Technology with Economic Development

 Technology with Economic Development

From the collective economy of archaic society down to the present industrial one, technology has been an essential means of economic activities. The activities like production, distri­bution and management are carried out with the use of one or the other, simple or complex, kinds of technology. Technology is the means by which an economic action becomes possible.Before the Industrial Revolution, the technology was rudimentary and human-driven. Only handlooms and handi­crafts were in practice. The Industrial Revolution not only replaced the human power with machine power but also served as a gateway to a revolutionary development of technology and engineering along with the advancement of science.Since then, there has been successive development in the field of technology and engineering. The 20th century is marked by a passionate use of technology to appropriate maximum economic gains. Today, the use of technology can be seen in every field like agriculture, industry, education, transportation, communication and health.Today, the economy has become global. More and more countries are participating in the global economic system. India too has joined the global economy. In the year 1991 the country introduced New Economic Policy with three major agenda: liber­alization, privatization and globalization. It has opened its national boundaries for free movement of capital, knowledge and goods. By doing so India entered into a new economic regime.Technological advancement has led to revolutionary progress in industrial development. The technology has improved the quality of manufactured goods, increased the efficiency of industrial production and tremendously diversified and multiplied industrial and occupational opportunities.Enormous growth has taken place in the service sector also in terms of emergence of unconventional jobs. The economy has become highly competitive in which people have been subjected to a work culture, which does not allow space for those who do not keep pace with the technological advancement.Technological advancement has enhanced the quality of life and the standard of living of people. The radical develop­ments in communication, transportation, entertainment and domestic conveniences have made human living quite smooth and comfortable.