Trace the relationship between human capital and economic growth Economics CBSE class 11 ncert

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Trace the relationship between human capital and economic growth. -Economics CBSE class 11 ncert

Book: Indian Economic Development
Chapter 5: Human Capital Formation in India
(NCERT textbook questions)


By:Aparna-Dasgupta

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Human capital and economic growth are positively related with each other. Human capital refers to the stock of productive skills and technical knowledge embodied in labour. If the people are well-educated, skilled, well-nourished and healthy, it enhances the productivity level and serves as a source of human capital formation. Economic growth refers to an increase in the real national income of a country. During the Seventh Five Year Plan, India recognised the importance of human capital in economic growth. A largely trained population who has been educated on sound lines can be an asset for the growth of an economy. Human capital plays the most crucial role and without which it is not possible to innovate, use and upgrade physical capital for economic growth. Educational investment provides higher quality of human resources to increase the level of production. An improvement in the stock of human capital helps accelerate economic growth. However, higher economic growth helps improve the process of human capital formation. Thus, human capital and economic growth are interdependent.

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