Prime Minister Manmohan Singh on Tuesday said a sustained economic growth rate of 8 per cent, would help solve problems like unemployment and poverty in the coming eight to ten years.
"Rural and infrastructure development besides creation of more irrigation facilities to bring additional land under cultivation, are the Centre's priority areas which will help to achieve the target of 8 per cent annual growth rate," he said, after laying the foundation stone for the Rs 3,000 crore (Rs 30 billion) Outer Ring Road at Samshabad.
The Centre has plans to bring over 1 crore (10 million) hectares of land under cultivation with proper irrigation facilities, he said, adding that "the way Andhra government is pursuing its policy of development projects, irrigation schemes would go a long way."
Stating that Telengana region has been neglected for the past ten years, the Prime Minister said the Centre would help the state for the development of the region on all fronts.
The central government has earmarked Rs 170,000 crore (Rs 1,700 billion) for development of roads and would have a positive approach towards providing viability gap funding for infrastructure projects in Andhra Pradesh, he added.
Financial assistance would also be considered under a special purpose vehicle set up for the infrastructural development at the centre, Singh said.
Lauding the state capital for its fast pace of growth, he said it would soon become an industrial centre and a hub of economic development.
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