FUNDING FOR HIGHER EDUCATION IN INDIA IN POST ECONOMIC MOVEMENT

Higher education is recognized as a critical input in human development and social development in any society. The tertiary level of education provides not only the high level skills necessary for every labour market, but also the training essential for teachers doctors, nurses, civil servants, engineers, humanists entrepreneurs scientists, social scientists and myriad personnel. It is these trained individual who develop the capacity and analytical skills that drive local economics, support civil society, teach children, lead effective governments, and make important decisions which affect entire societies. Development of education becomes an important agenda after Theodore Schultz in 1961 published an article in American Economic Review entitled “Investment in Human Capital”. In this article Schultz introduced his theory of human capital. He argues that both knowledge and skills are a form of capital and that this capital is the product of deliberate investment and that investment in human capital must focus on supporting individuals acquiring education, since it is knowledge and skill that affects one's ability to do productive work. Higher education is therefore regarded crucial to the development of developing countries and their ability to compete in global economy