‘Double-digit growth vital for a caring state’

Double-digit growth is not a fancy statistical crown but a passport to a caring state, Finance Minister Pranab Mukherjee said during a programme to announce the country’s second financial hub at Rajarhat, reports HT Correspondent.

Double-digit growth is not a fancy statistical crown but a passport to a caring state, Finance Minister Pranab Mukherjee said on Wednesday during a programme to announce the country’s second financial hub at Rajarhat.

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“Our target to achieve a double digit GDP growth is not a fancy statistical figure. It means more employment opportunity and more development for the people of India,” Mukhrerjee said.

Higher growth rates translates into higher tax revenue for the government, which enables the state to undertake welfare measures such as the loan waiver scheme for farmers by the UPA I government.

“The Rajarhat financial hub is a major step forward towards our goal. What we have started today is necessary for the overall development of the entire region. I expect this will open a new vista in the days to come.”

The financial hub will be the second in the country after the Bandra-Kurla complex in Mumbai. It is expected generate three lakh jobs at an investment of R16,000 crore ($160 billion).

It will be built to accommodate the entire gamut of financial activities from banking to insurance, broking to leasing.

The project will be developed over 40 million square feet area.

Kolkata shares a locational advantage, which is expected to help the proposed hub cater to the needs of eastern India and the far-east countries of Asia.

Rajarhat, now named Jyoti Basu nagar, is billed as the largest planned satellite township of the country with a capacity to house 1 million residents.