India to become economic powerhouse by 2020

Panipat, Jan 12 (UNI) Finance Minister P Chidambaram today said India will become economic powerhouse if it can sustain more than eight per cent GDP growth rate till the year 2020.

''For the last four year, India is having eight per cent GDP growth rate, but I am not satisfied with this. If we can sustain this rate till 2020, India will be the third largest economy in the world by 2020,'' Mr Chidambaram told reporters at a function at IndianOil's refinery here.

He reiterated the government's commitment to wipe out the poverty from the country, and ruled out withdrawal of subsidies given to the poor.

The government has issued oil bonds worth Rs 14,000 crore to public sector oil companies to compensate them for under-recoveries in domestic sale when the oil prices in the international markets were escalating.

Mr Chidambaram said ''some more bonds would be issued to these companies''.

UNI