‘Higher education is the path to economic growth’

Higher education is a crucial driver of economic growth in today’s technology-driven world. In this digital and information age, possessing technological knowledge is essential for advancement. Higher education provides the critical skills and expertise needed to harness technology effectively. Those equipped with the ability to transform data into actionable information will drive economic growth.

Globally, we have moved from the manufacturing age to the information age. This shift necessitates serious, quality education in quantitative methods and quantitative research to equip individuals with the skills required to thrive in this new era.

Now, I understand that many of us are concerned about the rapid advancements in AI today. AI is a powerful tool. It enhances our ability to analyse data, which is crucial as most decisions today are data-driven. AI can collect, store, analyse, and disseminate data, stimulating solutions based on prior knowledge. Education is the cornerstone of this process. You cannot be artificially intelligent while being naturally ignorant. This balance can only be achieved through higher education.

Also, globally female participation in higher education has surged as women gain more opportunities to pursue their academic aspirations. Also, many men now recognise the value of having a partner who is educated and capable of contributing to the family’s financial stability. However, in India, many still lack access to higher education.

Though I may not be fully versed with the current Indian education system, having lived abroad for 44 years, I have mentored many Indian students. Indians excel at solving problems, but often struggle with defining them. Also, the Indian education system is STEM-driven, which is beneficial, but not everyone is suited for STEM careers. Unfortunately, other important aspects of education, such as arts, philosophy, and music, are often overlooked. But it seems the Indian education system is more interested in delivering STEM education.

Higher education should be a combination of both specialties and general studies, which a lot of people call liberal arts in the USA where they teach the finer things in life. Such a system would not only produce well-rounded individuals but also ensure that students have the freedom to pursue their true passions and interests.

In today’s age of information, participation in the economy requires a high level of education. Those without it often struggle to find employment or create valuable contributions. Therefore, economic growth is closely tied to higher education.

The author is the Dean, School of Business, Seton Hill University, Greensburg, Pennsylvania, USA