Question

Answer in 5-6 sentences:

Human Resource is of prime importance in the economic development of a country. Justify the statement.

Answer 1

The greatest and the most precious asset of a country is its people as it is they who exploit all natural resources and potentials of a region. As opined by Adam Smith the prosperity of a country is determined by the skill, efficiency and attitude of the labour used by that country. Many countries have been able to develop themselves due to their will, capacity and skill of their human resources. As, for example, the countries like Japan, Singapore, Germany and Hong Kong have been able to achieve an economic miracle by mobilising their human resource. Human resource helps directly to remove the economic backwardness and it increases labour efficiently and specialisation. The utilisation of human resources compensates the deficiency of natural resources have been able to achieve high economic and human development on the basis of human resources. There is a close relationship between human resources and economic development.