Harnessing the power of information technology for sustainable development: challenges ahead

The stock market in New York has, in the past few days, exhibited several unexpected changes which have had a worldwide impact in the stock exchanges in major countries. In India too, technology stocks have reflected the changes in the NASDAQ index in New York. Several observers have been expecting such developments for some time now, particularly because technology stocks have consistently been showing values not directly justified by the level of turnover or profits. However, it needs to be remembered that IT (information technology) is likely to impinge on our lives in ways that are unprecedented and unpredictable. The positioning of good IT companies today, therefore, gives them an enormous advantage in the market, which gets translated into stock value based entirely on future expectations. Growth and development in most countries of the world has taken place with tremendous strides in the availability of information and its rapid access. Information, in an economic sense, is a scarce resource, and technology which reduces its scarcity has a direct benefit in all forms of economic activity. The IT industry, therefore, plays a pivotal role in bringing about higher economic efficiency in society. Consequently, while the inevitable ups and downs in the value of shares would continue in the stocks of IT companies in the near future, the stronger ones will continue to grow at rapid rates that have not been seen in any industry in the world. However, the value of IT depends essentially on its applications, and this is where those concerned with the sustainability of development and the conservation of natural resources need to look at the future and arrive at methods by which IT can be harnessed for these objectives effectively. A new era of IT-literate initiatives can help not only in implementing the right technological solutions. but also in mobilizing civil society through empowerment by knowledge.