The Indian government Saturday said the economy has weathered the global financial crisis
well and is likely to revert to nine per cent growth next fiscal.
After laying the foundation stone for the Rs 790-crore ESIC Medical Education Complex in this backward district of the southern Indian state of Karnataka here, Indian Finance Minister Pranab Mukherjee also said healthcare remains an area
of concern.
The Finance Minister said the economy weathered the global financial crisis "well" and it is performing much better now than a year ago.
The GDP is expected to grow around 8.5 per cent during 2010-11 and could cross nine per cent in 2011-12, he said.
Indian economic growth slowed down to 6.7 per cent in 2008-09 against 9 per cent during the previous 3 fiscals, as it came under the ripple effects of global financial crisis.
The economy is estimated to grow by 7.2 per cent in 2009-10 on the back of stimulus measures provided by the government. Actual numbers would be released on Monday.
Touching upon healthcare, he said it is an area in which India faced a deficit in terms of physical infrastructure as well as human resources.
It has been decided to undertake an annual health survey to prepare the district health profile of all districts this fiscal, he said. The findings of the survey will be of immense
benefit to major public health initiatives, he said.
As part of the United Progressive Alliance (UPA) government's initiative to achieve the objectives of inclusive development, budgetary allocation on social sector this year
has been increased to Rs 1,37,674 crore, which is about 37 per cent of the total Plan outlay, Mukherjee said.
"This will be supplemented with another 25 per cent of plan allocation earmarked for rural infrastructure", he said.
The government has put in place statutory framework for the Right to Information, Right to Education and Right to Work, he said and added "efforts are on to pilot the Food Security Bill that would guarantee availability of foodgrains
to the poorest section at affordable price as a matter of right".
The National Skill Development Corporation (NSDC) has been mandated to create 500 million skilled persons by 2022 under the National Skill Development Policy, he said.
The complex will have medical college, dental college, nursing college and 500 bed Employees State Insurance Corporation Hospital.
Union Labour and Employment Minister M Mallikarjun Kharge, who represents Gulbarga Lok Sabha constituency, stressed the need for extending special economic package for development of backward regions in Karnataka.
He said the Union Government would open a Skill Development Centre in Gulbarga, if the state provided 27 acres.