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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Saudi Arabia reopens Haj portal for Indian pilgrims after government intervention
New Delhi, April 16, 2025: In a significant development for Indian Hajj pilgrims, the Ministry of Minority Affairs (MoMA) on Tuesday announced that the Saudi Ministry of Hajj and Umrah has agreed to reopen the Haj (Nusuk) Portal for Combined Haj Group Operators (CHGOs). This will allow up to 10,000 additional pilgrims to proceed for Hajj 2025, based on the current availability of space in Mina.
The decision follows the Indian government’s urgent intervention after reports emerged that thousands of Indian pilgrims risked being excluded from this year’s Hajj pilgrimage. According to a press release from the Ministry of Minority Affairs, urgent instructions have been issued to the CHGOs to complete the necessary formalities without delay to secure arrangements for their respective pilgrims.
Earlier this month, it was reported that nearly 52,000 Indian pilgrims were left in limbo after the Saudi authorities cancelled several zones in Mina previously allocated to private tour operators. These zones are crucial as Mina, the tent city, is one of the key ritual sites during the five-day pilgrimage.
The Ministry said that a quota of 1,75,025 pilgrims has been allotted to India by Saudi Arabia for the 2025 Hajj season. According to the Hajj Policy for 2025, 70 per cent of this quota is managed by the Hajj Committee of India, while the remaining 30 per cent is distributed among private tour operators, including the CHGOs.
However, 26 CHGOs who were allotted the remaining quota failed to meet key deadlines set by Saudi authorities. They reportedly did not finalise contracts for essential arrangements such as Mina camps, accommodation in Makkah and Madinah, and transportation, despite repeated reminders from the Indian government.
Following these lapses, Secretary of the Ministry of Minority Affairs Chandra Shekhar Kumar, accompanied by Joint Secretary CPS Bakshi, visited Jeddah last week to assess the preparations for Indian pilgrims on the ground. Their meetings with Saudi officials reportedly played a critical role in persuading the Saudi Hajj Ministry to reopen the portal.
The Indian government’s involvement also included an earlier visit by Union Minister for Minority Affairs and Parliamentary Affairs Kiren Rijiju, who travelled to Saudi Arabia from January 11 to January 14, 2025. During his visit, Rijiju signed the bilateral agreement for Hajj 2025 and attended the opening session of the Hajj and Umrah Conference and Exhibition. He also held discussions with senior Saudi officials on streamlining arrangements and ensuring the welfare of Indian pilgrims.
This latest move has come as a major relief for thousands of pilgrims whose travel plans were under threat due to administrative delays and coordination issues.
Hajj 2025 is expected to take place between June 4 and June 9, depending on the sighting of the crescent moon marking the beginning of the Islamic month of Zil-Hajj. With the reopening of the Haj portal, officials hope the remaining CHGOs will act swiftly to secure the necessary arrangements and ensure a smooth pilgrimage experience for the affected pilgrims.
