Conceptual Framework of Adoption and Implementation of Technological Challenges – A Road towards Sustainable Development

Abstract

As we all know that nothing can be produced without the involvement of factors of production. However, the involvement of intensification of various factors of production differs from product to product, region to region and firm to firm around the world. In this regard, without any second thought or opinion that technology is holding the driver's seat in economics, the road takes forward. Nothing is so important around the world that it is not giving any significant efficient contributions to the respective sectors, industries and firms in a state. Predominantly, technology allows progress toward efficient production and better goods and services. Nonetheless, in reality, the advancement of technological progress used is very complex, especially in highly populated developing countries like India with respect to policy implications and the decision-making process of the firms or the industry. Since, the bilateral linkage is observed by technological advancement with different variables like education, socio-economic growth, innovation, production and turnover ratio and so on. But, the likelihood of impact on reduction in the demand for labour force, widening of inequality in the distribution of wealth among the people and social responsibility needs to be ensured for the welfare by the regulators are also not to be neglected. The advancement of technologies and adoption of the same on the one side increases the flow of knowledge expansion, cooperation among the investors improves emerging businesses around the world. On the other side, the fabrication and challenges on multiplication of various inventive activities of the corporate world like automated systems, big data, development of information and communication technologies, artificial intelligence, patient, recipes, protocol, routine instructions and manuals also become inevitable to sustainable development. This paper is intended to review the challenges of adoption and implications of technological advancement toward sustainable socio-economic growth.