Expressing hope that the slowdown in economic growth has now bottomed out, finance minister Arun Jaitley on Thursday said that domestic policies should now be aimed at supporting this revival.
“Domestic policies to achieve macro-economic balance and the ongoing process of economic reforms would lend further strength to the recovery of the economy,” he said at a pre-Budget meeting.
The minister’s comments come at a time when the Indian economy posted a growth of 5.5 per cent in the first half of the fiscal and there is expectation of a revival in economic activities from the third quarter of 2014-15.
Meanwhile, underlining the government’s policies for financial inclusion, sanitation and health, Jaitley said that policies are also being worked to provide skill training to the youth. “Benefits will flow only if our population is healthy, educated and properly skilled. So investments, especially in social infrastructure that build-up human capital are crucial,” he said.
Noting that more than 63 per cent of the population is in the age group of 15-59 years, he further stressed that the challenge for the country now is in planning and acting towards converting its potential demographic force for enhancing opportunities of growth by dovetailing the quality of manpower to the requirements of employers, both domestic and international.