Question

Identify the source of Human Capital Formation (HCF) indicated in the aforesaid statement.

Hint:

Education and skill development are crucial for improving labor productivity, innovation, and long-term economic growth.

Answer 1

Identifying the Source of Human Capital Formation (HCF):
- The source of Human Capital Formation indicated in the statement is Education and Skill Development. 
- In-service training improves the efficiency and competency of teachers, directly contributing to human capital formation. 
Understanding the Role of 'On the job training' :
On-the-job training has become an integral part of work environment in the recent times as it enhances the productive capacity of employees. It enables employees to develop skills and adapt to modern technologies. As a result of on-the-job training, an employee is likely to contribute more productively leading to the economic development of India. 
Conclusion: On the job training strengthens human capital, ultimately accelerating India's economic development.