Question

Skill formation is one of the major instruments for improving quality of population. Write
the steps taken by the Government of India for the same.

Answer 1

Answer:

Human Capital and Economic Growth stay hand in hand together, keeping an eye on the development of the country. Long back the Indians recognized the importance of human capital. The seventh five-year plan dictates, “Human resources development has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population”.

Looking at the below-mentioned points, one can certainly say that both, human capital and economic growth are interdependent on each other.

Skilled and specialized workers can handle complex machines or techniques, which unskilled workers cannot. This human capital increases the productivity of physical capital. This increases productivity and hence increased production leads to economic growth.

New methods of production can be introduced by innovative human capital and these facilitate an increase of production and economic growth in the form of an increase in GDP.

A higher rate of participation of human capital and equality amongst them leads to higher employment rate. As the employment increases there will be a rise in production. Also, the standard of living increases by an increase in income and increase in employment opportunities helps in reducing inequalities of wealth. The increment in employment rate and reduction in income inequalities are indicators of economic development.

A positive picture of the society can be depicted when the process of human capital formation goes in right direction. All the conventional and orthodox school of thoughts gets eradicated and hence the rate of participation in the workforce increases the production level.

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