Growth essential for security: PC

“Sustained high growth” is essential for ensuring the security of the nation, said Union finance minister P Chidambaram, underscoring that “far more resources than what we can afford today” is required for upgrading its security preparedness. HT reports.

“Sustained high growth” is essential for ensuring the security of the nation, said Union finance minister P Chidambaram, underscoring that “far more resources than what we can afford today” is required for upgrading its security preparedness.

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“It is therefore a self-evident truth that growth is key to greater public welfare and security. Yet, we adopt a disdainful attitude towards growth,” he said.

Growth, Chidambaram said, is necessary to promote social welfare, provide education and health services, and create more jobs.

“Borrowing is not an option for India. We can borrow within limits and it’s now widely acknowledged that the limit that a country can borrow is no more than 3% of the GDP,” the minister said.

Delivering the K Sumbramanyam memorial lecture, Chidambaram said that a lot of money was required to support the other two ingredients of security -- human resources and technology.

He said China could afford it because of its sustained high growth.

Chidambaram said “little technology” was being used in India to handle security concerns. There can be no substitute for growth, the finance minister added.