Human Capital Formation in India

Training in the firm itself under the supervision of a skilled employee

On-the-job training includes training inside the firm under the supervision of a skilled employee.

Human capital is used to increase productivity

Human capital treats people as a means because education and health are seen as ways to raise productivity.

Human capital is intangible, while physical capital is tangible

Human capital is intangible and inseparable from the owner, while physical capital is tangible.

Machines

Machines are produced assets used for production, so they are physical capital.