Analysis of Public Expenditure on Indian Education
Education and training are important for development, productivity and economic growth. A better-educated workforce enhances a nation’s stock of human capital, which is crucial for increased productivity and economic development. From an economic point, education is associated with high rates of return, both private and social. Especially now, during financial and economic crisis, more effort must be put into higher education to help young people avoid unemployment. Moreover, the demand for education during crises tends to increase. When making decisions on whether to participate in workforce or in education, individuals decide to invest more in education when unemployment rates are higher. Moreover, education is an important tool not only for tackling the present economic crisis, but also for developing a more sustainable, adaptive and creative society. At the UNESCO World Conference on Higher Education in July 2009, it was stated that: “At no time in history has it been more important to invest in higher education as a major force in building an inclusive and diverse knowledge society and to advance research, innovation and creativity” (UNESCO, 2009).This paper is simply analyzed on the Govt expenditure of education and its development.