Investment in Higher Education Sector of India: A Review of Related Literature and Preliminary Investigation

Abstract

Like many other nations in Asia, India has undergone continuous and progressive reforms in its economic, political and social institutions over the past few decades. These changes are also reflected in the education system, which has been, both the target of government reforms and an agent for social change. Higher education plays a vital role in the economic and social development of any country. It provides trained manpower needed in various sectors of the country. Apart from developing human resources, higher education creates thinkers who can respond to critical problems that affect humanity and thereby ensure its survival and growth. In this context, it can be said that higher education sector of the country plays a crucial role in human resource planning and development. The literature review was prepared to support the contribution of higher education institutions in economic and social development of a nation. Drawing inferences from both national and international publications, the paper depicts an overall view on the development of Indian higher education institutions in the global context. The review was also undertaken on researches that concentrated on identifying various conditions which favour or hamper stronger engagement of this sector in a global environment. The study employed extensive literature review with qualitative interviews of academic heads in various universities.

Keywords: Human Capital Investment, Indian Higher Education Sector, Economic and Social Development, Total Quality Management in Higher Education Sector

JEL Classification: I2; I23