HUMAN CAPITAL
A country can turn its physical resources like land into physical capital like factories. In the same way, it can also turn its human resources like students into human capital like doctors and engineers. Societies require adequate human capital in the first place in the form of knowledgeable people who have themselves been educated and trained as professors and other professionals. In other words, need good human capital to produce other human capital, say, doctors and engineer’s .It is possible only through investment in human capital.
There are several sources of investment in human capital. Investment in education is considered as one of the most important sources of human capital. Investment in health, on the job training, migration and information are the other sources. These investments enhance income generating capability of individuals.
There are different studies, which show that countries would grow faster due to its potency in human capital formation. Our country recognized the importance of human capital in economic growth and development long ago. The ministries of education at the union and state level, department of education and various organizations like NCERT, UGC and All India Council of Technical Education (AICTE) regulate our education sector. In the same way, the ministries of health at the union and state level departments of health and various organizations like Indian Council for Medical Research (ICMR) regulate our health sector. In addition, the need for the hour is to better it qualitatively and offer such conditions so that they are utilized in our country. Today India has a rich stock of scientific and technical work force in the world.