The recent Technology And Innovation Report 2021, released by the United Nations Conference on Trade and Development (UNCTAD), has declared India as an ‘overperformer’ in frontier technologies compared to its per capita GDP. This article sketches the significant findings of the report, highlighting the challenges for developing countries and the potential growth of frontier technologies.
Understanding the Technology And Innovation Report 2021
The report delves into the likelihood of frontier technologies exacerbating pre-existing inequalities and brewing new ones. It draws attention towards crucial national and international policies, instruments, and institutional reforms required to build an equal world of opportunity for everyone. The report emphasizes not leaving anyone behind in this race of technological advancement.
Key Findings: The Frontier Tech Market and International Cooperation
As per the report, frontier technologies currently represent a 350 billion USD market, with projections showing its growth to 3.2 trillion USD by 2025. The report stresses the need for international cooperation to strengthen innovation capacities within developing countries and assist technology transfer.
Inclusive Growth and the Role of Machines in Human Work
The report imagines to enhance women’s participation in digital sectors and advocates an inclusive discourse on the impact of frontier technologies on sustainable development. It also illustrates how technological changes are influencing disparities through its impact on jobs, wages, and profits. Automation claiming jobs and job polarization, leading to an expansion in high- and low-wage jobs and contraction in middle-wage jobs, are amongst the significant concerns.
India Specific Findings
According to the index, India’s actual rank is 43, but based on per capita income, the estimated rank is 108. The above means that India outdid other countries by 65 ranking places, followed by the Philippines, which outstripped by 57 ranking positions. India demonstrated considerable skills in research and development owing to its abundant, qualified, highly skilled human resources obtainable at a comparatively low cost.
Challenges for Developing Countries
The report points out challenges like demographic changes, lower technological and innovation capabilities, slow diversification, weak financing mechanisms, and issues related to Intellectual Property Rights and Technology Transfer. These challenges tend to impede the innovative progress of developing nations.
Suggestions for Harnessing Frontier Technologies
The report posits that while frontier technologies are vital for achieving sustainable development, they could also heighten initial inequalities. Policies must aim to minimize this risk and allow frontier technologies to contribute towards increasing equality. A harmonious approach combining a sturdy industrial base with frontier technologies is deemed necessary for success in the 21st century.
About Frontier Technologies
Frontier technologies are potentially disruptive technologies capable of addressing large-scale challenges or opportunities. They include artificial intelligence (AI), the Internet of Things, big data, blockchain, 5G, 3D printing, robotics, drones, gene editing, nanotechnology, and solar photovoltaic.
United Nations Conference on Trade and Development (UNCTAD)
Established in 1964, UNCTAD promotes the development-friendly integration of developing countries into the global economy. It is a permanent intergovernmental organization located in Geneva, Switzerland. The organization publishes various reports including the Trade and Development Report, World Investment Report, the Least Developed Countries Report, Information and Economy Report, Technology and Innovation Report, and the Commodities and Development Report.
