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Title: India’s Economic Growth: A Strategy for the New Economy
Authors: Jati Sengupta
Keywords: Local Development
Issue Date: 2005
Publisher: Palgrave
Description: This new economy is characterized by three Is: innovation, interdependence and investment in knowledge capital. Innovation takes many forms besides new technological inventions and designs. It includes new areas of applied research, new methods of learning by doing and new organizational methods. Interdependence means the interaction between sectors through knowledge diffusion, trade and commerce and externality effects. This interaction helps other sectors grow by forward and backward linkages through cost efficiency and demand expansion respectively. The IT services act as a catalyst, improving the productivity of other sectors using IT services. They also expand markets through e-trade and e-commerce. In China and Taiwan this force has played a dominant role in raising national growth rates and revitalizing rural and agricultural sectors. Finally, the investment in human and physical capital has helped speed up the growth miracle in Southeast Asian countries. Investment in skill development for the IT sector helps to build the information infrastructure, which is so crucial to the growth of the new economy.
ISBN: 978–1–4039–9617–6
Appears in Collections:Regional and Local Development Studies

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