As the 2019 elections are in less than a year away, the Narendra Modi government has reiterated its stand to commit itself to economic policies and development for all in its fifth year.
As the 2019 elections are in less than a year away, the Narendra Modi government has reiterated its stand to commit itself to economic policies and development for all in its fifth year even as general sentiment is that the government may announce sops and populist measures to win voters’ heart. However, interim Finance Minister Piyush Goyal, while speaking at an event, listed the government’s achievements but also presented at least three key areas where the government is committed in its last year in office despite the 17th Lok Sabha elections.
Piyush Goyal said that the by August 15, 2022, when India celebrates its 75 years of independence, the Narendra Modi government wants every Indian to have a home, a good toilet, 24×7 electricity, clean drinking water, good roads, quality healthcare and education. However, he listed three key things that are most likely happen before the 2019 polls — in the fifth year of the government.
Piyush Goyal said that the government will bring down fiscal deficit to 3.3% in the fiscal year 2018-19. “…I can assure you, we are monitoring and working to ensure that fiscal deficit will be maintained at 3.3% despite being an election year,” Piyush Goyal’s Office quoted him as saying in a tweet. The government met the revised fiscal deficit target of 3.5% for the financial year 2017-18. Currently, volatile crude oil prices have a significant impact on India’s Current Account Deficit (CAD) and there’s been a lot of pressure on the government to cut taxes on petrol and diesel, which the government has subtly ruled out.
After achieving a stellar GDP growth of 7.7% in the fourth quarter of the fiscal year 2017-18, Prime Minister Narendra Modi said that achieving a double-digit growth was a challenge that needed to be met. Interim Finance Minister Piyush Goyal later expressed confidence that by the fourth quarter of the FY19, India will witness double-digit growth.
Electricity for all:
Under Narendra Modi’s flagship Saubhagya Yojna, the government recently promised to connect every house with electricity 3 months ahead of the deadline by December 2018. Piyush Goyal said,”You would find, that in the 5 years of this government, we will ensure that not a single willing consumer in the entire country, who aspires to have an electricity connection, will remain deprived through Saubhagya Yojna.”