FET Blogs
India has been leveraging technology to drive its economic transformation, enhancing its capacity to outpace other major economies in growth. The integration of technology has positively influenced society, contributing to reductions in emissions and transforming capital markets by introducing new opportunities.
With the proliferation of the internet, mobile devices, and social media, technology has become deeply embedded in our daily lives. While it has undeniably delivered numerous benefits, it has also significantly impacted Indian culture, particularly through the emergence of a new generation of digital natives. Sectors such as banking, financial services, and insurance (BFSI), healthcare, pharmaceuticals, e-commerce, retail, and manufacturing are increasingly adopting advanced technologies.
Technologies such as Industry 4.0, digital supply chains, and digital assistance are expected to drive economic development by 2025. Organisations within these sectors are taking on transformative journeys, with forward-thinking entities capitalising on the extensive capabilities of emerging technologies to gain competitive advantages. Let us understand how technology has changed the world in depth today:
The term “SMART” stands for “self-monitoring, analysis, and reporting technology.” This technology integrates artificial intelligence, machine learning, and big data analysis to give cognitive awareness to objects that were once considered inanimate.
These devices form a network that uses sensors, chips, software, online connectivity, and analytics to bring physical objects to life. IoT devices are futuristic, scalable, and automated, providing significant value. Examples include smart cities, smart homes, and smart factories.
Connected via the internet or Bluetooth and controlled remotely, smart connected devices offer a customised experience but require manual handling. Examples include smart security cameras, smart bulbs, and smartphones.
These devices offer limited automation and don’t require internet connectivity. They are programmable to provide specific services, such as smart coffee makers that deliver personalised services at designated times.
This technology allows for multitasking with minimal effort, often through simple voice commands. Whether adjusting lighting, securing your home, or ordering food, it brings a new level of convenience. The latest SMART technologies can analyse your preferences to offer automated, personalised services and consider external factors like traffic to guide you safely.
SMART technology aids in energy conservation, helping both industrial and domestic sectors reduce energy waste. By automating the control of appliances like lights and heating systems, it conserves energy and saves money, contributing to a more sustainable future.
Offering more reliable protection than traditional security systems, this technology includes gadgets like door sensors, alarm systems, and security cameras. These devices alert property owners and law enforcement to potential threats, while also enabling real-time preventive actions, such as locking doors or detecting hazards like smoke or gas leaks.
SMART technology uses data to optimise processes and systems, making them more efficient. By tracking and analysing activities, it enhances productivity, helping you start your day smoothly with everything ready and distractions minimised.
Devices like smart thermostats, lighting, and appliances optimise energy usage, leading to lower energy bills. Additionally, by automating repetitive tasks, SMART technology saves time, reducing lost or wasted efforts.
As emerging technologies reshape global industries, nations have adopted varying approaches to govern these innovations, reflecting diverse priorities and philosophies. In Europe, the precautionary principle leads to anticipatory regulation, where risks are addressed even before technologies are fully developed. For instance, the European Union's General Data Protection Regulation (GDPR) places strict responsibilities on data controllers and processors, ensuring individuals have access to their data and understand its usage. This regulation not only tackles current security and privacy threats but also prepares for future challenges, such as the implications of artificial intelligence and automated decision-making.
International and nongovernmental organisations like the International Organisation for Standardisation (ISO) and the International Telecommunication Union (ITU) also play crucial roles in setting standards and norms for new technologies. These organisations help define the appropriate boundaries for government use of technologies, particularly when such technologies could be used as tools of state control.
In India, the approach to technology governance is evolving rapidly, influenced by both global trends and unique national considerations. The Indian government has taken steps to regulate data privacy through the Personal Data Protection Bill, which aims to establish a legal framework for data protection similar to the GDPR. However, the bill is still under development, and the debate around balancing innovation with privacy and security continues. The interplay between politics, privacy, and engineering in India, as in the rest of the world, underscores the importance of thoughtful governance and responsible design in shaping the future of technology.
Corporate giants and big tech companies significantly influence the development and impact of technological innovations. Often, these firms are either unprepared or unwilling to tackle the social problems their technologies may worsen. Governments face challenges in regulating this fast-paced sector due to the complexity of setting standards, enforcing rules, and managing the vast resources and influence of tech companies.
The immense power of tech companies is a growing concern. These entities often surpass governments in their ability to affect millions of people globally, controlling information access and platform usage. Their vast scale complicates efforts to identify and address potential regulatory violations, particularly since many offer free services, making antitrust issues challenging to pinpoint.
As tech firms operate internationally, they can implement global changes that individual states struggle to manage. The emergence of private-public partnerships in sectors like energy and cybersecurity blurs the lines between public and private responsibilities, raising critical questions about governance and regulatory influence.
In the 21st century, technology has become a fundamental aspect of daily life, fundamentally altering the ways in which we live, work, and engage with the world. The accelerated pace of technological advancement has ushered in a digital revolution that affects every dimension of society. Its transformative influence is evident in diverse sectors such as communication, healthcare, business, and education. Let us explore some of the best ways in which technology is changing the world:
Technology has revolutionised global connectivity, creating an interconnected world through the internet and advanced telecommunications. Social media platforms, instant messaging, and video conferencing tools enable seamless communication across the globe, enhancing personal interactions and fostering international collaboration in various fields.
Businesses are undergoing a digital transformation driven by the best technology existing in this world. Automation, artificial intelligence, and data analytics are streamlining operations, increasing efficiency, and offering competitive advantages. E-commerce and digital marketing have redefined retail and consumer engagement, signalling a shift from traditional business models to innovative, technology-driven approaches.
Technology is transforming healthcare by improving diagnosis, treatment, and patient care. Telemedicine provides access to healthcare in remote areas, while wearable devices and health apps empower individuals to monitor their health. Artificial intelligence aids in diagnostics, predicting disease outcomes, and advancing drug discovery, driving improvements in patient care and medical research.
The education sector is being transformed by the best technology through online learning platforms, interactive apps, and virtual classrooms. Virtual and augmented reality enhance learning experiences with immersive simulations. Technology breaks down geographic barriers, providing global access to quality educational resources and fostering lifelong learning.
Smart cities are emerging as we are integrating the best technology with urban planning to create efficient and sustainable environments. IoT devices optimise traffic flow, manage energy use, and enhance public safety. Smart infrastructure, including connected transportation and energy-efficient buildings, improves urban living conditions and supports environmental sustainability.
Technology plays a crucial role in environmental conservation by advancing renewable energy, energy efficiency, and waste reduction. Monitoring systems and data analytics track and address issues like deforestation, climate change, and pollution, contributing to a more sustainable and eco-friendly future.
Artificial intelligence and automation are reshaping industries by enhancing human capabilities and optimising processes. Machine learning enables predictive analytics and data-driven decision-making, while automation improves efficiency in manufacturing, logistics, and supply chain management. These advancements offer new opportunities for innovation and collaboration between humans and AI.
India's integration of technology has been a transformative force, driving economic growth, societal change, and industrial innovation. As the nation continues to embrace advancements like Industry 4.0 and smart technologies, it is poised to enhance its global standing and sustain its post-COVID recovery. However, the journey ahead requires balancing technological progress with thoughtful governance to address privacy and regulatory challenges. The role of corporate giants and big tech in shaping technological impact underscores the need for thoughtful governance and clear policies to address the complex interplay between technology, politics, and privacy. India's future success will depend on its ability to harness these technologies responsibly, ensuring that the benefits of innovation are widely shared while mitigating potential risks.