Tamil Nadu - Thanjavur   

“Price rise due to monsoon failure”

THANJAVUR: Despite the global recession, India was registering a growth rate of six per cent, said S. S. Palani Manickam, Union Minister of State for Finance here, recently.

Speaking at a one-day regional seminar on current issues in Indian economy organised by the Department of Economics, Rajah Serfoji Government College, and Association of Economists of Tamil Nadu, Mr.Palani Manickam said that economic growth was never more than four per cent before 1990.

“Under the liberalised economic policies, we witnessed more than eight per cent growth. When many countries are facing recession, Indian economy is still growing at the rate of six per cent. The economic situation is not so serious but some sectors need immediate attention. Due to the failure of monsoon, agriculture is not growing at the rate of four per cent as expected. For the past few years, we are importing foodgrains at higher rates. Due to this, there has been price rise.”

The minister praised the role of self-help groups in villages. Micro credit has become very significant and helpful to the rural economy. The UPA Government is spending enormous money on education, health, and infrastructure to facilitate future growth of economy.

He said that more than Rs. 2,000 crore was spent on roads in Thanjavur district alone. Many roads in Thanjavur district were converted into National Highways. The minister stressed the need for studying economics.

R.Rajendran, President of the Association of Economists of Tamil Nadu, presided over the function. He highlighted the major issues on Indian economy.

Rev. Father A.G.Leonavd, economist, spoke about the alarming situation arising out of paucity of grazing land in the State. He also pointed out that domestic consumption of electricity had increased but the generation had not.

L.Chellappa, Principal of Rajah Serfoji College, welcomed the gathering. S.M.Suryakumar, Association of Economists of Tamil Nadu, proposed a vote of thanks.

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