Digital resource granting in new education policy and socioeconomic in small industry development in India

Abstract

The economy of India cannot accomplish the objective of sustainable economic development until or unless it can put a generous sum into human resources. Education is a fundamental factor in development. It does not just improve the personal satisfaction of an individual, yet, addition, it improves the social advantage of the public. The motivation behind this examination is to discover how public expenditures on education can improve the economic and social state of the society in India. Regardless, the issue is whether further developed levels of education come about on the ground of education to craft skill artisans in small industries like giving digital training or digital education to Indian traditional artisans that may compete with the global handicraft sector. For the development of the handicraft sector, a separate global handicraft index has also been developed by the Indian scholar to give positive competition and advance new education to an artisan of global craft, and that more education spending can advance economic growth is yet sketchy. A few economic and social analysts and researchers have maintained the two-sided connectivity between these two factors, yet some are recommending that economic growth essentially animates the government to spend more on education, not the substitute way. The research question of this study is “do education and expenditures on education get economic and social advancement?” Considering this research issue, the current study utilizes Granger causality methods to conclude the causal connection between the government’s education spending and socioeconomic development in India for the period 1972–2021. Results uncovered that there is no short-run causality between government expenditure on education and socioeconomic growth, yet economic growth influences public spending on education. This provides guidelines to the new education policy (NEP) makers that they should prioritize their attention toward allocation of development and non-development expenditures of the government’s budget to enhance the quality of education and welfare of individuals in the society. Special focus should be given to compulsory primary education, which is already a part of sustainable development goals.