The knowledge economy and its challenges for the higher education system of India.

Abstract

Global economy's rapid transformation into knowledge economy has caused reshaping of relations between nations. These changes have been particularly visible in the field of higher education. The knowledge economy has been confined mostly to developed countries. With the paradigm shift compelled by knowledge economy on practically all the countries, it has become virtually impossible for states to remain outside this economy and give a good standard of living to its citizens. To survive and succeed in this most competitive economy, the strategy presupposes the development of strong education systems. This article aims to look at the tendencies brought along by modern knowledge economy demands and their effect on individual states in general and Indian higher education system in particular.