Class 11 Economics - Indian Economic Development - Chapter Human Capital Formation in India NCERT Solutions | Education is considered to be an importa
Education is considered to be an important input for the development of a nation. How?
Education is considered as an important input for the development of a nation because the development of a nation rests on the proportion of the educated people in the country. The significance of education in the economic development of a nation is explained through the following points:
i. Imparts Quality Skills and Knowledge: Education endows people with quality skills, thereby, enhancing their productivity.
Consequently, it enhances the income earning capacities of and opportunities for the people. Moreover, it also enables human capital to utilise the available physical capital optimally.
ii. Develops Mental Abilities: Education develops mental abilities of people and helps them to make their choice rationally and intellectually. Education churns out good citizens by inculcating values in them.
iii. Acceptability of Modernisation: An educated public of a nation has greater acceptability of modernisation and modern techniques. This not only helps the economy to grow but also facilitates a primitive economy to break the shackles of tradition and backwardness.
iv. Eradicates Skewed Income Distribution: Education not only increases the income earning capacity but also reduces the skewed distribution of income, thereby, forming an egalitarian society.
v. Raises Standard and Quality of Living: Education enhances the income earning capacity of people and, thereby, raising the standard of living and improving the quality of living.
vi. Increases the Participation Rate: It fosters economic development by increasing the participation of people in the process of growth and development.
vii. One Solution for Other Economic Problems: The importance of education is not only limited to making people educated but also in facilitating an underdeveloped economy to solve different but interrelated macro economic problems like poverty, income inequality, population, investments, under utilisation of resources.
More Questions From Class 11 Economics - Indian Economic Development - Chapter Human Capital Formation in India
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Discuss the need for promoting women’s education in India.
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Trace the relationship between human capital and economic growth.
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Discuss the following as a source of human capital formation
(i) Health infrastructure
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‘There is a downward trend in inequality world-wide with a rise in the average education levels’. Comment.
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What factors contribute to human capital formation?
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Argue in favour of the need for different forms of government intervention in education and health sectors.
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How government organisations facilitate the functioning of schools and hospitals in India?
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Explain how investment in education stimulates economic growth.
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