Human Capital:-
Human capital refers to the stock of skill and expertise found in a nation at any particular time. It is the total sum of skills and expertise of those engineers, doctors, teachers and all types of workers who Are engaged or have the ability to be engaged in the production process.
Human Capital Formation:-
This means that the process of increase in the stock of human capital over time is called human capital formation.
Determinants and sources of human capital formation
Determinants of human capital mean the sources of human capital formation:-
This is the way in which the stock of human capital increases
1) Expenditure on education
Expenditure on education is most important to increase the number of production work force in the country. Most of the families spend a lot on education even if they have to take loan for it.
The result obtained from this type of expenditure is more than the investment.
A person who spends on education can earn very good income for a long period of life
2) Expenditure on health
There is an old saying that a healthy mind resides in a healthy body.
Expenditure on health makes a person more efficient and productive.
A healthy person adds more to the gross domestic product (GDP) of a nation than a sick person.
3) Study Program for Adults
In addition to formal education at primary, secondary and university levels, government and non-governmental organizations (NGOs) provide study programs for adults to become more proficient in their field of work.
How human capital formation contributes to development
Innovation in skills
Human capital formation helps in bringing innovation in skills. This change is the end stream of prosperity and development.
The greater the number of skilled and uneducated people, the greater will be the possibility of innovative changes in the field of production and other sectors and other economic activities.
Problems of human capital formation in India:-
Human capital formation faces some serious problems.
1) Increasing population-
Rapidly increasing population is adversely affecting the quality of human capital.
Because due to this the per capita availability of existing facilities is decreasing.
These are the facilities
1- Housing
2- Cleaning system
3- Hospital
4- Education
5- Power supply
Due to decreasing availability of these facilities the quality of life decreases.
2) Brain drain -
A serious threat to the process of human capital formation in the country is from those persons
Those who were born in India and received education and training from here, then migrate to a developed country.
Highly qualified people are mostly scientists, doctors, educationists etc.
All this is described as the problem of brain drain
For this reason the process of human capital formation is slowing down.
Education – an essential element of human resource development:-
Education means a process of teaching, training and learning by which knowledge is improved and skills are developed in schools and colleges. According to the 2011 census, in India only 74.04 percent of the population is literate. Apart from this, the literacy rate in the developed countries of the world is between 90% to 95%.
Q- Importance of education and its objectives
1) Education makes citizens responsible
2) It develops science and technology
3) It develops people's brain
4) It develops human personality
Q- Development of education sector in India
1- Higher education
After independence, there has been a lot of development in the field of higher education in the country.
About 903 universities are providing higher education in the country.
The total number of colleges in the country for general education is 39050.
2) Technical, medical, agricultural education
After independence the number of all these institutions has increased a lot.
In 1951, there were 43 diploma level polytechnic institutions.
But now their number has increased to 1914. There are 3400 recognized engineering colleges providing degree level education in different subjects.
15 lakh students can get admission in these institutions every year.
At present, there are 289 medical colleges running in which 32815 students can get admission.
The number of dental colleges is 282 in which 22680 students can get admission.
Many agricultural research institutes and agricultural universities have been established in the country to provide technical education and agricultural education.
3- Rural education
Education has expanded greatly in rural areas also. For this purpose, National Council for Rural Higher Education has been established.
14 rural educational institutions are working under this council. Free education is provided to the children of Scheduled Castes and Tribes in all the states.
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