Give an account of report published by World Bank on Indian economy as a knowledge economy.

Question

Accepted Answer

Recently World Bank published a report called 'India and the Knowledge Economy — Leveraging Strengths and opportunities'. The report states that India should make a transition to the knowledge economy. If it uses its knowledge economy as much as Ireland does, then the per capita income of India will increase from a little over US $1,000 in 2002 to US $3,000 in 2020. It also claims that Indian economy has all the key ingredients required for making this transition like a critical mass of skilled workers, a well functioning democracy, and a diversified science and technology infrastructure.