India to be 3rd largest economic power by 2020:FM

Tiruchirapalli, Aug 16: India will emerge as the third largest economic power in the world, next to China and the United States by the year 2020, Union Finance Minister P Chidambaram said.

Addressing a public meeting to mark the 104th birth anniversary of Congress leader late Kamaraj here last night, Mr Chidambaram said the country had registered 7.5 per cent growth at the end of the first year rule of Congress-led UPA Government at the Centre.

The growth rate, which was 8.4 per cent at the end of the second year, was 8 per cent during the first quarter of the current year.

After the UPA government assumed office, the economy was on the rise every month. If the present trend continued, India would emerge as the third largest economic power in the world by 2020. China was expected to corner the first place, followed by United States, he added.

The Union Government would take stringent action against bank officials, who denied educational loans to the eligible students, he warned.

When the UPA government assumed office, educational loan to the tune of Rs 3,000 crore was disbursed, while it was Rs 10,014 crore now. Similarly, the UPA Government had disbursed Rs 85,000 crores as short-term crop loans, when it assumed office. Now, the Government had doubled the quantum of short-term loan. This year, he hoped that the short-term loan might touch the magic figure of Rs 1,85,000 crores, though the target was fixed at Rs 1,75,000 crore.

The draft proposal of the Tamil Nadu government for development of more than 26,000 water bodies across the state had been forwarded to the World Bank for clearance. The World Bank would clear the proposal soon, the Finance Minister said.

Mr Chidambaram said had former Chief Minister and AIADMK chief J Jayalalithaa cooperated with the Centre, lot of development projects would have come to Tamil Nadu.

He also unveiled a life-size bronze statue of former Prime Minister Indira Gandhi at Puthur Junction.

UNI