Mobile internet for inclusive growth: Nobel Prize-winning economist : The Tribune India

Calcutta, December 11

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

Speaking in a webinar hosted by the National Stock Exchange (NSE) and New York University’s (NYU) Stern Business School on Friday night, Spence said lately there has been an unusually expansion fast digital transactions due to mobile internet access in India.

Describing the mobile internet as a “quasi-public good”, Spence said that “opening up the digital space has created employment opportunities in IT fields”.

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

Spence said mobile payment systems generate huge data while artificial intelligence and machine learning have the potential to fill 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.

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 scale to businesses. PTI

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