Education has been long viewed as an important determinant of economic well-being of any nation. An economy's ability to grow over time, its ability to innovate and rise in productivity and real incomes is strongly tied to the quality of education provided to the vast majority of people in the nation. Skills and intellectual capital are increasingly important in a modern economy and quality education through schools plays a central role in the development of valuable skills. Good quality education is the foundation of new discoveries, new knowledge, innovation and entrepreneurship that trigger growth and prosperity of the individual as well as that of a nation.
India been considered as a talent pool of the world, having qualified and educated human resources in abundance. Education has become a primary reason for transformation of India into one of the fastest growing economies in the world since liberalization in the 1990s. It is Sunrise Sector for many investments and offers a huge untapped market in regulated and non-regulated segments due to low literacy rate, high concentration in urban areas and growing per capita income. The Government has also been proactively playing the role of facilitator in this sector.
Education can increase the human capital inherent in the labor force which increases labor productivity and thus transitional growth toward a higher equilibrium level of output of any sector of progress. It can facilitate the diffusion and transmission of knowledge needed to understand and process new information and to successfully implement new technologies devised by others, which again promotes economic growth leading to globalization.
As concern to Smart City, Education is a facilitator in creating opportunities and innovation in the development of city. Future of Smart city is dependent on the intellect of the citizens inherited. This concept will be used as catalyst for all round development of the nation. Quality of education would help in creating an enriching socio economic development of an individual and nation as a whole. Thus a concluding statement can be summarized by quote given by economist Clark Kerr, "On a global scale, wealth and prosperity have become more dependent on the access to knowledge than the access to natural resources."