India is one of the largest developing economy and also ranks third among the foremost engaging investment destinations for technology transactions within the world. The Union Minister of Department of Science & Technology, Dr Harsh Vardhan, has reiterated that technology could be a sturdy priority area for the government and it aims to create individuals science-centric.

Developed India has a powerful hub on science and technology, realizing that it is a key component of economic growth. India is among the top countries within the world in the field of Technology and scientific research, positioned jointly of the top nations in the field of Technology.

The technologies are often thought to be primary source in economic development and also the numerous technological changes contribute considerably within the development of underdeveloped countries.

Technology has highly affected the world economy and its usage has been connected to marketplace transformation, improved living standards and a lot of strong international trade. So, if technology has just about revolutionized each business in the current world economy

Technological advances have considerably improved operations and down the price of doing business. Currently, as an example, simply some technicians controlling robotic systems will operate a complete industrial plant, and innovative inventory systems are capable of provision required components inside a short time for assembly. Advancements in the industry, including advancements in telecommunications, have multiplied job opportunities and reinforced economic growth.

Technological advancement and economic growth are actually concerning one another.

Technological Progress

The level of technology is additionally a vital determinant of economic growth. The fast rate of growth is often achieved through high level of technology.

Economist discovered that innovation or technological progress is the solely determinant of economic progress. However if the amount of technology becomes constant the method of growth stops.

Thus, it’s the technological progress that keeps the economy moving. Inventions and innovations are mostly liable for fast economic growth in developed countries.

technology economic growth

Prior Goals of Technology in Economic Growth


The goal of science and technology is to change enterprises and people to use technologies a lot of efficiency, as this leads to reduced prices and increased productivity gains.

The utilization of latest technologies paves the means for production of new cheaper product and for capital accumulation and, for that matter, for an increased international competitiveness of individual countries,

Moreover on an enhanced quality for research establishments, while, on the opposite hand, conducive to cultural and political development of societies. The standard of growth rates is very necessary as their size.

technology economic growth

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