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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RG Kar crime anniversary: One held for 'assaulting' police constable during protest
Kolkata (PTI): Sleuths of the Kolkata Police on Wednesday arrested a person from here for allegedly being involved in assaulting the guard of an IPS officer during 'Nabanna Abhiyan', a march to the West Bengal secretariat, last week, an officer said.
The person, identified as Chandan Gupta, a resident of Jagatdal in North 24 Parganas district, was arrested from Bow Bazar area in central Kolkata this morning, he said.
"The person has been booked under various sections of the Bharatiya Nyaya Sanhita for attempting to kill constable Prasanta Poddar, who is a guard of DC SSD Bidisha Kalita Dasgupta. He is being questioned," the officer said.
Chaos and violent agitation dominated the streets of Kolkata and adjacent Howrah on August 9, a day that marked the completion of one year of the rape and murder of the doctor at the state-run RG Kar Medical College and Hospital.
"The search for other accused is underway," he said.
Seven FIRs were filed against several individuals, including BJP MLAs Ashok Dinda, Agnimitra Paul and other leaders, for allegedly obstructing security personnel from performing their duties, assaulting them and causing damage to public properties during the march to the West Bengal secretariat on August 9.
Incidentally, the father of the deceased doctor of the RG Kar Medical College and Hospital filed an FIR, accusing the police of torturing his wife during the protest.
