Due to the current Pandemic of COVID-19 every country is facing a huge economic loss. Production is stopped, import/export froze and this is affecting the economy a lot. But there is still something that is continuously on job and that is Technology. Technology is connecting people in this global crisis. From arranging online meetings to keeping entertained, it is helping students through digital classrooms and coaching. Here are a few steps which can be implemented by using technology to boost the economy of a nation.
These steps are suggested by Mr. Lalit Kumar Joshi, an Indian Philanthropist.
Use of Efficient Tech for Money
Technology can be used for transferring money with the help of various online payment gateways and digital wallets like Stripe, PayPal, Paytm, Google Pay and etc. This method of digital payments was implemented in developed countries and has provided the benefit of security and efficiency during transferring payments. In the last 5 years India has shown a great interest in digital payments, the UPI i.e., Unified Payment Interface developed by the Indian Government is the most simple way of transferring money directly in bank accounts.
Automation in Manufacturing
Technology can help automate the manufacturing industries. Automation in Manufacturing will decrease the cost of production while in another aspect it will also affect laborers. Many jobs will be lost which will increase unemployment. To cope with this situation semi-automation in manufacturing can be implemented. In this process, laborers will be provided with the latest technological equipment which in turn will raise production and also will help in decreasing labor costs.
Focus on Mobile Governance
With the help of Technology we can make Government work fully paperless. This will ensure faster implementation of decisions. In the same amount of time, more amount of work can be done. On the public level it will also help in reducing corruption. India is the biggest example of the implementation of Mobile Governance and everyone knows how much it has affected to lower the corruption in the nation.
Work from Home
There are several jobs in some industries where you have to go, sit in front of computers and just keep working on it the whole day. These kinds of jobs can be shifted to work from homes. I know there are several jobs where you have to work only on computers and still, you cannot implement work from home due to various security and other issues but if we keep them aside still there are a lot of jobs which can be shifted to homes. This will help in reducing infrastructural costs which will help in profiting the company.
Digitalizing Farmers
Connecting Farmers with online network facilities and create farming groups managed by Technology. This digitalization can help farmers by keeping them up-to-date with market prices and they can sell their produce in wider areas for gaining more profit. This digitalization will also keep them aware of various welfare schemes provided by the Government.
The End Notes
These are my views on How Technology could help in boosting the Economy of a Nation if you have any suggestion you can scroll down and comment below. Your suggestion really matters.
Cheers!
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