The ‘new’ economy, knowledge management and growth of India: Hype or reality?

MOAZZEM HOSSAIN, GRIFFITH BUSINESS SCHOOL, GRIFFITH UNIVERSITY, AUSTRALIA

Abstract : The modern telecommunications industry has made a significant contribution to the creation and expansion of the so-called ‘new’ economy sector in several developing but mainly more developed nations. India, in particular, achieved a phenomenal growth in the export of ‘new’ economy products during the 1990s and the early 2000s. What is a ‘new’ economy? According to the Asian Development Bank (ADB), it describes a sector or sectors of an economy that are producing or intensely using innovative or new technologies. This relatively new concept applies particularly to industries where people depend more and more on computers, telecommunications and the Internet to produce, sell and distribute goods and services. In other words, it can be considered that the ‘new’ economy (NE) has emerged out of three major sources: growth in information and communications technology (ICT), innovation of knowledge-based goods and services, and globalisation of economic activity. For the purpose of this study it is considered that the main drivers of the ‘new’ economy in India are: (a) development of information and communications technology (ICT), (b) the flow of foreign investment in IT/software services, and (c) effective provision and management of technology based knowledge. In view of the above, the major aims of this paper are: to investigate the current state of the ‘new’ economy and growth in India; to examine the significant economic, regulatory reforms and knowledge innovations that are driving the success of the ‘new’ economy sector of India; to assess and take appropriate lessons from India for governments, industry and businesses of other developing nations for advancing the ‘new’ economy opportunities in the years to come.
Keywords: ‘New’ economy, knowledge & innovation, telecommunications, IT/software exports, India

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