11th Class Economics Human Capital Formation In India

  • question_answer 8)
    Education is considered to be an important input for the development of a nation. How?

    Answer:

    Education is the process of teaching, training, learning, impacting knowledge and develop skills. Because of education the citizens are responsible, it facilitates the use of natural and human resources of all regions of the country. Following points are describing why education is an important input for the development of a nation. (i) Knowledge and Skills A better educated person has greater skills and knowledge which enhance productivity and therefore provide a greater opportunity to work and earn higher income. (ii) Rationality Education develops logics in people, and helps them in making rational choices which lead to efficient utilization of resources resulting in higher productivity. (iii) Values and Ethics Education inculcates moral values and professional others in people making them law abiding citizens who help each other and hence contribute in the well being of the nation. (iv) Adoption of Modern Technology Education develops the skills required for understanding and adopting modern technology. This helps in increasing output and growth of the nation. (v) Reduction in Income Inequality Education enhances the income earning capacity of people from economically backward sections of the country and thus reduces the Inequalities in the distribution of income. (vi) Standard of Living Education raises the living standard of people by enhancing their income earning capacity. (vii) Participation Rate Education makes a greater proportion of population capable of participating in the economic, social and political activities of a nation thus raising the participation of people in the development process.


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