Pitched as the fastest-growing trillion-dollar economy in the world, India endeavors to boost its economic growth through the strengthening of its Gross Domestic Product (GDP). But, in view of the current situation arising out of the unprecedented COVID-19 pandemic, concerns are being raised about the economic growth scenario shortly.
This blog is an attempt to explain this anticipated economic growth and the role of education at the Asian Business School (ABS), Noida in bolstering managerial skills in students to successfully charter outgrowth curves despite the turbulence.
‘Economic Growth’, in simple terms, refers to an increase in aggregate production in an economy. It is measured by the change in the Gross Domestic Product (GDP) of a country, which is basically a representation of the total output of goods and services for an economy. For instance, if a country has a GDP rate of 5.5 percent for the year, it means that the country’s economic growth rose by 5.5 percent from a year earlier. This signifies an increase in incomes that inspire consumers to open up their wallets and buy more and thereby attain a higher standard of living.
In order to generate economic growth, there are many ways and means that can be adopted. As a subject matter of economics, growth is commonly exhibited as a function of natural resources, physical capital/infrastructure, human capital, labour force, and technology.
Generally speaking, an increase in the number of physical capital goods in the economy tends to increase labour productivity. And, while the profits of the firm will increase, the value of the marginal product of labour will also increase. New, better, and more tools mean that employees/labour can produce more output per period. Likewise, equally improved technology/ digitalization allows the workforce to produce more output with the same stock of capital goods by combining them in novel ways that are more productive.
At Asian Business School (ABS), Noida, its flagship Post Graduate Diploma in Management (PGDM) course ensures a good blend of technology and practical utility in its teaching/learning pedagogy to make sure that its PGDM course students are industry-ready and geared up to contribute accordingly to the economic growth. In the aftermath of this current disrupted scenario, digital technology is going to be a major enabler. So it is that ABS PGDM course content, creation delivery, and assessment are all interwoven across technology platforms and ensure that our students get maximum hands-on in use of digital tools, a platform for learning, analysis and presentation. Moreover, specialization specific trends and concepts are familiarized using a case study, industry professional experience, international summits, and overseas education tours.
All said, the most important technique to generate economic growth is through the development of the so called ‘Human Capital’. As a matter of fact, human capital and economic growth have a strong correlation. ‘Human Capital’ broadly refers to the knowledge, skill sets that workforce/employees have in an economy. These skills confer economic value since a knowledgeable workforce can lead to increased productivity.
If we take a close look at the current economic conditions, we find that there are some inherent challenges to counter. To quote, “nowadays, the biggest of all the factors that have badly affected the careers of millions of individuals or human capital is economic downsizing.” Jobs are being cut down from the establishments, and the fittest of all employees survive. But, if employees continuously learn new and better skills, the chances are that economic conditions won’t hurt them that badly as compared to other individuals. What is required today is a focused learning of new skills and upgrading oneself continuously and to the extent possible.
It is here that the PGDM course at Asian Business School (ABS)-Noida presents itself as a course intended with varied competencies to build upon the innovativeness in the human capital fostering cutting-edge thinking and nurturing the dynamic agents to contribute for economic growth. In this way, the ABS PGDM course emphasizes on developing agile business leaders of tomorrow.
To quote the Austrian political economist, Joseph Alois Schumpeter, “the cyclical process in the business/establishment is almost exclusively the result of innovation fostered through the human capital.” Simply put, Schumpeter termed it as “creative destruction”. In this manner, the risk-taking human capital is the driving force of economic progress. They are the dynamic agents of change nurturing economic growth.
We at ABS believe that the Indian economy is strongly poised for manifold growth and a talented pool of manpower will be the driving force for this growth. So, the development of a mindset to cope up with the changing environment is the key to success. And, it is here that the PGDM course at Asian Business School (ABS)-Noida provides a clear edge for the same and prepares the students for the current competitive and challenging environment.
To know more about our AICTE approved PGDM program, please visit https://abs.edu.in/admissions/how-to-apply/
