Finance Update

BJP manifesto: Outside India, there is no economic opportunity anywhere in the world: Piyush Goyal

Piyush Goyal on Rs 100 lakh crore infra investment & making India world’s best economy.

ET Now|

Apr 08, 2019, 08.34 PM IST

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Congress has nothing but a few slogans because they know this has been a performing government, says Piyush Goyal.When you make Rs 100 lakh crore investment in infrastructure, out of that Rs 25 lakh crore is going to go to rural and agriculture infrastructure. It obviously gives crores of people working opportunity, Railways Minister Piyush Goyal said while discussing the BJP manifesto with ETNOW.

Edited excerpts:


ET Now: The Congress Party is saying BJP should apologise on their manifesto.
Piyush Goyal:

Congress has nothing but a few slogans because they know this has been a performing government. It has had outstanding outcomes — five years of good, honest governance and development-oriented government. Probably, the Congress has not yet understood the good work that has happened because they are not used to it. They are party of one family and corruption. They cannot go beyond that. They want to keep the entire country underdeveloped, backward and poor.

But Prime Minister Modi and the BJP stand for development, stand for making this country a super power, for developing infrastructure and for doubling the farmers’ income. Our effort is to make India a fiscally prudent economy. Our effort is to ensure that we do not waste the opportunities that we get to make India a strong economy and probably the world’s best economy! We have been the fastest growing economy for the first time for five years. We have had the lowest inflation for the first time for five years. We have brought down fiscal deficit. We have brought down current account deficit. On every score, this has been the most fiscally prudent government India has seen since independence.

ET Now: Absolutely there is no denying that. A lot has been done on the quality of fiscal deficit. You are saying Rs 100 lakh crore will be put into infrastructure. Many say it is a tall order. Where will you get the resources from?
Piyush Goyal: I must share with you Prime Minister Modi’s view. When we have made the manifesto, he is the one person who carefully assesses that every line we put in should be doable and enusres we have to achieve it. Every minister for the last five years has carefully looked at the manifesto including me as power minister, as renewable energy minister, as coal minister, as railway minister and I can report to the people that I have met every one of those promises we have made in the manifesto and so have my colleague ministers.

The Rs 100 lakh crore is very well thought-out. The country was at about Rs 3,40,000 crore of capital investment which is publically aided. It could be a viability gap funding, it could be a subsidy or some private investment. In the last five years, we have tripled it. It is now Rs 9,50,000 crore or thereabouts in the last interim budget.

In the next five years we plan to triple it again and when you do the sum total of the five years, 9.5 becoming some 13.5-14 becoming 20 lakh becoming 25 lakh and closing at about 30 lakh crore.

ET Now: Resources are not a crunch.
Piyush Goyal: Resources in India will never be a crunch because we provide a 1.3 billion people market. It is the world’s largest market. The world will have to come and do business with India because without India, there is no economic opportunity anywhere in the world.

ET Now: A lot of people also say that the BJP manifesto has been silent on jobs. How would you take that criticism?
Piyush Goyal: It has not been silent. In fact, it is an enabler of work and jobs. After all, when you make Rs 100 lakh crore investment in infrastructure, out of that Rs 25 lakh crore is going to go in rural and agriculture infrastructure. It obviously gives crores of people working opportunity. When you make your room, you need a carpenter, a mason, painters, people who make electrical fittings, you need the air conditioning people, the telephone people. All these are going to create jobs. Infrastructure is the most job defining work possible. You are not wasting away and doing fiscally imprudent measures. You are creating infrastructure which will serve the people and simultaneously create work.

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Prakash Poojary
Business Analyst

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