India used digital tech to improve citizens’ lives as US 'wasted' opportunities: Paul Romer

Nobel laureate, Professor Paul Michael Romer said on Monday that while the United States, which saw the rise of the Silicon Valley, failed to use technology to improve the lives of its citizens, India has shown to the world how to use digital technology to make the lives of 140 crore people better.

Citing the example of digital public infrastructure (DPI) solutions like Aadhaar and Unified Payment Interface (UPI), Romer said the technological opportunities that were presented to the US were "wasted and squandered".

"The question is, if we are given opportunities, what do we do with those? The digital opportunities that were given to the US were wasted and squandered phenomenally," the top economist said during the 'NDTV World Summit 2024'.

UPI-based transaction volume surged 52 per cent to 78.97 billion in the first half of this year (H1 2024), from 51.9 billion in the same period last year.

Similarly, the value of transactions grew by 40 per cent, increasing from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.

Hailing the Aadhaar initiative, the Nobel laureate said the digital technology was used to give citizens existence and further access to various government schemes seamlessly.

"The government has an important role to function as a regulator to effectively utilise technology for public good," the top economist said.

"The government in India was happy to make apps (like UPI). It did not happen in the US. People in India can see how because of the government's technological and digital intervention, their lives have become better," said Romer, a former Chief Economist of the World Bank.

He further stated that problems like climate change can be tackled with technological innovation without compromising economic growth. According to the economist, the digital revolution in India is very different from most countries of the world, where the target is only a lucky few beneficiaries.

"India's story is unique because it is providing benefits to all," he said.