A Study on the Collision of Education Development in the Growth of the Indian Economy and Population
Abstract
Education helps create core values for each nation. Education plays a stellar role in the development of the economy. Education not only provides solutions to economic problems like poverty, unemployment, and economic growth, but it also gives the solution to different social issues like crime rate, population growth etc. In building a nation, the contribution of education is as vital as the economy's growth for a nation's development. Hence this article aims to focus on the role of education in the Indian economy. The researcher analyzed the impact of education on economic growth and population growth. World Databank indicator database has been used for the collection of data. Data for the current study will be extracted from 1993 to 2020. Econometric models will be applied for the analysis of data. The results of the study are quite surprising; there is no significant effect of population and secondary education on unemployment. Most of the lags also have an insignificant effect on unemployment; only the fourth lag of the population has a positive and significant effect on unemployment. Finally, this study suggested that different variables may be addressed further such as the impact of education expenditure on enrolment, crime and education etc.
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