At a seminar organised by the District Congress Committee here, he asserted that any ideology, which undermines expansion of the economy, should be rejected. The prevailing general price rise could be attributed to imported goods.“We can control prices of some goods but cannot roll back prices of essential imported goods. Inflationary expectations had led to increase in prices of construction materials, like cement and steel," Chidambaram said.
“Economic growth is an imperative foundation for achieving development, social justice and equity. Hence there was a need for more investments to make India among the four richest nations of the world by 2020," he added.