Role of Education in a Developing Country like India (original) (raw)

Education and Economic Growth in India

The paper focuses on the expenditure on education as determinant on economic growth. The study examine the relationship between education and economic growth in total number of states as a whole , Non special category states, special category states and North eastern states separately. We have considered Net State Domestic Product at Factor cost on constant prices (NSDP) and Per-capita Net State Domestic Product at Factor cost ( PerNSDP)on constant price as proxy for economic growth. Using the panel least square with fixed and random effect NSDP and Per NSDP has regressed separately on Expenditure on education and Expenditure on education as a percentage of aggregate expenditure. The result of the study shows that expenditure on education is positively influencing the growth of the economy. But Expenditure on education as a percentage of aggregate expenditure is negatively influencing the economic growth in case of total states as a whole and Non special category states. However it is not showing significance for northeastern states.

Role and Importance of Educational for Effective Growth of Indian Economy: An Overview

IOSR Journal of Humanities and Social Science, 2013

The Indian education system is presently facing several issues and challenges. Education is a continuous process. It deals with over growing man in ever growing society. The word education originated from the Latin word which means" to bring up". Education should clarify, Man's relation with man, Man's relation with the universe and Man's relation with creator or God. The importance of Education is today's need as it is the not only the development of intellectual skills and knowledge but also to effective growth and development of Indian Economy. The Education system needs to make students as learners innovators, scholars, researchers and trainers. In the past century, we progressed from a stage where the application of science to manufacturing techniques become the basis for production and to develop the Indian Economic system. Education has been found a major source of productivity growth in postwar era, and because Education increases productive human capital, It contributes to overall increase in Economic growth, It is estimated that from 1948 to 1973, Education and the innovated accounted for two-thirds of the increase in U.S. In light of the many Potential benefits of International Trade such as increased sales (or) revenues, cost reductions, technology transfers, the search for higher quality products, industry development, general economic growth of India. Globalizing and Privatization has increased economic competition within and between countries and the world's regions. Economics compositeness is commonly seen as a valid index for judging a country levels of economic Prosperity. Many recent Large-Scale Education reforms have been justified by the urgent need to increase Labour productivity and promote Effective economic development and growth through expanded and improved education. The concept of effective Growth of Indian Economy is much wider in scope than the Role of Education at covers and higher Level.

EDUCATION AND SKILL DEVELOPMENT: IMPACT ON ECONOMIC GROWTH OF INDIA

India " s population is huge at 1.21 billion. It is fast expanding at a rate of 17% and integrating rapidly into the global economy. India is among the " young " countries in the world, with the proportion of the work force in the age group of 15-59 years, increasing steadily. However, presently only 2% of the total workforce in India have undergone skills training. India has a great opportunity to meet the future demands of the world, India can become the worldwide sourcing hub for skilled workforce. The challenges for India get magnified, as it needs to reach out to the million plus workforce ready population, while facing an ever increasing migration of labour from agriculture to manufacturing and services. With the government launching a number of schemes to empower the young workforce, the challenges magnify as there is a need for effective implementation of the schemes at the grass root level with equal participation from all the stakeholders concerned.

The Impact of Education on Economic Growth: The Case of India

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

There exists an enormous interest in clarification of the relationship between education and economic growth. Over the past 30 years, there have been conducted studies by economists about the connection between education and economic growth. There are actually many publications which provide strong evidence that suggests a correlation between the two. This paper attempts to build upon previous publications and to introduce a unique insight along with contemporary evidence about the relationship between education and economic growth in India from 1975 to 2016 by foc using on primary, secondary and tertiary levels of education. The relationships are examined by utilization of econometric estimations with the Granger Causality Method and the Cointegration Method. These methods are used to create models that could shed light on the claim that education plays a central and significant role in economic growth of India which could consequently be used as an example for similar countries in...

The Mutual Influence of Investment in Education on Economic Development in India

International journal of research - granthaalayah, 2016

Education" as a key determinant of economic development and growth is believed to be the central focus of many emerging economies since they have managed to restructure their entire economic policies towards enhancing education (especially higher education) to attain economic development and growth at global standard in the recent past. Keeping all the facts in mind, an attempt has been made in this paper to study the relationship between education and economic development in general and India in particular. India has the 3rd largest higher education system in the world in terms of education after Chine and the US. For the purpose of the study, an extensive survey of earlier studies on this ground has been surveyed. On the basis of the assertion made by the earlier studies and evidence, the present study envisages the importance of investment in higher education and human capital to attain sustainable economic development.

The Relationship between Education Expenditure and Economic Growth in India

Governments all over the world want their countries to have high-valued and high-skilled economies, and the first step toward this aim is to have a well-educated workforce. Education develops a person's capability for learning, interpreting information and adapting knowledge to individual or local conditions. Thus, it provides the foundation of building knowledge for an information-based society. In this context, it is interesting to analyze the effect of government spending on economic growth of India. To evaluate the effect of education expenditure on economic growth in India, the present study employed the conventional linear regression method, using GDP as proxy for economic growth; total government expenditure on education as proxy for knowledge economy. The analysis confirms that there is positive relationship between education expenditure and economic growth. Hence, it is of utmost importance for the government to continue with the spending on education in order to have decent growth in the future to come.

Effect of Education on Economic growth of Northern Part of India

Education plays a vital role in enhancing economic growth by increasing productivity. It is one of the important elements of human capital formation. The study aims to examine the impact of education on economic growth of North Indian States based on an econometric model. To test the relationship between educational expenditure and economic growth, the data for the period of has been used for econometric analysis. In long run a combination of several factors, including Education contribute towards economic growth. The results have been tested for heteroskedasticity, multi-collinearity and autocorrelation for validation purposes.

THE IMPORTANCE OF EDUCATION IN ECONOMIC GROWTH

The main purpose of this paper is to examine the relationship between education and the economic growth of a country. Education is one of the most important factors for the economic and social developments of a society; and it is also the main component of the construction of human capital. It is very difficult for a country to accomplish a successful economic progress if it does not invest sufficiently and judiciously in education. Therefore, investment in education is seen as the vital part of a country’s economic development. It is clear that educational investments are expensive and long-term projects and must be more important than other possible development projects in order to ensure the welfare and prosperity of societies. Unfortunately, this idea falls especially focusing on most under-developed countries. For this reason, the importance of education in a country’s economic development and growth must be stated and asserted overtly and unambiguously.