Paper Details

Name: Priyaka Khanna
Country: India

Year: 2016
Volume: Volume-3, Issue-1 (January-June)
Page Number: 25-41

Abstract
Human capital is one of the big unknowns of research on the determinants of economic
development. The majority of empirical and theoretical literature suggests the existence of a
relationship between social indicators and economic growth. Human capital is deemed an
important and special component of social development, which can be accumulated and
probably has external effects. Another important aspect of human capital is that it can be
quantified. Indian policymakers – like most of their counterparts across the developing and
developed world – have been concerned with the employability of their working-age
populations in particular, for obvious economic and sociopolitical reasons. However, such
concern has been largely missing as far as the future workforce is concerned. Today’s
workforce is more heterogeneous than at any time in history. As people retire later, we see
70 year olds working side by side with 18 year olds. So, it is imperative to understand the
country and sub-country level dynamics, processes and practices or forces informing,
influencing and challenging the unfolding of this trend. Incidentally, these forces can be
viewed from two differing but intertwining perspectives, that of the state and that of the
corporate world. The paper refers to these as the ‘macro’ and ‘micro’ perspective
respectively.
Keywords: Human capital formation, Skill development, Demographic, Labour force.