The economists, joined by Nobel Laureate Michael Spence, analyse India’s journey towards international prominence in economy and technology
The discussion was held at Bennett University (BU), an initiative from The Times Group and comprises six schools with undergraduate, postgraduate and doctoral programmes across the highly popular Computer Sciences, Engineering, Management, Law, Media and Liberal Arts streams.
Global economists, including Nobel Laureate Michael Spence, stated during a panel discussion at Bennett University, that India is well-positioned to increase its economic and geopolitical role in the coming decades. This is due in part to an evolving demographic dividend, a rapidly growing digital economy and GDP growth rates that surpass those of the world’s major economies. India’s increasing economic power is about to change its position on the world stage: “Cryptocurrency is ‘not a currency.’” ET NOW will broadcast the entire conversation.
“As somebody who has spent the last 25 years thinking about growth in one form or another in virtually every corner of the world, let me just say that the major economy with the highest potential growth rate is India,” Michael Spence, Professor, said.
India’s leap on the technology front will be a key catalyst for the economic expansion of the nation, currently the world’s fifth biggest economy and its pivotal position in international affairs, he added.
“India is at the cutting edge of transformation in technology, which I think is a basis for optimism”, Rob Johnson, President, The Institute for New Economic Thinking (INET), said.
“I had pointed out at the ETNOW Global Business Summit in the presence of Prime Minister Narendra Modi ji last week-end, how confident we all are about India becoming the world’s third-largest economy with a GDP of USD5 trillion in the next three years”, Vineet Jain, MD, Times Group, said.
“The relatively open global economic system that has been in place for over 70 years, but it is breaking down under the pressure of enormous array of shocks, pandemics, geopolitical tensions involving U S and China and others, climate shocks are very frequent and severe,” Michael Spence, said in his other remarks.
“The source of wealth is locked up in intangibles. Most governments haven’t fully caught on to govern an economy, where so much wealth resides in intangibles, where fixed costs are high and marginal costs of production are practically zero”, Rohinton Medhora, Chair, Governing board of INET, said.
