*13th Feb, 2025* *News of the Day* *Gross Domestic Knowledge Product (GDKP)* *Introduction* Recently, the Government of India revived a proposal to measure the Gross Domestic Knowledge Product (GDKP). This initiative aims to supplement the traditional Gross Domestic Product (GDP) metric. The Ministry of Statistics and Programme Implementation (MoSPI) is leading this effort. *What is GDKP?* The GDKP concept aims to quantify the contributions of knowledge, innovation, and intellectual assets to the economy. It recognises that GDP alone does not fully capture the value generated by knowledge-based activities. Some knowledge-related data is already recorded under GDP, but a structured approach is needed. *Historical Context* The idea was first discussed in 2021 by NITI Aayog. At that time, concerns were raised about the lack of a clear methodology for data collection. Recently, MoSPI held a session to explore the GDKP measurement framework. MoSPI is now actively working to develop this framework. *Methodological Challenges* There are certain methodological challenges in measuring GDKP. First, There is no clear method to capture the knowledge economy yet. Second, Identifying relevant parameters for measurement poses a challenge. Third, Data availability is another concern. *Satellite Account Approach* MoSPI is considering a “satellite account” approach to measure the knowledge economy. A satellite account is an additional system used to track specific economic activities. This method is similar to existing satellite accounts for tourism, culture and the ocean/blue economy. The goal is to create a separate framework that accurately captures the knowledge base. *Technical Committee Formation* MoSPI plans to establish a technical committee. This committee will evaluate the GDKP proposal and guide the measurement process. Collaboration with various ministries will be essential for effective implementation. Relevance: GS Prelims & Mains Paper III; Economics *Download the Complete Daily Current Affairs Pdf* https://www.prepmate.in/wp-content/uploads/2025/02/News-Juice-13th-February-2025.pdf