Why education is must require for economic growth of India

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Education is must for economic growth of India

Education is an investment; it is as same as mutual funds. The long-term investment plan. It is beneficial for you and the country also. A philosopher writes that “If a man neglects education, he walks lame to the end of his life.”

How does a nation’s education system affect its economic conditions? Why do graduates or post-graduates earn more than those without degrees?

How Is Education Beneficial for A Nation?

International trades require countries and their economies to compete with one another. A developed economical country will include different industries with different competitive advantages and disadvantages in the international market. The education and training of a country is a major part of how well a country’s economy will perform.

How Does Training Influence the Economy of the Country?

A successful economic country has a capable workforce to operate its industry very well than other weak economic countries and it holds a competitive advantage. Most nations try to develop a capable and strong workforce to lead the country’s economy such as they provide the facility to train the workers or creating a skilled workforce with strategy.

It can focus on several industries in which skilled professionals are highly trained.

Training levels are the main factor in different countries and their development, and another factor is geographical area and available resources.

Most companies hire externalities to increase their economic condition. All companies benefit from the external factor of having a skilled labor pool from which to hire employees. Every country has its own geographical condition and also a trained workforce and you want the workforce from another country to develop your economy in a new geographical area, and the workforce is already trained for that geographical is beneficial for you. You don’t need to train them. For example Silicon valley, calif. 

Employers' Point Of View For Employees

Every employee wants productive and requires fewer management employees. Employers consider many factors when deciding whether or not to pay for employee training, such as:

  • Will the training programs can increase the productivity of the employees?
  • If the employee leaves the company just after the training session which one pays off by the employers for a competitor?
  • A newly trained employee can get a higher wage?
  • Will the employees can gain an increase and bargaining power or leverage for a higher pay scale?
  • After the result of training, will the pay scale need to be increased and will it affect the productivity and benefits of the company?

In some industries they may face employees who don’t want to accept training, this can possible in those industries where unions are active, in these companies the job security could make it more difficult to hire trained and capable employees or the company can’t fire less capable employees. But yes unions may also negotiate with the company to ensure that the employees in their union are enough capable and trained for the company.

For Economy

Many countries create a proper hierarchy for education system or we can say they develop proper education system to generate workers able to function in new industries, such as technology and science development field. Because old technology and their based industries are not able to generate or compete with the latest technical economical substitutes. According to population, the market is required that every people in the nation need an education to survive in this world so, we believe that all people have the right to an education.

A country’s economy becomes more productive as the proportion of educated workers increases since the educated can more efficiently carry out tasks that require critical thinking. If a greater portion of the population has educated a country are educated, can see faster economic growth than a less educated country. That's why many countries provide funding for primary and secondary education to improve economic performance.

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