Higher education is the key to economic development
Education is considered to play a fundamental role in the economic development of Pakistan because, it is the mechanism through which knowledge, skills, and experience in different fields can be attained. However, the majority of the global population living in developing countries needs to modify their educational structure in order to improve their productivity in multiple sectors of the economy by ejecting highly skilled laborers and dealing with their development needs for rapid industrialization, which is the requirement of the present-day reality.
Education & development of human capital
Education can contribute to the development of the human capital of a society and hence provides a strong foundation for the socio-economic development of the country. However, it is also observed that developing countries do suffer from significant income inequality and limited educational attainment. It is the persistent uplifting of the knowledge economy that has created powerful new inducement for the general public to develop their talent and abilities through education. Pakistan is spending less than the global average on its research and development and technological progress, especially in the domain of science has become the word of mouth in the 21st century. However, the Government of Pakistan is doing its best to promote science and technology education through HEC.
What universities can do?
Universities can step forward to help young minds grow their potential and believe in their ideas. Universities have the potential to boost the confidence of candidates in a way that can actually enable them to think innovatively and initiate startups that can grow to contribute to Pakistan’s economic growth. The University of South Asia has taken its share of responsibility in such an endeavor by offering courses that promote theoretical knowledge combined with practical tools to empower students.
The more educated the youth is, the more mentally aware they will be regarding the opportunities that can actualize their dream of contributing healthily to the growth of the homeland. The core idea is that an educated workforce would be better at generating, executing, and adopting new technologies, hence producing growth. Human capital may have a direct influence on productivity by determining the capacity of nations to innovate new technologies, those suited to their domestic production.
The University of South Asia also offers a spectrum of scholarships that connect between raise in the level of education and in the quality of human capital and then, by that means economic growth. Higher educational achievement is expected to have an impact on economic growth by improving the productivity of workers because an educated workforce is better able to implement new technologies and create novel ideas that eventually improve efficiency. Delving into the role of education as a whole, it was concluded that, it is a tool that can be used by any developing or developed country in order to enhance the productivity and efficiency of their citizens and hence produce skilled manpower, that is capable of leading the economy towards the path of sustainable economic development.
