In the pre-globalization era, technology development used to be reserved for the developed countries and only obsolete technology was transferred to the developing countries. Globalization changed this trend. The Triad countries consisting of Japan, US and Western Europe found it is possible to develop new technology at a much lower cost, and because of its proximity with the emerging market, develop appropriate technology needed in the market. More and more MNCs from advanced countries are setting up research and development centers in countries like India and China. This article debates its advantages and some disadvantages, concluding that the scale tilts towards the emerging countries offering fresh opportunities.

India was in the forefront of research and academics before the Pathans, Mughals, Huns and others invaded the country; once the Indians lost their freedom there was hardly any research and development taking place in India. The spurt of foreign invasion from the first millennia in the Christian calendar was due to the fact that India was one of the most formidable economic powers in the world. Few remembered that at the time Vasco Da Gama set sail for India, i.e., somewhere in the late 15^th century, India and China used to control 60% of the world trade. Technological development through various millennia is a fascinating story and was started by the Homo sapiens. It has taken thousands of years to achieve technological competence that we see today. However, the last thousand years, and particularly the last hundred years, have seen more developments of science and technology.

Before we proceed further, let us define what technology is. I conducted a survey among 16 CEOs/Chief of Strategic Planning/CTOs through a structured questionnaire, asking them to define technology, among many other questions related to strategic planning and other business-related questions. The industries chosen were diverse, which included information technology, FMCG, industrial consumables, cable manufacturing, tractor manufacturing, and banking and insurance. There were diverse opinions and different perceptions and the author developed a definition of technology as related to business:

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