Chidambaram bets on 10% GDP growth this fiscal
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Chidambaram bets on 10% GDP growth this fiscal

The Union Finance Minister says the Govt's confidence in the reforms was the main reason for the growth.

business Updated: Jun 16, 2007 19:58 IST

Union Finance Minister P Chidambaram on Saturday expressed confidence of the GDP growth touching 10 per cent during the current fiscal.

With efforts put in by entrepreneurs, industrialists and all sections of the society, the country achieved 7.5 per cent growth in the first year of the Manmohan Singh-led UPA rule followed by nine per cent next year and 9.4 per cent in the just concluded financial year, Chidambaram said.

Speaking after inaugurating a plant, manufacturing defence-oriented products, on the city outskirts, Chidambaram said the Government's confidence in the reforms was the main reason for the economic growth being achieved and taking the nation economically forward.

Lauding the efforts of Saarc Tech Tool for taking up the manufacture of packaging system for defence and war equipment, Chidambaram said it was really regrettable that the country had to imports coffins at a cost of Rs 1.10 lakh each to bring back the body of jawans who died in the Kargil war.

The Nine crore rupees plant would manufacture defence-oriented products like roto moulded transit cases (boxes), which could be used by defence forces for carrying sophisticated defence equipment. The plant has a capacity to manufacture 60,000 boxes annually, its Managing director, P Murugesh said.

The company was ambitious of achieving a turnover of Rs .100 crore in the next five years, Murugesh said.

First Published: Jun 16, 2007 15:39 IST