Human Capital Formation in India test - 15

Economic reforms in India refer to the neo-liberal policies introduced by the government in 1991 and in the later years. 

The main emphasis of the reforms was on the liberalization of the economy and simplifying regulations. They also focused on giving more roles to the private sector and an opening up of the economy to competition. 

The impacts of economic reforms include increasing competition, more demanding customers, and rapidly changing technological environment. Other impacts are a necessity for change, need for developing human resources, market orientation, and loss of budgetary support to the public sector, export a matter of survival.

 Thus, the correct option is D.

In the pre-reforms period (i.e. before 1991), there were restrictions with respect to:a) Foreign Equity Participation in Indian Industries b) Import of Foreign TechnologyPre reform period involved a lot of government intervention into International trade where import was banned on most of the things through quota and licenses so that the foreign parties does not dominate domestic market and enterprises. 

Gross domestic capital formation refers to the net increase in the physical asset by the household, public, and government sector within the measurement period of the economy. Therefore, it includes the fixed capital formed in that period i.e. fixed assets, change in stock i.e. changes in inventories, and valuables that is valuation of sold out stocks retained. 

The concept of economic growth is narrower than the concept of economic development. Economic growth only relates to the increase in the overall production of an economy at a certain period of time whereas economic development relates to the growth of all sectors of economy both socially and economically at all times. 

GER stands for Gross Enrolment Ratio is used in education sector. It is expressed as the number of students enrolled at various  grade levels and the actual population of children in that age. 

National Literacy Mission was launched in 1988. The aim of the National Literacy Mission is to education around 80 million adults of the age group 15-35. 

Balance of services is a part of balance of payments where the receipt and payment of only intangible things i.e. services are taken into account which can be zero where receipt is equal to payment, positive where receipt is more than payment and negative where payment is more than the receipt. 

As per latest report of UNDP of 2017, India's HDI ranking is 131 out of 188 countries. HDI stands for Human Development Index. It can be defined as a statistic composite index of human development indicators, like, life expectancy, education, per capita income, etc. HDI helps to rank countries.