Renowned economist A. Michael Spence, a Nobel laureate, commended India for its remarkable achievement in building the world's leading digital economy and financial infrastructure. Speaking at Bennett University in Greater Noida, Spence highlighted India's status as a major economy with the highest growth potential. He praised India's open, competitive, and inclusive digital economy, delivering services across vast territories.
Spence noted a significant shift in the global economic landscape, citing factors such as pandemics, geopolitical tensions, and climate challenges that are reshaping the established order since World War II. He emphasized the need to diversify global supply chains and adapt to a more complex global governance environment, particularly as the economic center of gravity shifts towards the East.
Despite these challenges, Spence remained optimistic about enhancing human welfare through technological advancements. He pointed to significant progress in fields like artificial intelligence, biomedical sciences, and renewable energy. For instance, he highlighted the plummeting costs of solar energy and DNA sequencing, making these technologies accessible to both large corporations and small businesses.
Spence's insights underscored the importance of leveraging technological innovation to address global challenges and foster inclusive growth.
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