Chidambaram said the key to greater public welfare and greater security is more growth, which increases the capacity of the government to fund essential services.

"It is therefore a self-evident truth that growth is the key for greater public welfare and greater security. Yet, we adopt a disdainful attitude to growth," he said. Growth, Chidambaram said, is necessary to promote social welfare, provide education and health services and create more jobs. He said the country must have the money to provide the money. "If we do not have the money we cannot borrow and provide the money. "Borrowing is not an option for India. We can borrow within limits and its now widely acknowledged that the limit which a country can borrow is no more than 3 per cent of GDP," he said.