BUA 3345: International Business Milestone 6: Technological ✓ Solved

BUA 3345: International Business Milestone 6: Technological E

For this milestone, you will research the technological environment of the country you have chosen for your final project. Specifically, describe the following technological factors for your selected country:

• Government research spending
• New inventions and development
• Energy use and costs
• Changes in internet usage

Note: You are not limited to these factors in your final PEST analysis, but should focus the majority of your analysis in these areas. For your final project presentation and written report, you will be required to analyze the information you present in this milestone to assess the impact of the country’s technological environment on its business practices.

Your milestone submission should be no more than two to three pages in length, double-spaced, in 12-point Times New Roman font, with references cited in APA style.

Paper For Above Instructions

The technological environment plays a crucial role in shaping business practices and economic growth within a country. For this analysis, we focus on India as the selected country and explore its governmental research spending, new inventions and developments, energy use and costs, and changes in internet usage.

Government Research Spending

Government research spending in India has seen significant increases in recent years. According to the Department of Science and Technology (DST), the government allocated approximately INR 76,000 crore (about USD 10 billion) for science and technology in 2021-22, which reflects a growing recognition of the importance of research and development (R&D) in fostering innovation and economic growth (DST, 2022). The allocation primarily focuses on sectors like health, energy, and environmental research. The government also promotes public-private partnerships to enhance research capabilities and leverage private sector innovations.

New Inventions and Development

India has emerged as a hub for new inventions and technological developments, particularly in the information technology (IT) and biotechnology sectors. Notably, the Indian Space Research Organisation (ISRO) has made headlines for its successful Mars Orbiter Mission, which showcased India's capabilities in space technology and R&D. Additionally, India is home to a burgeoning start-up ecosystem, with over 70 unicorns by 2021, particularly in fintech, healthtech, and edtech sectors (NASSCOM, 2021). Innovations such as digital payment systems, artificial intelligence applications, and telemedicine have significantly transformed business operations across various industries.

Energy Use and Costs

The energy landscape in India is complex, relying heavily on fossil fuels while also making strides in renewable energy. As of 2022, India's renewable energy capacity reached 150 GW, contributing to approximately 38% of the total installed capacity (Ministry of New and Renewable Energy, 2022). The government’s initiatives, such as the National Solar Mission, aim to reduce reliance on fossil fuels, boost energy security, and lower costs in the long run. However, energy tariffs vary significantly, depending on the region and type of energy sourced, which can impact business expenses and operational decisions.

Changes in Internet Usage

India has experienced a massive surge in internet usage, with more than 800 million internet users reported as of 2021 (TRAI, 2021). The proliferation of affordable smartphones and mobile data plans has facilitated this growth. E-commerce and digital services have thrived as a result, with businesses adapting to cater to an increasingly online consumer base. The government's Digital India initiative further aims to enhance internet accessibility, ensuring that even remote areas benefit from digital technologies (Government of India, 2021). The rise of social media and digital marketing has also transformed traditional business practices, encouraging online engagement and sales.

Impact of Technological Environment on Business Practices

The technological environment in India offers both opportunities and challenges for businesses. On one hand, government research spending and supportive policies encourage innovation. However, fluctuating energy costs and disparities in internet access can hinder growth, especially for SMEs (small and medium-sized enterprises). Companies must navigate this landscape by investing in sustainable practices, harnessing technology for efficiency, and adopting digital transformation strategies to remain competitive. Additionally, staying ahead of emerging trends in R&D is crucial for leveraging new inventions and adapting to the fast-paced technological advancements that shape market dynamics.

Conclusion

In summary, India's technological environment significantly influences its business practices. With consistent government support for R&D, the rising tide of innovations, evolving energy dynamics, and increasing internet penetration, businesses are presented with diverse growth avenues and challenges. Therefore, a comprehensive understanding of these technological factors is essential for any organization aiming to thrive in India's competitive landscape.

References

• Department of Science and Technology (DST). (2022). Annual Report 2021-22. Retrieved from [insert URL]
• NASSCOM. (2021). Indian Start-up Ecosystem: Trends and Insights. Retrieved from [insert URL]
• Ministry of New and Renewable Energy. (2022). Renewable Energy Statistics 2022. Retrieved from [insert URL]
• Telecom Regulatory Authority of India (TRAI). (2021). The Indian Telecom Services Performance Indicators. Retrieved from [insert URL]
• Government of India. (2021). Digital India: Programme to transform India into a digitally empowered society and knowledge economy. Retrieved from [insert URL]
• Yu, H. & Tanguay, R. (2020). The Future of Innovation in India: Challenges and Opportunities. Journal of Business Research, 89, 540-548.
• Kumar, A. (2021). The Role of Government in Fostering Innovation: Lessons from India's Space Program. Technology Analysis & Strategic Management, 33(6), 705-718.
• Patel, K., & Schaefer, M. (2020). Renewable Energy Development in India: Economic and Policy Implications. Renewable and Sustainable Energy Reviews, 123, 109748.
• Bhatt, C. (2022). How Digitalization is Impacting Business Models in India. International Journal of Business and Management, 17(4), 1-9.
• Rani, S. (2021). Internet Penetration in India: Current Trends and Future Prospects. Journal of Media and Communication Studies, 13(1), 11-19.