ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -India recognised the importance of human capital in economic growth long ago. The Seventh Five Year Plan says, “Human resources development (read human capital) has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population.

Detailed explanation-2: -Detailed Solution. 8th Five Year Plan recognised human development as the core of all developmental efforts. The Eighth Five Year Plan was launched on 1st April 1992. The Plan Document was approved by the National Development Council in its forty-fourth meeting held in May 1992.

Detailed explanation-3: -Seventh Plan (1985–1990) The main objectives of the Seventh Five-Year Plan were to establish growth in areas of increasing economic productivity, production of food grains, and generating employment through “Social Justice".

Detailed explanation-4: -This plan had two main objectives – the removal of property and attainment of self-reliance. This was planned through the promotion of higher growth rates, better income distribution, and also a significant increase in the domestic rate of saving. It also focused on import substitution and export promotion.

Detailed explanation-5: -Human capital allows an economy to grow. When human capital increases in areas such as science, education, and management, it leads to increases in innovation, social well-being, equality, increased productivity, improved rates of participation, all of which contribute to economic growth.