Changing dimensions and growth of knowledge based economy in India.
You are viewing page 2ABSTRACTKnowledge management is a new emerging discipline with its inter-disciplinary approach in today's businessworld. It has now become a mainstream priority for any business organization. It has become the driving forcefor social development. Globalization of the technology wouldindeed bring the world closer. Today, knowledge economy is converting intellectual assets of manpower into productive force. It helps in reserve knowledge resources that already exist in the economy. This paper highlights the concept of knowledge management and its need, components, India's position in the globaleconomy. Growth of India as knowledge economy, current issues and challenges faced by Indian knowledgeeconomy.Keywords: Knowledge Economy / Growth / Challenges / Trends1. IntroductionThe present era is the era of knowledge economy. Knowledge management is a dominant force in the overallstrategy of the organizational management. Knowledge management is the process of gathering, managing andsharing with associates the knowledge in the organization and use of enterprise in knowledge assets. Inknowledge economy, Knowledge, Expertise and Innovation-rather than land and machinery are the primaryassets of an organization. India is one of the world's largest economies, made tremendous growth in the socialand economic development since 1980's onward.Dale Neef (1999) says that "The changes taking place in the world economy nave made knowledge managementa business necessity at least for large multinationals that operate on a global scale, or hope to". In theknowledge-based economy, knowledge management has received considerable attention in the economy. Theeconomists have applied knowledge management principles to provide attractive economics and managerialservices to the satisfaction of the users.2. KNOWLEDGE MANAGEMENTKnowledge management is visionary, which generate enthusiasm, buy-in, and motivates managers to work together toward reaching common goal. It draws upon the expertise relationships and alliance. Knowledgemanagement is the management of diffusion and transfer of knowledge. This is a concept in which anorganization or an institute consciously and comprehensively gathers organizes, share and analyze itsknowledge in terms of resources, documents and people skills. Knowledge management can be describedas--"Knowing what you know and then bringing from it." Knowledge management is the form of application of strategic management practice to human resources as whole which are the carrying vectors of Knowledge"--(Nonaka, 1995) "Knowledge is information that has value"--(Elliott, 1996) "Knowledge management is the artof creating value from an organization's intangible assets"--(Sveiby, 2000). "Knowledge management is theability to create and retain greater value from core business competencies"--(Kirk klasson) "A form of expertisemanagement which draws out tacit knowledge, making it accessible for specific purpose to improve the performance of organization about how the organization's know-how should be structured, organized locatedand utilized to provide the most effective action at that point in time."--Bradbent.3. INDIA AS KNOWLEDGE BASED ECONOMYKnowledge based economy is concerned with the expectation and development of the knowledge asset of aneconomy with a view to furthering the economy's objectives. Indian knowledge based economy is based on theconcept of "Improving ourselves by learning from others". In today's scenario, the time is very favorable for India to make its transition to the knowledge-based economy that creates, disseminates and uses knowledge toenhance its growth and developments. The knowledge economy is after taken to mean only high technology,Industries or information and communication technology. The domestic corporate sector has shown aremarkable level of absorption of information services into its main mainstream operation to face challenges of globalization and economic liberalization. The companies like INFOSYS, WIPRO, TCS, ICICI BANK,EUREKA FORBES also influence the knowledge economy in India. The major input for knowledge economyhas come from the accelerating rate of change in the business world. Whenever changes occur, people need newknowledge to do their work.