Relevance for Banking, SSC & RBI Grade B exams: Economy/Governance
The Ministry of Statistics and Programme Implementation is inviting feedback and suggestions on the report submitted by the Committee on Knowledge Systems, chaired by Shri Ratan P. Watal, former Member Secretary of the Prime Minister’s Economic Advisory Council. This report, which provides a practical policy paper for measuring the contribution of knowledge and knowledge products to the Indian economy, follows extensive deliberations initiated in February 2025 under the Principal Scientific Adviser to the Government of India, Prof. Ajay Kumar Sood. The initiative aims to develop a systematic framework to quantify the growing role of knowledge in driving economic activity, productivity, and value creation, especially in the context of “Viksit Bharat” and the rapid evolution of knowledge generation, including through powerful artificial intelligence systems. The report proposes a federated model for developing thematic statistics/accounts in areas like human capital, R&D, creative economy, AI systems, data and databases, high-tech products, and the digital economy, rather than a single holistic measurement for the entire knowledge ecosystem, aligning with SNA 2025.
For Banking, SSC, and RBI Grade B aspirants, understanding this development is crucial as it directly impacts economic policy formulation and data interpretation. The systematic measurement of knowledge’s contribution will influence government policies related to innovation, skill development, and digital transformation, which in turn affect banking sector growth, credit allocation, and investment patterns. Furthermore, questions on economic indicators, government initiatives for economic growth, and the role of various ministries in data collection and analysis are common in these exams, making the details of this committee’s work and its recommendations, particularly regarding thematic statistics and the federated model, highly relevant for both objective and descriptive sections.
Source: PIB (Press Information Bureau)
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