Human Capital Formation In India

Question

Education is considered an important input for the development of a nation. How?

Answer

(i) Education is sought not only as it confers higher earning capacity to the people but also for its other highly valued benefits.

(ii) It gives one a better social standing and pride.

(iii) It enables one to make better choices in life.

(iv) It provides knowledge to understand the changes taking place in society.

(v) It also stimulates innovations.

(vi) The availability of educated labour force facilitates adaptations of new technologies.

(vii) Economists have stressed the need for expanding educational opportunities in a nation as it accelerates the development process.

(viii) Education enables the society to use new means of technology so that the rate of economic growth can be accelerated. Consequently, standard of living can be made high.

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