Financial Daily from THE HINDU group of publications
Monday, Mar 13, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 13, 2006 |
|
|
|
|
|
|
|
Industry & Economy
-
Economy States - Karnataka `India can become a manufacturing hub' Our Bureau
Manufacturing sector, which requires capital and investments for growth, can be funded from banks and through budget.
Mangalore , March 12 India can become a manufacturing hub, provided it replicates its success in information technology sector in other areas. Delivering the valedictory address at the centenary celebrations of Corporation Bank in Mangalore on Sunday, the Union Finance Minister, Mr P. Chidambaram, said major industries are making a beeline to set up their manufacturing units in the country and added "India will become a manufacturing hub." India can become a leader in areas such as steel, textiles, automobiles and petrochemicals, he said. Manufacturing sector, which requires capital and investments for growth, can be funded from banks and through budget. There has been an investment boom in the country in the last two years. Because of the investment boom the country is able to raise new resources. Stating that manufacturing sector requires more investment, he said, "More investment leads to more income; more income leads to more savings; and more savings leads to more spending". The country could register a growth rate of 10 per cent in the coming years, provided adequate stress is given for agriculture sector. Stressing the need to improve bank finance to raise the country's GDP, he said at present 35 per cent of India's GDP is through bank finance. The contribution of banks is 75 per cent in developed countries. "My desire is that bank finance should contribute at least 50 per cent to India's GDP in the near future," he said.
Projects for Karnataka
Referring to the projects for Karnataka, Mr Chidambaram said he has proposed a 4,000 MW ultra mega thermal plant at Tadadi in Uttara Kannada district. To make the Indian Institute of Science at Bangalore a world-class institution, the last budget had earmarked a sum of Rs 100 crore. Work on the Bangalore Metro transport system will start soon. He urged the Karnataka Chief Minister to quicken the work on Bangalore-Mysore highway project.
More Stories on : Economy | Events | Karnataka
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|