The minister stressed that the government is committed to maintaining fiscal deficit at 3.3% in the current and is constantly monitoring the situation including oil prices.
Finance Minister Piyush Goyal on Monday said the economy can grow in double digits by the fourth quarter of the current fiscal.
"There is a demand uptick in the economy and India is market place of billions of aspirational consumers," Goyal said at an event organised by the Confederation of Indian Industries (CII) here in the national capital.
On Sunday, Prime Minister Narendra Modi had said the challenge before the government now was to take the economic growth rate to double digits, for which many important steps would have to be taken. Modi also said that the world expects India to become a $5 trillion economy soon.
"I can actually see before my eyes, that we can actually see it happening by the fourth quarter of this year. It's not impossible," Goyal said.
"I think the efforts this government is doing for making easier to do business...let me correct myself, to make it easier to do honest business... And when this country becomes a nation of honest business, then 10 per cent plus growth is a given for us," he said.
The minister stressed that the government is committed to maintaining fiscal deficit at 3.3% in the current and is constantly monitoring the situation including oil prices. He further said that excise revenues from oil had been used for infrastructure and also shared with the states.
Goyal also said the government has been very responsible, both in the management in the economy and management of prices.
The government has created a "fundamental break from the old mindset" as the country is providing good roads and universal household electricity. It is simultaneously dealing with the third imperative of engaging with modern technology such as Artificial Intelligence (AI) and robotics, he added.
He further said the government has undertaken major reforms in the including GST, RERA and Insolvency and Bankruptcy Code (IBC). He added that the government is addressing every element of the power value chain to ensure that last mile connectivity to each household is available in three years.
The government has focused on "bringing about a change in the economy, not for a specific section of the economy but to impact each one of the 1.2 billion spread across the length and breadth of the country. The country has focused on social and economic stability, structural changes and the strength of governance and institutions for successfully achieving growth targets, " Goyal said.
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