Saturday, March 4 2006 14:45 Hrs (IST) - World Time -

New Delhi: The Government today (Mar 4,2006) said it would strive to remove all hurdles that come in the way of accelerating development and tapping a sizeable portion of the 400-500 billion dollars of capital that is shuttling between countries.

India should be made a preferred destination of capturing the huge amount of money that is moving around the globe, Finance Minister P Chidambaram said at the annual day function of Shri Ram College of Commerce here.

"We should fight all hurdles that come in the way of accelerated growth be it political, ideological or institutional. I am betting on growth," he said.

Chidambaram said apart from the resources that the nation can generate, it has to attract the money travelling from one country to the other.

The minister said increased investment would spur demand, which would in turn further drive investment, putting the economy on the path of sustained development.

The accelerated growth would mean 80 lakh jobs each year, more roads, trains, schools for children and lifting out many people from miserable life.

"There is no iron law that India should remain poor. It is well within our capacity to make the country prosperous," he said.