Human Capital Formation In India — Economics STD 12 Commerce — Question
CBSE BoardEnglish MediumSTD 12 CommerceEconomicsHuman Capital Formation In India6 Marks
Question
Throw light on the two recent reports published on the Indian economy.
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Answer
Two independent reports presented recently (Deutsche Bank's report on Global Growth Centres' and World Bank's report on "India and the knowledge EconomyLeveraging Strengths and Opportunities".) have identified the fact that India would grow faster on account of its strength in human capital formation.
According to Deutsche Bank, India will emerge as one among four major growth centres in the world by the year 2020.
World Bank states that India should make a transition to the knowledge economy, and if it uses its knowledge as much as Ireland does, then its per capita income will increase from a little over US$ 1,000 in 2002 to US $ 3,000 in 2020. It praises the India economy for all its key ingredients like mass of skilled workers, a well functioning democracy and a diversified science and technology infrastructure. Both the reports state that human capital formation in India will bring about a higher growth trajectory in its economy.
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