Manipal: Pranab Mukherjee calls for utilisation of funds in health and education sectors

Udupi, May 26: With a reasonably quick recovery, emerging economies in Asia are generally better placed against other emerging economies of the world to withstand the fresh round of global economic turmoil, said Union Finance Minister Pranab Mukherjee.

He was speaking after inaugurating the two-day national seminar on “21^st Century as the Asian Century: Role of India and China”, being organized by Manipal Centre for Asian Studies, at Manipal here on Saturday.

“The current situation presents some unique opportunities. A crisis of the magnitude we are now witnessing compels us to take notice of our deficiencies, suitably reorient policies and redefine priorities'', he said adding “While economic challenges faced by each Asian country are unique and there is no one-size-fits-all future trajectory of economic development, there is worldwide recognition of the fact that most Asian economies, including India are poised to attain sustained long-term growth, notwithstanding some short-term policy challenges''.

There are however several challenges that we face. A major one is to devise ways in which the fruits of high growth can benefit the poorest of the poor. Poverty and inequality, with their associated ills continue to be single most common challenge. Going forward, GDP growth in many developing nations must be accompanied by measures aimed at fulfilling the aspirations of a young population just as social security compulsions would assume prominence in aging societies. We need to ensure adequate investment and utilization of funds in sectors like health, education and skill-development that are crucial for human capital build-up, he added.

The existing divide between advanced and developing Asia must be bridged to make the 21^st century an Asian century. To this end, while advanced Asia must maintain its economic 'miracle', an environment must be created for the rest to catch-up and prosper. Ultimately it would depend on how individual Asian economies manage their 'rise' strategically in order to co-exist and co-prosper.

Chancellor of Manipal University Ramdas M Pai, Vice Chancellor Dr Ramnarayan, HoD of Assian Studies Dr Arvind Kumar and others were present.