This paper aims to analyze the role of human capital (HC), human resource development (HRD) and vocational educational and training (VET) in the emerging Indian economy. How may we define the HC, HRD and VET in India? To what extent and how as HRD investments in India contributed to India’s recent economic development? What were the investments and what were the returns? Who invested and who obtained the returns? Is India really different from other countries?
To achieve that goal, the authors use a model of the HC, HRD and VET national market. Specifically, they divide the analysis in four broad stages: stocks, investments and outcomes; supply, demand, price and quantity; needs; and private and public forces.
The authors conclude that the India’s HC, HRD and VET have been growing and will have to grow even more, for India to become developed. Currently, the urgency is even greater in the HRD and VET side than in the education side. The government goals for 2022 are immense, and the raise in the HRD and VET in India that is aimed will effectively change India’s economy and society.
The authors only use secondary data. They believe that a deeper and very detailed study on all the States of India could be made, following this paper. Also, the analysis could be replicated for the other BRICS.
India HRD and VET market is described as being one of the major India’s problems of today and promises of tomorrow.
Today, only around ten million of India’s citizens receive HRD and VET annually. This number is to be multiplied between 20 and 50 times. This change will change India’s economy and society.
Also, the authors believe that the paper is original because it analyzes India’s HC, HRD and VET with a new conceptual model.
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