Role of Technology in Income Inequality in India

Aisha Faria ()

American Journal of Economics, 2024, vol. 8, issue 3, 12 - 22

Abstract: Purpose: The aim of the study was to assess the role of technology in income inequality in India. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study indicated that complex relationship between technological advancements and economic disparities. While technology can create new job opportunities and increase productivity, it also leads to job displacement and widens the skills gap. High-skilled workers often benefit from technological advancements, commanding higher wages and enjoying job security, while low-skilled workers face job losses or wage stagnation. Additionally, access to technology and digital skills further exacerbate income inequality, as those with limited access or skills struggle to compete in the modern economy. Government policies, education initiatives, and equitable distribution of technology resources are crucial in addressing these challenges and mitigating the widening income gap caused by technological changes. Implications to Theory, Practice and Policy: Skill-biased technological change, digital divide theory and innovation and inequality theory may be used to anchor future studies on assessing the role of technology in income inequality in India. In the realm of practice, implementing targeted programs for upskilling, reskilling, and lifelong learning is essential. These programs should equip workers with the skills necessary to succeed in a technology-driven economy. From a policy perspective, formulating and implementing regulatory frameworks that balance innovation and inclusivity is paramount.

Date: 2024
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