Human capital is basically the amount
of skill, expertise, knowledge and experience instilled in people. It is
associated with the investment in the development of a man as a creative and
productive resource. It is the population that helps in the growth of the
country. For this, they need to be educated and trained. Their knowledge and
efficient work will prove out to be a great contribution in the economic
growth. This makes it quite obvious that the contribution of an educated person
is far more than that of an illiterate one. Therefore, it is necessary to
invest in the human capital formation. Here is a detailed description of how
human capital plays an important role in the growth of the nation.
1.EFFECTIVE
USE OF PHYSICAL CAPITAL
The physical
capital can only be created by the hard work and intelligence of an educated
man. The productivity of physical capital is widely depended on the human
capital available. Therefore, the human capital and their skills and efforts
helps in the effective use of the physical capital.
2.HIGHER
PRODUCTION
The human
capital increases the production and productivity because the knowledgeable
population will use the resources efficiently and effectively. Increase in the
quality and productivity can only be achieved by the high technical skills of
people which is only possible if they educated and trained enough.
3.TECHNOLOGICAL
IMPROVEMENT
The human
capital formation will prepare the generation for the upcoming technologies.
This means that they will be able to adopt the new technologies easily.
Education provides them with the knowledge to embrace the changes in their
surroundings both, economically and technologically. This will ease them out to
be introduced to new mechanizations.
4.MODERNIZATION
OF SOCIETY
The more the
people would be educated, the more the society will develop. There is no
denying in the fact that a lot of small towns and villages in India are still
backward and people are not very open minded. If people are educated and have
knowledge, they will grow personally and as a community. Their new ideologies
and perspectives will allow them to change their actions and move ahead of the
backward thinking. Therefore, investment in human capital helps in changing the
mental outlook and helps in the development of the country.
5.INCREASES
LIFE EXPECTANCY
More
educated people are more health conscious. They focus on their diet and the
nutrition they are absorbing. Being fit becomes one of their major agendas as
they are aware of the consequences of living an unhealthy life. This leads them
to have a longer life and also adds to their quality of life. Not just this
but, being educated also advances the health facility extensively and more
medications are being invented to help cure people with different diseases.
This also contributes to more people being fit.
6.CONTROLS
POPULATION
It has been
observed that the educated people have smaller families as compared to the
illiterate ones. They are aware of the population problem and know the meaning
of planning. Also, they know the methods of controlling their family size.
Therefore, more and more people must be educated so as to control the
population of the country.
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