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The new millennium is witnessing the globalisation of the business with intense competition amongst the domestic as well as international players. Indeed the world has changed beyond recognition, be it politically, economically or technologically. Major changes have brought in the need for organisations to do some deep introspection as to how to meet the challenges of the competition and adopt appropriate strategies not only to create the competitive advantage but also to sustain this advantage. There is a realisation of the fact that competitive advantage can be gained only through leveraging and harvesting their 'intellectual capital' i.e. knowledge residing in the minds of their people.