Little
knowledge is indeed a dan-gerous thing. More so, in today's
Information Age, where knowledge plays an integral part in
the development of an economy. Today, no economy can remain
competitive without applying knowledge and, currently, the
most technologically advanced economies are truly knowledge-based.
Lester C Thurow, noted MIT economist, writes in his book Building
Wealth: The New Rules for Individuals, Companies and
Nations, "Knowledge is the new basis for wealth.
This has never before been true. In the past, when capitalists
talked about their wealth, they were talking about their ownership
of plant and equipment or natural resources. In the future
when capitalists talk about their wealth, they will be talking
about their control of knowledge." Therefore, in the
coming years, it is just knowledge, knowledge and more knowledge
that will rule the world! Tangible or physical resources are
passé and knowledge is the "in thing". India
too has realized this, and is gradually and successfully transforming
into a knowledge-based economy.
Taking
a cue from other knowledge-based economies that are progressing
and doing well globally, India is surely catching up with
the trend and gradually transforming into a knowledge superpower.
The country is well on its way to harnessing novel as well
as existing knowledge to improve the productivity in agriculture,
industry, and services for the overall economic and social
welfare. The availability of skilled, English-speaking knowledge
workers, a well-functioning democracy, and its large domestic
market are providing the country with the much required advantage
to evolve into a knowledge economy. The consistent and remarkable
development of information and communications technology (ICT),
a free-market economy, and an efficient private sector are
the strengths the country can rely upon. However, Indian culture
has always valued knowledge very highly, and these cultural
values too are responsible for driving the country towards
being a knowledge economy. |
