New Delhi: FICCI (Federation of Indian Chambers of Commerce and Industry) today (May 25, 2004) asked the Government to accelerate the disinvestment and privatisation programme to meet increased spending on health and education and cautioned against levying of cess for expenditure on these sectors.

Welcoming the allocation of six per cent of GDP (Gross domestic Product) for education, the Chamber, however, cautioned against levying a separate cess for the purpose and proposed acceleration of disinvestment and privatisation programme to meet the socio-economic expenditure.

"The target of Rs 25,000 crore per annum through disinvestment proceeds can be easily met and this should be credited to a fund dedicated for the socio-economic development," FICCI President Y K Modi said in a statement in New Delhi.

Terming the draft Common Minimum Programme (CMP) as "comprehensive and well-rounded endeavour to promote rapid economic growth," the chamber said the Government should look at a higher growth target of 10 per cent.

"Government should look at targeting 10 per cent GDP growth as stated in the Congress manifesto. A 10 per cent growth would provide 3.9 million agricultural jobs, 25.8 million industrial jobs and 30.4 million services jobs, thereby addressing the requirement of 60 million jobs needed over the next five years," it said.

The CMP would increase the competitiveness of Indian economy by nurturing entrepreneurial and creative energies, improve the investment climate and accelerate India's engagement with the global economic system, Modi added.