Advertisement

Help
You are here: Rediff Home » India » Business » Photos
Search:  Rediff.com The Web
  Email this Page  |   Write to us

Back | Next

Chidambaram's mantra for India's economic growth

March 18, 2008
Sir, when in 2004 you and Prime Minister Manmohan Singh and Planning Commission deputy chairman Montek Singh Ahluwalia -- three highly celebrated visionaries -- came together in the government, what was the vision you had for India and its economy?

Thank you. In 2004, we were conscious that we are a part of a coalition government. It is not a single-party government. And we were also conscious that we were limited by a national common minimum programme.

So the first statement that I made was I said that I think even the national common minimum programme allows me enough space to implement reforms. And I believe we have implemented reforms. Not the kind of reforms which corporate India alone wants, but the kind of reforms that will ensure growth and ensure growth with equity.

We have delivered in the last four years, an average growth rate of 8.8 per cent. That I believe is enough proof that we remain committed to reforms.

The next question is, has this growth been more inclusive… now I believe that it is not as inclusive as it should be but clearly what has happened in the last three or four years makes the growth more inclusive than what it was earlier -- even in the nineties and the first part of this decade.

Today we have the national rural employment guarantee programme, the right to information, the various insurance schemes that are benefiting the very poor people, the massive investment in agriculture which has taken the gross capital formation in agriculture to 12.5 per cent – all these are pointers to growth becoming more inclusive. So while I am grateful to you for your compliments, I think the team has delivered, both, on growth as well as on inclusive growth.

Union Finance Minister P Chidambaram in his office. | Photograph: Manpreet Romana/AFP/Getty Images
Back | Next
Also read: Drive these cars @ 40 paise per km!

© 2008 Rediff.com India Limited. All Rights Reserved.Disclaimer | Feedback