Use globalisation for poverty reduction: FM

New Delhi, March 21 | Updated: Mar 22 2006, 05:30am hrs
Finance minister P Chidambaram has asked the Indian businessmen to seize the opportunities that globalisation has thrown up, to help in poverty reduction.

There are some who want to distribute poverty, Mr Chidambaram said at a seminar organised by the Aligarh Muslim University. He added growth is the only antidote to poverty, and this would come if the industry is run competitively.

The minister said the present focus is on upgrading the infrastructural facilities. He also said that business houses now have access to capital, technology and opportunities, which are being offered by the domestic market.

Mr Chidambaram said it would be wrong to assume that work would always be outsourced to developing countries from the developed countries. He said there is hardly any product that is indigenously produced in the present economic conditions.

Outsourcing will not be a one way traffic as the world becomes flatter and flatter, Mr Chidambaram said, adding that in the new scheme of things, products are designed and produced at different places.