Question

Knowledge based industry is rapidly developing industry in our country, why?

Answer 1

India, with its youthful population and thriving information and communication technology (ICT) industry, can become a leading knowledge-driven economy as long as regulatory, education, and infrastructure barriers are overcome, says a new report from the Asian Development Bank (ADB).

“By leveraging its strengths in human capital and ICT services, India can become a major global knowledge-based economy,” said Bindu N. Lohani, ADB Vice-President for Knowledge Management and Sustainable Development. “But making this a reality will require many steps like putting in place supportive laws, improving infrastructure, dismantling barriers to trade and investment, up skilling the labor force, boosting research and development spending, and providing innovative financing options for small businesses and entrepreneurs.”

Answer 2

MANILA, PHILIPPINES – India, with its youthful population and thriving information and communication technology (ICT) industry, can become a leading knowledge-driven economy as long as regulatory, education, and infrastructure barriers are overcome, says a new report from the Asian Development Bank (ADB).

“By leveraging its strengths in human capital and ICT services, India can become a major global knowledge-based economy,” said Bindu N. Lohani, ADB Vice-President for Knowledge Management and Sustainable Development. “But making this a reality will require many steps like putting in place supportive laws, improving infrastructure, dismantling barriers to trade and investment, upskilling the labor force, boosting research and development spending, and providing innovative financing options for small businesses and entrepreneurs.”

Promising areas for India include developing technologies for poorer or price-sensitive customers—where it has already made advances— and stepping up investment and support for its booming ICT sector, says Innovative Asia: Advancing the Knowledge-Based Economy released today. As the world’s largest film-producing country and third largest television market, it also has a natural advantage in audiovisual services where it has emerged as an important outsourcing hub for animation and other skills-intensive industries.

The report uses the World Bank’s Knowledge Economy Index to rate economies based on four indicators, with India ranked 109th out of 145 countries covered in 2012.