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Moneycontrol.com >> Message Board >> View Messages >> Economy
   You are here :     Moneycontrol     MMB    Market View      Economy                         Most active discussions of 2006 , 2007 & 2008
Super Power -INDIA (1)   23-Jul-08 11:06Tracked by (0)  
Posted by:   zoombusiness on ( 23-Jul-08 11:06 )
Asserting that India was on way to become an economic super power with the end of its nuclear isolation, Finance Minister P Chidambaram today said the nation should emulate China for faster growth.

Terming the current fiscal as a "difficult year" for the economy, he said despite the odds the nation would end up with a higher growth rate than that witnessed during the six years of NDA rule.

Participating in the debate on the confidence vote, he said, "I have no hesitation in saying that I do not envy China. I want to emulate China. I want India to become an economic power, an economic super power."

Congratulating Prime Minister Manmohan Singh for his leadership, he said, "The government has charted out a new path which will end India's nuclear isolation which will pave the way for India becoming an economic superpower."

Giving the details of the performance of the Indian economy during the UPA rule vis-a-vis that of BJP-led NDA, he said compared to an average of 5.8 per cent growth in the previous regime, the economy grew at an average of 8.9 per cent during the first four years of the UPA rule.

Dubbing the year 2007-08 as a "watershed" year in India's agriculture history with record food grain production of 230.7 million tonnes, Chidambaram said, "This came about through far-sighted plans and a missionary approach and an attention to details."

The revised agricultural estimates would take the Indian economy to a 9.1 per cent growth in 2007-08, thus help redeem the government to grow at over 7-8 per cent as targeted in the common minimum programme, he said. toi-

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