Research Seminar Series: Professor Sumit Agarwal

This is a hybrid research seminar at the Asia School of Business, featuring Professor Sumit Agarwal from National University of Singapore
About this Event

Dear Academic and Corporate Peers,

We are thrilled to invite you to the upcoming session of the Research Seminar Series at the Asia School of Business, featuring Professor Sumit Agarwal.

Seminar Title:

Consumption Growth from Digital Infrastructure: Evidence from India’s Mobile Internet Rollout

Event Details:

📅 Date: 14 August 2026 (Friday)

⏰ Time: 10:00am to 11:00am

📍 Venue: CR-W2-04, Asia School of Business

💻 Zoom Link: https://asb-my.zoom.us/j/98109893242?pwd=tCYAcp8aCJDFbcdYB2yuhSyJwfTYLT.1

Meeting ID: 981 0989 3242

Passcode: 306174

Register now!

Abstract

The long-term growth effects of large-scale infrastructure investments depend on how much household consumption expenditure increases as a result of these investments. This study examines the impact of India’s mobile internet rollout, which was staggered across regions due to legal uncertainties surrounding a major telecom corruption case.

Using transaction-level data from two of India’s largest banks, the study finds that within two years of the rollout, average household income increased by 4.7–5.6%, with consumption rising by 0.90–0.93 rupees for every additional rupee of income. The findings are broadly consistent with the Permanent Income Hypothesis (PIH), while also highlighting additional mechanisms such as expanded access to goods through e-commerce, increased use of digital payments, and greater insurance adoption that reduced precautionary savings.

Overall, the research shows how digital infrastructure can transform economic activity not only through productivity-driven income growth, but also through sustained increases in household consumption.

Speaker’s Bio

Professor Sumit Agarwal is the Low Tuck Kwong Distinguished Professor of Finance, Economics, and Real Estate at the National University of Singapore (NUS). He is also the Managing Director of the Sustainable and Green Finance Institute, Head of the Department of Real Estate, and President of the Asian Bureau of Finance and Economic Research.

A distinguished scholar and thought leader in finance, economics, and real estate, Professor Agarwal has been with NUS since 2018, where he contributes to advancing research and education in his areas of expertise. His work focuses on household finance, real estate, sustainable finance, and economic development.