Percentage of population Below Poverty Line has also sharply decreased by 15.3% from 37.2 % in 2004-05 to 21.9 in 2011-12. (source: https://data.gov.in/catalog/below-poverty-line-india#web_catalog_tabs_block_10 and https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/162T_SHE130914L.pdf ).
During this period, monthly per capita expenditure (MPCE) (Uniform Reference Period) – Urban and Rural have increased by 129% and 128% respectively. It’s truer that in the population, better employment prospects and the increasing earnings that come with higher educational attainment can all contribute to growth and prosperity.Further analysis and research could deepen understanding of these fairly substantial effects. It could be, for example, that growth in literacy proficiency is a proxy for important omitted variables that influence the rates of both literacy and income.
Understanding the components that contribute to economic growth of a country was always a hot cake of discussions of economists. Most developed economies, has evolved from one based on resources and manufacturing to one based on information, knowledge and skills, growing emphasis has been placed on the role played by human capital – the skills and knowledge embodied in people. Because direct measures of skill have been hard to develop, analysts have relied on indirect measures of human capital, based on the assumption that individuals with more education will also have more knowledge and skill than those with less education.
Today, the data clearly tell us that the closest thing a country has to a silver bullet for creating a successful 21st century economy and an improved quality of life—better health, lower crime, citizens who contribute—is a dramatic increase in the number of college educated people in its workforce age population.
It is past time to ready ourselves for the global challenge, be determined to reach goal of increased education attainment and economic development that will secure our future.
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