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New Delhi , Aug. 24

THE Prime Minister, Dr Manmohan Singh, today said it was essential to maintain a 7-8 per cent growth rate to finance the Rural Employment Guarantee Scheme and make it more effective.

Intervening in a discussion on the National Rural Employment Guarantee Bill 2004, in the Rajya Sabha, the Prime Minister said that in order to maintain the growth rate, the investment climate in the country must be favourable for public and private investment.

The Bill, which was passed by the Lok Sabha yesterday, seeks to ensure at least 100 days' wage employment in a year for every rural household in 200 districts to start with. Pointing out that the country needed significant foreign direct investment, Dr Singh said large capital was waiting to come here and the country should have both the vision and capability to absorb it.

The Prime Minister added that it was the Government's solemn commitment to bring the entire country under this scheme in the next four to five years.

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