India successfully built best digital economy, finance architecture in world: Nobel winner Spence
Noida (PTI): 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 system is "breaking down" due to pandemics, geopolitical tensions, climate shocks, etc.
Emphasising that the global system -- built on economic criteria like global supply chain centred around efficiency and comparative advantage considerations -- is undergoing a rapid transition, he pointed out that "in a shock-prone world, it doesn't make sense to have single sourcing".
With the centre of gravity shifting steadily towards the East, there is a fundamental change in the global economy whereby supply chains are getting diversified and global governance is becoming more complicated than ever before, he added.
Despite the challenging time, he said what gives optimism is the affirmative answer to the question: whether we have counter-measures to enhance human welfare?
He also outlined the enormous progress in science and technology which can contribute to enhancing human welfare, including generative AI, revolutions in biomedical life sciences and massive energy transitions.
He cited the example of competitive pricing of solar energy and quoted the cost of DNA sequencing having reduced from USD 10 million dollar earlier to USD 250 now. However, he added there is downside to this technological growth, and emphasised on its availability to both big and small businesses alike.
"We now have incredibly powerful scientific and technological tools that, if we use correctly, can be used to essentially deliver wellbeing and opportunity to a wide range of people," said Spence, who was recognized for his analysis of markets with asymmetric information.
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Massive turnout in assembly polls across states, women voters outnumber men: EC data
New Delhi (PTI): The recently-concluded assembly elections witnessed exceptionally high voter participation across states, with women voters outnumbering men in turnout percentages, according to Election Commission data.
West Bengal recorded the highest voter turnout among states, with 93.71 per cent polling in 293 constituencies where counting has been completed. The state saw over 6.38 crore votes cast, including postal ballots, against a total of more than 6.81 crore electors.
Women voters recorded a turnout of 93.8 per cent in the West Bengal Assembly polls, slightly higher than the 92.06 per cent participation among men.
The data for West Bengal does not include the figures for the Falta assembly constituency, which is scheduled for repolling.
Tamil Nadu registered an 85.01 per cent turnout, with nearly 4.8 crore votes polled from an electorate of 5.74 crore. Women voters recorded a turnout of 86.2 per cent, higher than the 83.77 per cent among men.
Assam also witnessed robust participation, with the final turnout touching 85.74 per cent. More than 2.15 crore votes were cast in the state, while female turnout at 86.53 per cent marginally exceeded the 84.95 per cent recorded among male voters.
Kerala registered a turnout of 78.11 per cent, with over 2.12 crore votes polled. Female voter participation stood at 81.17 per cent against 74.9 per cent among men.
Puducherry recorded a turnout of 89.82 per cent, with women voters again leading participation at 91.39 per cent. More than 8.5 lakh votes were polled in the Union territory.
Yet, women's representation among elected candidates remained modest.
Tamil Nadu elected 23 women MLAs (9.83 per cent) out of 234 members, West Bengal elected 37 women legislators (12.62 per cent) out of 293, while Kerala returned only 11 women MLAs (7.85 per cent) in the 140-member House.
Only two third-gender candidates contested the elections - one each from Tamil Nadu and Kerala, and both lost, forfeiting their deposits.
The elections also reflected extensive electoral mobilisation infrastructure. West Bengal had the highest number of polling stations at 85,092, followed by Tamil Nadu with 75,064 and Assam with 31,490.
In terms of candidates, Tamil Nadu saw the largest contest with 4,023 candidates in the fray across 234 constituencies, averaging 17 candidates per seat and peaking at 79 contestants in one constituency.
West Bengal pitted 2,920 candidates for 293 constituencies, while Kerala had the fewest contestants among the major states, with 883 candidates for 140 seats.
The data also showed relatively low NOTA votes across states. Tamil Nadu recorded the lowest NOTA share at 0.4 per cent of total votes polled, while Assam recorded the highest at 1.23 per cent. In West Bengal, 0.78 per cent of the total votes polled were NOTA, while it 0.77 per cent and 0.57 per cent of the electorate opted for None of the Above (NOTA) in Puducherry and Kerala, respectively.
