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We will come out of economic slowdown: Sinha

Union Finance Minister Yashwant Sinha said on Thursday that the economic slowdown in the country would end soon following revival of high growth in the agriculture sector.

Stating that the purchasing power of the farming community was central to the pick up in demand of the industry and other sectors, Sinha said: "We will move out of the slowdown."

The minister, who was speaking at a function organised by the National Bank for Agriculture and Rural Development, expressed concern over the unsatisfactory growth of the rural economy and called on the farmers to take advantage of the opportunities under the WTO regime.

The government, he said, had enhanced funds for various schemes in the agriculture sector in the budget for the current fiscal. The Indian farm sector should look for the vast global market for exporting its primary articles besides processed food products.

"If other countries overcoming their transport costs and other bottlenecks can get into our country to sell their products, why cannot we compete with them and export our products," Sinha said.

Calling for Centre-State cooperation to give an impetus to the co-operative movement, Sinha said there was need for corporatisation of the co-operatives along with a co-operatives spirit.

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