NEW DELHI: Commerce and industry minister Piyush Goyal on Friday said the Reserve Bank of India (RBI) and government are coordinating on monetary and fiscal policy to ensure that inflation remains under check and said his party, BJP, had trust in the people that the Modi administration’s work over the last ten years will set the tone for the forthcoming general elections.
Asked if the 2024 elections were a done deal, Goyal addressing a session at ET Now Global Business Summit, Goyal said: “We have never been arrogant, we are confident of our abilities, have confidence that people of India will stand behind the work done by government over the past 10 years.”
He said that government has given top billing to ensure that inflation remains moderate and soon after taking office in 2014, Modi administration gave RBI’s monetary policy committee the mandate to focus on inflation. As a result of the steps, he said, inflation in India has remained moderate even as most parts of the developed markets, such as the US, are battling high price rise.
In response to a question on a fall in FDI, the minister said it was the result of high interest rates in several countries, which had forced companies to go slow, but underlined that overseas flows were still coming.
Goyal said the foundation laid down by government, double digit nominal GDP growth is possible, which will help the country emerge as a developed nation.
He also slammed some of the Opposition-ruled states. “A principal focus for our government has been the fight against corruption but some of the opposition states have let us down,” he said, adding that there was widespread corruption in these states.
He also hit out at some of the southern states for their protests over alleged discrimination in the transfer of resources.
Goyal said the Modi government has done well in reducing disparity and cited the example of UP and Odisha, which have gained from Centre’s policies.
