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Exploit existing opportunities, Chidambaram tells industrialists

Finance Minister P Chidambaram says the macro-economic fundamentals of the country are now stronger than before, and urged businessmen and industrialists to exploit the prevailing opportunities to attain a growth rate of over 10 per cent.

''We have inflation below six per cent, currency reserve of about $ 24.5 billion and a prime lending rate between 14 and 15 per cent,'' Chidambaram said.

It is high time businessmen respond and seize the opportunities utilising the available resources in the best possible manner, Chidambaram said, while delivering the keynote address at the Business World Hall of Fame awards distribution ceremony.

''It is my dream to see India progressing at a growth rate of over 10 per cent by the end of 1997-98. Come join me in making my dream into a reality,'' he said.

Lambasting a certain section of politicians and vested interest groups who are opposing the trends of prosperity, he said the prevailing difference in ideologies is forcing the country to take one step backward while taking two steps ahead.

''What is necessary is to continue to hope. If one gives up the battle at this stage, it may take one decade to join the battle again,'' the minister said.

Citing China's example, the finance minister said Beijing has made tremendous progress in every field in the past few years and now is flush with resources. ''See China's world trade, wealth, strength of currency. Nothing can be ignored about China,'' he said.

''While there is a broad consensus about the economic reforms, anti-reform forces are gaining political momentum day by day. At this juncture the support of the business community is fully required,'' Chidambaram said.

UNI