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Information Technology and Economic Growth

Information technology is one of the buzz words doing the rounds today. The word raises hope as well as hype. It is greeted with extreme optimism as well as pessimism. This is obvious with any upcoming revolution, be it industrial revolution, green revolution, or for that matter IT revolution. On the positive side, IT is perceived to be a panacea to all our problems. It is true that IT and its marriage with communication is changing practically every aspect of life in the modern world, be it factories, office, house, classroom, research, health sector, entertainment etc. The proliferation of IT has made the world smaller, it creates and reallocates jobs globally. It has great potential to increase productivity, reduce cost, and thereby enhance the overall level of economic performances. However on the flip side, the IT pessimists feel that it creates and accentuates digital divide and increases inequalities.