Today the concept of economic development plays a vital role in worldwide
nations. The development of any economy mainly depends upon the availability and
utilisation of Technology, Capital Accumulation, Natural and Human Resources.
Besides other factors, human resources are particularly important for economic
development. Hence the government should focus on factors like quality education
(both primary & higher education), proper training, skills and health care for human
resource development. In this context, this paper tried to analyze the importance of
higher education in economic development, the present scenario and growth of higher
education institutions in India, the problems that the higher education institutions are
facing today at the college and university level, the challenges that are to be addressed
and the prospects of higher education in India. The methodology used in the paper is
mainly qualitative in nature, and secondary sources like, Economic Survey, AISHE
reports are being used to acquire sufficient data to analyze the situation of higher
education in India.
Keywords: Availability, Capital Accumulation, Challenges, College, Economic
Development, Factors, Health care, Higher Education, Human Resource,
Institutions, Instruments, Natural Resources, Population, Problems, Productive,
Prospects, Qualitative, Technology, Training, University.
