People as Resource
Huge population is often seen as a burden on an economy rather than a resource. “People as Resource” is a way of referring to a country’s working population in terms of their existing productive skills and abilities. Human beings or people are considered as ‘human resource’ when they are transformed into human capital.
Human capital refers to knowledge, ability, skill and physical capacity of an individual which help them to contribute more towards economic growth. The process of improvement in knowledge, skills, ability and physical capacity of people is termed as human capital formation. Impact of human capital formation on economic growth can be seen directly in the form of higher incomes earned by educated and healthier people. Educated and healthier people not only earn higher income but also benefits society as whole because they can make better use of country’s scarce resources.
An economy is classified into three main sectors i.e. primary sector, secondary sector and tertiary sector, under which various activities takes place.
All those activities which results in the production of goods and services and adds value to the national income are called Economic activities. Economics activities are further classified into market activities and Non-market activities.
All those activities which are undertaken to satisfy personal, social, religious or sentimental requirements and which are not related to wealth are called Non-economic activities.
Both men and women form the total workforce in an economy. However, the working conditions of women workers are different from their male counterparts which shows workforce gender discrimination. But over time women are breaking their stereotype image and increasingly equipping themselves with education and skills which not only help them in eliminating the workforce gender discrimination but facilitates further human capital formation.
The quality of population depends upon the Literacy rate, health of a person indicated by life expectancy and skill formation acquired by the people of the country.
To promote education government of India has started many initiatives like mid-day meal schemes, Sarv Shiksha Abhiyaan, etc. Similar efforts have also been taken to improve health condition of the country. Over the years India has witnessed growth in both education and health sector.
Another challenge before India is to tackle the problem of unemployment. In India different types of unemployment prevails, such as disguised unemployment, seasonal unemployment, educated unemployment, etc. Increase in unemployment is an indicator of a depressed economy as it shows the wastages of resources. The effects of unemployment can be tackled with provisioning of good education and job opportunities.