“Expenditure on On-the-job training is an important means of human capital formation in an economy.” Give valid reasons to justify the given statement. “Organic Farming is the need of the hour to promote sustainable development but, has its own limitations.” Elaborate any two advantages and limitations each of organic farming in the light of the above statement.

Question

Accepted Answer

(i) Expenditure on On-the-job training as human capital formation:

1. On-the-job training enhances the skills and productivity of workers
2. It enables workers to adapt to new technologies and modern methods
3. The return on investment in training exceeds the cost
4. It benefits both the employer (higher productivity) and employee (higher wages)
5. Training can be provided efficiently within the workplace

(ii) Organic Farming as the need of the hour:

1. Environmental sustainability: Reduces chemical pollution and soil degradation
2. Health benefits: Produces healthier food without harmful chemicals
3. Economic viability: Premium prices for organic products
4. Soil conservation: Maintains soil fertility for long-term productivity
5. Biodiversity: Supports ecological balance

Both on-the-job training and organic farming represent investments in human and natural capital that contribute to sustainable development.