The Finance Minister Arun Jaitley on Thursday said that economic growth deceleration in India has bottomed out.
The on-going process of economic reforms would lend further strength to the recovery of the economy, Jaitley said in his opening remarks at the pre-budget meeting with representatives of social infrastructure, human capital and development groups here.
This remark is significant as India has been recording sub 5 percent GDP growth in the last two fiscal years.
Jaitley also highlighted that more than 63 percent of the population was in the 15-59 years age group,
He said that young population provides both an opportunity and challenge for the Government.
The benefits of ‘demographic dividend’ will flow only if the population is healthy, educated and properly skilled, Jaitley said.
To gain from this demographic dividend, the Government has put thrust on skill development and ‘make in India’ so as to create large employment avenues for the youth, he added.
While seeking an increase in allocation for social sector schemes, various representatives of the social infrastructure and development groups called for the efficient allocation and management of the resources.
Pradeep S Mehta, CUTS, stressed the need for adoption and implementation of the National Competition Policy to push growth to higher trajectory.
There was also a suggestion for adoption and implementation of Public Procurement Act.