EDUCATION ENHANCES THE ECONOMY??

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EDUCATION ENHANCES THE ECONOMY?? 


Education is very important. Education simply means teaching or training people. For economic growth, countries need to work on developing various sectors. To achieve this, education and skill development is one of the key factors. According to the report, out of 100 engineering graduates only 3 of the engineers are employed in India, this is because of the rest 97 lack skills. Today the sectors and Industries are growing so fast and developing themselves. There is a high demand for skilled labor and skills to make a worker pay much higher,therefore education and skill development plays an important role in the economy, education gives workers knowledge about various subjects, education with skill development such as learning a particular skill and expertise in that, moreover enhancing the skills increases the value of the worker.


For example: If the worker is skilled he gets high wages and salary contributing to the nominal GNI, also skilled workers increase the efficiency in the firm,consequently to low costs and high profits, this leads to more production. Accordingly as the production increases, the GDP also increases because GDP is the final value of goods and services. If the production of goods and services increase then GDP also increases. GDP is a parameter for economic development, so an increase in the GDP leads to economic development. 


Another example is that as per the recent studies, Bangladesh has taken over India in the tertiary sector and the GDP of Bangladesh is constantly increasing, this is because they are focusing on education and awareness and converting their population to a human resource by skill development leading to economic growth.

All in all, education gives rise to production, a better standard of living, human development as well and much more.This is how education enhances the economy. :) 

Citation : 

https://www.indiatoday.in/education-today/featurephilia/story/engineering-employment-problems-329022-2016-07-13

https://www.researchgate.net/publication/327920054_Impact_of_Education_on_Economic_Growth_in_Bangladesh

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