Today at the News18 Rising India Summit Nobel Prize winner Economist Paul Krugman made a speech on Indian economy. Krugman appreciated India’s growth story but also showed concern towards the increasing income inequality.
Krugman began his speech on a humble note, “I hope it will be clear I’m not an expert on India. I will talk on global issues and where India fits in the story.”
The well renowned economist added, “I realized then that no issue is more important than development economics, to help poor countries become less poor. I didn’t do it because I was a coward. It was then a depressing field.”
Krugman went on to reason why he is optimistic about India’s growth. He stated that the number of qualified people in India will play an important role in the development of the country. Adding that there is a cultural reservoir of entrepreneurship and creativity.
Talking about technology Krugman said, “India is still quite poor and far behind cutting edge technology. That’s not a good thing, but that gives the opportunity to catch up. You cannot have the growth that emerging Asia has if you’re already at the front of technology. I was struck by the PM’s (Modi) speech on rural electrification. That’s not ancient history for developed countries. Happened in the U.S., in the 1930s as part of the New Deal.”
Krugman spoke about a threatening issue of environmental footprint. To this, the economist said, “Shipping is not a major source of greenhouse gases. It’s coal fired plants and personal transport cause a lot of pollution.”
Leading to a conversation about U.S., President Donald Trump. Krugman seriously stated the President does not take his job seriously. He further added the President was ignorant as he refuses to stay informed.
Earlier in the day, Home Minister Rajnath Singh delivered the keynote speech on India’s internal and security challenges. Later in the evening, a discussion will be held with Bollywood stars Kangana Ranaut and Ranveer Singh. Yesterday, Prime Minister Narendra Modi kicked off the Summit with a speech on his vision for India on the global stage.
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