Mobile Internet Enabling Inclusive Growth: Nobel Laureate Michael Spence

Nobel Prize-winning economist Michael Spence said the mobile internet enables inclusive growth and opens up job opportunities.

Speaking at a webinar hosted by the National Stock Exchange (NSE) and New York University (NYU) Stern Business School on Friday evening, Spence said that in recent times there has been an unusually rapid expansion in digital transactions due to mobile internet access in India.

Describing the mobile internet as a “quasi good audience”, Spence said that “the opening up of the digital space has thrown job opportunities into IT areas”.

According to him, the key parameters for the expansion of mobile Internet have been due to the decline in the cost of equipment, the cost of data and the increase in speed.

Spence said mobile payments systems generate huge data while artificial intelligence and machine learning have the potential to close information gaps in markets.

He said mobile penetration will continue spreading the internet ecosystem.

The economist said the internet has a big impact on improving the country’s health and education sectors and that India is at the frontier of many aspects of the digital economy and this is not was just the start.

Mobile Internet has also led to considerable investment by the private sector and generates social returns.

Spence also said that India has a great advantage of a large market which gives scale to businesses.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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