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Changing Dimensions and Growth of Knowledge Based Economy in India

Changing Dimensions and Growth of Knowledge Based Economy in India

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Changing dimensions and growth of knowledge based economy in India.
By Jhamb, Rajesh Kumar,Kaushik, SanjayPublication:Journal of Academy of Business and Economics Date: Saturday, March 1 2008 
 
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.
 
Changing dimensions and growth of knowledge based economy in India.
By Jhamb, Rajesh Kumar,Kaushik, SanjayPublication:Journal of Academy of Business and Economics Date: Saturday, March 1 2008 
 
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.
 
Knowledge based economy is all about enhancing the use of organizationalknowledge through sound practices of information management and organizational learning.The 21st century is now the era of knowledge. Knowledge economy has gone through seriesof steps, making up an ongoing life cycle. In this phase, it is important to go to all the sourcesavailable and judge the usefulness of the captured knowledge. Speed user friendliness,efficiency of access and accuracy of information are important elements to be consideredthroughout the organizing phase of knowledge based economy. The countries that will buildthemselves by undertaking the dynamics of the knowledge and create true knowledge societywill survive and succeed in the today's era. Knowledge management is a sub component of knowledge based society or knowledge economy.Some of the characteristics of India as a knowledge based economy have followed:--* An efficient innovation system as a powerful tool for social and economic transformation.* Enlightened people making better use of intellectual assets for a dynamic informationsystem.* Generating, absorbing, disseminating and protecting knowledge to create economic wealthof Indian economy.* Developing skills, competencies innovation for the skilled workers to make better use of external information.* Strengthening the Institutional and economic regime and saving real time money throughefficiencies.* Enhancing employee's problem solving capacities to have a positive impact on business processes.* Facilitating sharing knowledge to help quickly the less trained workers to achieve higher  performance levels.* Building mutual trust between knowledge workers and management to facilitatecooperation in handling sensitive tasks.There are specifically development in Human Resource development, InformationTechnology (IT), Innovation Education System (IES) and Quality Based Management hasmade India a better knowledge based economy. These are as follows:--3.1 Human Resource Development in Knowledge Based EconomyIn the knowledge era, the pressure on manpower is mounting day by day due to constantchange in technology, shorter product cycle as well as short span of market. Today, thetrained manpower is there for every industry. E learning has become a vital function of theknowledge economy. It has helped in meeting the requirements of the new economy. It hashelped in converting human population into Human Potential which leads to build aknowledge economy comprising of scientists engineers, doctors, professionals etc.3.2 Information Technology In Knowledge Based EconomyInformation Technology connotes as assemble of technologies, which is one of thecomponent of profitable knowledge economy. All types of technologies are today beingassociated with the knowledge based economy i.e. Internet, Intranet, Web Technology,DBMS, Information retrieval, Data mining etc. Information technology has become a powerful tool for promoting innovation and realizing reengineering. It has helped in settingup various knowledge Network services platforms in India.

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