India poised to eliminate abject poverty in 20 years: FM

Panaji, May 25 (UNI) With 8 to 9 per cent steady GDP growth and world class entrepreneurial skills on rise, India is poised to eliminate ''abject poverty'' within 20 years, claimed Union Finance Minister P Chidambaram today.

Interacting with the members of the Goa Chamber of Commerce and Industry (GCCI) here today, Mr Chidambaram said both India and China could leapfrog into world's leading countries within the next 50 years, with both these countries having discovered the opportunities for growth world over.

''We want India to be proud, resurgent, strong and prosperous country. This is possible if right people are at the right place at the right time. Governance is the key to strong and effective economy requiring elected members, people, judges and civil servants accountable,'' he said.

''We should focus more on effective governance to make value for the rupee. This is possible if the projects were completed on time, with huge investments made like on rural roads for which 93 per cent of the funds were spent but with completion of 55 per cent of the roads,'' he said.

Though India stands low in the ''tax misery index'', with China ranking above India, the Central allocation of grant to the States during the 3-year UPA rule had doubled and resources trebled.

''We have more money to address the problems of the people besides investing in agriculture and rural development. Growth should lead to inclusive growth that leads India to become a prosperous middle income country,'' he said.

With the inclusive growth, he said, India laid foundation for 8 to 9 per cent sustaining growth of its GDP like Singapore. China continues to grow at 10 per cent but it desires to slow down at 10 per cent, whereas India wants to increase at 10 per cent GDP growth.

As much as Rs 8,090 crore were earmarked in 2007-08 for agriculture as against Rs 3,262 in 2003-04, Rs 28,768 crore for education and Rs 29,000 crore for rural development as against Rs 7,024 crore and Rs 11,220 crore in the respective years with high economic growth through tax compliance, Mr Chidambaram said.

As a result of more tax collection and revenue growth in goods and services, India was able to feed 12 crore children under mid-day meal scheme funded by the Centre, he said.

Former Tamil Nadu Chief Minister Kamaraj 40 years ago introduced the scheme and successfully reduced the school dropouts, thereby increasing retention, he added.

With sound economic growth and entrepreneurial skills, many sectors started ''delivering''. This included the public sector NTPC coming out with highest Plant Load Factor (PLF) and the private sector Reliance even as the Delhi Metro was poised to complete the Vijay Chowk-Airport link before the commencement of the Commonwealth Games in the yer 2010, he informed.

India, the Minister said, could become world leaders in aluminium, mineral-related products, machine-making and aviation even as it had exhibited its competitive edge in energy sector, metro railway, lignite, thermal energy, atomic energy, satellite technology -- all driven by the enterpreneurial energy.

Lauding the Indian companies for acquiring overseas companies, he said it indicates the talent pool in the country.

UNI