Gross Domestic Knowledge Product: What is it, what is the 2021 idea govt is reviving

Sood underlined the value of shifting from economical indicators to a knowledge-centric measurement approach, by noting that a refined methodology for GDKP would amended seizure the contributions of knowledge-driven sectors, innovation, and intelligence assets to India’s economical growth.

Satellite Account

At present, each expenditures connected Intellectual Property Products (IPP) are recorded nether Gross Fixed Capital Formation (GFCF) — the indicator for superior investments successful the GDP dataset for the economy. MoSPI Secretary Saurabh Garg said the league was being held to research if a outer relationship to measurement the cognition basal of an system tin beryllium worked out. MoSPI has been moving with assorted ministries successful compiling outer accounts, namely tourism outer accounts, civilization outer accounts, water and bluish system accounting, helium said.

It was discussed that a formulation to seizure the cognition system is indispensable but not available. MoSPI volition signifier a method committee to measure the connection and supply guidance connected measuring the cognition economy.

NITI Proposal

GDKP was discussed earlier successful 2021 erstwhile NITI Aayog made a presumption connected the conception note. The National Statistical Commission had pointed retired past that the conception enactment did not supply the methodology for capturing the information and computation of GDKP. “This workout would necessitate not lone recognition of cognition parameters but it besides requires tweaking of parameters which would bespeak the existent presumption of the outcome,” it had said, adding that the wide conception has a batch of subjectivity and requires further elaboration.

MoSPI had besides noted that the conception insubstantial suggested the GDKP would service arsenic specified an indicator supplementing the GDP measure, but fell abbreviated of specifying however it is going to supplement the GDP successful measuring welfare. “Data for GDKP whitethorn not beryllium readily disposable and successful specified circumstances cognition based surveys would person to beryllium conducted. A information of GDKP is already being captured successful GDP. Although GDKP whitethorn augment the GDP, integrating GDKP and GDP would necessitate a due methodology,” MoSPI had said.

After a reappraisal by NITI Aayog successful August 2021, the task was past shelved.