Human capital refers to the knowledge, skills and abilities possessed by individuals, which play a crucial role in driving economic growth and overall prosperity.
Here are the sources of human capital formation and instances of investments in these areas that can positively impact the country's economic growth:
1. Education System: Developing and strengthening the education system is one of the primary sources of human capital formation. Building more schools, hiring qualified teachers and improving the curriculum to ensure better access to education, resulting in a more skilled and productive workforce.
2. Vocational Training and Skill Development: Promoting and establishing vocational training centers to provide specialized skills training, leading to a more diverse and adaptable workforce with skills relevant to the changing job market.
3. Healthcare and Nutrition: A healthy and well-nourished population is more productive and can contribute significantly to economic growth. Investing in healthcare infrastructure and nutrition programs can improve the overall health and well-being of citizens, leading to higher workforce participation and productivity.