Question

Social infrastructure of education health ​

Answer 1

Answer:

Economic development depends on the existence of an integrated infrastructure or social over­head capital which generates externalities. This is why, since 1956, serious attempts have been made to build heavy industries in the public sector.

In fact, one of the causes of expansion of the public sector in India has been infrastructure building. Heavy industries such as iron and steel, coal, power, petrochemicals, heavy engineering, automobiles, etc. are essentially input-supply­ing industries.

This is why, since its very inception, the World Bank has played a positive role in infrastructure financing. Economic development depends not only on economic infrastruc­ture like a well-developed transport and communication network or the extension of irrigation facilities in dry areas—but also on social infrastructure. In a broad sense, economic develop­ment depends on expansion of not only society’s production capacity but also on social and economic opportunities.

Therefore, not only economic infrastructure but also human capabili­ties play a central role in economic development. Human capabilities depend on basic educa­tion, health services, ownership patterns, social-stratifications, gender relations and the oppor­tunity of social cooperation.

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