India’s economy grew 7.1% in first 6 months of 2016-17

The Dollar Business Bureau

Commerce Minister Nirmala Sitharaman said on Monday that the country’s economy grew at 7.1% in the first half-year period of the current fiscal, despite low growth in the world economy. 

Stating that the government has been taking measures to enhance industrial production and growth, the Minister said the India’s economy grew 7.1% during the period of April-September of the financial year 2016-17. 

“Despite subdued growth in the world economy, India has maintained a GDP growth rate of 7.2% in 2014-15, 7.6% in 2015-16 and 7.1% during April to September of 2016-17,” Sitharaman said in a written response during the Question Hour in Lok Sabha. 

She also said that the major responsibility of industrial growth of backward areas lies with the state governments, whereas the central government’s role is to supplement their efforts by way of various schemes. 

In order to boost industrial production and growth, several initiatives have been taken by the government such as Make in India, Startup India, liberalisation of Foreign Direct Investment (FDI) policy and industrial corridors development, she added. 

“During the first six months of current fiscal, Index of Industrial Production (IIP) dropped by 0.1% over the same period in 2015-16,” the Commerce Minister said. 

Noting that the IIP - state and union territory-wise - is not centrally maintained, she said, “The yearly growth of IIP grew from (-) 0.1% in FY 2013-14 to 2.8% in FY 2014-15 and slightly dropped to 2.4% in FY 2015-16.”