Technology, Economic Growth, India, Economy
The paper aims to discuss the world of fast-paced technology from a Darwinian standpoint and examines the technological choices made by countries and the impact of such choices on their economic growth. The paper explores how a country’s economic growth is dependent on the strategic technological choices they make. By clubbing together the fate of countries and companies, we intend to simplify the narrative and explore a few key aspects such as the diminishing relevance of competitive behavior and ways of adapting to and adopting new technologies to become an evolutionary driver in a technology-centric world. This review highlights the need for exploring technological advancements at the periphery in delivering sustained future growth for countries like India. Historical evidence shows that adapting to newer technologies is more important than competing in legacy industries and sectors for a country to boost its economy. Adaptability is more essential for sustained economic growth than competing. The vision for India’s technological future should be to make strategic technological choices that have significant growth vectors working in its favor. Rapid technological changes mean that a country can pursue industries without having to go through the learning curve many other countries went through previously in their developmental history. In this fast-paced, techno-centric world, technological choices that are made today determine the quantum of associated economic growth in the future.
"Exploring the Technological Frontier to Fuel Future Growth: Charting India’s Trajectory for Coming Decades,"
International Review of Business and Economics: Vol. 1:
2, Article 3.