The role of education in facilitating social and economic progress is well accepted today. The ability of a nation’s population to learn and perform in an environment where scientific and technological knowledge is changing rapidly is critical for its growth. While the importance of human capital and its augmentation for a nation’s development cannot be over-emphasized, its micro-economic consequences also need to be acknowledged. Improvements in the functional and analytical ability of children and youth through education open up opportunities leading to both individual and group entitlements. Improvements in education are not only expected to enhance efficiency (and therefore earnings) but also augment democratic participation, upgrade health and quality of life.