Krishna University in-charge Vice-Chancellor K. Viyyanna Rao on Friday wanted all effort made for removal of poverty from society by implementing the Five-Year plans.
Speaking at the inaugural of the two-day seminar on microfinance organised by the university's Business Management Department, he said many poor people were denied loans by banks as they failed to produce surety resulting in escalation of poverty.
“China, the largest country in the world, has recorded a growth of 11 per cent while India has not crossed 9 per cent,” he said.
In the keynote address, NABARD Deputy General Manager said that bank's contribution to agriculture was immense.
Andhra Bank Executive Director K. Misra said with the decline of per capita income, the standard of living conditions in the rural areas was witnessing a decline.
“Our bank is involved in micro financing in a big away, thus providing self employment to the rural poor,” he observed.
He recalled the reforms proposed by Nobel laureate Amartya Sen and said following his recommendations would lead to proper development.