Economic activity in eastern states essential for India's growth, says Jaitley

Kolkata: Finance Minister Arun Jaitley on Sunday asserted that more economic activity is needed in the eastern states of the country for the nation's growth.

While inaugurating the Bandhan Bank as a full-fledged scheduled commercial bank in Kolkata today, Jaitley said, "Our honourable PM has declared that for further growth of India the growth of eastern states is important. Even economists have argued that if we divide a line at the centre of the country, most of the economic activities are taking place in the western part. East UP, Bihar ,West Bengal, Orissa, North-East are the places which need more growth and economic activity and employment."

"In fact, West Bengal has lot of intellectual capital. It had academic institutions of great importance. Old ones need to be restored back to excellence. Orissa and West Bengal has lot of natural resources. North East has both oil and gas. Therefore for the growth of the region, the realization of the potential of this area is of extreme importance," he added.

The Finance Minister further said political differences will not come in the way of development of West Bengal.

"The party to which I belong and the party which rules West Bengal are strongly opposed to each other and that will continue but in terms of the development of the state and the country we will fully cooperate," said Jaitley.

The Finance Minister said that expansion of banking system in the country will prevent people from investing in unreliable financial agencies and help in funding at grass root level.

"Banks are indeed the life line of Indian economy and with a strong banking system the nation can prosper and grow .The object of the banking sector is to fund over one lakh crore and if private sector initiative like Bandhan Bank joins this effort in a largely populated country like India it can fund at grass root level and prevent people from investing in unreliable sector," said Jaitley.