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Ideology undermining growth should be rejected: FM
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NewsByte on 20 April, 2008 11:04:00
 
Kannur (Kerala): With the government under attack on inflation from the Left
parties, Finance Minister P Chidambaram today said India would remain poor if
achieving high growth was not given priority and asserted that any ideology
which undermines expansion of the economy should be rejected.
"One should come forward to repudiate any ideology which professes that growth
indices are irrelevant," he said at a seminar organised by the District Congress
Committee.
The country achieved 8.80 per cent growth during the four-year Congress led UPA
rule, compared to 5.80 per cent in the tenure of the previous BJP led NDA
government, he said. Economic growth close to nine per cent would help India
double its GDP in 10 years.
However, he warned "If we stand to remain at 3.50 per cent growth rate the
nation could achieve during 50 years after Independence, we will continue to be
poor for many more years."
The Finance Minister had recently said that 60 Member of Parliaments criticise
the government for everything being done by it.
The UPA government has been criticised by the Left parties for focusing too
much on the GDP growth and stock market, while overlooking the interest of
common man who is suffering because of inflation.
Chidambaram said the general price rise was largely due to costly imports of
essential commodities and assured that the Centre is taking firm steps to
contain it through administrative and monetary measures. (PTI)