Mining minerals needed for development: Chidambaram

Union Finance Minister P Chidambaram today made out a strong case for mining mineral deposits such as coal and iron ore, saying these would help in the country's development.

"Some people do not want to mine mineral deposits...their attitude is that let it be there as deposits... this will not in any way help in the development of the country," he said after inaugurating a branch of Andhra Bank at Malampatti near here in his native district.

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He said China had achieved rapid development because its approach and attitude were conducive to development.

"But in India, there are many criticisms about development...They want coal deposits to remain as deposits.

Coal is necessary for power generation and power is essential for industrial development," the Minister said.

He said Jamshedpur would not have achieved so much development without mining iron ore deposits found there 100 years ago.

Chidambaram said since he got elected to Lok Sabha from Sivaganga in 2009, he had come to his constituency 74 times.

"This is my 74th visit... I want to score century..and visit my constituency 100 times."

He said Andhra Bank was founded in 1923 by Dr Bogharaju Pattibi Sitaramiah, who was a close friend of Mahathama Gandhi. The bank had Rs 10,000 crore deposits in Tamil Nadu and had given advances to the tune of Rs 11,800 crore.

Executive Director of the Bank S K Kalra was also present on the occasion.