India is poised to boost its economic and geopolitical role in the coming decades, helped by an evolving demographic dividend, rapidly expanding digital economy and GDP growth rates that top the world's major economies, Nobel Laureate Michael Spence has said. Spence further 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. "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," he told ET NOW. The eminent economist noted that India has successfully developed, by far, the best digital economy and financial architecture in the world. "It is a transformational architecture," he said. Spence said the relatively open global economic system that has been in place for over 70 ye
Noting that India is a major economy with the highest potential growth rate right now, Nobel laureate economist A Michael Spence said the country has successfully developed by far the best digital economy and finance architecture in the world. Spence, who was awarded the Nobel prize in Economic Sciences in 2001, shared his views during an interaction with students and faculty at the Bennett University in Greater Noida on Monday. "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," the Nobel laureate said, according to a statement issued by the varsity. Spence also pointed out that the world is experiencing a "kind of regime change in the global economy". Tracing the evolution of the global economy after World War II, Spence said that the 70-year-old global ..
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