Reviving India’s economy after pandemic through science and technology

The Coronavirus crisis and weeks of lockdown have plunged India’s economy into a deep crisis. As India toils to recover from the socio-economic ramifications of Coronavirus pandemic, science and technology will play a paramount role in the country’s revival. At a time when the countries across the world are struggling to develop a vaccine or cure for the COVID-19 virus, India has diverted its focus on escalating its testing and tracking of the transmission. Amid the battle, Indian scientists are also working tirelessly to generate a COVID-19 vaccine. In the fight against the pandemic, India’s scientific fraternity has well-responded with the supply of necessary medical machinery and the development of novel disinfecting systems within a short span of time.

The Modi government is working on adopting technology, particularly AI (Artificial Intelligence), to boost the areas of agriculture, education, and health. Telecom and IT minister Ravi Shankar Prasad recently spoke about the government’s emphasis on harnessing technology to ensure inclusive growth and dissemination of relief benefits among citizens in an egalitarian manner.

Notably, the nationwide lockdown has also proposed the utilization of new digital ecosystems and business models across sectors of healthcare and retail during the span of time. Government portals are aggressively working on going digital through e-commerce platforms. In the era of social distancing, various sectors are working on employing their technologies into adapting to digital space in minimizing the economic impact brought by the COVID-19 crisis. Going ‘COVIDigital’ can not only assist in strengthening the economy, but it can also bolster the long-term social goals of the government.

Recently on the occasion of National Technology Day, Minister of Science & Technology Harsh Vardhan emphasized utilizing technological and industrial advancement in mitigating the economic impact of the pandemic restrictions. NITI Aayog officials also stressed the importance of technological advancement such as new-age technologies, medical and manufacturing technologies in boosting various sectors of the economy.

Significantly, the ongoing global health crisis proposes a transformative opportunity for technology firms to provide assistance in India’s economic recovery. Technological developments have reinforced the country’s space and defense ecosystem in the past few years. Agri-tech companies and startups are exploring the opportunities technological revolution in the agriculture sector, which contributes about 15% to India’s GDP. Encouraging ‘Make in India’ manufacturing, PM Modi’s Atmanirbhar Bharat scheme can potentially provide the much-needed pillar to the disrupted business operations and technology will a momentous role in the process.

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