India has potential to become knowledge-based economy: ADB

India has the potential to become a leading knowledge-based economy with its youth population and growing information technology though it should overcome some barriers in this regard, Manila-based funding agency Asian Development Bank (ADB) said in a report released on Friday. ‘India, with its youthful population and thriving information and communication technology (ICT) industry, can become a leading knowledge-driven economy as long as regulatory, education, and infrastructure barriers are overcome,’ ADB said in its report titled 'Innovative Asia: Advancing the Knowledge-Based Economy'. The report said pro-poor technologies, growing investment in ICT, advantage in audio-visual services as an outsourcing hub for animation and other skill-intensive industries are few of the promising areas for India. ‘By leveraging its strengths in human capital and ICT services, India can become a major global knowledge-based economy,’ said Bindu N Lohani, ADB vice president for knowledge management and sustainable development, according to ndtv.com