Is Indian Economy a Knowledge Economy?

Agrarian, industrial and services were some of the key words innovated by development economists of past few centuries to classify the nations of the world. In those days, land labour, natural resources and organization were the major factors of production. But, the scenario has slowly changed. Now-a-days, every one is casually using prefixes like digital, information, network, new etc., to identify a particular phase of transition of economies. These terms even occupied a prime place in modern dictionaries in order to connote some special meaning.
The dawn of the 21st century has enthusiastically welcomed this concept viz., 'Knowledge Economy'. Eminent people of this field accepted that this transition is a regular phase of change. In some economies knowledge occupies the position as the prime factor of production. Creation of wealth, which is considered as the basic function of economic development, depends fully upon generation and exploitation of knowledge. Unlike the agrarian or industrial economy, knowledge is the main resource for income generation in such economies. Nations that are qualified under this category are known as 'Knowledge Economies'.