New Delhi : Nobel laureate economist A Micheal Spence has said that India had successfully developed by far the best digital economy and finance architecture in the world.
India was a major economy with the highest potential growth rate right now as compared to other nations, Spence said during an interaction with students and faculty at Bennett University in Greater Noida on Monday.
Spence, who was awarded the Noble prize in Economic Sciences in 2001, said “India is open, competitive and delivers services of an inclusive kind to a vast array of territory,”, according to a press release issued by the varsity.
Spence said the world was experiencing a kind of regime change in the global economy. He traced the global economy after the world war !! and said the 70-year global system is breaking down due to pandemics, geo-political tensions, climate shocks, etc.
The global system is undergoing a rapid transition and in the shock-prone world, it does not make sense to have a single sourcing. With the centre of gravity shifting steadily towards the East, there is a fundamental change in the global economy whereby the supply chains are getting diversified and global governance is becoming more complicated than before.
However, in this challenging time, the only hope that we have is whether we have measures to enhance human welfare?. He was of the opinion that the progress in science and technology can only contribute to enhancing human welfare. This includes generative AI, revolutions in biomedical life sciences and massive energy transitions.
“We now have incredibly powerful scientific and technological tools, which if used correctly, can essentially deliver well-being and opportunity to a wide range of people,” he remarked.
