India needs new ideas and technology for economic growth: Nobel laureate Eric Maskin

indica News Bureau-



Addressing a gathering at IIT-Bombay Techfest, Eric Maskin, who won the Nobel prize for economics in 2007, said that new ideas and technology may being growth to India economy. Maskin was also the doctoral supervisor of Indian-American economist, Abhijit Banerjee, at Harvard University. During his address he added that India needs to invest more in science and technology.

He said, “A lot of countries aim to achieve what India has achieved in the past, economically. The country has made a lot of progress in the last 20-25 years. As and when it makes faster progress, it becomes more difficult to continue at the same growth that it had before, because you have to come up with new ideas and new technology all the time.”

He added that after having a lot of historical evidence and  experience in the field he said that growth depends on technological progress, so the future of Indian growth will also depend upon the same.

Speaking about his student Banerjee, and the recognition he got after winning the Nobel prize for economics in 2019 he said he was proud of his work.

“I used to be his teacher many years ago… I knew he was brilliant and would do wonderful things and I was not disappointed,” said Maskin.

Maskin gave a lecture on ‘mechanism design theory’, for which he earned global recognition. He said that major global challenges of climate change and financial crisis could be solved, if only countries agreed to cooperate with each other and resist isolationism. However, he pointed out that it would not be easy as more countries have turned inwardlooking, reported The Times of India.