India to emerge 2nd largest economy in 20 years: FM

Jamshedpur, May 12 (UNI) Union Finance minister P Chidambaram today exuded confidence that future of Indian economy is bright and the country is poised to emerge as world's second largest economy in the coming twenty years.

Delivering a lecutre on occasion of Tata Steel's "J.J.Irani Exclellence in Education Award" here this evening, Mr Chidambaram said he was optimistic that he would be able to see the end of abject proverty of the countrymen in his life time.

He said the pace of growth of Indian economy was in the right direction and assessing the present trend it could be expected that the country would take fourth position in the next 13 years and then after five years it would grab the third position in the world economy.

Stressing on the need of industrialisation along with growth in the agricultural sector, the finance minister said ''depending solely on agriculture will not serve the purpose as we need a rapid industrialisation simultaneously.'' He said no country could abolish proverty without industrilisation.

Mr Chidambaram said the structure of economy had changed and the service sector was sharing the major pie in comparison to industries and agricultural sectors and said thrust should be given on the other sectors also.

MORE UNI