ECONOMICS (CBSE/UGC NET)

ECONOMICS

HUMAN CAPITAL

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Significance of human capital was recognized in ____ five year plan
A
Third
B
Second
C
Seventh
D
Fourth
Explanation: 

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: -What is human capital and why does it matter? Human capital consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.

Detailed explanation-3: -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.

Detailed explanation-4: -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-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.

There is 1 question to complete.