Tuesday, January 3 2006 15:23 Hrs (IST) - World Time -

Hyderabad: Prime Minister Manmohan Singh today (Jan 3, 2006) said a sustained economic growth rate of eight 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 Center's priority areas which will help to achieve the target of eight per cent annual growth rate", Singh said after laying foundation stone for Rs 3,000 crore Outer Ring Road at Samshabad here.

The Center has plans to bring over one crore hectares of land under cultivation with proper irrigation facilities, he said adding, "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 Center would help the state for the development of the region on all fronts.

Center has earmarked Rs 1,70,000 crore 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 (SPV) set up for the infrastructural development at the center, "Singh said.

Lauding the state capital for its fast pace of growth, he said it would soon become an industrial center and a hub of economic development.