India as Knowledge Economy: Status, Challenges & Solution

Abstract

Neo -classical growth theory come out as a path breaker  by considering knowledge as a major component of economic growth, instead of considering economic growth led by productivity. Recently, global economies has also started recognizing the contribution of knowledge to total factor productivity and consequently to sustainable long term economic development .Keeping in view the emerging trend, this paper analyze the status of India as a knowledge economy at national and global level and trace the issues which come in the way of India to become a knowledge based economy.