Union Commerce and Industry Minister Piyush Goyal during an interaction with members of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) on Saturday spoke about India's economic development since 1991 and slammed opposition for making poor economic decisions.
"When we assumed leadership in 2014, we inherited a debt-ridden country with an economic landscape characterized by a GDP growth rate of 4.4%, rising debts, low foreign direct investments (FDI), the lingering effects of the global recession from the Great Depression, and major departments grappled with corruption," said BJP's nominee from Mumbai North Lok Sabha seat taking a jibe at the previous Congress administration.
The sitting Mumbai North Member of Parliament Gopal Shetty was also present at the event. Gopal Shetty expressed satisfaction that certain ICAI council issues remained unaddressed. "Taxpayers play a crucial role in nation-building," he stressed, emphasizing the importance of policy implementation and infrastructure development. He also expressed his disappointment subtly not being the BJP candidate for Mumbai North in the 2024 Lok Sabha election 2024. "Sometimes not everything goes as you wish, have to think of the larger good."
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Further Goyal expressed, "In 1991, there was anticipation of significant change following economic liberalization. However, by 1994, progress slowed, and the nation faced instability despite the efforts of multiple governments. In 1998, under Atal Bihari Vajpayee's leadership, the country saw inflation at 9.5%, foreign direct investment (FDI) to $29 billion, and external debt totalling $90 to $100 billion. Vajpayee's tenure from 1998 to 2004 focused on steering the country towards a growth trajectory, marked by initiatives like the Golden Quadrilateral project. During this period, India achieved a real growth rate of 8.4% and saw FDI increase to $104 billion, all while managing to keep debt levels stable."
He further added, "The same progress was reversed after Congress took the reign in 2004 and trapped the country in additional debt of 30 million dollars just as a temporary solution to decrease the value of the rupee from 68 to 58. Nevertheless, there were signs of progress, with FDI reaching $609.14 million."
Goyal criticized Congress's manifesto, accusing them of engaging in politics of appeasement and failing to promote self-reliance among the poor. "Taxpayers are the backbone of our economy," he emphasized. "Increased taxation can pave the way for more infrastructure projects, generating employment opportunities."
Piyush Goyal described his 30-30-30 matrix. "As a youthful nation with an average age of 28.5, our trajectory over the next three decades is poised for remarkable growth, potentially reaching a GDP of $30 trillion. At 30 years old, envisioning a $30 trillion economy, we are focused on nurturing both MSMEs and large corporations, fostering employment opportunities, and leveraging our abundant strengths and talents, " addressed Chartered Accountant (CA) fraternity at the event held in Borivali West, one of the Assembly of Mumbai North constituency, which also comprises Dahisar, Magathane, Borivali, Kandivali, Malad and Goregaon.