology.
“Met Prof. A Michael Spence, Economist and Nobel Laureate at Ministry of Electronics and IT today. Discussed with him PM’S vision of making India a Trillion Dollar Digital Economy by 2026/27 and becoming a Global Talent Hub,” Chandrasekhar wrote on X.
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