Leading global economists, including Nobel Laureate Michael Spence, stated in a recent panel discussion with ET NOW at Bennett University that India is well-positioned to increase its economic and geopolitical role in the coming decades. This is due in part to an evolving demographic dividend, a rapidly growing digital economy, and GDP growth rates that surpass those of the world’s major economies.

“Having thought about growth in one way or another for the past 25 years in almost every part of the world, let me just say that India is the major economy with the highest potential growth rate,” Spence stated during a discussion. “India has successfully developed the best digital economy and financial architecture in the world by far,” Spence continued. This architectural design is revolutionary.”

India’s ascent on the

“What we will have are digital currencies issued by central banks,” he continued. Because the central banks regulate that, they are similar to conventional currencies. They will find solutions to the most difficult data security problems. Currencies, like entire economies and financial systems, are becoming digital. It is unrealistic to think that our economy will be fully decentralised and run on a single currency.”

Other panellists’ remarks went into great detail about how India would become more prominent on the international scene. “India is leading the way in technological transformation, which is a cause for hope,” Institute for New Economic Thinking (INET) President Rob Johnson stated during the conversation. Growing international significance for the nation coincides with shifting geopolitics in the

According to Rohinton Medhora, chair of the INET governing board, intellectual property and intangibles account for a sizable portion of global wealth.

“Wealth is confined to intangible assets. According to Medhora, “most governments still don’t fully understand how to manage an economy where so much wealth is concentrated in intangibles, where fixed costs are high and marginal costs of production are essentially zero.”

Businesses will understand it if it is existential. However, existential issues are frequently resolved 10, 20, or 30 years from now. Few businesses possess that horizon due to a lack of money and longevity. Thus, we require capital markets that support that perspective, stated Medhora.

Johnson used the well-known quote from French poet and aviator Antoine de Saint-Exupery to summarise India’s current position.