Impact of Education on Economic Growth: Education is a process that never ends. People keep on learning something new with each and every day. Education in all is a combination of knowledge, skills, values, beliefs, and so on. The education stats of a nation also determine the future and progress of the country. The advanced technology has resulted into better learning tools and techniques for children. Most of the colleges/universities and even primary schools have moved a step further from the traditional class room learning system and started adopting various modern methods of imparting knowledge. Previously where blackboards were used in teaching, these days one can come across laptops, LED screens, projectors, etc. in classrooms. This not just helps students gain an in depth understanding but also cuts down the monotony of the old school methods of teaching and learning.
Especially in rural India, education was never considered a priority, unlike the modern day where education has believed to be a matter of priority and a basic necessity for each and every individual. It is only because of the evolution of education that the Indian economy has been reaching great heights. Also, in the olden times, education was only about teaching known concepts, theories and ideas. These days education consists of instilling qualities other than sheer knowledge such as leadership skills, personality development, risk management, analytical skills and a lot that can add to the overall personality of a person and enhance his/her innate talents for an appealing persona and to attract more number of prospects when it comes to job profiles.
DEVELOPMENT OF EDUCATION:
Education has evolved in such a way that every field has a specialization which can give an individual the expertise to work in a certain industry in difficult circumstances. The times have changed and the Government makes it a point to ensure that education is been made available to every person of the country regardless of his age, gender, economic background, religion, culture, dialect, etc. Enormous efforts have been put by authorities so that education reaches every remotest corner of the country. The more educated the youth, more economically stronger will be the nation. Initiatives have been taken in order to encourage education for females as well. For any country to be economically progressive, it is essential that it has a high level of education. Individuals with good academic performance are also capable of showing potential and delivering efficient results in the work front as well. With an educated workforce, one can remain assured of the invention cutting edge technology and the development of uncommon methodologies.
CONTRIBUTION OF EDUCATION TO THE ECONOMY:
Education contributes to the economic growth of a country up to a great extent. It instills an instinct in a person that allows him to act and think in a rational mannerism. If we look at statistics and the results of various researches, it could be found out that there is an immense increase in the number of admissions each year from primary schools to colleges and to universities. Not just Government universities but private institutions have also emerged in the educational sectors which are accepted with open arms by students. Studies reveal that the number of overall enrollments from Government universities to private institutes has been multiplied with each passing day. The growing competition has made people understand the importance of education not just in terms of individual improvement but also adding to the progression of the entire nation.
A well-educated employee force is capable of creating a positive and significant impact on the economic well-being by delivering efficiency and productivity. Especially in the technological sector, there is a vast scope for the people with a good educational profile. Technically inclined individuals are less likely to run out of job prospects as the IT industry demands many such individuals with the needed qualifications. The reason why education is given so much of importance is to produce a workforce that is literate, thoughtful and well informed about the latest trends and technological invasions happening in their respected industries as well as the global changes taking place every now and then.
CURRENT EDUCATION SYSTEM IN INDIA:
Annually, India has started producing more number of graduates than before. However, it has been observed that these graduates lack in practical knowledge and are only equipped with theoretical knowledge. To resolve this issue, universities all across the country have come up with specializations that are designed to enhance the participant’s communication skills, problem solving skills, and so on. Institutes that have commercialized education also exist whose only motto is do sell education and impart it to students for the purpose of earning money. Industry oriented courses that are designed especially to cover all the things related to the industry prepare the individual to be able to function efficiently when placed in a job role related to that specific industry.
As far as the current scenario of the education system is concerned, some institutions choose to stick to the old curriculum and teaching methods while some have taken a step further and adopted the latest techniques of imparting education. Educational sector has become a lot more progressive than before yet there is still room for a massive change. New ways of teachings need to be implemented and the educational sector needs to become more organized. We need to produce more teachers that are highly experienced in their field and also provide students with an infrastructure that motivates them to be in the classroom and focus on their studies. Offering students a home away from home is the best thing to encourage them to pursue their dreams.
WHAT MORE CAN BE DONE?
There is a need to develop more number of schools, colleges, universities and even institutes. This should not just be done in urban areas but also in the rural areas and remote cities of India. More platforms to gain education will help in raising the standard of education and help people get employment opportunities of their choice. Millions of students get their degrees each year but it is necessary that they receive quality education that they can actually apply in their work place for better productivity.