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It would be a fallacy to describe India as a poor country: P Chidambaram

15-April-2006
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It would be a fallacy to describe India as a poor country: P Chidambaram

Union Finance Minister, P Chidambaram, has called for convergence among political parties on economic issues in the interest of overall development. “We can have all the politicking on other issues like caste, religion, etc, but when it comes to economic issues there must a convergence,” he said here on Wednesday.

Delivering a public lecture in Nagpur at an interactive session hosted by the Lokmat Group of Newspapers, Chidambaram busted the myth that India is a poor country. “Who says that India is a poor country? Yes, there are poor people in India. But it would be a fallacy to describe India as a poor country. It is a richly endowed country,” he posited while enlisting India’s mineral wealth, its natural resources, its rich human resource talent base among other assets.

“India has become the most favoured destination for investors because people the world over feel that they can trust India. They feel that they can do business with India. In the last 18 months, there has been an investment boom in India, and I am committed to ensure that this boom continues,” he added.

The tone for the Union Finance Minister’s 40-minute instructive narrative on the economy was set by the introductory remarks from Vijay Darda, Rajya Sabha member and Chairman and Managing Director of Lokmat Group of Newspapers. Chidambaram described these remarks as “provocative” and then took care to respond to all the issues that were raised by Darda.

In his introductory remarks, Darda underscored the problems of the growing economy as reflected in the income disparities and the rural-urban divide. He also called for the need to develop a political consensus on economic issues so that the process of economic development continues unhindered.

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