IACC cautions against slow growth of social sector

Kolkata, Feb 27 (UNI) Describing the Economic Survey 2006-07 as a matter of huge concern, Indo-American Chamber of Commerce (IACC) president Deepak Pahwa cautioned against the slow growth in the social sector.

'' It is a matter of concern.Immediate steps should be taken including higher budgetary allocation for education and health to ensure reformation at the grassroot level,'' Mr Pahwa said.

The common man should be brought into the mainstream, he said adding that the economic development should not be measured as a mere aggregation of marco-variables and attributes but should lead to inclusive growth of the over billion population.

The survey, Mr Pahwa said, signaled at many positive developments in the economy like fiscal consolidation, accelerated growth of the core sectors and higher industrial growth.

However, the buoyancy in the economy should translate itself into creation of more employment opportunities, better quality of life and access to quality education and healthcare, he said.

'' The declining trend in employment generation is a matter of great concern and all possible efforts should be made to absorb the employable millions in productive works,'' Mr Pahwa said.

He said employment gurantee scheme of the Centre should be spread on a pan-India basis.

The IACC president had also expressed his concern over the rising prices, particularly of essential goods.

He also said the expenditure on subsidies on food, fertilizer and petroleum is increasing along with the government debt as a percentage to GDP.

'' Our onslaught on unwarranted inflation should be multi-pronged and include supply-side corrections and control on unproductive expenditure,'' Mr Pahwa added UNI