Significance of human capital in economic development from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Human capital refers to the knowledge, skills, and abilities possessed by individuals that contribute to their economic productivity. In today's globalized world, human capital plays a crucial role in driving economic development and growth. It is considered as one of the most important factors of production alongside physical capital. Investing in human capital is essential for enhancing the quality of the workforce and increasing the overall productivity of a country. A well-educated and skilled workforce can adapt to new technologies, innovate, and contribute to the development of new industries. This, in turn, leads to higher economic growth and competitiveness in the glo...
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