The importance of human capital as a basis for economic growth is undeniable. Human capital formation refers to enhancing an individual’s skills, knowledge, abilities, and other attributes through education, training, and experiences to make them more productive and valuable in the workforce. It is essentially investing in people to make them more productive and valuable members of the workforce and society. In this blog, you will understand the significance of education as a cornerstone ... Human capital refers to the stock of skill and productive knowledge embodied in a population. Proper education and training enable the formation of this human capital. An educated population is an asset, a resource. In contrast to the uneducated and untrained, educated individuals make efficient use of the available resources and opportunities. In conclusion, education is foundational to human capital formation, driving both individual and national growth. In India, the impact of education on human capital has been profound, shaping the country's economic landscape and social fabric. So, let us understand the various ways education contributes to human resource development (HRD). 1) Facilitating Human Capital Formation It is important that you understand the role of education in building human capital. It is a straightforward process of developing new skills in your existing workforce and improving their current skills.
