Soon after India rejected the findings of the World Bank’s Human Capital Index (HCI), Indian Economic Affairs Secretary Subhash Chandra Garg said a better metric is needed for the index to measure the status of human capital in the digital age.
“Human Capital Index uses metric of industrial era to measure the status of human capital for digital age and its production system.
“He (Garg) said that a better metric is needed,” a Finance Ministry statement on Saturday quoted Garg, who led the Indian delegation at the IMF summit at Bali.
Speaking at the International Monetary Fund’s Development Committee Lunch Session on Friday,
Garg asserted that there is a need to recognise that the digital technological changes taking place are more fundamental than even the invention of the steam engine, which had laid the foundation of the industrial revolution.