Mobile Internet for Inclusive Growth Michael Spence, Nobel Laureate
Nobel Laureate economist Michael Spence said mobile internet enables inclusive growth and opens up employment opportunities.
Speaking during a webinar hosted by the National Stock Exchange (NSE) and the Stern Business School at New York University (NYU) on Friday evening, Spence said that in recent times there has been an unusually large expansion fast digital transactions due to mobile internet access in India.
Describing the mobile internet as a “quasi-public good”, Spence said that “the opening of the digital space has created job opportunities in IT fields.”
According to him, the key parameters of the expansion of mobile Internet are due to the decrease in the cost of equipment, the cost of data and the increase in speed.
Spence said mobile payment systems generate huge amounts of data while artificial intelligence and machine learning have the potential to fill information gaps in the markets.
He said mobile penetration will continue by spreading the internet ecosystem.
The economist said that the internet has a big impact on improving the health and education sectors of the country and that India is at the frontier of many aspects of a digital economy and what it does is just a start.
The mobile internet has also led to huge investment by the private sector and is generating social returns.
Spence also said that India has a big advantage of a large market which gives business scale.