Synopsis "Banking on Education: A Borrower's Perspective (in English)"
Education holds a paramount role in shaping human civilization, being the most crucial factor for its development. It occupies a substantial place in the lives of individuals as it facilitates the acquisition of knowledge and skills. Education is an ongoing process that fundamentally transforms the human mind and personality, fostering not only individual growth but also benefiting society as a whole.On an individual level, education fosters awareness, dispels ignorance, nurtures moral values, and instills confidence to tackle challenges. Additionally, it equips individuals with various skills, enhancing self-reliance. In the broader societal context, education contributes to reducing poverty, income inequality, crime, violence, drug abuse, population growth, and welfare dependency. These factors exert a significant impact on both people's lives and a nation's economy. Education also plays a crucial role in improving health, nutrition, life expectancy, deepening democracy, and advancing civil, social, and political aspects of the social order.Furthermore, education supplies a nation with the essential human resources necessary for its development and integrity. All countries worldwide envision their future through their youth, as the collective efforts of the younger generation can bring about the desired changes in the nation. India, with its substantial youth population, comprising over 40 percent of the total population (as per the Annual Reports, MHRD 2016), is no exception to this global perception. Consequently, the expenditure on education is primarily regarded as an investment that fosters the development of both individuals and society.Recognizing the critical importance of education, the Indian Government has formulated national and state-level policies aimed at ensuring that this fundamental need of the population is met through appropriate initiatives in both the public and private sectors.
