Agriculture key to India's economic growth: Chidambaram
Union Finance Minister P. Chidambaram Friday called for higher growth rate in agriculture, saying the sector was key to the growth of India's economy.
<!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} p.style34, li.style34, div.style34 {mso-style-name:style34; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->
"Our manufacturing and services are growing into double digits but agriculture is not growing. The agriculture sector is the key to India's economic growth," he said at a ceremony to sign an agreement between the governments of India and Andhra Pradesh and the World Bank for restoration of water tanks in the southern state.
He said judicious use of water resources was key to the growth
in agriculture and hoped that empowering water users under the scheme would
ensure judicious management of water resources.
Chidambaram also allayed apprehensions over borrowings from the World Bank and
said it was happy to lend to India.
"Money is not a problem. World Bank was founded by India
and other countries. World Bank is there to borrow money from it. If not India
and other countries, who will borrow from it," he asked.
"There is no problem in borrowing money from the World Bank as long as it
is used wisely and efficiently without leakages and to create assets and the
money is repaid."
The finance minister said the World Bank was happy to lend to states like Andhra Pradesh, which were active in implementing the projects effectively and efficiently.
He was responding to remarks made by Chief Minister Y.S.
Rajasekhara Reddy during his speech.
"When we approached the World Bank, some political parties expressed
apprehensions that we are bartering the interests of the common man and by
accepting their conditions making life miserable for the common man," said
the chief minister.
He said the suggestions of the World Bank were only aimed at making the
projects sustainable and there was nothing wrong in implementing them.
Source>>> http://www.siliconindia.com/shownews/36117/2