The scope of technology may be explained as a resource which comprises knowledge, skills and means for using and controlling the factors of production to produce, maintain, and distribute goods in services for which there is an economic and social demand.
Technical change is defined as a shift in the production function whereas factor accumulation is identified with a movement along the function.
There are two distinct components of technological progress.
One is the elements that are ’embodied’ in the original machinery and equipments and the second is the ‘disembodied’ components which is subsequently added by innovation in the recipient country in the fields of production, management, marketing, raw materials etc. There is evidence to show that the rate of technological progress could be stepped up by the disembodied component even with existing technology.
Few people have an idea of what is discussed under the label of technology.
Transfers through international tender invitations, acquisition of companies, Government to Government agreements etc.
The great majorities of developing countries including India is poor and suffer from over-population and consequent higher rates of unemployment.Sometimes it is argued that developed countries while entering the developing countries must evolve an appropriate technology suitable to their environment and should not transfer their highly sophisticated technologies.Advanced industrialised countries are trying to sell their technology to less developed countries.The priorities of national planning and the choice of technologies both have to be optimised.An appropriate technology that will maximize employment and at the same time provide to the consumers products at reasonable prices has yet to be evolved.Science produces knowledge, technology helps to produce wealth.Technology gives its own temporary advantage over his competitors.Location of R&D operations in foreign countries, joint R&D projects.Development assistance under bilateral and multilateral aid programmes, international executive corps, employment of foreign technicians.Abstract: The correlation between technology, sustainable development, socio-economic issues have assumed significance in the changing global world In the new millennium, there is no denying the fact that information and communication technologies play a key role in the growth of a country.There is substantial evidence that technology has power to harbor progress as it affects many dimensions of societal and economic aspects like education health and quality of life.