USD 5 trillion economy goal difficult, not impossible: Union Minister Gadkari
Indore (MP): Union Road Transport and Highways Minister Nitin Gadkari said on Saturday that the goal of making India a USD 5 trillion economy by 2024 was "difficult but not impossible".
It can be achieved by increasing domestic production and reducing dependence on imports, he said at the 29th International Management Conclave of the Indore Management Association here.
Prime Minister Narendra Modi and other BJP leaders have often spoken about the goal of turning India into a USD 5 trillion economy by 2024.
"Strong political will is very important to achieve any goal. Manifesting the same will, Prime Minister Narendra Modi has set ourselves the goal of making the country a USD 5 trillion economy," Gadkari said.
"This goal is difficult but not impossible," he added.
"Our country has plenty of resources and production capacity. Despite that we are spending crores every year on importing goods like medicines, medical devices, coal, copper, papers, etc," the Union minister said.
"If we want to become a USD 5 trillion economy, we have to increase the domestic production of these things instead of importing them," he said.
Referring to the current economic slowdown, Gadkari said, "We are the fastest growing economy in the world. But there is a cycle in the business. Challenges crops up, at times due to the global economy and sometimes because of a gap in demand and supply.
"But I see India's future in the leaders of younger generation who can turn difficulties and challenges into opportunities," Gadkari said.
There was no dearth of capital, resources and technology in the country, "but there is definitely a lack of right vision and leadership in different fields", he said.
Exports will be encouraged by focusing on increasing the participation of Micro, Small and Medium Enterprises (MSMEs) in the development, the minister said.
"This will help create five crore new jobs....The government is asking every department what it can contribute to achieve the target of USD 5 trillion economy," Gadkari added.
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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
