In the Indian Scenario, for 10 crores of new employment till 2025, India required at least 15 trillion dollars of infrastructure investment, which is not feasible as per the financial indicator not shining enough.
a.Â Â Â Â Â Â Â Â Indian foreign reserve is approx. $ 500 bn ( half-trillion-dollar) against foreign debt approx $2.5 trillion.
b. Indian private sector is approx. 3.0 trillion dollar equity worth (BSE + NSE).
c. Indian G.D.P is approx. 3.0 trillion dollars currently, while central government tax collection approx is 0.3 trillion-dollar annually.
Meanwhile, last year, a claim was produced before Govt. of India by an Indian economist Mr. Deepak Sharma (32 years), he proposed the worldÂs third economic model called as Human Resource Economic Model (H.R. Economics). Aforesaid Economic Model was generated. Against Capitalism (Adam Smith) and Socialism(Karl Marx) therefore Mr. Deepak Sharma known as the father of H.R. Economics.
ItÂs well known that Capitalism proposed by Adam Smith is widely used by the western part of the World, whereas Socialism / Communism is widely used by U.S.S.R China, and other part of Asian Countries also. Since after India got independence, India was more emphasis upon Socialism (Govt.) under influence of the USSR, and after 1991, India is an emphasis upon Capitalism (Privatisation).
No doubt to claim to introduce the worldÂs third economic model by Indian economist is really surprising. LetÂs check the facts about H.R. Economic Model and compare Deepak Sharma (H.R. Economic Model) with Adam Smith (Capitalism) and Karl Marx (Socialism).
Mr. Deepak Sharma state’s as:
1. Human resource is an absolute asset at the level of the individual as well as the state.
2. Aforesaid Human resources can be valued and convertible into monetary funds for economic purposes through H.R. Economic Model.
3. All human resource is the part state H.R.Capital Account.
4. H.R. Economic Model provides the intellectual capability to mankind to convert and utilize the assets of H.R. Capital Account into monetary fund and utilization for further economic activity.
Mr. Sharma proposed the basic tool of the H.R.Economic Model as
In the support of HR economic model, he propounded some new economic tools and mechanisms as:
A. Valuation Methods of H.R.
B. New 15 H.R. Accounting Standards.
C. New 5 Economic Standards & defining connectivity of H.R. Accounting standards.
D. H.R Valuation adding into National H.R. Capital account.
E. Derivative H.R. Coefficient.
F. Guidelines for use of H.R. Capital Account into Monetary Fund
G. Mechanism of Manpower (H.R.) Grid.
H. Connectivity of H.R. Grid with R.B.I, finance Ministry, and Stock Exchange.
A comparison between H.R. Economics v/s Capitalism v/s Socialism
- In capitalism, initial investment comes from the private sector, whereas in socialism initial investment comes from the state whereas in H.R.Economic Model initial investment shall be generated from the valuation of the National H.R. Capital account.
- In capitalism, the main tools are the stock exchange, and in socialism main tool is the state tex collection ministry, whereas In H.R. Economics main tool shall be the manpower grid and state H.R. Capital account.
- Accounting standards and mechanism of Capitalism and the H.R.Economic model differ from initio.
- Employment generation in Capitalism and Socialism depending upon private sector profit & state welfare policy whereas in H.R.Economic Model depending upon entrepreneur capability because of Â H.R. Economics mandatory assumes that Human Resource is an absolute asset and a part of the National Capital Account. Thereafter aforesaid assets to be utilized into a monetary fund which can be used for further production. While in Capitalism, an individual or group of individuals arrange investment for production, for purpose of profit and worth maximization, and in Socialism State invest in production for the welfare of Society.
- In H.R.Economic Model ownership. Shall be depending on Group of entrepreneurs having the intellectual capability of Quality and Innovative production whereas in CapitalistÂ System. Ownership depending investors or Groups of Capitalists and in socialism always be State or Government.
( data as per research paper)
From the above observation, it is hereby proved that the H.R. Economic Model is a new intellectual concept against Capitalism and Socialism. Mr. Deepak Sharma has been successful in differentiating himself from Adam Smith and Karl Marx on record.
Now on the point of the mechanism of H.R. Economic Model mister, the Deepak Sharma States as all human resource is an absolute asset, which shall be the part of Indian H.R.Capital Account, aforesaid Indian H.R.Capital Accounts maintainable through the mechanism of H.R. Economic Model.
On the behalf of Indian Capital Account, this could be converted into monetized form and can be utilized for economic purpose,
Mr. Deepak Sharma further states as per H.R. Economic standards in respect of India declaring that Indian H.R.capital worth shall be between (150 trillion – 450 trillion dollars) for the next 5 years, Meanwhile, for $ 15 trillion investment only (2 – 5%) valuation of Indian H.R. capital account shall be sufficient,
As result currently, we are having a 3% part of the world’s GDP against 20% population, if we are desirous to get 20% sharing in the worldÂs GDP in that case, as same as we require approx. 15 trillion dollars investment in India.
Therefore, we are now at the point:
(a) H.R.’s Economic Model is really different from Capitalism and Socialism, Mr. Deepak Sharma has been succeeding to differentiate his economic concept from Adam Smith and Karl Marx, and another economist.
(b) That 15 trillion dollars Indian GDP statement is not a hoax and seems to reliable if the mechanism of the H.R. Economic Modelproved safe before economic experts.