Union Minister Dr Jitendra Singh states, “The future belongs to those who have innovative ideas and out-of-the-box goals and the conviction and courage to achieve them.” The expansion of technology can be seen as the core component of economic growth, and underdeveloped nations profit much from great technological developments. Economic growth and technological improvement are linked.
The Indian economy has grown due to technologies, which are a vital component of that economy. In the last 20 years, technology has grown more noticeable in many parts of India’s development. Some major businesses that have utilised modern technology in their advancement and functioning comprise manufacturing, transportation, defence, and space technologies. Also, there have been noticeable and significant changes in the consumer goods sold on the Indian market, most of which are imported or produced locally by international businesses with headquarters in India.
Technological Expansion in India
Based on the 2021 Unesco Science Report, India spends more on research than France, the UK, and Italy when purchasing power parity is measured.
India led the world in the capacity of real-time digital payments, considerably exceeding China and the developed world. India made the Aaddhar-based JAM trinity possible, followed by UPI and the digital health stack. The Open Network for Digital Commerce (ONDC) and Digital Ecosystem for Skilling and Livelihood (the DESH-Stack eportal), which can provide services to residents and businesses rapidly and effectively, is now being investigated by the nation. Indian people can use the PNR Status to see the status of their reserved train tickets. PNR, or “Passenger Name Record,” is a 10-digit number.
India, the world’s largest pharmacy, has produced and exported low-cost generic medications for many years. Over two billion doses of vaccinations and ventilators designed and produced locally in India were used to combat the Covid-19 pandemic.
Importance of Technology in India
For several groups in Indian society, technology and connection have boosted growth. Due to the ability to accept payments online and eliminate the need to visit the bank, some people can now launch their enterprises.
Certain cities, like Hyderabad and Bangalore, have developed into centres for research and development due to the establishment of global corporations like Google. Several Indians work as software developers for the corporation and hold executive roles. Now that connectivity has improved, even those living in rural areas can access services. In some places, food rations are being provided using biometric information.
The government has enacted several policies to place India as a global front-runner in science and technology and boost public and private sector contribution to R&D. Thus, India’s gross R&D expenditure (GERD) has progressively improved.
Future of Emerging Technologies
Concerning cutting-edge technologies, India is currently organising 5G, AI, blockchain, augmented reality and virtual reality, machine learning and deep learning, robots, natural language processing, and others.
Recently, the government of Andhra Pradesh digitalised property records, subsidy programmes, and automobile registration using Blockchain technology. Following Andhra Pradesh’s lead, the governments of Karnataka and Telangana also announced their plans to use blockchain technology for governance. The future governance model will be based on secure Blockchain technology with the help of such encouragement. India’s digital economy is expected to become $1 trillion by 2025.
Photo by Alex Knight on Unsplash
