Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Industry & Economy
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Economy Chidambaram says 10 pc GDP growth possible Preeti Mehra
Davos , Jan. 27 THE Finance Minister, Mr P. Chidambaram, said the Indian economy could grow by 10 per cent in the next fiscal if investment levels were increased. Speaking at a session at the WEF here, Mr Chidambaram said that it waspossible for India to achieve 10 per cent growth rate if it focussed on efficiency and productivity. He said that for this year the growth rate may be around 7 per cent. Mr Chidambaram said that given the current dynamics it was important for companies to look at India for investment and also for countries to engage with India. It was not possible to ignore India, he said. He said for India to sustain growth rates and grow further it was important to focus on three important issues — to invest in technology and help bring investment flows into agriculture. There was a need to focus on agriculture since majority of Indians were still in rural India. The second would be to focus on competitiveness in manufacturing. "We need to make India a manufacturing hub," he said. The third was infrastructure. The Finance Minister said the problem of infrastructure in India was because of the explosion in growth and not because of lack of infrastructure. He said the Government was working to build infrastructure in the area of roads, power and a high-capacity railway corridor, among others. He said that India was not dreaming big and was working to create huge infrastructure. He said that Haryana was creating one of the biggest Special Economic Zones (SEZ) spread over 200 sq.km.
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