Happiness is a form of social capital, that aids in increasing the tangible benefits for the society. The countries rich in social capital (Human development Index) are less likely to spend their budget on hospitals, prisons, depressions and rehabilitation center. Recently, a greater amount of attention has been given to the ‘Subjective Happiness’ by academia and economists, that considers it as an essential variable for the welfare, economic and a guide for policy. The construct of the ‘Subjective Happiness’ Index can be used to develop a system to  flourish a society. Over the years, the importance of the construct has been adopted in a number of fields and sectors in a society, of which education is a significant contributor to ensure a sustainable success. This study, therefore, intents to adopt an exploratory approach to understand the concept of Happiness as a construct and define a set of underpinning criteria that makes a ‘Subjective Happiness’ Index.