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Technology in Economic Development - Basic Issues in Economic Development, Indian Economy Video Lecture | Indian Economy - B Com
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FAQs on Technology in Economic Development - Basic Issues in Economic Development, Indian Economy Video Lecture - Indian Economy - B Com
| 1. What is the role of technology in economic development? |  |
Ans. Technology plays a crucial role in economic development as it drives innovation, productivity, and efficiency. By adopting advanced technologies, businesses can streamline their operations, reduce costs, and improve their market competitiveness. Additionally, technology enables the creation of new industries and job opportunities, leading to overall economic growth.
| 2. How does technology contribute to the growth of the Indian economy? | |
Ans. Technology has been instrumental in the growth of the Indian economy. It has played a significant role in sectors such as information technology, telecommunications, and manufacturing. The widespread adoption of technology has resulted in increased productivity, foreign investment, and exports. Furthermore, technology-driven initiatives like digital payments and e-commerce have improved financial inclusion and created employment opportunities.
| 3. What are the challenges in integrating technology into economic development? | |
Ans. Integrating technology into economic development can pose various challenges. Firstly, there may be a lack of technological infrastructure, especially in rural areas, hindering the adoption of advanced technologies. Secondly, the digital divide and the lack of digital literacy can limit the benefits of technology for certain segments of the population. Lastly, the rapid pace of technological advancements requires continuous upskilling and reskilling of the workforce, which can be a challenge for many.
| 4. How can technology promote inclusive economic development? | |
Ans. Technology has the potential to promote inclusive economic development by bridging the digital divide and providing access to essential services. For instance, mobile banking and digital payment systems enable financial inclusion for individuals who previously had limited access to banking services. Additionally, technology can facilitate remote learning, healthcare services, and e-commerce, benefiting people in remote areas and marginalized communities.
| 5. What are the potential risks associated with technology-driven economic development? | |
Ans. While technology-driven economic development brings numerous benefits, it also poses certain risks. One of the main concerns is job displacement due to automation and artificial intelligence. Technological advancements may lead to unemployment and income inequality if not accompanied by appropriate policies for retraining and transitioning the workforce. Moreover, cybersecurity threats and data privacy issues can arise as technology becomes more pervasive, requiring robust measures to protect individuals and businesses.
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Dec 23, 2024 Last updated |
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