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July 2023

Impact of Technology on Economic Growth of India

By Deepak Ghaisas, Chartered Accountant
Reading Time 19 mins
A year ago, I was travelling in the US with a friend of mine. At one of the airports, we had to produce our Covid vaccination certificates. My American friend took out a soiled folded paper and produced it to the medical officer with a lot of disgust; while I just got my e-copy of the certificate, and both of them were quite impressed by India’s use of technology, something that developed country like the USA has not managed to achieve. Right from healthcare to EVMs, we seem to have used technology successfully not only for elites but also for 1.4 billion of the masses. I can say today proudly that India is known today for the use of technology for the masses. JAM1 is the classic buzzword around the globe to underline India’s use of technology for the economic upliftment of people. When we talk about technology, it’s not just Information Technology, but we are talking about Biotechnology, Nano Technology, Robotics, AI, ML, Block Chain, Augmented Reality, 3D printing and so on. It is a known fact that in the current era of knowledge economy, the only factor that will push the economy is the correct use of technology, not only for the select groups, but for masses of the country. In this article, we will see the amazing impact technology had on the India