Prof. Paul Romer Highlights India’s Digital Success Over the U.S.
NDTV World Summit 2024
In a recent address at the NDTV World Summit 2024, Nobel Laureate in Economics and former World Bank Chief Economist, Prof. Paul Romer, praised India for its effective use of digital technology. He contrasted this with the United States, which he believes has missed significant opportunities in the digital realm.
India’s Digital Triumph
Prof. Romer highlighted India’s innovative use of digital technology, particularly through the Aadhaar system. Aadhaar has provided formal identification to millions of Indians, enabling access to essential services. This initiative has been a cornerstone for further advancements like direct benefit transfers and financial inclusion, ensuring technology benefits all citizens.
U.S. Missed Opportunities
In contrast, Romer criticized the U.S. for not effectively utilizing digital technology to improve life expectancy and quality of life. He noted a troubling trend of declining life expectancy in the U.S., suggesting that technological advancements have not translated into tangible benefits for the population.
Prof. Romer emphasized the importance of sticking to traditional measures of progress, like life expectancy, to assess the effectiveness of technological advancements. He urged a reevaluation of how technology is leveraged to ensure it enhances the quality of life.
Doubts Revealed
Prof. Paul Romer -: Prof. Paul Romer is an American economist who won the Nobel Prize in Economics in 2018. He is known for his work on the role of technology in economic growth.
NDTV World Summit 2024 -: The NDTV World Summit 2024 is a conference organized by NDTV, a major Indian news channel. It brings together experts and leaders to discuss important global issues.
Aadhaar system -: The Aadhaar system is a unique identification system in India. It provides a 12-digit unique identity number to residents, helping them access various services and benefits.
Digital technology -: Digital technology refers to electronic tools and systems that generate, store, or process data. Examples include computers, smartphones, and the internet.
Life expectancy -: Life expectancy is the average number of years a person is expected to live. It is often used to measure the overall health of a population.
Inclusive growth -: Inclusive growth means economic growth that is distributed fairly across society. It ensures that all people benefit from economic progress, not just a few.
