India continues to be fastest growing economy: Chidambaram

THIRUVANANTHAPURAM: India continues to be the fastest growing economy in the world, despite the economic downturn being a matter of concern, Home Minister P Chidambaram said here today. 

"There is a sense of concern about the downturn. But India remains the fastest growing economy in the world", he said while addressing a joint press conference with cabinet colleagues Salman Khurshid and Ambika Soni here. 

Chidambaram said though the year 2012-13 started on a sober note on the economic front, the country was expected to move forward on the growth track in the second half of the year. 

He said India continued to be the most attractive destination for foreign investment, receiving USD 46.85 billion last year. 

Besides, Indian companies had started investing in other f countries and occupied fifth position among overseas investors after U.S.A, Japan, Canada and China, the Minister said. 

Stating that a variety of factors were responsible for the dip in growth rate to 6.7 per cent last year, he pointed out that the country had maintained 8.4 per cent growth in the first two years of UPA-II rule. 

Assuring the government was committed to maintain inclusive and sustainable growth, he said a series of welfare programmes had been initiated. "The economic downturn has not created any funds crunch for various welfare programmes". 

Referring to Kerala, he said the plan size of the state had increased from Rs 5,367 crore in 2006-07 to Rs 14,010 crore for this fiscal. 

Information and Broadcasting Minister Ambika Soni said the media and entertainment industry had been identified as a thrust area and a states like Kerala could benefit from the growth of the sector. 

Even during the recession period, the sector had continued offering job opportunities to educated youth, she said. 

The minister said government had embarked on "reforming" public broadcaster Prasar Bharti by expanding its services to make it competitive with private channels. 

Under the present trend of 'breaking news' by channels, public broadcaster DoorDoorshan and Akashvani strictly follow certain norms, she said. 

"Still, people used to tell me they switch on Doordarshan for correct news as the channel provides news not views," she said. 

She said the broadcaster was in a process of expansion, which would create around 14,000 jobs. 

Soni said government was also considering a proposal to have a 24X7 Malayalam news channel. 

The UPA Government was working on formulating a policy on online media, she said. 

Khurshid, who holds the Law and Minority Affairs portfolio, said the Government was confident of getting a favourable order from the Constitutional Bench on its decision to provide 4 per cent reservation for minorities from the 27 per cent OBC quota. 

Asked about alleged spurt in corruption under UPA-II, he said government was coming out with a slew of legislations to tackle the issue. 

Reference: The Economic Times