Modi-led NDA government to continue path of last 10 years: Piyush Goyal

Indian economy: Union Commerce and Industry Minister Piyush Goyal assured that the Narendra Modi-led NDA government will continue on the path laid down over the past decade, stressing that the coalition is strong and aligned.

Speaking at an event in Mumbai, Goyal expressed optimism about India becoming a $5-trillion economy within the third term of the Modi government. "Let me assure you that this is certainly a strong coalition government. All our partners are very strongly aligned with us. And you have absolutely no reason to worry about any uncertainties," he stated.

Goyal said that for the next five years, the government will focus on national interests without compromising on principles. He reassured that the fight against corruption will remain robust, and India's global position will continue to strengthen.

Reflecting on the government's priorities, Goyal noted, "This will be a government which will continue on the path that we have laid down over the last 10 years. So, you look at our story of 10 years and look at the direction that this budget is placed before all."

Goyal highlighted the nation's ambition, stating, "I'm glad that the nation as a whole has decided to progress from a $3.5-trillion economy, now the fifth largest in the world, to $5 trillion." He projected that this target will be achieved "within the third term of the Modi government, possibly the next three-and-a-half years," positioning India as the third-largest economy globally.

The minister pointed out that with India's growth rate of 7.5-8 per cent annually, the country could potentially become a $10-trillion economy in another eight years. He envisioned India progressing to a $30-35 trillion economy, providing a high quality of life to all citizens.

Goyal praised the role of capital markets in this journey, noting that the Indian capital market is among the top five globally. He observed that the market cap of public sector undertakings (PSUs) has increased significantly, and Indian ownership of stocks has risen from 79 per cent to 84 per cent.

He also noted the increasing participation of rural and urban India in the stock market, while cautioning against investments in riskier equity segments. Goyal mentioned that the Securities Transaction Tax (STT) has been increased slightly, hoping it would cool down the Futures and Options (F&O) segment, but affirmed, "I don't think increasing STT has affected the way markets are moving."

(With PTI inputs.)