The measures of value and success of economy are in favor of wise as well as are of the calculative. The Human Capital Index is at par with the GDP growth now. Indian irony is quantity over quality. Therefore, India is a no man here as well. Improve the quality rather than concentrating on the quantity, is the advice of the World Bank to all the countries.
The International Bank for Reconstruction and Development -IBRD(The World Bank) today launched another criterion to measure the value and the success of the economy. It is the measurement of Human Capital Index of the Country. Human Capital is contributed by the knowledge, skills, and health which people accumulate during their lives. These skills enable them to become productive members of society.
Invest in the young people to make the economy grow stressed the World Bank.According to an article published by the BBC, Dr. Jim Kim, the president of the World Bank, said, ” The countries need to invest more and more effectively in their people”.
IBRD also made it clear that ”The higher the investment in education and health, the more productive and higher the earning workforce tends to be”.It was explained that what children learn matters more than how many hours they spend in the schools.
A study suggests that replacing a low-intellect teacher with a high-intellect teacher increases the lifetime income of the students of the particular class many folds. Fitting changes should be made in our Indian system.
The transfers and promotions of teachers should be based on their previous performance rather than their seniority and the political contacts.
The World Bank also pointed a finger towards the tainted political practices in many countries and discouraged the political class to propose the projects that are quickly visible to the voters. Rather suggested to think of long-term benefits.
This should become a thumb rule for the upcoming 2019, general election in India. The parties should avoid tall promises rather they should swear on carrying forward the ongoing beneficial policies and improving the existing ones.
Quoting an example of Singapore, World Bank said in the 1950’s the average adult in that country had completed only two years of formal education. But with their long-term and persistent efforts, they have topped the Human Capital Index in 2018. Singapore boasts of some of the best education results in the world, today
Dr. Jim Kim made a very important point by saying, ” The quantity in investment is not always important, but the quality is very important ”.He urged the countries to take self-responsibility and not keep counting on the donations. He insisted that the nations should focus on the policies which work best for them. Dr. Jim advised the nations to put more money in health and education and become output driven rather than being supply driven.
