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Importance Of Technology In Economic And Social Development

Importance Of Technology In Economic And Social Development
Importance Of Technology In Economic And Social Development

Advanced technologies such as Information Communication Technology open a way for developing countries to improve the quality of education and training and thus foster economic development. Entrepreneurship is a crucial element in social and economic development around the world. They can introduce new ideas, new business models, and new methods of selling products and services. But, these small business organizations and entrepreneurship need the help of ICT infrastructure and wireless technology to develop.

Gaining access to capital and market information is the main challenge of many emerging nations. They do not have the proper functioning infrastructure or sufficient financial resources to get the benefit of technologies. Due to poverty and poor infrastructure, it is difficult for them to access financial resources and information.

For example, around only 29% of roads are paved, barely an only quarter of the population is access to electricity, and the ratio of the number of landlines to the people only 3:100 in sub-Saharan Africa. In Indonesia, there are 75% of people, who get household incomes below $2.50 a day.

Even basic forms of technology such as a simple mobile phone can assist people in many ways by helping to communicate with one another, access market information, attract new customers, sell products or services across geographic areas, enter payment through mobile and empower women and the disabled.

Role of technologies in agriculture and business

The self-employed Women’s Association in India, which includes 1.1 million workers, increases their bargaining power by pooling their resources. The organization sends SMSs to agricultural workers on commodity prices that help them determine the best places to sell their products. The participants can earn higher incomes by marketing fruits and vegetables over wide areas.

The Ethiopia Commodity Exchange Program helps agricultural producers gain access to external buyers and make them able to negotiate better prices. It allows entrepreneurs to expand their markets. Thus they could improve the quality of food products and thereby boost their incomes. The farmer’s Helpful Network in Kenya helps farmers improve their agricultural production and marketing and so increase their overall income. This enables them to ask questions to experts about crop insurance, crop rotation, and artificial insemination through mobile phones.

Role of technologies in women empowerment

The India-based hand in Hand Partnership enables women to launch a business in technology by using mobile phones. They got training, mentorship, credit, and technical support. According to the survey of the United Nations Development Program, there are 55% of women around the world, who earned additional income due to owning a mobile phone and there are 41% of women increased their income and professional opportunities.

Role of technologies in education

Wireless communication also has a vital role in education and training. For example, the Global Ready e Training Center program in Indonesia has given training to more than 1000 students in technology services. Most of them said the skills they acquired in the program help them increase their income.

Bottom Line

In short, new technological advancements help social and economic development in many ways. The access to information, improvement of capital access and expansion of market access, etc. are the proofs of the increasing importance of technology in social and economical development.

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