THE MUTUAL INFLUENCE OF INVESTMENT IN EDUCATION ON ECONOMIC DEVELOPMENT IN INDIA

“Education” as a key determinant of economic development and growth is believed to be the central focus of many emerging economies since they have managed to restructure their entire economic policies towards enhancing education (especially higher education) to attain economic development and growth at global standard in the recent past. Keeping all the facts in mind, an attempt has been made in this paper to study the relationship between education and economic development in general and India in particular. India has the 3rd largest higher education system in the world in terms of education after Chine and the US. For the purpose of the study, an extensive survey of earlier studies on this ground has been surveyed. On the basis of the assertion made by the earlier studies and evidence, the present study envisages the importance of investment in higher education and human capital to attain sustainable economic development.