Introduction

Abstract

Advancements in Information Communication Technology (ICT) and the related innovations may be considered as the most important contribution by the last century in the field of technology to the present and beyond. Given the generality of purpose and innovational complementarities, ICT qualifies itself as yet another General Purpose Technology (GPT).¹ On comparing ICT with earlier GPTs, David (1990, 1991) found remarkable parallels in terms of their contribution towards augmenting economic growth and human welfare. In general, it has been argued that ICTs are key inputs for competitiveness, economic growth and development. It offers opportunity for global integration while retaining the identity of traditional societies, increases economic and social well-being of the poor and enhances the effectiveness, efficiency and transparency of the public sector, including the delivery of social services (World Bank 2002). Thus viewed, there is hardly any field of human activity wherein ICT could not have its profound influence inter alia by revolutionizing the process of information exchange and thereby reducing the transaction cost.