Chapter Overview
This chapter explains the concept of human capital and its importance for economic development. It focuses on how investment in education, health, and training leads to the formation of human capital. The chapter also highlights government initiatives, challenges, and the role of human capital in India's growth story.
Important Keywords
- Human Capital: The stock of skills, knowledge, and health in people that contributes to economic productivity.
- Human Capital Formation: The process of acquiring and increasing human capital through education, health care, and skill development.
- Investment in Education: Spending on schools, colleges, teachers, and infrastructure to improve learning outcomes.
- Skill Development: Training programs to improve workers’ technical and professional capabilities.
- Public Health Expenditure: Government spending on healthcare facilities and services to improve population health.
- On-the-job Training: Practical training given while working to improve efficiency and productivity.
Detailed Notes
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