India Set to Emerge as a Global Powerhouse, Predicts Nobel Laureate Michael Spence
5 Dariya News
Hyderabad/Mumbai 15-Feb-2024
In a recent panel discussion hosted by ET NOW at Bennett University, Nobel Laureate Michael Spence and other leading global economists highlighted India's potential to significantly bolster its economic and geopolitical influence worldwide.
The discussion, which will be broadcast on ET NOW this Friday at 7:30 p.m. and Saturday at 8:30 p.m., saw experts including Spence, laud India's rapid digital economy growth and its role as a major player on the global stage.
"India stands out as the major economy with the highest potential growth rate," Prof. Spence remarked, praising India's unparalleled digital economy and financial architecture. This digital leap is expected to catalyze the nation's economic expansion and enhance its pivotal role in international relations.
During the discussion, when queried about the viability of cryptocurrencies like bitcoin, Prof. Spence was critical, asserting, "Cryptocurrency is not a currency," citing its volatility and its appeal primarily within the darknet. He forecasted that central bank digital currencies would prevail, offering stability and security in a digital and global financial system.
Panelists also delved into India's evolving role amidst global geopolitical shifts, including the tensions between China and the United States and conflicts affecting the global economic landscape. Spence described the current global scenario as a "regime change in the global economy," emphasizing the disruptive and turbulent phase marked by geopolitical tensions and climate crises.
The conversation also touched upon the transformational potential of technology in shaping a new global economic order, with Rob Johnson, President of the Institute for New Economic Thinking, highlighting India's visionary role in technological advancements.
The panel underscored the importance of intangible assets and intellectual property in the modern economy, calling for capital markets that support long-term investments in innovation.Bennett University, part of The Times Group and host of the discussion, was applauded for its commitment to preparing students for the industry through its diverse educational offerings.
The university represents a modern educational endeavor, aligning with India's growth and innovation trajectory.ET NOW, India's leading English business news channel, facilitated this insightful discussion, reinforcing its commitment to delivering content that spans development, economy, government, and policy issues.
The channel's global engagement extends to viewers in 16 countries, emphasizing its role in broadcasting India's ascent on the world stage.This dialogue at Bennett University not only highlighted India's economic ambitions but also its readiness to navigate the complexities of a changing global order, with technology and innovation at its helm.