Human Resource is the most Important and vital Factor of Economic Development or it can be said that humans are the agents of development. some of the importance of Human Resource or Human Capital are.
1) Country Develops if The Human Resource is Developed:
To enhance economic development the state constructs roads, buildings bridges, dams, power houses, hospitals, etc. to run these units doctors, engineers, scientist, teachers, are required. So if the state invests in a human resource it pays dividend in response.
2) Increase in Productivity:
The batter education, improved skills, and provision of healthy atmosphere will result in proper and most efficient use of resources (non-natural & natural) which will result in increase in economic production.
3) Eradication of Social And Economic Backwardness:
Human Resource development has an ample effect on the backwardness economy and society. The provision of education will increase literacy which will produce skilled Human Resource. Similarly provision of health facilities will result in healthy Human Resource which will contribute to the national economic development.
4) Entrepreneurship Increase:
Education, clean environment, good health, investment on the human resource, will all have its positive effects. Job opportunities would be created in the country. And even business environment will flourish in the state which creates many job opportunities.
5) Social Revolution:
Because of Human Resource development the socio economic life of the peoples of a country changes drastically. Over all look changes thinking phenomena changes, progressive thoughts are endorsed in to the minds of peoples.
HUMAN RESOURCE OR HUMAN CAPITAL FORMATION
A) MANPOWER PLANNING:
Relates to long range development of Semi Skilled and Skilled manpower according to the requirements of economy and to plan educational priority and investment in Human... [continues]
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