(a) Describe the role of government in improving the efficiency of human capital formation in India.

The Government plays a crucial role in promoting the efficiency of human capital formation. Government intervention is essential as spending on education and health has long-term, irreversible impact. Moreover, consumers often lack complete information about service quality and costs, leading to monopoly power and potential exploitation by private service providers. To avoid this, the government must regulate these services, ensuring adherence to standards and fair pricing. Hence, government plays a crucial role in making these essential services accessible to all sections of society.

Yes. Traditionally, India adopted eco-friendly practices in agriculture, healthcare, housing, and transport. All of these practices used naturally available products and processes, which had very few side effects.

The adoption of the modern systems caused environmental degradation. However, India has a rich traditional healthcare system like Ayurveda, Unani etc. which are now a days in great demand. Moreover, many herbal cosmetic products are regaining popularity, as they are eco-friendly, safer and require less industrial processing and help in ensuring sustainable development.