The Role of Human Capital in The Indian Economy

Abstract

Innovation & Technology are vital for the economic development of India, offering solutions to improve productivity, livelihoods, and overall quality of life. According to Albert Einstein, “Imagination is more important than knowledge. Knowledge is limited whereas imagination embraces the entire world.” Stimulating progress gives birth to development not only for individuals, making them more productive and creative, but also impacts the betterment of the people. Quality of life improves as a result of better education, health, and skill development. Human capital formation also enables people to enjoy a greater standard of living since they are able to generate higher salaries for themselves, which helps in economic development. The impact of human capital becomes strong when the focus runs to the role of education. Quality education is always a productive source because it increases productive human capital, which results in overall economic growth in India. Providing education is a gigantic task, keeping in view the population.