Impact of National education policy on Commerce discipline

Higher education is one of the key element for prosperity, growth , competitiveness and higher productivity in national and global economies. Universities not only concentrate on delivering job requirement skills but also enhance our research skills that produces innovations with valuable commercial applications (Digital marketing, n.d.) .

National education policy has a major role to play in the field of commerce. Higher education basically helps in developing ideas and    brings about inquisitiveness which in turn leads to research. This helps in the economic development of the nation. Now new education policy asks for all education institutions to be consolidated into 3 types of institutions :1) Research Universities – equal focus on research and teaching. 2) Teaching Universities – Primary focus on teaching with significant focus on research. 3) Autonomous degree -granting colleges which is exclusively focuses on teaching (national education policy , 2019).

So, this focus on research has made a major impact in the field of commerce. So this basically helps in creation of new knowledge and creation of skilled people which In turn will help in economic development of the country. Higher education helps in generation of various business ideas which in turn will help in the creation of various business opportunities and also creates employment opportunities to the country.  With generation of various ideas and innovations it helps the country to develop socially, culturally, scientifically technologically and economically.

New higher education policy is emphasizing more on liberal education with broad multi-disciplinary exposure. This would help students to develop optimally in all aspects both analytically and creatively. It would also help develop research communities across disciplines which will be the key mantra for innovation in the field of business and commerce. A commerce student can also learn programming language and they can create App which is useful to run a business.

            Choice based credit systems to be followed which allows for flexibility and innovation. This policy will help in responsive and rigorous curriculum with an effective teaching method which will help in optimizing learning and the overall development of students. New education policy aims at integrating professional education into higher education by 2030. This in turn will not lead to having a separate group of people becoming CA's, instead all students will be more professionally trained. So, this will create highly skilled employees working in the organizations (ALL INDIA SURVEY ON HIGHER EDUCATION, 2017-2018) .

Fair and transparent system for determining public funding support for public higher education institutions. This will help in equitable growth and development opportunities for all public institutions. With rapid growth of public institutions there is growth in skill set of students who will be the future skilled employees or entrepreneurs. Good Entrepreneurs are very much essential for the multiple job creation and getting the foreign exchange in to the country.

It is always said that good teachers build a great nation. So new education policy aims at recruiting quality faculties. it aims at continuous professional development plan for all faculties. This policy also aims at self-governed higher education institution with capable and ethical leadership as driver of educational change. This educational change is very much needed for the progress of the country. This policy also aims to set up effective regulation to encourage excellence and public spiritedness in higher education (Draft National educational policy , 2019) .

 

 

 

We can see the impact of good  Higher education policy on nation , business , economy in the following manner (Digital marketing, n.d.) :

1) Creates a quality work force – higher education plays a vital role in training people at all stages of their careers, right from being a fresher to senior managers.  Training brings about job satisfaction among employees and reduces staff turnover in work place. Skills training has a positive impact on the economy too. Highly skilled workforce are well prepared for the opportunities and challenges in the work place.

2) Drive innovation--- The main aim of any higher education institution is to bring about innovations by finding solutions to the challenging problems faced by the societysuch as protectection of environment, use of alternative source of energy, finding medicines to thedeadly diseases like cancer, preserving the scarce natural resources and international development. Many of the innovations such as self driving cars , artificial intelligence, cloud computing and internet of things were the product of research that happened in the universities. Innovations definitely have greater economic value and also makes our life much easier. Innovations attracts investments both globally and locally, promotes export and makes economy more balanced.

3) Increase employability— higher education system not only updates the student with just academic curriculum but also provides technological and workplace skills training so that they are ready for the competitive job market outside. Employers prefer technologically minded workers who are organized , resourceful and flexible.

4) Collabration between education and business- In the recent years we have seen that there has been gradual increase in the research deals between educational institutions and companies. Companies are using young energetic minds from universities for their research and universities due to lack of funding from government are using private investments for their research work. this deal is mutually beneficial to each other. The best example for this would be collaboration between Stanford university and Silicon Valley.

5) Creation of knowledge-based Economy---The main feature of Knowledge based economy Knowledge Creation is the key driver of Economic growth. Skilled employees are highly productive, does value addition to the country as well as Economy and require less monitoring. In a nutshell higher education policy helps in improving the efficiency of the people.

 

Knowledge is power. Higher education policy emphasizes more on research in Universities level. Higher education policy helps in the creation of knowledge-based economy. Through more emphasis on research and training through multi-disciplinary approach, universities help in advanced learning by training the workforce of tomorrow while supporting the innovations of today. Automation is another key feature of knowledge-based economy. It helps in eliminating the repetitive tasks and helps employees to focus more on those jobs which requires human specialized skills. It makes the economy less labor intensive and helps business in reducing unnecessary human resource cost.

 

In a nutshell higher education policy has a wider and positive impact on the economy. Its confluence with business provides commercial value to innovation, while academic skills develop the induviduals to succeed in a knowledge- based economy.

 

References

ALL INDIA SURVEY ON HIGHER EDUCATION. (2017-2018). Retrieved from http://aishe.nic.in/aishe/viewDocument.action?documentId=245

Digital marketing. (n.d.). Retrieved from https://digitalmarketinginstitute.com

Draft National educational policy . (2019). Retrieved from https://innovate.mygov.in/wp-content/uploads/2019/06/mygov15596510111.pdf

national education policy . (2019). Retrieved from https://www.ugc.ac.in/pdfnews/3563340_PPT-Draft-NEP-2019.pdf