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GDP growth will hit 10 percent by the fourth quarter of FY19, says finance minister Piyush Goyal

New Delhi: The government is hopeful of achieving double-digit gross domestic product (GDP) growth in the country by the fourth quarter of the ongoing financial year, Railway and Coal Minister Piyush Goyal said on Monday.

Responding to a query at the Growth Net conclave in New Delhi on how India proposed to go much faster than the current 7 percent growth rate, Goyal, who also has temporary charge of the finance ministry, said his optimism on the 10 percent GDP growth was based on the revival of domestic demand and the dynamism of a society that has become "aspirational".

"I see double digit growth happening by the fourth quarter of this year. There is a demand optic in the country and this growth will be driven by a society that has become very aspirational," he said.

File image of Union minister Piyush Goyal. PTI

File image of Union minister Piyush Goyal. PTI

There is one caveat to this... when this country decides to do business honestly, we will have 10 percent GDP growth," he added.

Noting that the NDA government was committed to being an enabler of growth, Goyal said its focus had been providing on providing political and macroeconomic stability.

"Our focus has been on not doing anything that threatens the social fabric of the country. How can we take the entire country along for growth and development... that has been our thrust in these four years," the minister said.

"Fiscal deficit this year will be kept within the target limit of 3.3 percent. We are monitoring to ensure that the deficit is at 3.3 percent despite it being an election year."

Asked if rising global crude oil prices were threatening India's macroeconomic stability, Goyal said the government was monitoring the situation on a real time basis, including other international factors like the rise in interest rates in the US and Europe.

"The government is monitoring the situation on a real time basis. It will ensure the stability of the economy and that we achieve all targets, including the fiscal deficit of 3.3 percent," he said.


Updated Date: Jun 18, 2018 13:59 PM

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