June 8, 2007
Agriculture Sector Not
Growing: Chidambaram
Hyderabad
Agriculture was not growing in comparison to the double digit growth
in manufacturing and services, Finance Minister P. Chidambaram said
here, and called for higher growth rate in agriculture as it was key
to the growth of India's economy.
"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.
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