Socio-economic Variables and their Effect on Education in India

Abstract

This study canvass the association between educational attainment and a range of socio-economic indicators in India, such as GDP per capita, employment rates, literacy rates of poverty, and innovation capability. Regression models are used in the research to examine the associations between Mean Years of Schooling (MYS) and Expected Years of Schooling (EYS), two important educational metrics, and these socio-economic outcomes. It is fact that most people believe that education is key and contributes greatly to the social and economic development of a society. The current study focuses on trying to evaluate the extent of influence of education in the economic and social spheres of India with the hope that such insights will help understand better the implications of educational gains. The research assesses the link between MYS and EYS and the chosen indicators with the assistance of regression analysis. National databases were analyzed and explored so as to establish the effectiveness and the strength of the relations of each outcome with educational factors. The table figures depict the ways through which education contributes positively to the socio-economic advancement by showing the significant contributions of MYS and EYS towards GDP per capita, GNI per capita, literacy rates, poverty levels, and capacity for innovation. However, the effect of education on income or employment rates was not pronounced as other employment factors were likely to play a bigger role than education levels. The findings of this study highlight how it is when an adequate budget for education is provided that this, in turn, aids the attainment of economic growth, poverty alleviation and increased innovation levels. Apart from enhancing the availability and the standards of education, policy makers must focus on employment and other economic conditions so as to serve national development effectively. Additional study is necessary as the relationships between education and other sociophysical problems, particularly those related to employment, are rather complex and need to be investigated further.