DMPQ: Knowledge based economy has huge potential to grow with sustained rate. But there are concerns with Indian as an eligible country for knowledge based economy. Discuss.

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USA is a knowledge based economy which is growing at a sustained rate. This type of economy adds more value to its available resources and hence ensure better growth.

 

The major concern with India in realising the potential of

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knowledge base economy are:

 

  • Lack of adequate funds for investing in R&D sector. Our gross expenditure on R& D has remain stagnated over the period of time.
  • University spending on R&D as compare to its peer countries is very less. There should be more focus on practical aspect in universities.
  • Majority of the funding comes from Central government. Time has come for state government to take responsibility.
  • Our education system at primary and secondary level is not inclined towards practical and experiments learning rather than it is on rote learning which impedes the growth of innovative skills.

 

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