Answer:
Human Capital Formation is in itself an asset in ensuring economic growth. (a) When existing human resource is further developed by becoming more educated and healthy human capital formation takes place. This adds to the productive power of the country by in increasing the efficiency of the workers. (b) Investment in human capital formation yields higher returns in future by yielding larger outputs. (c) It improves the social outlook of the workers and helps to increase mobility of labour. (d) It raises the standard of living of people by increasing their incomes. (e) It results in higher productivity of healthier people. (f) The society gains in many indirect ways because the advantages of a more educated or a health population spreads to those also who themselves are not directly educated or given health care.
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