Economic Development Based on Higher Education: Indian Growth and Global Norms

Economics is known as a method of fulfilling unlimited desires with limited resources, which is directly connected with human development and our approaches in order to get basic needs and expected desires. It is education that is contributing not only to increases in an individual's income but also to the national income. Globally, it has been noticed that higher education and skilled human capital becomes the main driver of economic growth for many developed and developing economies. In the recent years, emerging economies have made fantastic progress by focusing on 'skills education' in their higher education for economic growth. India is a relevant example of education based economy, beeing the fastest growing economy in the world. With a GDP growth rate of 7.9%, a population of 1.29 billion people, occupying the second place in the world (after the USA) from the point of view of the number of English speakers, with the highest number in the world of young population aged between 16 and 35 years, with the largest number of service providers, and a growing middle-class, India has important economic growth potential for the next 30 years. This paper will address how education and educational institutions are essential for the long-run economic development of India, and how Poland and Romania can be complementary and supplementary for eachother's need for sustainable growth.