In an exclusive panel discussion at Bennett University, global economists, including Nobel Laureate Michael Spence, expressed optimism about India’s economic and geopolitical prospects in the coming decades.

Prof. Spence highlighted India’s potential for the highest growth rate among major economies, fueled by its demographic dividend, rapidly expanding digital economy, and impressive GDP growth rates, the company said in a press statement.

“India has successfully developed the best digital economy and financial architecture globally. It is a transformational architecture,” said Prof. Spence in conversation with ET NOW Senior Editor Ajaya Sharma. He emphasized that India’s technological advancements will be a key catalyst for its economic expansion and its pivotal role in international affairs.

Addressing a student’s question on cryptocurrencies, Prof. Spence dismissed them as true currencies, stating, “Crypto currency is not a currency because a currency is a store of value and a medium of exchange.” He predicted the rise of central bank digital currencies, asserting that they would address extreme data security challenges and become the future of digital currencies.

Rob Johnson, President of the Institute for New Economic Thinking (INET), noted that India is at the cutting edge of technology transformation, positioning it as a visionary and ambassador for global transformation. The discussion also touched upon India’s rising international role against the backdrop of evolving geopolitics, including conflicts in Ukraine and the Middle East, as well as growing tensions between China and the United States.

Prof. Rohinton Medhora, Chair of the governing board of INET, emphasized the significance of intangibles and intellectual property in the global economy, stating that the source of wealth is increasingly tied to these intangibles. He highlighted the need for capital markets that encourage long-term horizons, especially for firms dealing with existential challenges that may unfold over the next few decades.

Summing up India’s current role, Johnson referenced Antoine de Saint-Exupéry’s novel, “The Little Prince,” stating, “It’s only with the heart that one can truly see,” emphasizing India’s clear vision in the realm of technology and global transformation.

The panel discussion, organized by Bennett University and presented by ET NOW, will be broadcast on Friday at 7:30 p.m. and Saturday at 8:30 p.m. ET NOW, India’s leading English business news channel, provides comprehensive coverage on markets, finance, development, economy, government, and policy issues to viewers across 16 countries.