Question
Explain how investment in education stimulates economic growth.

Answer

Economic development refers to an increase in the production levels of a country along with an improvement in the quality of life.
The following points explain the role of education in the economic development of a nation:
  • Enhances Productivity: Education adds to the quality of labour by improving skills and knowledge. It enhances total productivity and growth in the economy. It enhances the income earning capabilities of the people. Education turns human resources into human capital like engineers, doctors, teachers etc.
  • Expands mental horizon: Education helps people in making better and rational choices more intellectually. Education churns out good citizens by inculcating values in them.
  • Develops science and technology: The availability of educated workforce facilitates adaptation and invention of new technologies. It facilitates the use and growth of innovative skills.
  • Raises standard of living: Education induces greater employment and opens the doors to better jobs and salary. Thereby, raises the standard of living and improves quality of life.
  • Increases participation rate: Education raises the rate of participating by making population capable of participation in economics, political and social activities of the nation.
  • Provides solutions for socio-economic problems: High rate of participation induces greater degree of economic and social equality in the society which points towards economic development. An educated society can tackles its socio economic problems in a much better manner than an uneducated society.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Similar questions

India inherited a legacy of challenges from British. Comment.
OR
Discuss the indicator of underdevelopment observed in India during the British rule.
Why is it necessary to conserve energy?
During the reforms, growth of agriculture and industry has gone down. Explain.
What objectives did the British intend to achieve through their policies of infrastructure development in India?
Explain four sources of human capital formation.
OR
Explain the main sources of human capital formation.
Briefly explain any three negative impacts of New Economic Policy in India.
OR
Give the negative impact of economic reforms since 1991.
What should be the main elements of employment? policy' in India in the present context?
What are the main characteristics of health of the people of our country?
Read the following text carefully and answer the questions given below:
THE FUTURE POPULATIONS OF CHINA AND INDIA
In the absence of catastrophic events such as nuclear war, the populations of India and China are destined to become even larger, and by a large margin. If the Chinese were to achieve a total fertility rate of as low as 1.7 children born per woman by 1990 and maintain fertility that low for 30 years, the population would increase to a maximum of 1.22 X 10 in 2020 about 75% greater than the 700 x 106 it was when the birth rate began its big decline in the mid-1960s. To limit the increase to this amount will require an extraordinary success of the birth planning program.
For many years, 30% of parents would need to have only one child, and 70% only two. If a significant fraction had three or more, the proportion of one-child couples would need to be higher still. The social cost would be substantial. Many children would grow up with no siblings; many in the next generation would have no aunts, uncles, or cousins; very many parents would have no sons, and there would be an age structure with a marked relative shortage of younger workers, males of military age, etc. These features are very foreign to Chinese customs and values; the stringent and allegedly coercive means needed to achieve such low fertility might have adverse political effects as did less draconian measures in India.
In India, the failure to have started a large decline in fertility as early as in China implies a prospective growth on the order of 75% or more of the current population-to a maximum of at least 1.2 x 109, because the current population is nearly the size the Chinese population was when the birth rate in China began its dramatic fall.
The death rate in India is higher than that in China, but the prospective decline in fertility in India is surely more gradual; the attainment of a replacement-level (total fertility rate of about 2.2 or 2.3 children) is long in the future, to say nothing of attainment of lower rates.
The reason for the large continuing increases in population in each country even after fertility is reduced is that population growth has its own momentum. High birth rates in the recent past mean that there will be many more potential parents for another generation than there are now. Even if every couple merely replaces itself, the population continues to increase by 50% or more.
Thus, the world's two largest populations are destined to become much larger. I believe today, as I did when working with Hoover, that if sensible economic policies are followed it will be possible to provide a somewhat better life for these larger populations than is enjoyed in the two countries today. Reducing fertility soon to no higher than needed for long-run replacement would improve the prospects significantly and would especially improve the social and economic future as seen from the perspective of early in the next century. Yet, the mistakes of the past cannot be cancelled; the birth rate cannot be lowered retrospectively. A lower birth rate now is desirable, but the ideal rate is not zero. There are social and political costs of excessive emphasis on the immediate achievement of very small families; the rights and sensibilities of the current population and the disequilibrating effects of drastic changes in age composition must enter the calculation of desirable population policies.
Questions:
i. Outline any two implications (apart from population arrest) of the one-child policy of China introduced in the late 1970s.
ii. Delineate the reasons why the world's two largest populations are destined to become much larger in the future?
How is RBI controlling the commercial banks?