The government is working towards developing a framework to measure the knowledge economy, as the ministry of statistics and programme implementation (MoSPI) organised a brainstorming session on Monday.
The session on conceptual framework of Gross Domestic Knowledge Product (GDKP) was attended by Ajay Kumar Sood, principal scientific advisor to the government of India, along with representatives from various ministries, industry associations, and non-governmental organisations.
Sood emphasised that a refined methodology for GDKP would provide an accurate representation of the contributions of knowledge-driven sectors, innovation, and intellectual assets to India’s economic growth, the ministry said.
At present, all expenditures on intellectual property products (IPP) are recorded under gross fixed capital formation (GFCF), which is a key indicator of knowledge production.
Saurabh Garg, secretary of MoSPI, highlighted ongoing efforts to revise the base year of indicators such as Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP).
As the ministry collaborates with other ministries to compile satellite accounts, this session aims to explore the feasibility of developing a satellite account to measure the knowledge base of the, he added.
