Finance minister Arun Jaitley on Thursday said that the emerging trends indicate the growth deceleration in India has bottomed-out.
Jaitley, while addressing representatives of social infrastructure, human capital and development groups, at the customary pre-budget meeting, said that the significant downward trend in inflation has also been recorded in the second and third quarter of 2014-15. He added that the domestic policies to achieve macro-economic balance and the on-going process of economic reforms would lend further strength to the recovery of the Indian economy.
Representatives of social sector organisations, meanwhile, urged the minister to provide higher budgetary allocation for education, with special focus on the elementary sector.
The government must address the gaps in the financial and planning process that has led to consistent under-spending in the education sector, the representatives said.
Jaitley added that India needs to take advantage of demographic window in the next couple of decades and garner its benefits. He pointed out that the government has put thrust on skill development as well as on the ‘Make in India’ initiative as the endeavour is to improve employability and create large employment avenues for the youth among others.
The representatives also demanded that the government should eradicate discrimination in allocation of funds in the education sector. They also pointed out that disparities exist between different states, rural and urban areas besides different types of schools within the education department. “Current allocations have hovered in the vicinity of 3.4%, which falls far short of the national and international benchmark,” a representative said.