ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The seventh five-year plan recognized the importance of human capital. It says “Human resource development has assigned a key role in any development strategy, particularly in a country with a large population".

Detailed explanation-2: -Seventh Plan (1985–1990) The plan laid stress on improving the productivity level of industries by upgrading technology. 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-3: -The Fifth Five-Year Plan of India (1974–1979) was formulated by the Indira Gandhi government. It focused on agriculture, poverty alleviation, and employment generation. The plan also aimed to reduce social and economic inequality between different sections of society.

Detailed explanation-4: -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-5: -The idea of human capital can be traced back to the 18th century. Adam Smith referred to the concept in his book An Inquiry into the Nature and Causes of the Wealth of Nations, in which he explored the wealth, knowledge, training, talents, and experiences of a nation.