from daijiworld's special correspondent (MB)
Pic Rajtilak Naik

Panaji, May 25: Swearing by India's growth rate which would make the nation a world leader, union finance minister P Chidambaram on Friday urged the states to execute strong and effective governance to reap the benefit of this growth.

"Money is not a constraint but it also important how you use it for development," the finance minister said interacting with the members of Goa Chamber of commerce and Industry, this evening in Goa.

Union Finance Minister P Chidambaram is seen during a lecture at the conference hall of Goa Chamber of Commerce and Industries at Panaji

The finance minister, who is down to participate in the congress election campaign for june two assembly polls, said that states must have strong and effective governance with the accountability. "We must see that people, legislators, judges, civil servants..... everyone must be accountable," Chidambaram said in his one hour interaction in Panaji.

"We have allocated large amount to rural roads of which 93 per cent money allocated is spent but only 55 per cent roads are completed," he noted. "There should be a value for rupee..... You spend and you don't get entire value for money because of time and cost over run," the finance minister added.

"We can deliever if you have right person at right place delivering in time and cost," Chidambaram said.

Positive about India's future, Chidambaram said that with growth heading at such a pace, abject poverty in India would be wiped out in next 18 years. "Nothing can stop us. It is very important that we put in place people. I am increasingly confident about this looking at the growth," he commented.

Chidambaram said that people are driven by spirit of enterpreneurship. "Whatever is the challenge, we are capable of doing it. Confidence is driving India," he stated citing that India is number one in at least dozen of sectors including refinery, steel, textile, leather, industrial fabric, machine tools.

"We can become world leaders in many other areas," he added.

Stating that there is no dearth of funds with centre, the finance minister said that if there is a good project or programme, the money is available. "This is because India's economy is growing. National income and per capita income has risen. All of you are paying more income tax because you are earning more," he said.