Technological change, the main means of economic development

Although, a provision has been made in the budget that micro, small and medium scale industries will be able to get more loans easily, but their problem is not the loan, but the technology, due to lack of which their products are not able to make their place in the international market.

The main goals that were set after India got the presidency of the group of G20 countries, include adopting a human-centric approach in technology and increasing knowledge sharing in priority areas such as digital public infrastructure, financial inclusion and technology-enabled development, such as agriculture to education.

Technological progress can be considered the only determinant of economic development. Developed countries have been able to develop rapidly only due to high level of technology, while the immense poverty of underdeveloped countries is largely the result of their technological backwardness.

The growth rate of real income in developed countries is not the result of capital formation alone, but it is largely the result of increase in productivity which itself is a result of technological progress. A direct proof of this is the American economy, about 2/3 of whose growth is attributed to technological progress.

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