explain human capital and human capital formation explain the sources of human capital formation
Answers
SOURCES OF HUMAN CAPITAL FORMATION IN INDIA
There are many sources from which human capital formation in India can be made possible. Investing in the education of human resources (students) is one of the primary sources of forming human capital. Afterall, the human capital formation is complete when the human has abundant knowledge and skills.
Discussed below are some of the key sources of human capital formation:
Educational investment is an important source of forming human capital. In India, it is one of the most efficient and accurate ways of ensuring the process of increasing the workforce. Although nations and people invest in education with the aim of having a high income, it has lead to the creation of human capital.
Investing in health is yet another critical source of human capital formation. Although it may not be as direct as the educational investment, healthcare investment ensures the fitness of the labourer. A sick labourer with no access to medical facilities cannot perform his best and hence there occurs a loss of productivity. Investment in healthcare can be of the following forms. Preventive medicines, curing medicines, clean drinking water and sanitation, etc.
On the job training is crucial for inculcating specific skills and knowledge into the HR. On the job training usually takes place in a corporate wherein the organization provides training to its freshers. With the help of these training, the HR is able to develop the requisite skills. This in turn directly leads to the formation of human capital.
Answer:
SOURCES OF HUMAN CAPITAL FORMATION IN INDIA
There are many sources from which human capital formation in India can be made possible. Investing in the education of human resources (students) is one of the primary sources of forming human capital. Afterall, the human capital formation is complete when the human has abundant knowledge and skills.
Discussed below are some of the key sources of human capital formation:
Educational investment is an important source of forming human capital. In India, it is one of the most efficient and accurate ways of ensuring the process of increasing the workforce. Although nations and people invest in education with the aim of having a high income, it has lead to the creation of human capital.
Investing in health is yet another critical source of human capital formation. Although it may not be as direct as the educational investment, healthcare investment ensures the fitness of the labourer. A sick labourer with no access to medical facilities cannot perform his best and hence there occurs a loss of productivity. Investment in healthcare can be of the following forms. Preventive medicines, curing medicines, clean drinking water and sanitation, etc.
On the job training is crucial for inculcating specific skills and knowledge into the HR. On the job training usually takes place in a corporate wherein the organization provides training to its freshers. With the help of these training, the HR is able to develop the requisite skills. This in turn directly leads to the formation of human capital.
Explanation: