Indian Journal of Economics and Development

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Reciprocity between Education and Economic Development in Indian Perceptive-Modified Perception and Approach Required


Affiliations
1 DA – 81 F, Hari Nagar, New Delhi – 110064, India
 

Objectives: The paper is intended to discuss the relationship between education policy and economic development in India, to analyse the present scenario and to provide some suggestions for their reciprocal development.

Method/Statistical Analysis: Data from credible official sources have been used and analysed through suitable tables and graphs using descriptive statistical tools like percentage, ratio-proportion and mean to examine whether our education system fulfils the present requirement and addresses the demand of day or whether some modification is required in it. A correlation between the education and economic development has been established to show that there is a reciprocal relationship between them.

Findings: The Education policy needs to be revived in accordance with the present requirement. The education must be diversified and be linked with the economic development of the country. Apart from fulfilling its basic requirement, the education must be able to develop the human capital as potential source of GDP for the country. Linking education with employment, micro management of real time problems, sustainable increment in public spending on education, learning from other countries are some of the ways which may bring out the desired change in the education system and simultaneously push the country towards economic development.

Applications/Improvements: Modified education policy, as discussed here, may result in exponential economic growth, which, in turn, may provide more financial resources for education and may lead India to become a developed country.


Keywords

Education System, Economic Development, Gross Domestic Product (GDP), Entrepreneurship, Employment, Skill Development.
User
Notifications

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  • Reciprocity between Education and Economic Development in Indian Perceptive-Modified Perception and Approach Required

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Authors

Vyomesh Pant
DA – 81 F, Hari Nagar, New Delhi – 110064, India

Abstract


Objectives: The paper is intended to discuss the relationship between education policy and economic development in India, to analyse the present scenario and to provide some suggestions for their reciprocal development.

Method/Statistical Analysis: Data from credible official sources have been used and analysed through suitable tables and graphs using descriptive statistical tools like percentage, ratio-proportion and mean to examine whether our education system fulfils the present requirement and addresses the demand of day or whether some modification is required in it. A correlation between the education and economic development has been established to show that there is a reciprocal relationship between them.

Findings: The Education policy needs to be revived in accordance with the present requirement. The education must be diversified and be linked with the economic development of the country. Apart from fulfilling its basic requirement, the education must be able to develop the human capital as potential source of GDP for the country. Linking education with employment, micro management of real time problems, sustainable increment in public spending on education, learning from other countries are some of the ways which may bring out the desired change in the education system and simultaneously push the country towards economic development.

Applications/Improvements: Modified education policy, as discussed here, may result in exponential economic growth, which, in turn, may provide more financial resources for education and may lead India to become a developed country.


Keywords


Education System, Economic Development, Gross Domestic Product (GDP), Entrepreneurship, Employment, Skill Development.

References