Expressing the need to cut the government subsidies, the finance minister P Chidambaram has said that freebies and subsidies alone would not help in economic development and youth should seek self-employment. While inaugurating 17 branches of REPCO Bank in Tamil Nadu and Puducherry, P. Chidambaram said 'If a country needs to grow, its people stand on their feet and see a strong economic growth, it cannot depend on freebies and subsidies alone.
Chidambaram said that it is the responsibility of the government to create jobs or self-employment for its youth and the UPA Government has a clear vision of creating jobs for its youth. By adding further he said that there are some hurdles for job creation like, if a bank opens a branch then some people thinks that public will be made debtors. But there is nothing wrong in taking loan for creating business and self- employment.
Regarding self employment, the finance minister, while extending loan for youths who have started a Self-Help group (SHG), said that youth should form more SHGs and the country where the people are self employed have the better prospect of being strong country. So, the youth should choose a self employment path and continue in that without any fear, having strong faith in their path of self development and self employment.
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