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Role of Human Resource in Economic Development of Country

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Human ResourcesReference Notes | Commerce
Role of Human Resource in Economic Development
For: Management | Economics Class 11

In ordinary sense, human resource refers the population of the country but in economics, the healthy, educated, and skilled manpower is known as human resource. So, human resource is the process of improving quality and efficiency of the people.

According to the National planning commission, “Human resource is the knowledge, skill, efficiency and physical and mental capacity to do work inherent in the people of the country”.

Role of Human Resource in Economic Development
Human resources play the important role in overall development of a country. Capital, natural resources, as well as other productive resources remain inactive in the nature. Human resources are necessary to mobilize them. Nepal has sufficient natural resources and utilization of these resources in necessary for economic development. The role of human resource can be explained with the help of following points.

1. Utilization of Natural resources:
Human resources is necessary for the utilization of natural resources like mineral, water, forest etc. Utilization of these resources is necessary for economic development. Thus, only human resources mobilize and utilize them properly.

2. Compensate the deficiency of natural resources:
The utilization of human resource compensates the deficiency of natural resources. Many countries are poor in natural resources like Japan, Hong Kong, Singapore etc. but they are able to achieve high economic growth by properly utilizing human resource.

3. Utilization of physical capital:
Only the existence of physical capital can’t do anything for economic development. They should be properly utilized. To, operate machinery & equipment and to run factories and industries is impossible without the involvement of human resource.

4. Increase in production:
The human resources of a country help to increase in the production of different goods and services. By using skilled human resources, a country can produce the variety of goods and services having high quality.

5. Changes in technology:
Human resources of a country can bring the new technology. Advance technology is necessary to bring development in country.

There are other role of human resources such as development of transportation and communication, supply of labour etc.

Posted By : Hari Prasad Chaudhary | Comment RSS | Category : Class XI, HSEB Notes
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