Analytical Approach on Economic Development in India Focusing on Strategies for Application of Technology

Abstract

The aim of this chapter is to evolve strategies for economic development to bring down inequality in the society by justifying the importance of application of technology in the economy system effectively for reorientation of policy on economic growth in India, considering the economy in India as a dynamic system incorporating various subsystem of services and economic resources that are interrelated in the economy system and sensitive to global economic changes subsequent to economic reform. The discussion begins with highlighting the prevalent norm of unequal distribution of income in the population that differentiates purchasing power on access to basic requirement of services and consumable goods. An indicator to measure access to benefit of services (abs) has been evolved, that is, used as a tool to assess efficiency in achieving development of a state and to fix up specific area of service sector that requires improvement by penetrating technology. Then, the discussion follows on the mode of the penetration of technology into economic resources and supply of services/goods for synchronized developmental activities in the subsystems that improve the indicator (abs) of economic development in the states of India.