Chamber@80 Inaugurated
The finance minister called for more investments in the industrial sector while addressing businessmen in Coimbatore. Inaugurating the Chamber@80 function of the Indian Chamber of Commerce and Industry, Coimbatore, on Sunday, Mr P Chidambaram said that investment is key to growth. “An investor should also look at long term prospects and not just immediate results,” he added. “Though we give first importance to agriculture, still it is trade and commerce that drives the country,” he said, adding that growth in these fields will only help India grow. He further said that growth in the services sector was higher at 56% compared to 27% in the industrial sector.He wants the people of Coimbatore to plan investments for the next 15 years. Noting that Coimbatore is strategically placed with easy access by air to Delhi, Chennai, Bangalore and Kochi, he said the city should start attracting investment from other states. Further, he said, only when locals start investing will others follow. Talking about the founder-member of the Coimbatore chamber, Late Sir R K Shanmugam Chetty, who also was the first finance minister of independent India, Mr Chidambaram said that during his stewardship the fiscal deficit was Rs 6.52 crore. “At that time, Mr Chetty regretted fiscal deficit, but today, I have no regrets on the fiscal deficit, which has touched Rs 1,50,000 crore,” Mr Chidambaram said.
In a growing economy, deficit is common and the country need not worry about it, he said. However, he quickly added that in three years fiscal deficit will be completely wiped out. Earlier in the morning, Mr Chidambaram opened the 56th branch of Indian Overseas Bank in Coimbatore, at Madampatti. Speaking at the function, he said that Rs 20,000 crore distributed as education loan in the last four years had benefited 12,51,691 students.
