The Presentation explains the Education for Accelerating Human Resource Capital

1. Education for Accelerating
Human Resource Capital
Gautam Kumar
Assistant Professor
University Department of Teacher Education
Utkal University, Bhubaneswar
https://www.gautamkumar.net/

2. What are Resources?
Resources are anything that has utility and adds value to your life. Air, water,
food, plants, animals, minerals, metals, and everything else that exists in nature
and has utility to mankind is a ‘Resource’.
The value of each such resource depends on its utility and other factors.

3. What is Capital?
Capital includes the cash and other financial assets held by an individual or
business, and is the total of all resources used to leverage growth and build
stability. Capital can include funds held in deposit accounts, tangible machinery
like production equipment, machinery, storage buildings, and more. Raw
materials used in manufacturing are not considered capital.
In economics, capital consists of human-created assets that can enhance one's
power to perform economically useful work.

4. What is capital?
Physical Capital: For development and enhancement of physical assets such as
buildings, bridges, factories etc. all the inputs like tools, machinery, gadgets
which are required are called Physical Capital.
Human Capital: Skillset, educational qualifications, subject knowledge, ability
and expertise in the human resource of a nation at a point in time is called
Human Capital.

5. Human Capital
• The term human capital formation implies the development of abilities and skills among the
population of the country.
• According to Harbison, the human capital formation indicates, “the process of acquiring and
increasing the number of persons who have the skills, education and experience which are
critical for the economic and the political development of the country. Human capital
formation is thus associated with investment in man and his development as a creative and
productive resource.”
• Human Capital, is the backbone of any nation. These human resources mainly consist of
students who gradually turn into accountants, engineers or doctors. These students depending
on their efficiency and capability become a Human Assets for the country.

6. Sources of Human Capital Formation
• G.M. Meier defines Human Capital Formation as “human capital formation is
the process of acquiring and increasing the number of persons who have
education and experience which is essential for the economic and political
development of a country”.

7. Sources of Human Capital Formation
According to T.W. Schultz, there are five ways of developing human resources:
1. Health facilities and services, broadly conceived to include all expenditure
that affect the life expectancy, strength and stamina, and the vigour and
vitality of the people;
2. In on-the-job training, including aid type apprenticeships organised by firms;
3. Formally organised education at the elementary, secondary and higher levels;
4. Study programmes for adults that are not organised by firms, including
extension programmes notably in agriculture;
5. Migration of individuals and families to adjust to changing job opportunities.

8. Sources of Human Capital Formation
Skills and capabilities of the individual determined by genetic factors and that can be
further developed by education and the environment. Education and the environment
interact and by the impact of one’s environment in which the individual grows up, as
well as by the impact of continuing education (both formal and informal) and by shaping
one’s abilities, the individual acquires and develops their competencies and skills

9. Sources of Human Capital Formation
The most effective way of enhancing and enlarging the productive workforce in
the country is the expenditure done on strengthening the education system. It is
considered as the best source of human capital formation. The objective of
nation and individuals behind investment in education are:
• To increase the future income.
• Creating manpower and generating their technical skills, which are well
suited for improving labour productivity and thus resulting in sustainable
rapid economic growth.
• Controlling population growth rate which can be done by bringing down the
birth rate. This results in more resources available per person.
• Education can be floated to others, resulting in social benefit.
Expenditure on Education

10. Phases of Human Capital / Resources Development
Phase 1: Identification and analysis of needs
Phase 2: Planning of Education
Phase 3: Implementation Phase
Phase 4: Evaluation of educational Process

11. What is the Knowledge Society?
• A society in which the creation, dissemination, and utilization of information and
knowledge has become the most important factor of production. In such a society,
knowledge assets are the most powerful producer of wealth, sidelining the
importance of land, the volume of labour, and physical or financial capital.
• It is used interchangeably with notions such as ‘knowledge economy’,
‘knowledge driven economies’, ‘economies of innovation’ and the ‘information
society’.
• A new society formed as a result of the contemporary societal change pushed by
technological innovation and institutional transformation, which is not only about
technological innovations, but also about human beings, their personal growth
and their individual creativity, experience and participation in the generation of
knowledge. The primary role of cities in a knowledge society is to ensure that
their knowledge sources are passed on and advanced by each generation.

12. Skilled Manpower ?
• Skilled: Someone who is skilled has the knowledge and ability to do something
well.
• Multi-skilled: Multi-skilled employees have a number of different skills,
enabling them to do more than one kind of work.
• Semi-skilled: A semi-skilled worker has some training and skills, but not enough
to do specialized work.
• Unskilled: Unskilled manpower refers to the people who are not educated,
trained, experienced and are not able to do work without the help of others.
• Skill can be a measure of the quantity of worker’s expertise, specialization,
income, and supervisory capacity.

13. Discussion