India, China overcame global recession: Chidambaram

Posted By: Pti
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Thiruvananthapuram, Feb 12 (PTI) Home Minister PChidambaram today said India and China were the only largenations which did not witness negative growth and showed highpositive growth during the period of global recession.

"Banks in the United States collapsed like a house ofcards during the period of international financial crisis.

Banks collapsed in Europe also. Many other countries witnessednegative growth. Among larger nations, China and India did notwitness negative growth during the period," Chidambaram said.

Chidambaram was addressing ''Kerala Development Congress'',a four-day development seminar here, organised by KeralaPradesh Congress Committee and sponsored by the Rajiv GandhiInstitute of Development Studies.

"Many countries in Europe like Iceland became bankrupt.

Spain and Ireland were on the verge of bankruptcy. Countrieslike the US, France, Russia and Japan witnessed negativegrowth. Even Singapore had negative growth for one year,"Chidambaram, former Finance Minister, said.

Between 2004 and 2008, India had witnessed an averagegrowth rate of 8.5 per cent. Amid financial crisis, thecountry''s economy grew by 6.7 per cent. While 1000 bankscollapsed in the US, no bank or financial institutioncollapsed in India, he said.

"During 2009-10, Indian economy rebounded to 8 per cent.

I will not be surprised if it (economy) grows by 9 per cent,"he said.

Chidambaram said the private sector had a key role toplay in the development of the country and can bringcompetitiveness in the public sector.

The country has achieved tremendous growth in sectorslike infrastructure, software, steel, mining and materials.

"Growth is not an end but a means to grow. It should beinclusive and benefits should be shared to all sections ofsociety. For that, socially inclusive programmes should beimplemented," Chidambaram said. .

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