EMERGING ISSUES IN INDIAN ECONOMY — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsEMERGING ISSUES IN INDIAN ECONOMY3 Marks
Question
State the Importance of Education.
✓
Answer
Importance of Education: Education deeply affects economic development. Training, education skill, research is developed through human capital investment.
This includes technological knowledge also.
In this context one economist has truly said "Underdeveloped countries have not properly ploughed their human resources. Therefore they are under developed. They are materially backward because they are educationally backward."
Prof. Marshal has said regarding the importance of human capital investment that "every generation inherits values from their ancestors is the true inheritance.
If the physical wealth of the world gets destroyed it will be regenerated quickly.
If idea to create physical wealth is destroyed, physical wealth will remain unutilized and with the passage of time it will be destroyed and the world will be at the doorstep of poverty."
Education is important from the following view points.
$(1)$ More knowledgeable individual is eligible to acquire high opportunity which raises his / her standard of living.
$(2)$ Due to education individual can differentiate between good and evil.
$(3)$ Thinks logically which installs confidence in him.
$(4)$ Through education he can take advantages of opportunities emerging in every sector of society.
$(5)$ Through education, productivity of labourers can be increased in a factory because trained and educated labourer can adopt new technology easily and implement it. Increased productivity encourages economic development.
$(6)$ Education increase agricultural production too.
Through technological education farmers are benefited for process in agriculture.
If farmers are provided market information and given financial aid they can increase production and economic progress can be encouraged.
$(7)$ Effective education makes people socially more active.
With the spread of education emerges the society adopting progressive changes instead of age old orthodox traditions.
$(8)$ Education can make a person realize the value and hazards to environment and preserve the balance in environment.
He is prevented to harm environment through education.
$(9)$ Farmer should be educated to maintain fertility of land.
He can properly use chemical fertilizers, pesticides etc.
Through education awareness can be brought regarding health and cleanliness.
$(10)$ Education makes a man humble and an ideal individual.
In short, education is important to encourage the process of development and progress.
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