The Hindu : World Bank loan: Union Minister defends CM

Online edition of India's National Newspaper
Monday, Mar 15, 2004

Andhra Pradesh

Andhra Pradesh - Karimnagar

World Bank loan: Union Minister defends CM

By Our Staff Reporter

KARIMNAGAR, MARCH 14. Refuting the charges levelled against the Chief Minister, N. Chandrababu Naidu, that the State was mortgaged to the World Bank for securing loan, the Union Minister of State for Commerce and Industry, Ch. Vidyasagar Rao, has said that Andhra Pradesh was a part of the country and Mr. Naidu cannot take the loan without the knowledge of the Prime Minister.

Addressing a press conference here on Sunday, he said that the Chief Minister had taken up several developmental works in the State with the World Bank loan.

He said the country was shining following efforts made by all sections of society, including various political parties and elected representatives.

He said that India had given loan of 300 million dollars to the IMF. The country had secured 106 billion dollars of foreign exchange reserves, he added.

Development was visible all over the country under the dynamic leadership of the Prime Minister, A.B Vajpayee, he said, adding that agricultural exports and milk products had increased considerably during the past five years.

With regard to suicide by farmers and weavers, he said: "we should instil confidence in such sections of people."

Quoting the rehabilitation measures taken up for the distressed Sircilla powerloom weavers, he said the Government measures, including establishment of textile park in Sircilla, boosted the morale of weavers.

There was also a proposal for an apparel park in Sircilla for the uplift of weavers, he said. The BJP district president, P. Sugunakar Rao, was also present.

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