1Ph. D Scholar, Symbiosis International University, Pune, Maharashtra, India-412115
2Research Head, D. Y. Patil Institute of Management, Pune, Maharashtra, India-411018
The objective of this paper is to identify the determinants of Human Capital Development in BRICS nations; Brazil, Russia, India, China and South Africa (BRICS) using review of existing literature for identification of variables and empirical analysis for testing the model. Using panel data from 2005 to 2015 for BRICS nations, and applying Fixed Effects Model approach, itis found that Gross Domestic Product and Foreign Direct Investment inflows are positively and significantly associated with Human Capital Development for BRICS nations. As such, it is suggested that policy makers in developing countries such as BRICS must take cognizance of these relationships while framing policies for human capital development. Policy makers need to carefully examine the issue of efficacy of foreign direct investment from the viewpoint of national economic development priorities and be selective in terms of its sectoral composition.
Human Capital, Human Capital Development, BRICS Nations Human Development Indices, Fixed Effects Model, Random Effects Model
