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Post at: Aug 12 2021

Kerala’s ‘Knowledge Economy Mission’

Recent Context:

Kerala government launched the ‘Knowledge Economy Mission’ in its budget speech on June 4, 2021.

What is ‘Knowledge Economy’?

  • The knowledge economy, which is the primary economy among developed nations, is an economy dependent on human capital and intangible assets, such as proprietary technology.

Origin of ‘Knowledge Economy’

  • The term ‘Knowledge economy’ was popularized by business management consultant, Peter Drucker in his 1966 book, “The Effective Executive” and then further in his 1969 book, “The Age of Discontinuity”.
  • Example: Examples of knowledge economy activities include research, technical support and consulting. Academic institutions companies engaging in research and development (R&D), programmers developing new software and search engines for data, and health workers using digital data to improve treatments are all components of a knowledge economy.

About Kerala’s Knowledge Economy Mission

  • It is launched to boost job prospects in the state by supporting knowledge workers.
  • The mission will promote innovative ideas, coordinate knowledge initiatives and equip young people with updated skills.
  • Through the digital workforce management system, job aspirants will be allowed to connect with global employers.
  • A ‘Knowledge Economy Fund’ will be created for the implementation and funding of this mission.
  • Kerala Development and Innovation Strategic Council (K-DISC) is spearheading the mission and will submit report to the state government before July 15.
  • The digital platform under this mission was developed in collaboration with APJ Abdul Kalam Technological University.
  • The digital platform is expected to create 20 lakh jobs in next five years.

Conclusion

  • India’s development policy challenges will require it to use knowledge more effectively to raise the productivity of agriculture, industry, and services and reduce poverty.
  • The same applies to the states too. Although, there are challenges in implementing knowledge economy but India (Also states at individual level) can leverage its strengths and grasp today’s opportunities.

@  Abhay Pandey

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