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It is a well-known fact that education is closely related with the development of a country. If the skills of the pupils of the country are reared up as a whole, it brings in overall economic benefit of the mass of any country. Education may play the crucial role in gaining economic success as well as elevating standard of living of the poor. In this perspective, the study is intended to analyse the importance of education in relation to economic development. So education of engineers, entrepreneurs even common people is of great importance to understand the economy of a country and thus they have their respective stand in the economic development of a country. The social development of the country is brought about by the developments of the modern economic sector which is connected to the higher education of the people. Higher levels of education increase the production of a state. Higher education becomes instrumental in bringing higher salaries, job security and reduction in unemployment. Educated and healthy families understand moral values and practise these regularly. The children of such families become adept in working efficiently and productively when they grow up. The educated parents are seen to invest in schooling, higher education, cocurricular and extracurricular activities of their children. Likewise, a country which takes care of its education system can have positive economic effect in the long run. Hence, a country needs to provide bare minimum of education as well as provide all possibilities of higher education to its citizens.

Economic Development, Productivity, Education, Income, Family, Challenges