Chhattisgarh only state with 11 per cent growth: PS Finance Ajay Singh

     Raipur, April 28, 2011: Chhattisgarh has achieved a phenomenal GDP growth of 11 per cent, which was highest in the country, Principal Secretary Finance Ajay Singh said here today.

     Addressing a function of the PHD Chamber of Commerce and Industry, Singh, also the Principal Secretary Commercial Taxes and Planning, said Chhattisgarh achieved phenomenal growth after its bifurcation from Madhya Pradesh.

     Chhattisgarh has achieved a phenomenal growth in terms of gross state domestic product and it was 11 per cent last year, which was highest by any state in the country, he said.

     The PHD Chamber of Commerce and Industry Chhattisgarh Chapter had organised a Conference today at Raipur on “Facilitating Finance for Industries in Chhattisgarh an Interface between Industry and Banks and Financial Institutions”.

     The chief bureaucrat of the state finance and planning also underlined the contribution of the industrial sector in its development saying, both industries and financial institutions have helped the state in the last ten years in achieving a new height.

     Earlier, welcoming the guests and participants, Chairman Chhattisgarh Committee of PHD Chamber Pradeep Tandon said the seminar was a platform for both Industries and financial institutions to understand each others’ problems and issues and find out better solutions.

     Banking sector was occupying a strategic position in Indian economy with more than 70 per cent of the funds flow routed through such institutes, said Tandon who is a senior Vice President of the Jindal Steel and Power Limited.

     Massive support by the banking sector to various segments has made it an important enabler in facilitating economic growth and business development, he said.

     While banking system in India continues to make impressive progress, a regular interface with the customers assume high significance, Tandon said and thanked the state government, banks and financial Institutions for helping the industry sector in its growth.

     There was a tremendous possibility of growth in hospitality industry in Chhattisgarh, said Chief Manager of the Punjab National Bank E Perumal.

     With a vast network in and out side the state, the banking sector was fully geared up to handle new projects in the sectors like Coal, Iron, Power, Ferro Alloys, Health Care, Automobiles, Software development, Food processing and Horticulture in Chhattisgarh, he said.

     Deputy General Manager and Convener SLBC State Bank of India, Bipin Bharwaj said his SBI was well ahead in helping the industry in their growth in Chhattisgarh.

     Credit rating helps the banks and financial institutes in understanding the overall profile and credibility of an industry, said Kolkata based Regional Manager of credit rating organisation CRISIL Arghya Talukdar.

     Talukdar also explained the importance of credit rating for small and medium enterprises.

     Co-Chairman of the PHD Chamber Jagdish Singh concluded the function by summing up the contributions rendered today by the guests and participants and thanked the participants for their interest and the guests for their valuable suggestions and guidance.