The pace of India's progress will depend to a large extent on its ability to make available the latest and most useful knowledge to vast sections of the population.

In the modern society, knowledge creates new opportunities for action. It drives innovation and innovation drives to progress. Hence, today, knowledge is the most important force of production that drives economic growth. Creating a knowledge society is fundamental to fulfill the vision of a developed India. India should leverage the power of information technology to leapfrog poverty barriers to promote economic and social development.

Knowledge has replaced capital as the most important determinant of development. In a path-breaking study in mid-1950s, Nobel laureate economist Robert Solow showed that seven-eighth of the growth of the US from 1900 to 1950 was accounted for by technical progress, while only one-eighth was driven by capital. A study by Denison, apart from the factors contributing to the growth of the US economy from 1929 to 1982, attributes 94% of that growth to factors relating to knowledge generation and dissemination: 64% of this is linked to advances in knowledge generation (i.e., R&D) and another 30% to advances in education.

MBA Review Magazine, Economic Development, Social Development, Knowledge Generation, Resource Management, Green Revolution, Production Technologies, Financial Resources, Domestic Economy, Financial Services, Government Policies, Cellular Telephone Networks, Knowledge-based Resources, Human Resource Management.