Examine the role of education in the economic development of a nation.
An increase in the level of production of goods and services of a country along with improvement in the quality of life is referred to as economic development. The role of education in the economic development of a nation is explained through the following points:
i. Imparts Quality Skills and Knowledge: Education endows people with quality skills and, thereby, enhances their productivity. Consequently, it enhances the income earning capacities of and opportunities for people. Moreover, it also enables human capital to utilise the available physical capital optimally.
ii. Develops Mental Abilities: Education develops mental abilities of people and helps them to make their choice rationally and intellectually. Education churns out good citizens by inculcating values in them.
iii. Acceptability of Modernisation: An educated public of a nation has greater acceptability of modernisation and modern techniques. This not only helps the economy to grow but also facilitates a primitive economy to break the shackles of traditions and backwardness.
iv. Eradicates Skewed Income Distribution: Education not only increases the income earning capacity but also reduces the skewed distribution of income and thereby forms an egalitarian society.
v. Raises Standard and Quality of Living: Education enhances the income earning capacity of people and, thereby, it raises the standard of living and also improves the quality of living.
vi. Increases the Participation Rate: It fosters economic development by increasing the participation of people in the process of growth and development.
vii. One Solution for Other Economic Problems: The importance of education is not only limited to making people educated but also in facilitating an underdeveloped economy to solve different but interrelated macro economic problems like, poverty, income inequality, population, investments, under utilisation of resources.
Compare and contrast the development of India, China and Pakistan with respect to some salient human development indicators.
How is RBI controlling the commercial banks?
Explain the steps taken by the government in developing rural markets.
What are the functions of the environment?
Distinguish between the following
(i) Strategic and Minority sale
(ii) Bilateral and Multi-lateral trade
(iii) Tariff and Non-tariff barriers.
Why was the public sector given a leading role in industrial development during the planning period?
Match the following:
1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
Infrastructure contributes to the economic development of a country. Do you agree? Explain.
Find the odd man out (i) owner of a saloon (ii) a cobbler (iii) a cashier in Mother Dairy (iv) a tuition master (v) transport operator (vi) construction worker.
Highlight any two serious adverse environmental consequences of development in India. India’s environmental problems pose a dichotomy — they are poverty induced and, at the same time, due to affluence in living standards — is this true?
What are the functions of the environment?
Illustrate the difference between rural and urban poverty. Is it correct to say that poverty has shifted from rural to urban areas? Use the trends in poverty ratio to support your answer.
What are the major factors responsible for the high growth of the service sector?
Discuss economic reforms in India in the light of social justice and welfare.
‘There is a downward trend in inequality world-wide with a rise in the average education levels’. Comment.
Explain the relevance of intergenerational equity in the definition of sustainable development.
What was the two-fold motive behind the systematic de-industrialisation affected by the British in pre-independent India?
How do infrastructure facilities boost production?
Define worker-population ratio.
Suppose you are a resident of a village, suggest a few measures to tackle the problem of poverty.