{"id":52314,"date":"2019-09-18T18:04:28","date_gmt":"2019-09-18T12:34:28","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=52314"},"modified":"2019-09-18T18:04:34","modified_gmt":"2019-09-18T12:34:34","slug":"answered-there-has-to-be-a-focus-on-human-capital-formation-and-demographic-dividend-in-order-to-achieve-5-trillion-economic-objective-discuss","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-there-has-to-be-a-focus-on-human-capital-formation-and-demographic-dividend-in-order-to-achieve-5-trillion-economic-objective-discuss\/","title":{"rendered":"[Answered] \u201cThere has to be a focus on human capital formation and demographic dividend in order to achieve $5 trillion economic objective.\u201d Discuss."},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction. <\/strong>Contextual Introduction.
Body. <\/strong>Importance of human capital quality and demographic dividend. What should be done?
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

India has one of the youngest populations in an aging world. Human capital is an important aspect of the demographic dividend while determining the economic growth. It is pointed out that there is huge shortfall of human capital in the country. Although there is swelling workforce in the country, this is a big challenge for India because there is a huge shortfall of educated, skilled and trained workforce.<\/p>\n\n\n\n

Importance of human capital quality\nand demographic dividend to reach $5 trillion mark:<\/strong><\/p>\n\n\n\n

  1. Although the accumulation of\nphysical capital is quite important in the process of economic growth of a\ncountry but with the passage of time, it is being increasingly realised that\nthe growth of tangible capital stock depends extensively on the human capital\nformation.<\/li>
  2. In the absence of adequate\ninvestment in human capital, utilisation of physical capital will be at low\npace, leading to retardation of development.<\/li>
  3. One of the important factors\nresponsible for the rapid growth of the economy is increasing allocation on\neducation resulting significant improvement in the level of human capital\nformation.<\/li>
  4. Human capital lack critical skills which\nare very much needed for the industrial sector and again have a surplus labour\nforce. Thus human capital formation should solve these problems by creating\nnecessary skills and also by providing gainful employment.<\/li>
  5. As the poor health and\nundernourishment adversely affect the quality of manpower, it is important to\nimprove the quality of manpower to positively contribute to economic growth\ntarget.<\/li>
  6. Organisations across the world have\nrecognized the importance of skilled manpower and the value it can provide\ndespite being a little costlier. Skilled human capital provide high value for\nmoney and initiate a ripple effect in the growth of a country\u2019s economy.<\/li><\/ol>\n\n\n\n

    Pathway to address the problem:<\/strong><\/p>\n\n\n\n

    1. The skill development scheme needs\nto be well coordinated and properly dovetailed to have an effective and\nefficient mechanism to fulfill the requirement.<\/li>
    2. Vocational training should be\nimparted by ministries and department of government.<\/li>
    3. Upgrade skills to international\nstandards through significant industry involvement and develop necessary\nframeworks for standards, curriculum and quality assurance.<\/li>
    4. Enhance, support and coordinate\nprivate sector initiatives for skill development through appropriate Public-\nPrivate Partnership (PPP) models; strive for significant operational and\nfinancial involvement from the private sector.<\/li>
    5. Focus on underprivileged sections of\nsociety and backward regions of the country thereby enabling to move out of\npoverty; similarly, focus significantly on the unorganised or informal sector\nworkforce.<\/li><\/ol>\n\n\n\n

      The government of India is taking initiative to fill the existing skill gap through skill development mission in order to leverage its position to fulfill domestic and global requirement and at the same time fulfilling its domestic requirement of the skilled labor force. Skilling would enhance human capital quality needed to reap the demographic dividend which might turn into demographic disaster.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Demand of the question Introduction. Contextual Introduction. Body. Importance of human capital quality and demographic dividend. What should be done? Conclusion. Way forward. India has one of the youngest populations in an aging world. Human capital is an important aspect of the demographic dividend while determining the economic growth. It is pointed out that there… Continue reading [Answered] \u201cThere has to be a focus on human capital formation and demographic dividend in order to achieve $5 trillion economic objective.\u201d Discuss.<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49132,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-52314","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/52314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=52314"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/52314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49132"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=52314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}