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An economy can be understood as a system of exchanging goods and services for monetary value. All countries maintain records of the overall economic activity throughout the course of each financial year. A parameter called as gross domestic product (GDP) is calculated based on certain criterion and formulation carried out by financial experts, this factor is used to determine the development of any country. The developed countries tend to have a higher GDP than that of developing ones. The more the active and working population, the better it is for the economy of that country. Low dependency ratio and a larger portion of the population in the working sector that is between the age of 15 and 64 years that are seen as the active section of population are known as the asset of the country, as the facilitate all productive activities provide goods and services and spend money according to their preferences and needs and thus keep the flow of capital active. Factors that play a role in shaping an economy are population, natural resource, physical capital, human capital, technology, etc [16]. As obtained from critical observation of the economy between 19660 and 1990 points toward several other critical determining factors, some of them are maintenance of law, higher initial schooling, and better life expectancy. Another major sphere that the economy depends upon is the utilization of resources and the flow of money. Industries hold a considerable contribution toward the economy because it is these industries that transform raw materials into useful products and thus add value to them and cater to the needs and demands of the population. Industries at all levels be it product manufacturing or those from the service sector contribute toward the net values.

IoT’s adoption across industries promises economic returns as it facilitates waste management, both of time and resources. Since it will reduce manpower and upscale production with increased accuracy, the transformation of the product will, in turn, positively impact the monetary flow of the company. The better the quantity and quality, the more flourished will be overseas trade bringing in currencies from across the globe, thus acting as another boost to the economy.

Year	GDP	Per capita	Growth rate
2005	$820.38B	$715	7.92%
2006	$940.26B	$807	8.06%
2007	$1216.74B	$1028	7.66%
2008	$1198.90B	$999	3.09%
2009	$1341.89B	$1102	7.86%
2010	$1675.62B	$1358	8.50%
2011	$1823.05B	$1458	5.24%
2012	$1827.64B	$1444	5.46%
2013	$1856.72B	$1450	6.39%
2014	$2039.13B	$1574	7.41%
2015	$2103.59B	$1606	8.00%
2016	$2290.43B	$1729	8.17%
2017	$2652.24B	$1981	7.17%
2018	$2718.73B	$2010	6.81%
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Figure 1.10 India’s economic growth from 2005 to 2018.

The above data and graph, i.e. Figure 1.10 depict the economic growth observed in India staring from 2005 up until 2018. The value has been progressively increasing through the passage of these years. The amounts here are mentioned in Billion Dollars. Now, to observe the technological growth, let us observe the increase in number of internet user in the past 5 years. The data for the same is as follows.

Using the number of internet users as a parameter to estimate the rate of spread of technology, we can conclude that both technology and development go hand in hand with advancement in technology and we can create a much more efficient workflow in our industries, thereby increasing our GDP significantly as shown in Figure 1.11.

Year	Number of users	% World population
2015	3270M	45%
2016	3631M	49.5%
2017	3885M	51.75%
2018	4208M	55.1%
2019	4383M	58.8%
2020	4648M	59.6%
[18]

Figure 1.11 Internet users.