India will achieve 10% GDP growth by Q4 of fiscal: Piyush Goyal

The government is hopeful of achieving double-digit gross domestic product (GDP) growth in the country by the fourth quarter of the ongoing financial year, Railway and Coal Minister Piyush Goyal said on Monday.

Responding to a query at the Growth Net conclave here on how India proposed to go much faster than the current 7 per cent growth rate, Goyal, who also has temporary charge of the Finance Ministry, said his optimism on the 10 per cent GDP growth was based on the revival of domestic demand and the dynamism of a society that has become "aspirational".

"I see double digit growth happening by the fourth quarter of this year. There is a demand optic in the country and this growth will be driven by a society that has become very aspirational," he said.

There is one caveat to this. when this country decides to do business honestly, we will have 10 per cent GDP growth," he added.

Noting that the NDA government was committed to being an enabler of growth, Goyal said its focus had been providing on providing political and macroeconomic stability.

"Our focus has been on not doing anything that threatens the social fabric of the country. How can we take the entire country along for growth and development... that has been our thrust in these four years," the Minister said.

"Fiscal deficit this year will be kept within the target limit of 3.3 per cent. We are monitoring to ensure that the deficit is at 3.3 per cent despite it being an election year.

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Asked if rising global crude oil prices were threatening India`s macroeconomic stability, Goyal said the government was monitoring the situation on a real time basis, including other international factors like the rise in interest rates in the US and Europe.

"The government is monitoring the situation on a real time basis. It will ensure the stability of the economy and that we achieve all targets, including the fiscal deficit of 3.3 per cent," he said.