Don't repeat the mistake you made in 2018 polls: Piyush Goyal to people of K'taka
Bengaluru, Apr 7: Union Minister for Commerce and Industry Piyush Goyal on Friday urged the people of Karnataka not to "repeat the mistake of 2018 polls", and to provide an absolute majority to the BJP in the May 10 Assembly elections.
During an Interaction with the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), he asked the people to elect a strong and single-party government, which would be committed to the welfare of the people of Karnataka and provide good governance.
The 2018 Assembly polls had thrown up a hung verdict, following which the Congress and JD(S) joined together to form a coalition government initially. However, the BJP later got MLAs from the rival parties to defect, and emerged as the single largest party.
"We (BJP) commit ourselves to providing a double-engine government in Karnataka, a government that will work hand-in-hand with the central government," Goyal said.
Addressing the gathering, he said, "We would like to see Karnataka get an absolute majority government of BJP. Don't make the mistake you made last time, don't leave us somewhere in between, so that others can cheat the mandate of the people of Karnataka.
"A good strong single-party government with an absolute majority, under the guidance and leadership of Prime Minister Narendra Modi, will transform Karnataka, reform the process, bring technology into governance and truly speed up the development of Karnataka as a trillion dollar economy," he added.
The Union Minister also spoke about making Karnataka "the engine of India's growth, so that India can become the engine of world's growth."
He also listed out various initiatives and programmes of the Modi-led government at the centre, which he claimed had put India on the global map in terms of economic growth, which was also inclusive.
The Modi government in the last nine years had created a strong macroeconomic fundamental foundation on which the country can grow for decades in the future, he claimed.
"Today we have amongst the lowest inflation in the world, our currency relative to most currencies strengthened. Most other currencies have depreciated far more steeply to the US dollar. We have had our fair share of depreciation, but still moderate...India which traditionally had double-digit inflation has seen the lowest inflation in nine years of the Modi government- between 4.5 to 5 per cent," he said.
Despite global crises such as the Russia-Ukraine war, India's inflation was still in the 6-6.5 per cent band, the Minister said, adding that the RBI Governor yesterday "complementing the collective efforts of the Government of India and regulators", has decided to maintain the policy rates and not increase them, while most other developed nations were increasing their interest rates.
"It is a big thumbs up for the Indian economy and a good signal for Indian industry," he said.
In a year in which global growth had been "very timid", India grew from USD 676 billion to USD 765 billion in terms of exports, Goyal said, adding that India's foreign exchange reserves were also robust.
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Rupee falls to record low of 86.04 against US dollar, settles 18 paise lower
Mumbai, Jan 10: The rupee declined 18 paise to breach the 86-mark against the US dollar for the first time on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds.
The local unit settled at 86.04 against the US currency.
Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down on the Indian currency, forex traders said.
Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president on January 20.
At the interbank foreign exchange, the rupee opened at 85.88, hit the intra-day peak of 85.85 before breaching the 86-mark to settle at the lowest-ever level of 86.04 against the greenback, 18 paise lower from its previous close.
On Thursday, the rupee gained 5 paise to settle at 85.86 against the US dollar, recovering from the steep decline of 17 paise in the preceding session.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee hit another record low as domestic markets continued to slide and FIIs outflows sustained. A strong US dollar and surge in crude oil prices also pressured the rupee.
"Weak tone in the domestic markets, a strong greenback and persistent FII outflows may continue to put downside pressure on the rupee. Rising crude oil prices, as well as surge in the US treasury yields may further weigh on the domestic unit.
"However, any RBI intervention may support rupee at lower levels. Traders may take cues from the non-farm payrolls report and consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 85.80 to Rs 86.15," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 109.01. The 10-year US bond yields also rose to its April 2024 level at 4.69 per cent.
Brent crude, the global oil benchmark, surged 1.96 per cent to USD 78.43 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex declined 241.30 points, or 0.31 per cent, to settle at 77,378.91 points, while the Nifty dropped 95.00 points, or 0.40 per cent, to 23,431.50 points. The indices have been on the downward track for the past three sessions.
Foreign institutional investors (FIIs) offloaded Rs 2,254.68 crore in the capital markets on a net basis on Friday, according to exchange data.
The latest government data released on Friday showed the country's industrial production (IIP) growth accelerated to a six-month high of 5.2 per cent year-on-year in November 2024, riding on the increased festive demand and pick up in manufacturing sector.
