- Friday | 03 Jun, 2016
- Rana Junaid Zahid, Irfan Ahmad Chatha
- Policy Briefs/Papers
Junaid Zahid and Irfan Ahmed Chatha
The question as to what are the significant factors in shaping the road to development is of fundamental and primal importance in the present circumstances when the government is focusing more on infrastructure rather than literacy and skills transfer. On social media, there is a clear-cut division between people’s perception about Rawalpindi/Islamabad Metro Bus Project versus Education.  [Error! Reference source not found.] In the case of China, infrastructure stock, labour force, public and private investment play an important role in economic growth. Similarly development practitioners consider physical infrastructure a precondition for industrialization and economic development. It is critical to deliver growth, reduce poverty, and achieve broader development goals. Over the last few years, Africa has witnessed some modest improvements in infrastructure development, especially in telecommunication sector. But, it is ranked at the bottom among all the developing regions. On the other hand, educated labour has a much higher marginal product. A positive as well as direct effect of human capital on growth has been estimated. Countries that start with a higher level of educational attainment grow faster for a given level of initial per capita GDP. Growth of human capital is the most contributing factor for achieving sustainability.  For individuals, societies as well as economies as a whole, investing in human capital is critical, even more so in the context of shifting population dynamics and limited resources. As the proportion of service sector in Pakistan’s economy is growing with every passing year, it is imperative to carry out more soft interventions like educating and training our human capital rather than making hard infrastructural interventions.