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RBI must not be a puppet of international powers | Latest News & Updates at Daily News & Analysis
RBI must not be a puppet of international powers

Finance Minister P Chidambaram's statement that Raghuram Rajan should continue to head the Reserve Bank of India under any new government, and Raghuram Rajan's call for a global financial system, give away the fact that those who want to control the Indian economy view RBI as a suitable tool for this purpose.

Any new international financial system in the name of stabilising the global economy will lead to the transfer of wealth from India and China to bail out European and American banks. The demands for such a system typically arise from global institutions which are responsible for the current global economic crisis and which were established to supposedly ensure global economic stability.


One such institution, the International Monetary Fund, has such a dismal record that it has destabilised the economy of every country in which it has interfered. Its prime role has been to help American corporations and European bureaucrats siphon off money from various countries in distress. Even the distress was usually the result of pursuing some economic policy prescribed by so-called experts in American and British universities. Raghuram Rajan has the dubious distinction of not only working for the IMF but also belonging to the class of experts in American universities responsible for various economic crises.

It is important that India does not become a pawn in the hands of those who want to make its economy subservient to foreign powers. The plan for the creation of a central bank in India was first made by the British in the 19th century as a means to help Britain control the gold in India. Among the advocates of the bank was Alfred de Rothschild whose proposal was made to the Currency Committee of 1898 and 1899. The Indian economist RC Dutt argued before the same committee that the currency rates in the country should be set by the market.

When the British tried to pass a bill to set up the Reserve Bank of India in 1928, Indian freedom fighters successfully blocked the move as they believed that it was against the interests of India. However, during the Round Table Conferences held in 1931 and 1932, the British insisted on the establishment of a Reserve Bank as a condition for the transfer of power to India. They also wanted the Indian legislature to have no powers over the bank and Britain to retain the right to appoint the top two positions in the bank. Such extraterritorial controls form the basis of the calls for RBI's complete 'autonomy.

'RBI's recent actions have been aligned with current American objectives and the aims outlined by the British before they left India, and these actions have vindicated the fears of Indian freedom fighters. For example, it has imposed curbs on the import of gold thus shoring up the US dollar while depriving Indian citizens the opportunity to seek shelter from inflation. Such curbs do not exist on the people of Europe or the US. It is thus important to review the reasons for the existence of the RBI and find an alternative currency system that is not based on central control either at the national or the international level.

The creation of a global economic system combined with the 'autonomy' of RBI would only mean that the RBI will be unaccountable to the people of India while it actively works for international powers. India must swiftly act to prevent this situation and forbid the RBI from coming into contact with foreign institutions.
 
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Raghuram Rajan And Other Pied Pipers Of The New World Order By Shelley Kasli
Raghuram Rajan And Other Pied Pipers Of The New World Order

By Shelley Kasli

11 September, 2013
Countercurrents.org

raghuram-rajan-new-world-order.jpg


Welcomes don’t get much warmer than this—especially not for central bankers. But Raghuram Rajan, the new governor of the Reserve Bank of India, is being treated like a Rockstar by the media and a savior by the markets.

In his first briefing since taking office as governor on Sept. 4, Rajan announced plans to bolster the financial sector and support the rupee. None of the measures were ground-breaking, but the reaction was exuberant. The Economic Times, India’s leading financial newspaper, sketched Rajan as James Bond, replete with a sharp suit and a gun made out of rupee notes.

raghuram-rajan-james-bond-nwo.jpg


Nevermind his American citizenship nor the various prestigious organizations he is associated with such as University of Chicago, World Bank, US Federal Reserve Board, Swedish Parliamentary Commission, American Finance Association, International Monetary Fund (IMF) etc. However, one distinct accolade that he has earned is the entry into an elite group of economist czars called the Group of Thirty or just G30 very recently last year just before becoming the Bank Boss of India. For the scope of this article we’ll need to dwell a bit on the background of G30.

History of Group of Thirty G30

The Group of 30 is a Rockefeller-sponsored group of leading Central Bankers and academics a Washington, D.C. based institution which counts as its members many of the more powerful banks and financial institutions in the world. The Group of Thirty, chaired by former Federal Reserve Chairman Paul VoIcker, includes the current heads of the Bank of France, the Bank of Tokyo, the Bank of Italy, the Bank of Israel, the former head of the German Bundesbank and now even the Reserve Bank of India. Also represented are many of the top commercial and investment banks, including Citicorp, J.P. Morgan, Morgan Stanley, Merrill Lynch, Deutsche Bank, the Industrial Bank of Japan, and J. Rothschild International Assurance Holdings.

group-of-thirty-raghuram-ra.jpg


The Group of Thirty is, in short, a mouthpiece for the international financial operatives who created the speculative bubble that is now exploding. It is a sort of vampires’ club – an elite group which is planning the reorganization of the world monetary system.

Since late 1981, the IMF and the multinational financial oligarchies have realized that the developing countries would not be able to pay their debts under their original terms. The Group of Thirty, designed a strategy to use the debt crisis to smash sovereignty. Their perspective is to create a world council with executive powers to dictate and supervise financial policies of each “sovereign” nation to allow free reign for nation-less capital. This entity would be made up of the IMF and the central banks, act independently from national governments and be coordinated by the Bank for International Settlements, based in Basel, Switzerland.

This is the same group that outlined the plan for changing the laws and regulations of nations, in order to protect their derivatives trading and perpetuate the bubble as long as they can. One of the G30 benefactors is the Open Society Foundation, with upon further examination is a George Soros founded organization. Another of the G30 benefactors is the Whitehead Foundation, which was started by John C. Whitehead, the former managing partner for Goldman Sachs, and Deputy Secretary of State in the Reagan Administration.

G30 and more specifically former Fed Chairman Paul Volcker was the major player in moving the USD off the gold standard under Nixon and was the prime mover at the Treasury in establishing Bretton Woods II. Volcker and his buddies at the G30 have not only known about but have methodically planned the global monetary regime that was instituted in response to the Global Financial Crisis caused by the derivatives time bomb (see G-30 manual on derivatives published in 1993).

Now it shouldn’t come as a surprise to you when our Piped-Piper Raghuram Rajan played the tune on how the world will fall into a hole; one of the few who predicted the 2008 financial crisis. The question is – to what end ?

With the world’s financial system in the midst of the biggest blowout in modern history, it is useful to take a look at the latest proposals from the so-called financial experts, as a way of demonstrating their incompetence to devise a solution to a crisis for which they themselves are largely responsible.

In an interview given to The New York Times Mr Rajan explains his definition of growth and provides his solution to the ailing economy :

In terms of where will growth come from, it doesn’t need to come from fancy stuff like extraordinary innovation of one kind or another. Just getting people from agriculture into services and industry itself is growth.

I think India’s medium-term future is moving people out of agriculture into industry and services. Services, you know, some extent we have a sort of a sense of what it takes. And India’s service sector is disproportionately large for a country of its income. Where we have had less success is industry, and the question is can we sort of find a way to free the path for small and medium industry, and not just keep them forever as small and medium industries but allow them to grow into large industries.

In another interview given to The Economic Times he extrapolates it further :

There is a tremendous amount of value-add that can be created in services. In India, especially, financial services as also IT and others are where most value-add is created. Unfortunately, even though services account for 60% of the GDP, they don’t account for nearly as much for jobs. They account for just 15% of the jobs. What we need to focus on is perhaps thinking broadly about how we create services that will generate many more jobs.

Highlighting sectoral disparities building up in the economy, Rajan said in another interview to The Hindu Business Line that while agriculture’s share was declining, that of services had gone up. Manufacturing had remained flat.

“This is not surprising. As countries grow, agriculture declines. What is special about India is that the exit of people from agriculture has not kept pace. (no you’re not delusional; read again)

Increasingly, people in agriculture are impoverished relative to those having jobs in industry or service.

We managed to move the States together, but perhaps we need to do more on the sectoral side to move people out of agriculture into other areas



The ridiculousness of these statements is only complimented by the audacity with which it is said considering the fact that these conclusions are derived with a conviction and in full cognizance of their effects and consequences.

What is striking to me however is that I had heard this tune before. It’s enigmatic melody is so familiar to my ears that it’s been ringing in my head ever since. I had heard it play in what is called the Mecca of Book Lovers – the Jaipur Literature Festival by another piper that goes by the name of Ruchir Sharma; head of Emerging Markets and Global Macro at Morgan Stanley Investment Management and author of the international bestselling tune Breakout Nations: In Pursuit of the Next Economic Miracles.

I remember this distinctly because when questioned by me about the very definition of growth and the solutions for development he was talking about I received the very same answer from him. So similar was the tune that I had to sit up and take notice. Remember that these two are the top Indian thinkers on the Forbes list. So when they speak people listen to them unquestioned like words of God.

Nevermind that the Forbes family made their fortunes off of the Opium trade that was forcibly grown in India after ruining the agricultural lands and pushing the farmers into opium cultivation that was sold to the Chinese making their entire generations addicted onto it that made them unable to resist and fight when the time came during the Opium Wars; ultimately loosing Hong Kong to the Rothschild gang controlled East India Company. Hong Kong became the hub of Opium trafficking and later Hongkong and Shanghai Banking Corporation (HSBC Bank) was founded on the trafficking money to better launder and manage the booty. Forbes was one of the directors of HSBC and later founded the Forbes magazine as we all know. These are respected family names now.

These pipers are just playing their part in the symphony; the orchestra is being conducted from somewhere else. Have a look at this :

In India, the need of the hour is to bring 150 million workers out of agriculture and into manufacturing, which requires retraining and employment on a scale rarely seen. 174 million Indians are expected to join the labor force by 2030, the largest such cohort in the world, and training them will require a heavy dose of private-sector involvement.

This is right off Obama’s second term plans for India. Kindly read my analysis of it over here

Unlocking the full potential of the US-India Relationship 2013

The solution that he offers is to

Launch a “U.S.-India Job Creation and Skills Building Partnership”

Given that India’s economy could become the world’s third largest by 2030, and the U.S. economy is placing emphasis on retraining workers to meet the labor demands of the twenty-first century, a bilateral initiative should be launched to capitalize on the vast human capital in both societies, by linking the expertise and abilities of our community colleges and worker training programs. India’s Ministry of Human Resource Development has plans to focus on vocational training, but a concerted bilateral initiative, including public-private partnerships, to train and employ millions of workers for a modern economy is needed.

As hinted above this herculean feat of turning 15 crore farmers into worker slaves of the New World Order would require the privatization of our education system; one that could create NWO friendly worker bees. The steps towards this goal have already been implemented with Secretary Kerry’s visit to India.

The road to building skills for the 21st century

Remarks at the Higher Education Dialogue 2013 Kick-Off

U.S.-India Joint Fact Sheet: U.S.-India Cooperation In Higher Education

One of the outcomes of these strategic dialogues was IBM’s Project Praviin



The flag for revamping the entire Higher Education system in India by engaging the corporate sector in it through privatization is held by another piperNarayan Murthy.

Engaging the Corporate Sector Narayana Murthy Committee

This in itself would require a full post where I’ll be discussing in detail about theFuture of Higher Education in India.

This entire symphony is orchestrated on the Agriculture Manufacturing Services Growth Model which proposes:

Well agriculture is important, but manufacturing tends to be more productive per unit of labor. That is why it was the industrialized nations that became wealthy though the Industrial Revolution. The average wage and standard of living of a person in a country is then higher.

Also, agricultural economies are at the mercy of weather patterns, disease, and famines. Manufacturing economies have less outside variables to affect them. Service based economies are even more immune to fluctuations, because inventories don’t over accumulate, so the business cycle isn’t as volitile.

Agriculture cannot produce continuous economic GDP growth per capita because both the supply and demand is limited.

Now, there are serious holes in this theory the primary being that it doesn’t take into account that the Industrial Revolution was kick-started by plundering the raw materials, wealth and technology from the colonies which was again sold to the same colonies in Free Market. It’s not a co-incidence that the so-called Industrial Revolution started in Great Britain.

For more on this read my article Hidden Gears of the Industrial Revolution – How India made Britain ‘Modern’ !!!

Another supposition that this theory makes is that by dumping agriculture for manufacturing and services would result into more job creation and hence more GDP and economic growth. However the ground reports give a totally different picture.

Even at the peak of the economic growth period, between 2005 and 2009 when economy grew at 8 to 9 per cent, the high economic growth did not result in job creation.

According to a Planning Commission study, 14 million people were pushed out of agriculture, and another 5.3 million jobs were lost in the manufacturing sector in the same period. If growth was not translating into additional jobs, and instead was leading to increased joblessness, there was something going wrong.

Moreover

From the report by renowned Agriculture Scientist Devinder Sharma as published in Deccan Herald.

In the 9 years since Manmohan Singh took over, India has been flooded with cheaper manufactured goods, the imports touching $5 billion (Rs 3 lakh crore). Nearly 54 of the imports have come in from China alone. Much of the imports were of consumer goods that could have been easily manufactured within the country.

As if this is not enough, India is now having talks with China to sign a free trade agreement. In any case, India has been on a fast-track mode to sign bilateral trade agreements with more than 34 countries. The result: imports have far exceeded the exports from India, which means the trade agreements had not benefitted the country.

So, on one hand we’re being advised to dump our declining Agricultural Heritage for economic growth and increasing the GDP by shifting into manufacturing; while on the other bilateral trade treaties are being signed that would flood the Indian market with cheap foreign goods. Importing cheap and highly subsidized agricultural commodities as well as manufactured goods is like importing unemployment.

What I don’t understand is what would we be manufacturing than and for whom ? Further on the agenda is from manufacturing into services sector turning the population into just obedient slaves of Globalization.

This is what eminent writer Alan Watt has to say on Service Economy

ALAN WATT ON SERVICE ECONOMY
April 3, 2012 (#1057)

We’re all service economies. Which means you pass things around, once you bring them into the country. Or you go into the hotel industry and just hope you get enough managerial class Chinese to come over and rent rooms from you. I’m not kidding about this. This is what it’s all about, a service economy. Before they decided to bring the service economy into Britain, I can remember the debates about it. This was all in preparation because we’d already de-industrialized with an agreement with the United Nations at the end of WWII, and by the late 70s we were to be pretty well completely de-industrialized. Well, they really did it. They never told the public this. You had to go into the UN to find out, and from books written by people involved at the time. The newspapers never mentioned why you were being de-industrialized.

And millions were tossed out of work. Then they came out with this big massive propaganda program to go into service economies, service, and change sheets on beds and things, and that’ll be the new future. And you know, in Britain they’re still churning that rubbish out. I’ll get off that topic anyway. It upsets me

Alan Watt “Cutting Through The Matrix” LIVE on RBN



The more serious question is what will happen to the already declining agricultural sector and the impending food crisis suggested by various international and national reports ?

The Food Gap — The Impacts of Climate Change on Food Production: A 2020 Perspective

Alarm bells at crop summit: ‘Acute food scarcity in India by 2020’

But surely our Rockstar Pipers must have known this; they don’t expect us to feed on the worthless paper once the entire fiat monetary scam implodes from within – or do they ?



Lets see what India’s Agriculture Minister is doing about it.

A delegation of Punjab farmers led by India’s Agriculture MinisterSharad Pawar is currently (from Sept 3-13) on a visit to Brazil and Argentina looking for buying or leasing large tracts of land. According to news reports, Sukhbir Singh Badal deputy chief minister of Punjab is also part of the delegation. A farmer, who is cultivating over 30,000 hectares in Argentina, has already given a presentation to the members of the delegation.

Ironically, a recent report by the International Institute for Environment and Development (IIED) has brought out how small farmers in Brazil, for instance, are abandoning farming and swarming in to the urban centres. So on the one hand Brazil is driving away its own farmers, on the other it is inviting Indian farmers to come and cultivate the land left behind. What a flawed model of development? Your own farmers go landless while you handover farming to imported farmers.

Ground Reality: After offshoring, Obama needs to crack down on farmland grab

This is not just the case of Brazil. Whats going on is Global Farmland Graband India is one of the major proponents in this Neo-Colonizing drive. Isn’t it interesting, the same tune that the developed countries play for us developing countries; we play onto the third world countries.

Shelley Kasli is a geopolitical researcher for international English quarterly Inner Voice of Bharath, who writes articles specific to the Indian subcontinent in the global scenario. He can be reached at his blog at greatgameindia.wordpress.com or you can write directly to him at shelley.kasli@gmail.com
 
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Lonely Hermit said:
RBI must not be a puppet of international powers | Latest News & Updates at Daily News & Analysis
RBI must not be a puppet of international powers

Finance Minister P Chidambaram's statement that Raghuram Rajan should continue to head the Reserve Bank of India under any new government, and Raghuram Rajan's call for a global financial system, give away the fact that those who want to control the Indian economy view RBI as a suitable tool for this purpose.

Any new international financial system in the name of stabilising the global economy will lead to the transfer of wealth from India and China to bail out European and American banks. The demands for such a system typically arise from global institutions which are responsible for the current global economic crisis and which were established to supposedly ensure global economic stability.


One such institution, the International Monetary Fund, has such a dismal record that it has destabilised the economy of every country in which it has interfered. Its prime role has been to help American corporations and European bureaucrats siphon off money from various countries in distress. Even the distress was usually the result of pursuing some economic policy prescribed by so-called experts in American and British universities. Raghuram Rajan has the dubious distinction of not only working for the IMF but also belonging to the class of experts in American universities responsible for various economic crises.

It is important that India does not become a pawn in the hands of those who want to make its economy subservient to foreign powers. The plan for the creation of a central bank in India was first made by the British in the 19th century as a means to help Britain control the gold in India. Among the advocates of the bank was Alfred de Rothschild whose proposal was made to the Currency Committee of 1898 and 1899. The Indian economist RC Dutt argued before the same committee that the currency rates in the country should be set by the market.

When the British tried to pass a bill to set up the Reserve Bank of India in 1928, Indian freedom fighters successfully blocked the move as they believed that it was against the interests of India. However, during the Round Table Conferences held in 1931 and 1932, the British insisted on the establishment of a Reserve Bank as a condition for the transfer of power to India. They also wanted the Indian legislature to have no powers over the bank and Britain to retain the right to appoint the top two positions in the bank. Such extraterritorial controls form the basis of the calls for RBI's complete 'autonomy.

'RBI's recent actions have been aligned with current American objectives and the aims outlined by the British before they left India, and these actions have vindicated the fears of Indian freedom fighters. For example, it has imposed curbs on the import of gold thus shoring up the US dollar while depriving Indian citizens the opportunity to seek shelter from inflation. Such curbs do not exist on the people of Europe or the US. It is thus important to review the reasons for the existence of the RBI and find an alternative currency system that is not based on central control either at the national or the international level.

The creation of a global economic system combined with the 'autonomy' of RBI would only mean that the RBI will be unaccountable to the people of India while it actively works for international powers. India must swiftly act to prevent this situation and forbid the RBI from coming into contact with foreign institutions.
Click to expand...

Finally a great article :tup:

The Modi govt. is keen to clip the RBI Governors powers so that he falls in alignment with National Interests. However you can see the "Foreign Investors" don't want that.

Moody’s Analytics cautions against curbing RBI autonomy on policy rates - The Hindu

RBI autonomy: FSLRC distances itself from financial code draft; now govt owes an explanation - Firstpost
 
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Ford Foundation and Teesta Setalvad's Sabrang Communications' two contracts under CBI lens


NEW DELHI: Two contracts signed between the Ford Foundation and Teesta Setalvad's Sabrang Communications in 2004 and 2006 have come under the scanner of the Central Bureau of Investigation (CBI) that's probing alleged foreign contribution violations in this regard.

CBI registered a case against Setalvad and her husband Javed Anand in July, soon after which raids were carried out that are said to have led to the disclosure of these contracts. According to CBI, the documents hold the key to work done by Sabrang Communications in Gujarat and Maharashtra from 2004 to 2009. Setalvad received $290,000 from US-based Ford Foundation without getting clearance from the home ministry, the agency has alleged. As per the agreement reviewed by ET, the task assigned to Setalvad by the Ford Foundation included the monitoring of media besides reviewing and initiating discussions on judicial decisions.

The agreements of April 5, 2004, and 22 September, 2006, were signed by Anand on behalf of Sabrang and Ganeshan Balachandran of Ford Foundation.


The agreements included the following terms:

Sabrang Communication agreed that no funds will be used to conduct any activities in US, not even for travel purposes.

Activities will include organising public meetings on a regular basis for the minority community.

Educate lawyer associationsthrough a series of meetings on the issues of criminal law and its use and misuse.

Promote media advocacy to be sensitive to the issues of minorities.

Initiate public hearings, advocacy, review of judicial decisions as a part of a long-drawn campaign for minority rights.

Counteract adverse propaganda by creating strong civil society voices for engendering peace and changing the public discourse.

Prepare a detailed media monitor on rights violations including communal and caste discrimination.

Refusing to elaborate on the investigations, a CBI pokesperson said, "Whatever names are there in the FIR (first information report) are being examined by CBI."

In an e-mail reply, Setalvad said, "The consultancy agreement was signed by Sabrang Communications only after advice from eminent legal counsel that such an agreement was covered under the exclusion stipulated under Section 4 of the Act and therefore the consultancy fees (not grant or donation) received would not be in violation of FCRA (Foreign Contribution Regulation Act) 2010." She also said the government was targeting the organisation and its leaders for their role in pursuing justice for the victims of the 2002 Gujarat riots.

A Ford Foundation spokesperson told ET: "The foundation entered into contractual arrangements with Sabrang Communications in 2004 and 2006 to provide data and support to organisations working to build communal harmony in India... The foundation has provided complete information on these funds as requested by government agencies."

Ford Foundation and Teesta Setalvad's Sabrang Communications' two contracts under CBI lens - The Economic Times
 
. .
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Prajapati said:
Finally a great article :tup:

The Modi govt. is keen to clip the RBI Governors powers so that he falls in alignment with National Interests. However you can see the "Foreign Investors" don't want that.
Click to expand...

Didn't the RBI governor already loose Veto power to fix interest rates ?
 
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Andhra Pradesh will compete with developed nations on best business practices: N Chandrababu Naidu


A day after securing the status as India's second best state in ease of doing business, Andhra Pradesh chief minister N Chandrababu Naidu says he will now look at competing with the developed economies on best practices to attract investments. In an exclusive interview to ET's CR Sukumar in Vijayawada, where AP is preparing to build its Greenfield capital city with the planning assistance of Singapore, Naidu said he will this time focus mostly on port-based economic growth engines, leveraging the long coastline, to make AP the most preferred destination not just in India but in the region. Edited excerpts of the interview:

How did you manage to secure the coveted ranking from the World Bank within 15 months from taking over the reins of the truncated AP?
Given my earlier experience as the longest served CM of the erstwhile undivided AP, I focused on choosing right people in the right place with clear priorities in the departments that were vital to attract large-scale investments into the state. They played an excellent role in promotion, clearances and support to the prospective investors in terms of comprehensive information online, apart from online clearances through single desk mechanism. We will now work with Singapore- based Lee Kuan Yew Institute of Excellence,with whom we have tied up recently, to further improve our parameters on the front of ease of doing business. We are also establishing Economic Development Board and appointing specialised nodal officers for each segment of the industry to help the state identify key industrial projects with ecosystems and market them globally. Now that we have excelled in rankings among the Indian states, the idea is to look at competing with developed economies in the region

Your focus was on IT and ITeS sectors during your earlier stint at CM of undivided AP. Any changes in priorities?
The focus on IT and ITES sectors earlier was owing to the available opportunities then, which helped me build Cyberabad city with robust infrastructure to attract global IT giants. I am now looking at focusing on portbased economy and develop AP as the logistics hub by connecting the airports and seaports. We will also build special economic zones and industrial hubs and townships around these airports and seaports.
The focus will be around the two large industrial corridors coming up in the state — Vizag- Chennai industrial corridor where Asian Development Bank has extended Rs 5,000 crore of financial assistance and the Chennai- Bangalore industrial corridor connecting Krishnapatnam port in AP. Industrial parks for agro-processing, food, hardware, software, automobile, defence and aerospace, pharmaceuticals and textile, among others will come up around these port based industrial infrastructure projects.

How do you think this World Bank rating will help AP attract investments?

This rating will act as a major indicator for prospective investors across the globe looking at investing in India. It attracts the global investors to consider investing in AP.

What was the quantum of investments that AP could attract so far in the last 15 months after took over?

There are over Rs 1.13 lakh crore of investments in various stages of pipeline.

But given your investor-friendly image and your earlier track record of attracting investments in the erstwhile undivided AP, there were high expectations from you?

Given the serious constraints we inherited, I think whatever has been achieved so far is a good humble beginning and we are happy with the progress so far. We don't have a capital city for the state and have been operating from temporary shelters. Of course, much is needed to be done.

What is the potential of AP in terms of attracting investments?

There are abundant opportunities for AP. No other Indian state has such great opportunities to develop port-based industrial economies. Coast-based states have at least 3-4 times better opportunities over the landlocked states. The Greenfield capital city construction in AP also offers huge investment opportunities. We will concentrate on few 'queen bee' sectors like hardware, software and tourism with ecosystem given the large employment generation potential.

Opposition parties accuse you of being biased to the businesses and acting against the interests of farmers?

In a record time of five-and-a-half months, we completed the prestigious Pattiseema irrigation project, linking two major rivers in the state. I have ensured Rs 25,000 crore of farm debt relief so far, the highest in the country till date. I have spent over Rs 8,500 crore on irrigation projects and achieved double digit growth rate in agriculture. No other CM has implemented so many farmer friendly initiatives in just 15 months. We are now focusing on making AP a draught-proof state and agriculture a profitable occupation.

How do you rate the NDA rule under Narendra Modi's leadership?

It is too early to judge the performance of NDA government. Modi is doing the best job within the constraints given the size of the country and multiple state governments. The irresponsible opposition parties are creating hurdles and blocking the key amendments, which would have paved way for large scale industrialisation and employment creation. One cannot construct factories and roads in the air and we need land for building factories. Industrialisation only can generate large scale employment. The opposition parties are obstructing the development.

Read more at:
Andhra Pradesh will compete with developed nations on best business practices: N Chandrababu Naidu - The Economic Times
-------------------------------------------------------------------------------------------------------------------------------------
AP Targets Double Digit Growth in 2015-16: N Chandrababu Naidu
By PTI

Published: 18th September 2015 04:38 PM

Last Updated: 18th September 2015 04:38 PM

VIJAYWADA: Andhra Pradesh Chief Minister N Chandrababu Naidu today said the state is targeting a double digit growth in Gross State Domestic Product (GSDP) in 2015-16 financial year.

"Our vision is double digit GSDP growth in the current financial year, Swacha Andhra Pradesh and fight against poverty for the comprehensive development of AP and transform it as the number one state of the country by 2029," Naidu said while inaugurating the two day District Collectors conference here.

He said in the first quarter of fiscal 2015-16, the state has achieved 9.72 per cent GSDP growth against the annual target of 10.44 per cent.

Agriculture sector has been the major contributor with 12.52 per cent growth, beside the key, industry and service sectors in attaining this growth, Naidu said.

The chief minister laid emphasis that by achieving the GSDP target and effectively implementing the Swacha Andhra Pradesh campaign, government can eliminate poverty.

"We have to provide water to agricultural land by next year by linking rivers and getting (river) Godavari water to all regions of the state," he said.

In a historic move, rivers Godavari and Krishna were formally linked this week, a project that has been completed within the stipulated timeframe of six months, he said.

On implementation of various welfare plans, Naidu asked district collectors to make use of technology for proper implementation of the schemes.

The chief minister on the occasion said people have expressed satisfaction the way government has reached out to them with welfare scheme benefits.

Naidu exhorted to all 13 district collectors that they should take responsibility of the development of respective areas and that their role has now changed from merely collecting revenue to bring about overall development.

He also asked collectors to prepare estimates of growth from village level to assess loop holes in implementing development and welfare schemes.

Superintendent of Police of the 13 districts will attend the conference on Saturday to discuss the law and order in the state.

AP Targets Double Digit Growth in 2015-16: N Chandrababu Naidu -The New Indian Express
 
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