For the next five years, the minister said, “This will be a strong government, which will focus on the nation first, which will work for national interests and will never have to compromise on our principles.”
The government’s fight against corruption will also remain strong and India’s position in the world will also grow stronger going forward, he added.
“As far as the priorities of this government are concerned, I think it 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 stated.
Stating that one thinks big, unless one has whole targets to achieve one can never go for transformational outcomes or big outcomes, he said, “I’m glad that the nation as a whole has decided to progress from 3.5-trillion dollar economy, now the fifth largest in the world, to 5-trillion dollar.” He said that in his own estimate, the target of USD 5-trillion will happen “within the third term of the Modi government, possibly the next three-and-a-half years. By which time (it) will also be the third largest economy in the world given that our fourth and fifth current economies are not in the best of shape”. “And the speed at which India is growing– 7.5-8 per cent– every year, I think you all have a big role to play in this journey–from three and USD 3.5 trillion at the first stage, possibly crossing (USD) 10 trillion and another eight years after that,” he said.
“And then separately progressing, you go up to 30-35 trillion dollar economy when we can safely call ourselves a country where every person has a high good quality of life (and) all the basic needs of high quality are available to every citizen born in the country,” the minister said.
Noting that the capital markets are playing an important role in this journey, the minister said that the Indian capital market is one of the top five in the world.
The market cap of PSUs has gone by nearly three or four times in the last few years, he said and added, “In the last few years we have seen that Indian ownership (of stocks) has also gone up possibly by about 5 percentage points, from 79 per cent to 84 per cent.”
Goyal also said that the vast majority of India including rural India, urban India are also becoming market participants and they are also looking at the stock market or investing in the market.
He, however said that there is a need to ensure that people are not investing in riskier equity segments and added that the STT has been increased a little but hoping that the F&O segment will cool down.
“I don’t think increasing STT has affected the way markets are moving,” Goyal said.