NCERT Solutions for Class 11 Economics Chapter 5 Human Capital Formation in India

It is the process of acquiring and increasing the number of people who* have the skills, education and experience which are critical for the economic and political development of a country. In other words, human capital formation is the process of adding to the stock of human capital over time. India is one of the countries in the world having a huge size of human resources. So, to channelize and balance the enormous population, different models were adopted for developing human capital. Human capital formation signifies improvement of skills and abilities among the country’s population. So, to boost a nation’s economic sectors, it is essential to establish workforce planning for the evolution of its human resources.