India could become the second largest economy in the world if we followed the right path for industrial growth, Union Finance Minister P Chidambaram said. He said no country could abolish poverty solely depending on agriculture but needed to achieve industrial growth as well. The service sector presented much better opportunity than agriculture, Chidambaram added.

The finance minister, who expressed hope that he will be able to see the acute poverty condition abolished by following the right growth trajectory said “whatever we do, it must be the best.” Stating that the structured economy of the country have changed over the years, Chidambaram said while 60 per cent of the work force belonged to the agriculture sector, the service sector still represented 60 per cent of the economy.

The finance minister, who was addressing the Third Recognition function of the Dr J J Irani Award for Excellence in Education, referred to the leadership qualities of Irani. Pointing out that leadership should not come from the political field alone but from all sections including the industry, education and sports, he said this was imperative to inspire people about the right path. Observing that the society comprised a large marginalised section, Chidambaram said it was true many primitive tribes were still being deprived of the economic opportunity.

The finance minister mentioned the inclusive society aspect where all sections could be partakers of the growth and referred to the need of empowerment of women, in this regard. Turning to Tata Steel’s acquisition of Corus, he said “Tata Steel has completed a full circle by acquiring Corus, 100 years after it (Tata Steel) was set up here to become a producer of world-class, low cost steel.”

Appreciating Tata Steel for achieving excellence in all sectors including quality steel production, commendable education system, power and water management, the union minister said if Tata Steel can do so why that cannot be replicated in other industries. Chidambaram said the country could achieve desirable result if the experience of Tata Steel was adopted in various parts of the country by others. Apart from achieving excellence in industry, Tata Steel also took initiatives to excel in other field including power and water management, educational front and the Dr J J Irani award for excellence in education was one of them, Chidambaram said.