Nobel Laureate Paul Romer Hails India's Digital Innovations Over US Approach

New Delhi: Nobel laureate Professor Paul Michael Romer highlighted on Monday that while the United States, birthplace of Silicon Valley, has failed to leverage technology for the betterment of its citizens, India has effectively utilized digital technology to enhance the lives of its 1.4 billion people.

During the 'NDTV World Summit 2024', Romer pointed to successful digital public infrastructure solutions like Aadhaar and the Unified Payment Interface (UPI) as examples of India’s achievements. He expressed disappointment over the missed opportunities in the US, stating, “The digital opportunities that were given to the US were wasted and squandered phenomenally.”

Romer noted the significant growth in UPI transactions, which surged by 52% to reach 78.97 billion in the first half of 2024, up from 51.9 billion during the same period last year. The total transaction value also saw a remarkable increase of 40%, rising from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.

He commended the Aadhaar initiative, emphasizing how digital technology has provided citizens with identity and seamless access to various government schemes. “The government has an important role to function as a regulator to effectively utilize technology for public good,” he added.

Romer highlighted that the Indian government has actively embraced digital solutions, unlike the situation in the US, where such initiatives have been less prevalent. He remarked, “People in India can see how, because of the government’s technological and digital intervention, their lives have become better.”

Addressing broader issues, Romer mentioned that challenges like climate change can be addressed through technological innovation without sacrificing economic growth. He emphasized that India's digital revolution stands out globally, as it aims to provide benefits to everyone, rather than just a select few. “India’s story is unique because it is providing benefits to all,” he concluded.

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