Dr. Akil Saiyed
Director, Parul Institute of Law & Dean, Faculty of Law,
Parul University, Waghodiya, Vadodara.
For any country across the world development has remained a prime concern. The liberalization of India’s economy since 1991 has brought with it considerable development of its financial markets and supporting legal institutions. Since the law governs the world and its people, it is regarded as an instrument of change. This instrument of social change is quite important for achieving social-economic development in the society. Protection of property rights, enforcement of contracts, certainty and stability of rules are the key legal conditions for realization of economic growth. Thus the law serves as an instrument of economic development of citizens. Moreover, in developed country, the necessary legal conditions are typically realized by law; hence Rule of law is considered to be an essential condition for economic growth. On the other hand Legal Education is essentially a multi-disciplined, multi-purpose education which can develop the human resources and idealism needed to strengthen the society and nation at large. However, inter-disciplinary approach between economics and law is at a nascent stage in India, unlike in the West. The present paper discusses the significance of legal education on the economic development of the nation.
Keywords: Legal Education, Rule of Law, Economic Development