21st C new technologies a pathway to inclusive and sustainable growth

Abstract

The 21st C began with many profound technological, economic and social transformations. Improved quantity and quality of information are resulting in rapid advances in science and engineering. Today a megabyte of semiconductor memory is very affordable for the common man. By 2020, one desktop computer will equal all the computers currently in Silicon Valley. The 21st C highly competitive IT sector is making things faster, cheaper and smaller. Information technologies are connecting every part of the world, and also enabling development of major new technologies like automated knowledge work tools, advanced robotics and 3D printing. IT progress will revolutionize production, transportation, energy, commerce, education and health. While this will certainly result in more environmentally sustainable products through a less wasteful production process, there will also be a serious impact on the demographic equilibrium of the world, if effective countermeasures are not put in place by business leaders and policy makers. It will affect the way business is done. Intermediaries are now fast disappearing, and businesses can pass on the benefits to the customers. Tomorrow’s Information Technologies will radically improve the capacity to communicate and simulate. It will lead to learning by “doing”, joint experimental research and moving at one’s own pace for every “wired” person. But increasing technology has increased the risk of natural and man made threats. It is also difficult to adopt new attitudes, and accept alternative approaches to risk management. It requires concerted efforts on part of individuals, businesses and policy makers. The paper analyses the 21st C scenario and the various measures that need to be taken to counter the risks and threats. The author concludes that public opinion will have to ensure that emerging new technologies, which by their very nature vest in the hands of corporate giants, are harnessed for the common good and for sustainable development. This research which is primarily based on secondary sources can be enriched by a primary investigation of the methods employed by the corporate, the governments and the non-government bodies to face the challenges and the risks arising out of the technologies emerging in the 21st century.