Global Recognition of India’s Knowledge-Based Industry Evolution Through Empirical Analysis

Abstract

India’s growth in the knowledge-based services sector has provided an impetus in the development process of the country for close to three decades now. The establishment of various institutions and organisations based on inputs from different national and international bodies helped India realise the US$ 100 million export revenue. Higher education policies from the early years of independence established India’s reputation in providing skilled technical labour force globally. The recognition of Indian sub-continent as a hub for an abundant supply of skilled technical labour has not only improved its gross domestic product but also improved the living standards within the country for the past two decades. This supply of skilled labour has increased the share of service production within the regional and sub-regional boundaries. The production of services not only help in greater knowledge dissemination but also stimulate innovative content production within the regional boundaries for high global outputs. An empirical model of regression is employed with the identified variables to estimate the causation of increasing export revenues for close to the past three decades. This regression analysis has quantitatively proved the significant reasons for the lion’s share of growth in economic development across the various regions in the country.