The Hindu Business Line : Increasing consumption is a sign of growth: Chidambaram

Madurai, March 22 Increasing consumption of goods and services among the various strata of the society, unlike among a few before, is a sign of growth in the country and those who mock at this growth are enemies of the country, said the Union Finance Minister, Mr P. Chidambaram, in his address at the Golden Jubilee Celebration and 50th College Day function of Thiagarajar College of Engineering (TCE), here on Friday.

With the rising tax revenue to GDP ratio, more investments are made in education and health in the last few years.

A 0.5 per cent increase in this ratio will fetch the Government additional revenue of Rs 1 lakh crore more and provides an opportunity to make the growth more inclusive.

According to him, significant development is taking place in the country and is reflected in the increase in the per capita income.

To sustain the process, a growth rate of 10 per cent is necessary. To become a number one country in the world, we must respect knowledge and constantly engage in research.

To achieve this, a National Knowledge Commission has been formed and more scholarships in science and technology are given.

Dr Radha Thiagarajan, Chairman, TCE, presided over the function.

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