At the NDTV World Summit 2024, Nobel Laureate Prof. Paul Romer praised India’s successful use of digital technology to help its people, comparing it to the United States’ lost potential. Romer, a distinguished economist who is most recognized for his contributions to the field of endogenous growth theory, emphasized how technology, when used effectively, may lead to significant societal transformation.
Romer praised India’s aggressive efforts to incorporate digital technology into business, society, and governance during the summit, highlighting the nation’s unique position on the international scene. He highlighted how India was able to establish a more democratic economic structure because to government programs like Aadhaar, the Unified Payments Interface (UPI), and digital public goods. Romer said that by enabling India to overcome some long-standing development obstacles, these technological developments significantly improved the lives of millions of people.
India’s choice to improve financial inclusion through technology was one of the main points of interest. Even people in rural places may now easily access financial services thanks to the UPI system, which has completely changed how money is transmitted and used for daily transactions. Romer contrasted this with the state of affairs in the United States, where technology advancements have mostly helped private businesses and the accumulation of personal riches rather than tackling more significant societal problems.
Romer said that, in sharp contrast to India’s achievements, the United States was unable to effectively utilize digital technology for the benefit of society. He noted that rather than using digital capabilities for wider societal development, the United States focused more on corporate profits and the supremacy of the tech industry. Romer claims that this led to an unequal distribution of the advantages of technology in the United States, with certain tech giants accumulating enormous wealth and huge sectors of people finding it difficult to obtain reasonably priced digital resources.
Romer encouraged the United States and other nations to embrace more people-centric technical policy, arguing that the U.S. and other nations might learn from India’s experience. As India has shown, countries may guarantee a more equitable distribution of the advantages of technology by concentrating on developing public infrastructure for it. In order to stop the growing digital divide that is visible in nations like the United States, he advocated for improved governance and changes to policies.
Romer offered his opinions on the future of digital technology and its crucial role in forming societies as the conversation at the NDTV World Summit 2024 went on. He highlighted that policy direction and governmental leadership are essential for success. The Nobel laureate urged other poor nations to take India’s lead in harnessing technology for the common good instead of putting it all in the hands of for-profit businesses.
Romer advised international leaders to go beyond financial gain and take into account how technology may enhance people’s lives as the global economy becomes more digital. He continued by saying that India’s technical development was a prime illustration of how digital transformation can improve access to services like healthcare, education, and finance for those in need, so elevating an entire society.
To sum up, Professor Paul Romer’s comments at the NDTV World Summit emphasized how crucial it is for governments to take an active role in the technological revolution in order to guarantee that its advantages are equitably distributed. As the U.S. and other nations deal the quickly evolving digital landscape, they can take inspiration from India’s digital infrastructure and programs, like Aadhaar and UPI, which offer a blueprint for how nations should leverage technology to promote inclusive growth.
