KNOWLEDGE ECONOMY: THE INDIAN CONTEXT
New Trends in Knowledge Economy
India’s higher education policy of the 1950s , which envisaged schools of excellence, especially in technology and sciences, has finally paid off rich dividends. The creation of IITs, IIMs, Schools of Science, Schools of Law, a large number of advanced training and research institutions have now been well and widely accepted.
Doctors trained in India have been the backbone of the British Medical Service for many decades. Indian scientists have found positions of importance in research laboratories of the US and other developed countries. But it was the IIT engineers who have finally struck gold during the dot.com boom of the 1990s and brought the
final recognition and testimony for Indian competence. Of about 140,000 graduates of IIT so far, roughly 40,000 have gone to the US. They have been given the credit of creating 150,000 jobs and $80 billion in market capitalization. It is said that when a new IT company is launched, investors inquire if there is an Indian in it. In the second meeting of IIT Alumni in the US, prominent persons like Jack Welch of GE, Larry Summers, President of Harvard University, and Tom Friedman, the globalization columnist of New York Times were present. The states of Virginia and Maryland declared the month of May 2005 as IIT – Indian American Heritage Month. Further, 55 US Members of the House of Representatives co-sponsored Resolution 227 honouring ‘the economic innovation attributable to graduates of the Indian Institute of Technology’.