Role of education in urban socio-economic transformation

There is an increasing institutional awareness on the importance of knowledge for business performance, economic growth and development. The role of education is greater today since it has to concentrate on total literacy on one hand and on the other hand computer literacy and technical literacy to cope with a changing world. It is essential to know the role and characteristics of important factors of production in the growth model. Knowledge is an input as well as an output. It is a public good. In the liberalized era it flows internationally along with trade. In this context developing countries need to be cautious to derive benefit out of it. They also need to appropriate their education system internally to promote human resources of the right kind the labor market demands. This paper attempts to evaluate the growth of Indian education system, discussing various issues related to its movement towards knowledge based economy.