Double-digit growth by end of fiscal: Modi

Gujarat will achieve double digit growth by end of this fiscal, said Chief Minister, Narendra Modi here on Tuesday. He was addressing non-resident Gujaratis (NRGs) and non-resident Indians (NRIs) in presence of the Prime Minister Atal Bihari Vajpayee here.

Modi said that with the approval of the RBI, the state government will shortly introduce Economic and Social Funds for development in various areas. He added that these funds will be managed by a group of eminent and trustworthy people enjoying high esteem and respect in society.

"With achievements like laying 1,400 km pipeline in only 900 working days for bringing Narmada water to the state and opting for overdraft only once in a fiscal year, the state has proved that it has the potential to lead the nation. We have brought down the state's fiscal deficit by Rs 2,500 crore in 12 months (it stood at Rs 7,000 crore a year back). We will bring this down further in the next one year," Modi said.

The two-day long festival will be concluded on Wednesday evening, the day of 'Uttarayan' festival in Gujarat.

Modi said the Economic Fund will be raised from donors and the government will in turn invest the amount in areas where more wealth will be generated. Thus, the state government will always have surplus funds for its activities, the chief minister remarked.

On Social Fund, he said it, too, will comprise of donations. The fund will be used only in areas and sectors that the donors wish to spend it in. All the money will basically be used for social causes, he said.