This study was conducted to evaluate the nature, status and competence of Sri Lanka as a developing country to face the rising wave of Knowledge Society and evaluate her potential to regain the development that has been there as better economy in South-East Asia in 1960s. The Study discuss more than 30 bench-marked quantitative and qualitative indicators to evaluate the prerequisites to be a knowledge society and outcomes of a knowledge society. The bench-marked indicator framework suggested by this study is not only validated for the Sri Lankan context, but is has universal applicability for all developing nations to evaluate their potential to become a competitive knowledge societies. Therefore this study is one of the pioneering studies in developing countries, which measures the critical knowledge factors in such countries.
