Technology takes both the poor and rich on the same platform. It is not wrong to say that technology is an equalizer and with each passing year technology grows at an exponential speed. Take an example of digitalization of the banking sector where technology plays a vital role, people are now feeling more connected towards their banks. Same with the telecommunication, gone are the days when it was for the elite peoples. Now, these days the way of communication through smartphones has become more advanced and cheaper. The evolution of digitization has given several benefits to all the people around the globe.
If we look closely at the structure and coordination in a workforce the output of both gives a developed region. Indian economy is still unstructured, unorganized, and less coordinated. The role of technology in improving the Indian economy is very important.
Impact on Cash Economy
The pressure on cash economy workforces is reduced due to the payment digitization. A country must be a cashless economy and India is heading towards it. With the introduction of the Unified Payments Interface (UPI), digital money transfer becomes easier. Digital transactions eliminate the cash counterfeit, money laundering, etc that has a very negative impact on the Indian economy.
UPI can be used:
- From a particular smartphone mobile applications to access your multiple bank accounts
- Transfer money immediately via your smartphone at any time of the day
- No details such as bank account number, IFSC, card number, etc.
- Direct merchant payment
- Utility Bill payment
How technology is improving and giving benefits to the Indian economy?
Below are some of the technology benefits on the Indian economy:
Innovations in Business
One of the most important obstacles in the business was the lack of technology that leads to less innovation in it. Most of the businesses in the world are now heading towards the online presence. The Internet is reaching most of the people around the world at a very low cost. It allows businesses to acquire their clients through the internet. Social media is not just a place to interact with the people, it proves to be the best and potential tool of marketing for online businesses.
The productivity and efficiency inside the business are improving due to the technology that ultimately gives them more and more opportunities to spend on their development.
Technology is the biggest contributor to job creation. The job in the technology sector will increase with each passing year. New and advanced technology machines have been introduced in the agriculture field. Indian IT sector is growing with India as the top outsource country because this new job opportunity is being created for the youths.
Business process outsourcing has contributed to 7.7% in the Indian economy since it started at 1.2% in 1998. Major IT hubs in India are located mainly in Bangalore, Noida, Gurugram, Chennai, Hyderabad, and Pune. Giving jobs to millions of youth and contributes a major part in the Indian economy.