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.
- 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