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.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Comments are closed.