-- The past 4000 years of economic history have been revolutionized on the bright morning of 10th June 2021. The reason for it being the publication of the 5th stage economic system on the official site of WIPO Geneva.
This new HR model has been awaited since May 2020 when the idea of a $15 trillion Indian GDP by the year 2026 was first announced and submitted to the Govt of India.
The prowess of this model can be gauged by the fact that economists all over the world have been baffled by this model and have been trying to map it out.
This unique HR model has been propounded by none other than the famous Indian economist Mr. Deepak Sharma, also renowned as the father of H.R. Economics.
To illustrate this next generation or 5th stage economic model that is designed to revolutionize the current economic system, we should first illustrate to you in brief, the history of the development of the current economic system.
The development of the economic systems have been seen in the following stages:
Stage 1- The barter system of economics that was practiced in the time period approx, 4000BC to 500BC, this system involved the direct exchange of products or services without the need of any intermediate medium such as currency.
Stage 2- The next stage was the Gold utilization state when Gold became the intermediate currency that could be used to exchange goods or services. Gold was chosen as it was a rare and finite resource.
Stage 3- Treasury system economy (from 500 BC to 1000 Ad approx), in this economic system, a currency is issued by a kingdom or a state against the gold resources that the governing body holds in its reserves. The currency can then be used by the people as an exchange medium.
Stage 4- (1000 AD till now) the current economic system, this system makes use of economic tools like banking institutions, stock exchanges, state bonds, etc and follows broad socio-economic models such as socialism, capitalism, communism, market-based economy, etc.
Stage 5- The upcoming HR economic model, which is supposed to be different than all the previous models suggests that “Human resource is an absolute Asset on the level of the state, group, and individual and although mankind doesn’t have the intellectual capability of HR valuation, an HR economic model having the capability for the valuation of state Human resource could be utilized to convert the aforesaid HR value into monetary value.
Here are some particulars mentioned by Mr. Deepak Sharma in regards to his HR economic model:
The first tool of the National Human resource Capital account shall be maintained at the National level.
That all human resources of the state shall be a part of the National HR capital account.
He also proposed the valuation method for evaluating at the individual level as well as the gross level at the national HR capital account. This HR valuation would be countable in monetary terms or in a number of units.
The mechanism for utilizing this valuation in terms of monetary funds was also proposed.
Various tools like HR valuation methods, HR accounting standards, HR economics standards, HR coefficient, and similar tools to support the HR economic model have also been proposed.
Mr. Deepak Sharma in regards to this HR economic model claims that this will help mankind get rid of poverty, inequality of income, and crony capitalism.
Explaining the HR economic model
As per the mechanism of this model, at the initial level, India shall maintain the Indian HR capital account and open the admission process for citizens to register themselves as human resources with the National HR capital account. Thereafter, a manpower grid( a supposed autonomous body like the RBI or SEBI) shall be responsible for calculating the HR value.
According to Deepak Sharma, it is expected that this supposed Indian HR capital account could reach a staggering valuation of 300-400 trillion dollars by the year 2026.
Thereafter India can use up to 3-5% of this fund which would amount to approx $15 trillion for investment purposes. (This amount is approx 5 times the worth of the current Indian GDP)
This $15 trillion shall be necessary for India’s Medical, Agriculture, Service, Manufacturing, and Education sectors.
Furthermore, as per this mechanism, no capitalist would be required to sustain this economic development. Additionally, a group of entrepreneurs could be appointed as part of the Man-power-grid to oversee the HR evaluation of the Indian HR capital account.
According to estimations, by the year 2026, The Indian HR capital account shall become one of the world’s biggest economic giants with a worth of 450 trillion dollars.
Furthermore, the Indian GDP of $15 trillion shall also help in providing around 10 crore new employment opportunities shall also be generated.
All in all, it is evident that a high capital amount can be accumulated by the Indian HR capital account.
In conclusion, HR economic model seems to be the future of the economic system, and Mr. Deepak Sharma by propounding this system has truly proved his intellectual worth at the global platform.
(This Press Release for and behalf of inqtube.com in public interest)
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