GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Efficient utilisation of physical capital
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Increase in income-generating capacity of an individual
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Increase in GDP growth
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All of the above
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Detailed explanation-1: -The formation of human capital raises production levels and leads to economic growth by adding to the GDP.
Detailed explanation-2: -Economic growth generates job opportunities and hence stronger demand for labour, the main and often the sole asset of the poor. In turn, increasing employment has been crucial in delivering higher growth.
Detailed explanation-3: -Human Capital includes labor and other resources that humans can provide-education, experience or unique skills-that contribute to the production process.
Detailed explanation-4: -Human capital formation is the process of adding to stock of human capital over time. Human capital can be developed through creation of skilled, trained and efficient labour force by providing better education, health care facilities, etc. Highly skilled people can create new ideas and methods of production.