21st century is the age of knowledge economy: Prez

New Delhi: President Ram Nath Kovind on Sunday said the 21st century was the age of "knowledge economy" and the power of new ideas and innovation was greater than money.

He said a sustainable development of the human society was possible through the confluence of Indian values and modern science and technology.

Kovind was addressing the diamond jubilee celebrations of University of Delhi's PGDAV College here.

Pointing to the success of the youth and their start-ups in e-commerce, transport and tourism, he said more than capital investment, it was the human talent and ingenuity that were behind such success.

"The 21st century is the age of the knowledge economy. In today's era, the power of new ideas, new thinking and innovation is greater than money, Kovind said.

The President said that the definition of employment is changing. Employment is no longer just a conventional job. Creating self-employment opportunities for yourself and for others has become more feasible," he said.

In order to encourage self-employment, the government is providing assistance through various schemes, Kovind said, as he urged students to use these opportunities for their career development as well as to create opportunities for others. Remembering social reformer Swami Dayananda Saraswati, he said that to spread his teachings, Indian educationist Lala Hansraj had laid the foundation of Dayanand Anglo-Vedic (DAV) school in Lahore about 130 years ago.

Kovind also praised the DAV family of educational institutions, saying it has imparted education based on modern scientific perspectives, as well as inspired by Indian traditions, to successive generations in the country.

Indeed, the philosophy of the DAV institutions, which were first founded in the 19th century, can stand us in good stead in the 21st century as well, he said. The President said that former prime minister Atal Bihari Vajpayee had completed his MA from DAV school in Kanpur.

"I also completed my B com and LLB from DAV school, Kanpur," he added.