India will achieve 10% GDP growth by Q4 of fiscal: Goyal
New Delhi, June 18 : 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 here on how India proposed to go much faster than the current 7 per cent growth rate, Goyal, who also has temporary charge of the Finance Ministry, said his optimism on the 10 per cent 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.
There is one caveat to this... when this country decides to do business honestly, we will have 10 per cent 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 per cent. We are monitoring to ensure that the deficit is at 3.3 per cent 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 per cent," he said.
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Karnataka cabinet approves formation of separate Dharwad Municipal Corporation
Bengaluru: The Karnataka Cabinet has approved a formation of separate Dharwad city corporation. Alongside, a 15% hike in fares across the four state transport corporations was also approved. The revised fares will come into effect on January 5.
Law and Parliamentary Affairs Minister H.K. Patil, addressing the media at the Committee Hall of Vidhana Soudha, provided details about the decision. He explained that the last fare revision for BMTC was a decade ago when diesel cost Rs 60.98 per litre. Since then, operational costs have risen significantly.
Diesel expenditure for the four corporations has increased from Rs 9.16 crore to Rs 13.21 crore, and personnel costs have grown from Rs 12.85 crore to Rs 18.36 crore. The daily operational burden now stands at Rs 9.56 crore. The fare hike is expected to generate an additional Rs 74.85 crore in monthly revenue without burdening the state exchequer, as Rs 5,015 crore has already been allocated for the Shakti Yojana this fiscal year.
Minister Patil announced that the Cabinet has decided to bifurcate the Hubballi-Dharwad Municipal Corporation into two independent municipal bodies.
The Cabinet approved the construction of a fishing port in Hejamady village, Udupi, with a revised estimate of Rs 209.13 crore. Additionally, Rs 84.57 crore has been sanctioned for the modernization and dredging of fishing ports.
In a move to strengthen cow shelters, Rs 10.50 crore has been allocated for projects in 14 districts. The Cabinet also approved constructing a building for Visvesvaraya Technical University in Chikkaballapur district at Rs 149.75 crore.
The Cabinet sanctioned a state-of-the-art bus stand in Bannimantap, Mysuru, at a cost of Rs 120 crore. Spread over 14 acres, the facility will include a divisional office, bus units, and commercial shops.
Approval was also granted to utilize Rs 137.85 crore, provided by the Union Finance Ministry under the Special Capital Assistance Scheme, for capital expenditure.
The Kalyana Karnataka Regional Development Board will use Rs 56.92 crore from its SCP/TSP scheme to supply bed sheets, mosquito nets, and clothing to government residential schools and hostels.
The Cabinet approved Rs 100 crore to construct new buildings for 200 veterinary institutions currently housed in rented or dilapidated structures, using NABARD assistance.
In Davangere, a site was allotted to the Karnataka Working Journalists' Association for constructing a civic facility. A plot in Avaragere village was also leased for 30 years at a concessional rate to Nayaka Vidyarthi Nilaya.
