Exploring the Connection Between Educational Investment and Economic Growth in Odisha

Education is the basic necessity for mankind to live a decent life with dignity as it encourages good ideas, habits, values and awareness towards all types of evils like terrorism, corruption and disease. The achievement of several Sustainable Development Goals (SDGs), such as improving gender equality, economic growth, and the decrease of poverty and hunger, depends on education. A good education can assist individuals in ending the cycle of poverty. It contributes to achieving gender equality and reducing disparities. A better future for future generations is possible by making high-quality education accessible to all. It inspires advancement and brings about a revolution in the concepts required for the nation's advancement. In this context, the present study tries to assess the contribution of education on economic development of Odisha. First, the unit root test was used in this study to check the variables' stability. Using annual time series data from 1991 to 2022, the study uses the Ordinary Least Square (OLS) test with the statistical software E-views to investigate the relationship between education and Odisha's economic progress. According to the results of the basic OLS test, over the study period, education significantly influenced Odisha's economic development. The study comes to the conclusion that education is crucial for emerging economies like Odisha's, as without it, the state's economy would not exist or be able to grow.