Why Economic Education Is Integral and Outdated In India


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WHY ECONOMICS EDUCATION IS INTEGRAL AND OUTDATED IN INDIA

Why Economic Education Is Integral and Outdated In India

India has seen a very interesting graph in terms of its economic ups and downs. From being one of the wealthiest civilizations to ever have existed, to becoming a second-world developing Nation with an economic structure that is simultaneously looked upon and criticized by many.

India, as most people might already know, has a History of being overpowered and looted. The story of India’s twisted and dramatic economy began even before India became a Nation. With gold and spice resources in abundance, India still had to start from scratch, when the British left us with a crippling economy.

On those lines, India can claim that it has created a great economic condition for itself. Now that there is no reason to question the economic intelligence of this country, why do we still have questionable economics Education?

India has produced many economic Scholars, including our ex-Prime, Dr Minister Manmohan Singh. The country also has many reputed economic schools and colleges, and many policies like the LPG (Liberalization, Privatization, and Globalization) which were appreciated internationally.

The crisis with economic education in India is not about the lack of effort and the lack of importance given to the subject, but the rigidity against catching up with the changing nature of the economy.

  • The economics curriculum in the best schools in India would cover Macro and Microeconomics, marginal utility, loss and profit, and everything else that is important to understand the economic structure of the country. But what economic education fails to cover in this country is personal finance, investments, and basic practical financial education for school students.
  • The major problem with all limitations around the Indian education system was that we have more or less stuck to the same curriculum that was designed for us during the colonial period when the purpose of education was to create laborers and servants of the government and not leaders with financial independence and might.
  • Our government changed and the entirely political nature of this country changed. What we need now is innovation and economic leadership and we cannot build that out of an education system that isn’t purposefully created to make students financially independent.

A STEP TOWARDS EVOLVING THE ECONOMIC EDUCATION IN THE COUNTRY-

Since the COVID-19 Pandemic has been a transforming phase for the educational infrastructure of this country, this is a good time to consider the changes that we need to urgently make in our economics education.

Many schools like The Lexicon International Schools in Pune have made it a point to make economics education more practical for students. Despite being a CBSE School that has a prescribed syllabus and curriculum to follow, they have voluntarily introduced subjects like Marketing, Entrepreneurship, and Financial Markets Management. These are not just a few additional subjects added to the student’s curriculum, but a transformational step in Indian education.

  • BREAKING THE SOCIAL STIGMA AGAINST FINANCIAL DISCUSSIONS AROUND CHILDRENIn India, there is a general stigma around involving students in any kind of financial discussion. As a culture, we are cautious of financial discussions and have a lot of negative associations with wealth and finance. As a result of this, we tend to keep students and even young adults away from practical financial education. By introducing subjects like entrepreneurship and financial markets management, this school is re-writing the stigma around financial education. They are putting innovation, development, hard work, and financial growth in the same box. Children who will graduate from schools like these will naturally be ahead of the majority of their peers since they do not have any inhibitions around money and also know how to generate, manage and grow money.
  • THE NATION’S WEALTH IS A COLLECTIVE OF EVERY INDIVIDUAL’S WEALTH– The truth is that as a country we strive for economic growth. Everything from medical and defence infrastructure comes from the financial resources of the country. There is no denying that economic growth is the basis of well-being. We make policies and laws to ensure economic growth. The best economic policy for a country is a good economic education policy. In a country full of economically motivated and educated people, economic growth is an obvious outcome. Students must be motivated to talk and learn about money, business, profit generation, marketing, financial development of a Nation and a company, taxes and much more.
  • THE OPTIMUM USE OF TECHNOLOGICAL ADVANCEMENT– Even as we speak about the cultural inhibitions around money, it is important to acknowledge that this is the first generation that can actually use economic education from a very young age. Even a decade before this, everything from the generation of income to investing and growing money was physically taxing and was time-consuming. But now, it is possible to carry out viable occupations digitally. Besides, with access to so many business leaders and entrepreneurs, students have become financially proactive. And due to the lack of regulated and trustworthy access to information, youngsters are vulnerable to any appealing financial advice that might come their way. This makes them take terrible and reckless financial decisions. This is also a very significant reason for why we urgently need to make our trusted schools the first source of adequate and regulated financial advice in a student’s life.

It is about time that we refuse to be a country with collective economic goals and no personal financial education for citizens. Let us open the gates to discussions about markets, investments, finance, financial developments, stocks and business with children. Let us wait no longer to involve students in one of the most vital aspects of the development of a country-Economy.

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