Write short notes on the following:

Knowledge economy and India

In the knowledge sector, knowledge and technology are used to attain economic growth. It is visible that modern technology and information & communication technology has developed into a knowledge economy. Education, innovation, and Information & Communication Technology (ICT) became the basis of the knowledge economy. Moreover, the production and consumption of intellectual capital also take place in the knowledge economy. Intellectual capital refers to the combined knowledge of the people in an enterprise or a society.

In the tertiary sector, services like expert advice on shares and taxes, software experts, etc; is developing on a large scale. Business executives, researchers, scientists, expert policymakers, economic experts, etc are an important support system of this sector. Government is also taking initiatives to strengthen this sector, for example - Govt. of Kerala initiated the development of Infopark and Technopark.

Today, India is considered to be a global service provider in the field of software technology. It is due to the growth of information and communication technology. Because of this, India is now able to improve the condition of the people through the economic growth of the country. There are various factors which could help India to further develop this sector – technical experts who are well acquainted with the English language could serve as an important part of Human resource in this sector; Wide domestic market, Strong private sector and growth of science and technology. Through the use of all these factors, India can increase its national income.