Indian Economy

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Human Resource Development in India

Introduction

Two thousand years ago, Plato said ‘man is a social animal’. During the same period, Aristotle averred that man is a political animal. At a later period, Machiavelli said ‘Man is an anti-social animal, Man is basically an animal and he needs socialization’. For this socialization and civilization, he needs education and training. There was a period when physical capital (also called conventional or non-human capital) was considered to be the only productive capital. However, now it is growingly felt that a dollar invested on education brings a greater increase in national income than a dollar invested on roads, dams, factories or any other tangible good. Alfred Marshall considered the investment ...